Insights

Thailand’s push toward its 4.0 economic model gained a lot of momentum in 2018, as the government made investments and policy changes in countless areas to smooth the way for business. The way forward is clear on most fronts, and the next decade is sure to be an exciting one for Thailand and the advanced manufacturing and digital economy that is well on its way.

Francesca Lagerberg, Grant Thornton International’s global leader – network capabilities, has been heading up our Women in business reports for 15 years. She reveals the progress she has seen, and what more needs to happen.

South East Asia is a bright spot in the global economy. The outlook for the region is sustained, healthy growth of more than 5% per year between now and 2022.(i) Against this backdrop, business sentiment has hit a new high. We explore what is driving this positivity and find that infrastructure emerges as a source of real opportunity for ASEAN firms in the coming years. At the same time, however, concerns over climate change loom large. Greater cooperation will be key to overcoming these environmental risks.

In any competitive sphere, there is a natural tendency for different players to cluster towards the middle. Through a combination of traditional practice, human nature, common sense, imperfect foresight, talent competition and a host of other shared qualities, there may be little – particularly in mature industries – to separate one company from another at an organisational level.

Culture and technology around the world are rapidly progressing, and the only clear prediction we can make about the future is that change will continue to occur at every level of society. Most businesses have realised that they must follow these changes to keep up with the new world – and others have decided to actually become leaders and drive the change further forward.

Given the slowing rate of economic growth, businesses across Asia Pacific (APAC) region have an appetite for automation. In this article we explore where that support is strongest, and why. We find that amid the rich opportunities, risks are present in the automation revolution. Businesses and policymakers should confront these challenges now, to avoid hampering future growth prospects.

In an ever-increasing integrated global economy, businesses have been establishing their footprints in various locations across the continents. These so-called “multi-national corporations” or “MNCs” have sophisticated supply chains and business platforms comprising of dozens, if not, hundreds of entities, all of which are directly or indirectly related to one another. Under this corporate umbrella, the affiliates would trade and transact with one another.

When attending a job interview, it is essential to dress well, show up on time, demonstrate good humour and likability, and create a memorable experience for the person you are sitting down with. These simple concepts are well understood throughout the world of job-seekers – but often ignored by HR managers and/or hiring managers themselves.

A recent Grant Thornton survey of over 300 senior executives found that 89% believe the CFO of the future will require much stronger data analytics skills – and fully 75% plan to upgrade their personal data analytics skills in the coming year.

For a country with global ambitions, China has many of the key attributes needed to achieve its aspirations. But the essential lesson holds across world affairs just as surely as it applies to business, or to life in general.

Each year the requirements of International Financial Reporting Standards (IFRS) change. New Standards and Amendments become effective and these determine the presentation of primary financial statements and accompanying disclosures. As a result companies face the challenge of updating their financial statements every year.

IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.

In July 2018, the trade war between the United States and China went live. The war of words which saw threats, posturing, and “nudges” to impose tariffs on goods traded between the United States and China became a reality.

The Federation of Accounting Professions announced a new standard on accounting for financial instruments which application will be effective date on 1 January 2020. The new TFRS 9 is based on IFRS 9 issued by The International Accounting Standard Board which fundamentally rewrites the accounting rules for financial instruments.

The Chinese authorities have released proposed changes to tax law that may significantly impact how international assignees and long-term expats in the People’s Republic of China (PRC) are taxed. From changes to residency, personal taxation, payroll withholding and tax efficient benefits for assignees, the potential changes are far reaching.

In Part 1 of this article, we examined the importance of speed, flexibility, and successful adaptation in the current business climate.