Financial reporting and accounting advisory services
You trust your external auditor to deliver not only a high-quality, independent audit of your financial statements but to provide a range of support, including assessing material risks, evaluating internal controls and raising awareness around new and amended accounting standards.
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
Whether you are already using IFRS or considering a transition to this global framework, Grant Thornton LLP’s accounting standards team is here to help.
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.
Global mobility services
In today’s competitive and global marketplace, your employee mobility strategy is a critical factor for success. International opportunities are key to attracting top talent and instilling a global mindset across your organization. Your people truly are your most valuable asset, and as your expatriate workforce continues to grow, a seamless global mobility program is essential to achieving your overall business goals.
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.
We bring a wide range of services to both individuals and businesses – including shareholders, executives, directors, lenders, creditors and other advisors who are dealing with a corporation experiencing financial challenges.
Market-driven expertise in investigation, dispute resolution and digital forensics
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Running a business is challenging and you need advice you can rely on at anytime you need it. Our team dives deep into your issues, looking holistically at your organization to understand your people, processes, and systems needs at the root of your pain points. The intersection of these three things is critical to develop the solutions you need today.
Updates for creditors, limited partners, investors and shareholders.
Builders And Developers
Every real estate project starts with a vision. We help builders and developers solidify that vision, transform it into reality, and create value.
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?
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.
With the recent closures of Toys “R” Us (United States), Maplin (United Kingdom) and Topshop Australia, we investigate whether the internet is annihilating physical stores and offer practical advice to dynamic retail businesses on how to avoid going under.
Retail spaces are very different from the places they were 10 years ago, with shops increasingly being used as showrooms for products that customers will check out and then buy online, after some online price shopping. This is true across global markets where retailers are finding that, while the basics of retail remain the same, their consumers’ behaviour is changing. We asked our colleagues in Canada, the United States, Australia and the United Kingdom to give their insights into what businesses can do to meet the changing needs of a more sophisticated and increasingly digital customer, and how retailers can plan for the future in a disrupted market.
The changing role of the retail store
The role of retail stores has shifted. Along with acting as showrooms, they’re now pick-up points for parcels, cafés and sometimes meeting points. The smartest businesses are realizing this and evolving to stay ahead of the game. Many that haven’t yet figured this out have gone out of business. Research from location data advertising firm inMarket shows that shoppers in the United States are making more short trips to Whole Foods stores that have installed Amazon.com lockers, which allow shoppers to collect their Amazon parcels. Walmart recently decided to follow suit.
The answer, then, might suggest boarding up your windows and opening some virtual ones. However, this isn’t always the best or most economical solution, says Grant Thornton LLP Canada Advisory Partner, Daniel Wootton. “An online presence requires a large investment,” he says. “Some people assume that online sales might have lower overheads than in-store sales, but that is not always the case. In fact, online sales may require expanded customer service and separate distribution models. Some retailers—such as boutiques—need to maintain the personalized service they might be associated with offline.”
There is still a place for the bricks-and-mortar store, says Simon Trivett, partner and national head of consumer products and retail at Grant Thornton Australia. “Best estimates are that online still accounts for only about seven to eight percent of total retail in Australia (compared with 16.9 percent in the United Kingdom and 10 percent in the United States).“In Australia, distances between our major centres are huge. To fly from Melbourne to Perth takes four hours. Online retailers can’t easily set up one or two centralized distribution centres. Or, they get the geography right, but they struggle to get the products out. So Australian retailers have a significant role to play. “The basic retail 101 hasn’t changed,” Simon adds. “Retailers can still offer a compelling retail experience with good in-store service and by creating communities.”
Find out how brick-and-mortar stores are competing with online retailers [ 1103 kb ]
Keeping up with the changing consumer
“Retailers have seen consumers going through fundamental changes in spending and shopping behaviour—how consumers make their spending choices, what they choose to purchase, what method they use to make their purchase and the whole process consumers go through to make a buying decision,” says Grant Thornton UK restructuring partner Senthil Alagar.
“In the UK market,” adds Senthil, “the share of consumer spending on leisure and experiential activities is growing, whilst retail spending on non-food items and owning things is not.
“For many items, the spending decisions have fundamentally changed. There is plenty of choice for the consumer and they go to the store to experience the brand, the product, the size, but then many may actually make the purchase elsewhere.”
The important thing, says Daniel, is knowing the customer—and this applies across all service sectors. Predicting consumer behaviour has become more important and the likes of Amazon know this, altering their stock according to what they think customers are likely to buy next.
Find out how Best Buy is keeping up with the changing consumer [ 1103 kb ]