Services
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Statutory Audit
We conduct an integrated audit, which combines the financial statement audit,independent and objective assurance on financial information, transactionsand processes.
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Limited Review
We offer services relating to reviews of historical financial informationby expressing negative assurance on such historical financial information.
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Agreed Upon Procedures
We engage with organisationsto perform specific procedures and report findings to conform to their needs.
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Financial Reporting Advisory Services (FRAS)
Our team provides timely advice on the impact of accounting changes to assist businesses in the development of an appropriate implementation roadmap.
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Business Consulting
Grant Thornton UAE provides organisations with implementable plans that drive sustainable growth strategies to grow and optimise their business performance.
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Business Risk Services
Organisations need to understand risks thoroughly to be able to manage them better. Grant Thornton UAE helps businesses achieve the best balance between minimising risk exposure, optimising profitability and developing compliance review checklists.
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Regulatory Advisory Services
Grant Thornton UAE's extensive understanding of the overarching supervisory framework within the region equips our professionals to support financial institutions comply and abide by the set of regulatory mandates throughout the rapidly evolving ecosystem.
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Financial Advisory
Grant Thornton UAE works with organisations on transactions from start to finish, assisting with strategy, identifying risks, executing deals, and helping to unlock their potential for growth and value creation.
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Restructuring Advisory
Grant Thornton UAE is committed to realising value for shareholders, in a way that recognises and supports the interests of all stakeholders. Our solutions maximise value, provide clarity and direction, and accelerate recovery and transformation for businesses.
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Technology Advisory & Cybersecurity
IT and technology are fundamental to drive the performance of businesses. Through leveraging the power of technology, Grant Thornton UAE helps organisations define and identify growth opportunities to achieve value-driven transformation and innovation.
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Forensics
Fraud and corruption pose a growing challenge worldwide. As the commercial landscape changes, an increasingly regulated environment requires stringent governance and compliance processes. Grant Thornton UAE helps organisations navigate challenges and crisis with a hands-on approach coupled with the use of technology.
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ESG Services
The Environment, Social and Governance (ESG) agenda has gained significant traction over the years, to become one of the key strategic aspects of any business. It is imperative that all organisations, irrespective of industry sector, engage with their stakeholders and prioritise ESG practices to unlock sustainable growth opportunities.
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Business Process Solutions
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
Tax policy reforms and the introduction of new tax regulations across the GCC are creating huge challenges for organisations. Grant Thornton UAE offers a...
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
As China and the Middle East region strengthen their ties, Grant Thornton UAE has launched a China Desk to facilitate the entry of Chinese businesses into the...
IBR
Call to delay revenue recognition start date
20 Jul 2015Global survey finds only 25% of business expect to be ready for current 2017 implementation date - IASB to meet today to discuss implementation timing
As the International Accounting Standards Board (IASB) meets today to discuss the 2017 implementation date for new global revenue recognition rules, Grant Thornton is asking the accounting board to delay implementation, as a global business survey finds that many businesses are not expecting to be ready by 2017.
Grant Thornton’s International Business Report, a survey of 2,580 businesses in 35 economies found only 25% expect to be ready for implementation by 2017. In the G7 that number drops to 22%, and in major countries even further: US 20%, France 16%, Australia 13%, China 10%, Japan 9% and Germany 8%.
“Now that companies have started their implementation projects we've learned more about the challenges they face," said Andrew Watchman, Grant Thornton's global head of IFRS. "Our survey backs up what we're hearing from our clients – that many companies are struggling to meet the original deadline."
“IFRS 15 is likely to have a greater impact outside of the accounting function (eg compensation, contracting, broad policies and systems) than most new standards, and even those entities that have worked hard to prepare for transition would no doubt benefit to some extent from more time.”
The Financial Accounting Standards Board (FASB), which sets accounting regulations in the US, just voted to delay implementation.
Some of the industries that will be most affected by planned revenue recognition changes include:
- Telecoms and IT – where multiple deliverables are commonplace and current practice is mixed. Cellphone businesses that account for a 'free' handset as a marketing cost will need to change this policy and instead allocate revenue based on relative value
- Real estate – when to take revenue for 'off plan' apartment sales has been a difficult issue and the new model will shift the boundary between percentage- of-completion and on-completion revenue recognition
- Sectors where performance-based or contingent fees are commonplace, such as asset management and some legal and professional services. Under the new model variable payments would be accounted for on a best estimate basis subject to being 'reasonably assured'
- Retail - accounting for rights of return, customer loyalty schemes and warranties could all be affected.
Other areas that could be affected include deferred and advanced payments, licensing arrangements, breakage and non-refundable upfront fees.
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