Insights

How well do you really know internal control health check of your company ? How thoroughly are they checked when policies and procedures are updated? How do you ensure internal control efficiency is established and maintained? Are there any inefficiencies and control deficiencies your team has missed?

Left unchecked, all things fall into disorder. This universal law requires that we maintain high standards of maintenance and organisation in all aspects of both life and business. As soon as we allow ourselves slack in any area, the deterioration process will begin anew.

Privately held companies have more freedom to innovate than public companies as they are not beholden to shareholders who demand constant growth.

Thank you to the 140+ attendees from over 70 companies who joined us for the Accounting & Tax Updates 2024 Seminar!

Grant Thornton will be holding the Accounting & Tax Updates 2024 Seminar on the topic “ESG and accountants & Tax audit insights” on Tuesday, 26 November 2024, from 0900 to 1630 hours at Bliston Suwan Park View Hotel, Bangkok.

As businesses look ahead to economic recovery in Thailand, some sectors have valuable lessons to learn regarding resilience and overall business strategy.

Lessees must ensure that they are performing the proper accounting for any rent concessions they are granted during the COVID-19 pandemic.

In the midst of the COVID-19 pandemic, auditors should accept new engagements cautiously and leverage technology to complete ongoing ones.

Accountants must carefully consider the implications of the Coronavirus as they prepare financial reporting for 2019 and beyond.

International Standards on Auditing are often difficult to apply to less complex entities. The IAASB is considering possible solutions.

This article explains why companies might (or might not) choose to go public, how they should prepare for taking such a big step, and what the alternatives might be.

As technologies such as Robotic Process Automation, Artificial Intelligence, and Blockchain become increasingly integrated in the auditing industry, auditors will need to adjust their focus in order to thrive in this rapidly changing environment.

If the numbers don’t seem to add up, or the receipts aren’t where they are supposed to be, many clients will have a logical explanation ready. But how much should they be taken at their word? And how should auditors handle situations where client representatives insist that a particular inconsistency is nothing to worry about? A healthy sense of scepticism is an essential asset for every responsible auditor, allowing them to shield their work against all sorts of corporate maneuvering. This approach indeed preserves much of the value of an independent audit.

A single Standard (TFRS 15) replaces IAS 18, IAS 11 and the numerous revenue-related Interpretations. It provides a single, principles-based framework that should improve comparability of revenue recognition across entities and industries, also filling in many of the existing gaps in the current TFRS revenue guidance (like multiple element arrangements and guidance on warranties). Finally, the new Standard will close the current disclosure gap.

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.