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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.
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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.
International tax
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
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.
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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.
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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.

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Transactions
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Creditor updates
Updates for creditors, limited partners, investors and shareholders.

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Risk

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Cloud Accounting

By automating standard administrative and accounting work, cloud accounting with Grant Thornton can free up your time to concentrate on more important work...

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Indigenous Services

Legacy is not only about honouring the past—it’s also about looking forward and continuing to build upon those values, traditions, and achievements to create...

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Family Business Services

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Agriculture

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The Agricultural Clean Technology Program will provide financial assistance to farmers and agri-businesses to help them reduce greenhouse gas (GHG) emissions.

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The ACT Adoption Stream provides non-repayable funding to help farmers and agri-business with the purchase and installation of clean technologies.

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Cannabis

Whatever your goal, the experts at Grant Thornton are ready to work with you to map out a plan for success. As members of the Global Cannabis Partnership...

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Charities & not-for-profit

Here’s to the change-makers, the believers and the community-builders. Charities and not-for-profit organizations truly stand apart from the crowd. In today’s...

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Real Estate And Construction

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Builders And Developers
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Rental Property Owners And Occupiers
In today’s economic climate, it’s more important than ever to have a strong advisory partner on your side.
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?

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Energy and natural resources

It’s not business as usual within the energy and natural resources sectors. Change has become constant and disruptive, in part a result of consolidation and...

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Mining
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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.

Financial Services

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Manufacturing & distribution

Canadian manufacturers seeking to grow their businesses must address common issues, including limited access to finance, high raw material costs, inflexible...

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Private equity

To acquire high-quality assets in today’s unprecedented competitive global market, private equity firms and their portfolio companies must be increasingly...

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Professional services

Professional services firms face a dual challenge: anticipating and managing change not only for your clients, but also for your business. In today’s...

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Public companies

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Private business

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Power & Utilities

At Grant Thornton, we have the real-world experience and knowledge that can help you in considering all of your strategic alternatives. Whether it be managing...

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IFRS

International Sustainability Standards Board confirms effective date of new Standards

09 Mar 20232 min read

The International Sustainability Standards Board (ISSB) recently met in Montreal to make final decisions on the technical content of the first two Sustainability Standards it plans to issue. They also determined that the two Standards, which are due to be released in June 2023, will become effective for periods commencing on or after January 1, 2024.

The first two Sustainability Standards will be:

IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’
IFRS S2 ‘Climate-related Disclosures’

The decision to minimize the period between the release date and the effective date is based on strong demand from investors of reporting entities around the world to disclose consistent, comprehensive, and comparable sustainability-related information. Parties ranging from the International Organization of Securities Commissions (IOSCO) to leaders of the G20 have been vocal about the urgent need for sustainability standards to take effect as soon as possible. Disclosing information about sustainability-related risks and opportunities is seen by many, including the ISSB, as essential to protecting investors and supporting systemic financial stability.

Since a full suite of IFRS Sustainability Standards is still to be issued, the ISSB also agreed to provide guidance for entities to use by referencing the European Sustainability Reporting Standards (ESRS) within an appendix to IFRS S1. This appendix is designed to help reporting entities readily identify metrics and disclosures that meet the information needs of investors.

Between now and the June 2023 release date, the ISSB will focus on creating further guidance and training material to support and explain how IFRS S1 and IFRS S2 should be applied. They will also create programs to support reporting entities in applying the Standards appropriately and consistently as market infrastructure and capacity related to the Standards is built.

Our thoughts

We support the ISSB selecting the effective date of periods commencing on or after January 1, 2024, as it will respond to the investor demands for these Standards; but the short implementation timeframe could create significant challenges for entities not yet familiar with reporting on sustainability. We urge reporting entities to start evaluating the impact of these two new Standards as soon as possible. If you require support in navigating these new standards, reach out to our trusted advisors today.

International Sustainability Standards Board confirms effective date of new Standards

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International Sustainability Standards Board confirms effective date of new Standards

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