-
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.
-
Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
-
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.
-
Corporate insolvency
Our corporate investigation and recovery teams can help you manage insolvency situations and facilitate the best outcome.
-
Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
-
Expert witness
Our expert witnesses analyse, interpret, summarise and present complex financial and business-related issues which are understandable and properly supported.
-
Financial models
A sound financial model will help you understand the impact of your decisions before you make them. Talk to us about our user-friendly models.
-
Forensic and investigation services
We provide investigative accounting and litigation support services for commercial, matrimonial, criminal, business valuation and insurance disputes.
-
Independent business review
Is your business viable? Will it remain viable in the future? A thorough independent business review can help your organisation answer these fundamental questions.
-
IT forensics
Effective ESI analysis is integral to the success of your business. Our IT forensics experts have the technical expertise to identify, preserve and interrogate electronic data.
-
Mergers and acquisitions
Grant Thornton provides strategic and execution support for mergers, acquisitions, sales and fundraising.
-
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.
-
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.
-
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
-
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.
-
Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
-
Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
-
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
-
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.
-
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
-
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.
-
Research and Development
R&D tax incentives are often underused and misunderstood – is your business maximising opportunities for making claims?
-
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.
-
Tax governance
Mitigate tax risks and implement best practice governance that will stand up to IRD scrutiny and audits.
-
Transfer pricing
Tax authorities are demanding transparency in international arrangements. We businesses comply with regulations and use transfer pricing as a strategic planning tool.
-
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
-
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.
-
Financial reporting advisory
Our financial reporting advisers have the expertise to help you deal with the constantly evolving regulatory environment.
-
Business architecture
Our business architects help businesses with disruptive conditions, business expansion and competitive challenges; the deployment of your strategy is critical to success.
-
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.
-
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.
-
IT advisory
Our hands on product experience, extensive functional knowledge and industry insights help clients solve complex IT and technology issues
-
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
-
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.
-
PCI DSS
Our information security specialists are approved Qualified Security Assessors (QSAs) that have been qualified by the PCI Security Standards Council to independently assess merchants and service providers.
-
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
-
Procurement/supply chain
Procurement and supply chain inputs will often dominate your balance sheet and constantly evolve for organisations to remain competitive and meet changing customer requirements
-
Project assurance
Major programmes and projects expose you to significant financial and reputational risk throughout their life cycle. Don’t let these risks become a reality.
-
Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
-
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.
New Zealand businesses unaware of impending lease changes
New Zealand companies appear blissfully unaware of impending changes to the way leases are handled on balance sheets - one of the most impactful global accounting changes in the last decade.
A recent study of 2,800 businesses globally by Grant Thornton International showed that only 24% of New Zealand companies surveyed were aware of the impending changes, ranking us fourth last of 39 countries, with only Mainland China (5%), Denmark (8%) and Turkey (13.5%) showing less awareness. The global average was only 45% which given the significance of leasing to many organisations, both large and small is much lower than Grant Thornton had expected.
The survey also identified the average number of leases in various industries around the world; technology companies lead the pack with an average of 34, followed by financial services companies that had 30, retail followed with 23 and manufacturing had 17.
Mark Hucklesby, National Technical Director for Grant Thornton New Zealand, said that there is no question that the global review of current lease accounting is long overdue. “The new changes will get rid of the anomaly where lease arrangements (finance lease and operating lease) are currently accounted for quite differently.
“At present, if one has a finance lease, the right to use the leased asset and the financial obligations associated with its use both appear on the balance sheet. If you have an operating lease, which is any lease arrangement that is not a finance lease, then you do not have to record anything on your balance sheet, all you need do is record your lease payments in your income statement.
“This lack of consistency with regard to leases has festered for years finally coming to a head following the Global Financial Crisis when the Finance Ministers from the G20 told accounting standard setters to fix the lack of comparability. The politicians and their advisers correctly observed that when there is a need to acquire an asset, it should make no difference to whether an organisation chooses to finance them from bank borrowings or from leasing contracts”.
“The current balance sheet does not present a complete and transparent financial picture. Basic analytical tools like ‘return on investment’ and ‘debt-to-equity ratios’ are useless when neither the leased assets nor the financial liability associated with the lease contracts are on the books. Before conducting even elementary financial statement reviews, users must look to the notes, and then make their own adjustments to published accounts based on what is, in many ways, incomplete information,” he said. When finally introduced, the new accounting standard is likely to result in many New Zealand companies involved in leasing arrangements reporting substantial increases in both their assets and liabilities, with further ramifications for banking ratios and the like.
“The good thing is that New Zealand companies will still have time to learn about the proposed changes. The release of the first Exposure Draft generated more than 700 submissions, so many that the second Exposure Draft is expected out later this year.
“These proposed changes are far-reaching and will affect a wide range of companies. Owners would be well advised to acquaint themselves with them now, and if they disagree with what is being proposed, there is still time to come forward,” he said.
The US Securities and Exchange Commission has estimated the undiscounted value of future lease payments among US listed companies alone at more than US$1.25 trillion - an amount that is greater than the gross domestic product of many countries. Globally, the figure is far higher.
Further enquiries, please contact:
Mark Hucklesby
National Technical Director
T +64(0)9 308 2534
M +64(0)21 664 585
E mark.hucklesby@nz.gt.com