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Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
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Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
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QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
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Download our tax brochures
The tax teams at Grant Thornton aim to provide the Channel Islands with a premier tax advisory service both to private clients and the business community including the investment management industry.
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Jersey Tax Return
A secure sign in page to file Jersey Tax Returns through the Grant Thornton tax portal.
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ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your business, whatever your size and whether you are listed or not.
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Professional Services
Business and accounting support for professional services
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Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to fast growing and established businesses to public companies competing in global markets.
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Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local businesses. But however large or small your business, the chances are you face similar challenges.
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Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
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Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
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Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
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Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
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Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
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Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Implementation of IFRS 17 ‘Insurance Contracts’
17 Aug 2021IFRS 17 heralds a new era of accounting for insurance contracts because it sets out principles-based requirements that aim to improve the comparability of the measurement and presentation of insurance contracts across entities reporting in jurisdictions applying International Financial Reporting Standards (IFRS).
The impact of IFRS 17 will be felt by many stakeholders, including, but not limited to preparers of financial statements, those charged with the governance of entities that issue insurance contracts, investors, regulators, analysts and auditors.
With IFRS 17’s anticipated mandatory effective date of 1 January 2023 moving ever closer, all types of businesses, not just registered insurance businesses, need to start evaluating the impact of the Standard now. In particular audit committees should be considering the quality of the financial reporting of IFRS 17.
With this in mind, the Global Public Policy Committee (GPPC) has issued another paper which builds on the paper issued in 2020 ‘Implementation of IFRS 17 Insurance Contracts – Consideration for those charged with governance’ This additional paper focusses on the auditor’s approach to auditing estimates and associated judgements made in the application of IFRS 17.
This paper is broken down into the following sections:
1. how the auditor may assess the risk of material misstatement in financial statements arising specifically from the application of IFRS 17, including consideration of:
- the insurance entity and its environment
- the risk of material misstatement in estimates including inherent risks and control risks.
2. the auditor’s responses to the assessed risks of material misstatement including testing how management made the accounting estimates and developing an auditor’s point estimate or range.
3. data, information systems, processes and controls (including risk assessment, testing and impact on audit approach).
4. financial statement disclosures related to accounting estimates and estimation uncertainty.
5. other considerations for the auditor and the insurance entity, such as management bias and professional scepticism.
