Financial reporting and accounting advisory services
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Accounting Standards for Private Enterprises
Get the clear financial picture you need with the accounting standards team at Grant Thornton LLP. Our experts have extensive experience with private enterprises of all sizes in all industries, an in-depth knowledge of today’s accounting standards, and are directly involved in the standard-setting process.
International Financial Reporting Standards
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Accounting Standards for Not-for-Profit Organizations
From small, community organizations to large, national charities, you can count on Grant Thornton LLP’s accounting standards team for in-depth knowledge and trusted advice.
Public Sector Accounting Standards
Working for a public-sector organization comes with a unique set of requirements for accounting and financial reporting. Grant Thornton LLP’s accounting standards team has the practical, public-sector experience and in-depth knowledge you need.
Tax planning and compliance
Whether you are a private or public organization, your goal is to manage the critical aspects of tax compliance, and achieve the most effective results. At Grant Thornton, we focus on delivering relevant advice, and providing an integrated planning approach to help you fulfill compliance obligations.
Research & development, government incentives
Are you developing innovative processes or products, undertaking experimentation or solving technological problems? If so, you may qualify to claim SR&ED tax credits. This Canadian federal government initiative is designed to encourage and support innovation in Canada. Our R&D professionals are a highly-trained, diverse team of practitioners that are engineers, scientists and specialized accountants.
Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
US corporate tax
The United States has a very complex and regulated tax environment, that may undergo significant changes. Cross-border tax issues could become even more challenging for Canadian businesses looking for growth and prosperity in the biggest economy in the world.
Cross-border personal tax
In an increasingly flexible world, moving across the border may be more viable for Canadians and Americans; however, relocating may also have complex tax implications.
While there is great opportunity for businesses looking to expand globally, organizations are under increasing tax scrutiny. Regardless of your company’s size and level of international involvement—whether you’re working abroad, investing, buying and selling, borrowing or manufacturing—doing business beyond Canada’s borders comes with its fair share of tax risks.
Transfer pricing is a complex area of corporate taxation that is concerned with the intra-group pricing of goods, services, intangibles, and financial instruments. Transfer pricing has become a critical governance issue for companies, tax authorities and policy makers, and represents a principal risk area for multinationals.
Succession & estate planning
Like many private business owners today, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor—a successor who may or may not want your direct involvement and share your vision.
Tax Reporting & Advisory
The financial and tax reporting obligations of public markets and global tax authorities take significant resources and investment to manage. This requires calculating global tax provision estimates under US GAAP, IFRS, and other frameworks, and reconciling this reporting with tax compliance obligations.
Our transactions group takes a client-centric, integrated approach, focused on helping you make and implement the best financial strategies. We offer meaningful, actionable and holistic advice to allow you to create value, manage risks and seize opportunities. It’s what we do best: help great organizations like yours grow and thrive.
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Builders And Developers
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Rental Property Owners And Occupiers
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Real Estate Service Providers
Your company plays a key role in the success of landlords, investors and owners, but who is doing the same for you?
There’s no business quite like mining. It’s volatile, risky and complex – but the potential pay-off is huge. You’re not afraid of a challenge: the key is finding the right balance between risk and reward. Whether you’re a junior prospector, a senior producer, or somewhere in between, we’ll work with you to explore, discover and extract value at every stage of the mining process.
Oil & gas
The oil and gas industry is facing many complex challenges, beyond the price of oil. These include environmental issues, access to markets, growing competition from alternative energy sources and international markets, and a rapidly changing regulatory landscape, to name but a few.
In March 2023, the Accounting Standards Board (AcSB) issued an Exposure Draft proposing the following changes to the Accounting Standards for Not-for-Profit Organizations (ASNPO):
- Introducing a new standard, Section 4411 Contributions received by not-for-profit organizations, which would replace Section 4410 Contributions – revenue recognition and Section 4420 Contributions receivable
- Replacing the current accounting policy choice between the deferral method and restricted fund method of recognizing contributions with a single approach for all not-for-profit organizations (NPOs)
- Changing certain definitions, the guidance for pledges and bequests, and the guidance for contributed materials and services
- Adding disclosure requirements in areas such as endowments and restrictions
- Amending Section 4400 Financial statement presentation for not-for-profit organizations for related considerations
The proposals would be effective for fiscal periods beginning on or after January 1, 2026.
To assess the possible impact on your organization, there are a number of sources available to learn more about the proposals.
|The AcSB has issued an overview of its Exposure Draft in an In Brief publication.||Publication [ 322 kb ] [ 322 kb ]|
|The full Exposure Draft, including the proposed handbook section and amendments, is available.||Exposure Draft [ 1999 kb ] [ 1999 kb ]|
|In early May, the AcSB hosted a 1-hour webinar summarizing the proposals; it can now be viewed on demand.||Webinar|
Your Grant Thornton advisor is also available to discuss the potential impacts on your organization.
Stakeholders can answer any or all of the questions included within the Exposure Draft by submitting a response letter by the response deadline of September 30, 2023.
Registration information and session dates for additional consultation activities hosted by the AcSB (such as roundtables or other discussion sessions) will be posted to the Contributions – Revenue Recognition and Related Matters project page in the future. The AcSB may also host surveys during the comment period; monitor the Connect.FRAS.ca site for more information.
The specific impact of the proposals depends on each organization’s current accounting policies for recognizing revenue from contributions, but some of the larger potential impacts are summarized below.
- The new definition for a “restricted contribution” would require the restriction to be explicitly communicated between the organization and the contributor. Restricted contributions would be deferred and only recognized as revenue when (or as) external restrictions are met. As a result, the timing of revenue recognition for some contributions may change.
- Some organizations currently following the restricted fund method of accounting for contributions will see a significant change in their financial statements, since:
- capital asset contributions would have to be deferred and amortized over the life of the related capital asset (or recognized directly in net assets if the related capital asset is not amortized); and
- endowment contributions would have to be recognized directly in net assets.
- In many cases, pledges and bequests would not be recognized until the cash is received.
- Organizations that use fund accounting presentation would also have to present its comparative information using fund accounting presentation (on the face of the statements, in the notes, or using schedules).
- An organization with endowment contributions would have to disclose information about how it manages its endowments, including how it monitors their fair value and compliance with endowment agreements, as well as quantitative information about the extent to which the fair value of endowments is less than the amount the contributor requires to be maintained permanently.
- An organization would have to disclose information about the assets it determines are available to meet the requirements of its restricted contributions, including endowments.
Contact your Grant Thornton advisor if you have any questions about the proposed changes.
The information and comments herein are for the general information of the reader and are not intended as advice or opinion to be relied upon in relation to any circumstances.
The Accounting Standards Board issued an Exposure Draft proposing changes to the Accounting Standards for Not-for-Profit Organizations.
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