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Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRS in challenging situations. Each edition focuses on an area where the Standards have proved difficult to apply or lack guidance.

IAS 36 ‘Impairment of Assets’ prescribes the accounting for impairment reviews. There are some detailed requirements of IAS 36 that are complex and challenging for the preparers of financial statements to apply.

IAS 36 ‘Impairment of Assets’ sets out the requirements entities should follow prior to concluding if an asset should be written down in the financial statements (ie impaired). However, due to the complex nature of the standard, the requirements of IAS 36 can be challenging to apply in practice.

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The articles in our ‘Insights into IAS 36’ series have been written to assist preparers of financial statements and those charged with the governance of reporting entities understand the requirements set out in IAS 36, and revisit some areas where confusion has been seen in practice.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This edition provides guidance on some of the basic issues encountered in accounting for cryptocurrencies.

Acquisitions of businesses can take many forms and can have a fundamental impact on the acquirer’s operations, resources and strategies.

As we move forward, it is of critical importance that organisations arrive at a sustainable business model with a particular focus on the operational, commercial and technological aspects. Businesses will face difficulty in addressing IT risk alongside managing sizeable IT transformation agendas and balancing commercial recovery and growth.

Grant Thornton were involved in a significant workforce survey taken in the greater Dublin area, across five counties during the month of January 2022. The results provide a good overview of workforce challenges and sentiment at the moment amongst employers, and could be equally applicable to the greater Belfast area and Northern Ireland.

Acquisitions of businesses can take many forms and can have a fundamental impact of the acquirer’s operations, resources and strategies. These acquisitions are described in many ways depending on the underlying facts and circumstances: mergers, takeovers and business combinations are all terms that are used, and the accounting and disclosure requirements for all of them are set out in IFRS 3 ‘Business Combinations’.

Risk management is again on top of the agenda, as many Boards and senior leadership teams seek to re-evaluate their approach to risk management on a truly enterprise basis.