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The preparation of financial statements in accordance with IFRS is challenging. Each year the requirements are changing as a result of new standards or amendments that become effective. These changes have the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures. This illustrative set of example financial statements demonstrates good practice in the application of the presentation and disclosure requirements of IFRS for year-end reporters. It reflects changes in IFRS that are effective for the year ending 31 December 2015.

Choosing the right leader for your business is fundamental to its long-term success. So why are so many family firms not planning for succession effectively?

Aston Manor Cider, one of the world’s largest independent cider producers, is no stranger to the export market. The UK-based company’s specialty beverage is available in more than 20 countries including the USA, Russia and a number of African nations

The hospitality and tourism industry is hotwired into the global economy; how businesses in the sector prepare for and respond to economic shocks is critical to long-term growth prospects.

Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on what is acceptable. And while few expect a global agreement any time soon, the majority would like to see their governments take unilateral action to help achieve this aim.

IFRS News Special Edition on the IFRS for SMEs

As growth in output and demand in Southeast Asia continue to accelerate, where to base your business and locate key functions within the region is high on the corporate agenda.

Relocation and restructuring can deliver significant commercial, operational and tax benefits and it isn’t just large multinationals who are on the move.

The slump in oil prices has its winners and losers. Jim Menzies, global leader for the food and beverage sector at Grant Thornton, says the outlook is good for food and beverage companies. While Linda Beal global leader for the oil and gas sector at Grant Thornton, says, oil and gas companies are facing significant challenges.

As the International Accounting Standards Board (IASB) meets today (22 July 2015) 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.

In light of growing international interest and scrutiny of corporate practices we set out to explore how three major aspects of governance – the role of culture, board composition and strategic planning – are affecting businesses around the world.

Although some see International Financial Reporting Standards (IFRS) as a regulatory burden, the evidence suggests that global standards actually oil and accelerate the wheels of global economic growth. Andrew Watchman explains.

Before Greece’s 'No' vote on Sunday, business optimism in Europe had surged ahead to its highest level in five years, despite the ongoing uncertainty over the future of Greece and its continued membership of the single currency.

Grant Thornton International Ltd comments on ED/2015/2 Effective Date of IFRS 15 – Proposed amendments to IFRS 15

At the G20 summit in Australia last November, global leaders reaffirmed a commitment they made in 2010 to tackle the negative impact of corruption on economic growth, trade and development. In this roundtable debate, Grant Thornton partners from Brazil, India and South Africa discuss how businesses can behave in an ethical manner and thrive, in spite of corrupt practices.

IFRS News is your quarterly update on all things relating to International Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.