Insights

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.

Our own Grant Thornton International Business Report conducts worldwide surveys that poll business leaders across the world markets, and fully 54% of respondents reported feeling a sense of economic optimism in Q2 2018 – far higher numbers than in previous years.

Since its inception, the digital realm has been an economic “wild west.” Laws and regulations written in the “brick and mortar” world often do not apply or are, for all practical purposes, unenforceable in the digital counterpart.

How charities worldwide can measure impact to drive their mission.

Indirect taxation is still evolving, and an arguable simple tax is growing in its complexity and application as a traditional goods and services model is replaced with digital content; virtual consumption and seamless international trade flows. But how can you stay ahead?

In the natural world, the big winners are not always the strongest or fastest, but rather the ones that are best at adapting to changes in their environment. The business world follows similar rules – and its current environment is changing more rapidly than at any time in history, thanks to the digital revolution.

The lack of international consensus on taxing the digital economy is creating a vacuum of uncertainty. So, what’s coming up on the horizon and how can your business deal with the implications?

Do you tailor your donor communications by age group? Grant Thornton’s Global Not for Profit Leader, Carol Rudge, explains why you should

Vibrant cities attract people to live, work or invest in them. So what should you be focusing on if you're a city planner? How can you help your city function smartly and create sustainable growth for all?

Effective cash management is a critical success factor for any business. To fund growth, invest in new infrastructure or mitigate short term downturns, having strong visibility and control of day-to-day cash is a must.