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Business valuations
We offer expert valuation advice in transactions, regulatory and administrative matters, and matters subject to dispute – valuing businesses, shares and intangible assets in a wide range of industries.
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Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
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Complex and international services
Our experience of multi-jurisdictional insolvencies coupled with our international reputation allows us to deliver the best possible outcome for all stakeholders.
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Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
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Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
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Expert witness
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Financial models
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Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
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Independent business review
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IT forensics
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Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
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Raising finance
Raising finance - funders value partners who can deliver a robust financial model, a sound business strategy and rigorous planning. We can guide you through the challenges that these transactions can pose and help you build a foundation for long term success once the deal is done.
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Relationship property services
Grant Thornton offers high quality independent advice on the many financial issues associated with relationship property from considering an individual financial issue to all aspects of a complex settlement.
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Restructuring and turnaround
Grant Thornton’s restructuring and turnaround service capabilities include cash flow, liquidity management and forecasting; crisis and interim management; financial advisory services to companies and parties in transition and distress
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Transaction advisory
Our depth of market knowledge will steer you through the transaction process. Grant Thornton’s dynamic teams offer range of financial, commercial and operational expertise.
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Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
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Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
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Employment tax
Grant Thornton’s advisers can help you with PAYE (payroll tax), Kiwisaver, fringe benefits tax (FBT), student loans, global mobility services, international tax
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Global mobility services
Our team can help expatriates and their employers deal with tax and employment matters both in New Zealand and overseas. With the correct planning advice, employee allowances and benefits may be structured to avoid double taxation and achieve tax savings.
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GST
GST has the potential to become a minefield and can be expensive when it goes wrong. Our technical knowledge can help you minimise the negative impact of GST
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International tax
International tax rules are undergoing their biggest change in a generation. Tax authorities around the world are increasingly vigilant, especially when it comes to global operations.
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Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
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Tax compliance
Our advisers help clients manage the critical issue of compliance across accountancy regulations, corporation law and tax. We also offer business and wealth advisory services, which means we can provide a seamless and tax-effective offering to our clients.
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Tax governance
Mitigate tax risks and implement best practice governance that will stand up to IRD scrutiny and audits.
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Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
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Audit methodology
Our five step audit methodology offers a high quality service wherever you are in the world and includes planning, risk assessment, testing internal controls, substantive testing, and concluding and reporting
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Audit technology
We apply our audit methodology with an integrated set of software tools known as the Voyager suite. Our technology has been developed to produce quality audits that are effective and efficient.
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Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
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Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
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Cloud services
Leverage the cloud to keep your data safe, operate more efficiently, reduce costs and create a better experience for your employees and clients.
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Internal audit
Our internal audits deliver independent assurance over key controls within your riskiest processes, proving what works and what doesn’t and recommending improvements.
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IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
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IT privacy and security
IT privacy and security should support your business strategy. Our pragmatic approach focuses on reducing cyber security risks specific to your organisation
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Payroll assurance
Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.
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PCI DSS
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Process improvement
As your organisation grows in size and complexity, processes that were once enabling often become cumbersome and inefficient. To maintain growth, your business must remain flexible, agile and profitable
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Procurement/supply chain
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Project assurance
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Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
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Robotic process automation (RPA)
RPA is emerging as the most sophisticated form of automation used to help businesses become more agile and remain competitive in the face of today’s ongoing digital disruption.
Not for profits: Turn your financial statements into an effective communication tool.
14 Aug 2018Whether you want to communicate your organisation’s purpose and objectives, or to attract new sources of funding, your annual financial statements are a powerful tool for telling your story, but all too often the opportunity for making an impact is lost.
The drive for greater transparency has created innovation in reporting; successful New Zealand Not for Profits are part of a global trend of finding new ways to better tell their stories. These organisations don’t see telling their story as a compliance exercise, but as an opportunity to connect with their stakeholders.
The increasing challenges that the NFP sector faces has created an undeniable gap between “winners and losers” in the struggle for revenue as funders demand more (and better) outcomes for less.
What’s more - as more disclosure requirements are added to financial statements, there is a reluctance to deviate from well-established practices leading to repetition year on year, but financial statements don’t need to be stale documents created only for compliance. When the focus is shifted to the financial statements being a communication tool, many organisations have found they enhance the effectiveness of telling their story.
The Building and Construction Industry Training Organisation’s 2017 annual report is a best practice example of effective use of a financial statement. It’s set out in a clear and concise format, and as a standalone document, the financial statement tells the same story as the rest of the report which is what an organisation should be aiming for.
Here are four techniques NFPs can use to communicate in an engaging way while still complying with standards and regulations; for more in depth insights download our full report, Telling your story: Making your financial statements an effective communication tool.
1 Comply but communicate
Your financial statements are just one part of your communications with your stakeholders. Depending on jurisdiction requirements, annual reports typically include your financial statements, a management commentary and information about governance, strategy, and operational activity (often including corporate and social responsibility).
There is also a growing trend toward integrated reporting, which explains to investors how an organisation creates value over time. In a nutshell, this method of reporting demonstrates the links between an organisations strategy, governance and business model. In a world where transparency along with business sustainability are becoming more and more important, integrated reporting offers a powerful solution.
2 Omit the immaterial
Make effective use of materiality to enhance the clarity and conciseness of your financial statements. The concept of materiality is used throughout financial reporting and auditing. Put simply, information is material if it could influence the decisions made by users which are based on your financial statements. Using materiality when deciding how to account for transactions is familiar. For example, some organisations use a ‘capitalisation threshold’ below which purchase of property, plant and equipment is expensed immediately. But materiality also acts as a ‘filter’ for deciding what non-financial information to disclose – and what to omit.
3 Re-think the notes
The disclosure (or notes) will be the largest section of your financial statements. As such, they can have the greatest impact on the effectiveness of your financial statements as a communication tool. Many organisations have been experimenting with the traditional way of organising the notes to better tell their story and emphasise the most important information. Notes can be combined in different ways to achieve a more effective communication outcome. For example, you can combine a note that sub-analyses a balance sheet line item, information about the accounting policy and any critical estimates and judgements affecting that item. While traditional approaches to notes have their merit (and they are required by the External Reporting Board), re-ordering notes can help communicate information in a more powerful way. Re-ordering can be carried out by:
- grouping notes into categories that cover related areas
- placing the most critical information more prominently
- a combination of both.
4 Prioritise the policies
The financial statements should disclose your significant accounting policies. Your disclosures should be relevant, specific to your organisation and explain how you apply your policies. The disclosure of significant accounting policies is often the longest note in the financial statement. Done well, it helps your investors and other stakeholders to properly understand your financial statements. Done badly, it contributes to clutter without adding value. You should ask whether your accounting policy disclosures:
- cover the transactions and balances that are significant to your organisation?
- remain relevant or need updating?
- are specific to your organisation?
- are positioned in the financial statements in a way that best meets your users’ needs?
- capture your key judgements in applying your policies and your major source of estimation uncertainty?
Financial statements give the opportunity to provide insight into your organisation through management’s eyes. Language should be kept simple as some areas of financial statements can prove to be difficult for non-experts to follow and understand. Using plain English will ensure the readers interpretation and understanding of the financial statements.
These four practices are interdependent and can be used to create clear and compelling documents. Each is a ‘tool’ that should be used to a greater or lesser extent to tell the story of your organisation depending on its circumstances.
