-
Audit of annual and consolidated financial statements
We place particular emphasis on customized solutions and international service and adapt our services to your needs.
-
Assurance related advisory services
Assurance related advisory services are based on the knowledge and expertise that are the staff of life of our auditors.
-
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
-
Accounting related consulting
Accounting in accordance with UGB, US-GAAP or IFRS is in constant motion. The integration of new regulations into their own accounting systems poses special challenges for companies.
-
Corporate Tax
We are your problem solvers for corporate tax issues
-
Restructuring, Mergers & Acquisition
Expertise and creativity for the perfect structure
-
International Tax
We are here, whenever our clients require our assistance
-
Transfer pricing
We are your experts for an optimal transfer pricing structure
-
Indirect Tax & Customs
We take care of your indirect taxes so you can take care of your business
-
Private Wealth
We are your competent partner in the field of Private Wealth Tax Services
-
Real Estate Tax
We are a valuable partner at every stage of your property's life
-
Global Mobility Services
Local roots and global networking as a secret for successful assignment management
-
Advisor for Advisor
As advisors for advisors, we support in complex situations
-
Valuation
Valuations are a core competence of Grant Thornton Austria. As auditors and tax advisors we combine profound know-how with our practical experience to offer you customized solutions for your valuation assignment. Our industry expertise is based on years of services to our clients, including listed companies as well as owner-managed companies with an international focus. We advise on valuation matters related to arbitration and provide expert opinions.
-
Forensic Services
When it comes to risks in business, our experts are on hand. We support you not only in suspicious cases or in disputes, but also develop suitable strategies in the area of prevention to avoid serious cases as far as possible. Our Cyber Security team helps you to keep your networks and applications secure and is quickly on hand in the event of a security leak.
-
Transaction Support
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Sustainability Services
Sustainability is no longer a trend, but the only way to create a future worth living. Our experts will support you in successfully developing your sustainability strategy and preparing your sustainability reporting in compliance with regulations.
-
Merger & Acquisition
Companies start new activities and separate from old ones, cooperate and merge. Markets and competitive conditions are subject to constant and increasingly rapid change. As a result, existing business models are changing. Some companies have to restructure and reorganize. But new business opportunities also open up.
-
Restructuring & Going Concern Forecast
Restructuring & Going Concern Forecast: Bundled services for your strategic, operational and financial decisions offer the right answers for companies, banks, shareholders and investors.
-
Internal Audit
Internal Audit helps companies and organisations to achieve their goals by analysing and evaluating the effectiveness of risk management, controls and management and monitoring processes. Internal Audit focuses on independent and objective audit (assurance) and consulting services that improve the value creation and business activities of your company.
-
Expert dispute resolution & advisory
Grant Thornton Austria offers comprehensive services in the field of business-oriented expert services with a broad range of competencies from banking to communication. The core activity of experts is the objective recording of findings and the preparation of expert opinions - regardless of all external circumstances. Our experts Gottwald Kranebitter and Georg H. Jeitler, as sworn and court-certified experts, ensure that the highest professional standards and the principle of objectivity are observed.
-
Blockchain and Crypto-Asset
Blockchain as a carrier technology for crypto currencies and smart contracts, among other things, is becoming increasingly important. Grant Thornton Austria offers comprehensive audit and confirmation services for block chain technologies and business models.
-
Corporate & Brand Strategy
We support you in developing growth strategies for a sustainably successful future and in maximizing the potential of your brand.
-
Cyber Security
Cyber incidents, IT system failures, the resulting business interruptions and the loss of critical data are one of the greatest business risks for companies. Recent cases underline the need for strategic protection and awareness of the issue and require a holistic approach and technical expertise that takes into account all legislative, regulatory and technical aspects of cyber security to protect companies against the daily increase in cybercrime incidents.
-
International Project Coordination
Our International Engagement Management team is your central point of contact for international projects in all our service lines. We take care of operational project management for you and act as a central point of contact and coordination for your projects. We support companies that start international projects from Austria as well as companies from abroad that want to gain a foothold in Austria or use Austria as a hub for their international projects, especially in the DACH (Germany, Austria and Switzerland) and CEE region.
-
International Desks
As a member of the Grant Thornton network, we guarantee direct access to resources from our worldwide circle of partners. This global connection enables us to seamlessly integrate highly qualified specialists and industry experts from different countries around the world into our teams. Through our broad perspective and diverse expertise, we ensure that we can optimally meet the individual requirements of our clients in an increasingly globalised economy.
The impact of COVID-19 is expected to have a significant impact on the going concern assumption for a large number of entities. Some entities which were previously a going concern may no longer be. Many entities will need to apply significant judgement and will be required to consider the impact of material uncertainties in assessing the entity’s ability to continue as a going concern.
Therefore, it is likely the impact of COVID-19 will put added pressure on entities to disclose in their financial statements information for users that is relevant and useful. In respect of the entity’s ability to continue as a going concern:
- significant judgements and estimates made in management’s assessment
- any material uncertainties in existence
- management’s plans to address the material uncertainties that exist.
Financial reporting requirements
IAS 1 contains guidance related to the going concern assumption and outlines when financial statements are prepared on the assumption the entity will continue as a going concern. IAS 1 explicitly states that at each reporting date, management is required to assess the entity’s ability to continue as a going concern and consider all available information about the entity’s future. Management should consider a wide range of factors, such as: current and expected profitability, debt repayment schedules and potential sources of replacement financing and the ability to continue providing services. If management concludes that the entity may be liquidated (either by choice or because it has no realistic alternative but to do so), the going concern assumption would not be appropriate and the financial statements may have to be prepared on another basis, such as a liquidation basis. If there is material uncertainty about the entity’s ability to continue as a going concern, the entity should include going concern disclosure in the notes to its financial statements.
Significant judgements and sources of estimation uncertainty
In addition to the above-required disclosures for going concern, disclosures for significant judgement and sources of estimation and uncertainty are also relevant.
Significant judgments
IAS 1 requires that when significant judgement has been involved in concluding whether or not there are material uncertainties that cast significant doubt upon an entity’s ability to continue as a going concern, these judgements should be disclosed. This includes judgements where entities conclude:
- that there are significant uncertainties that cast doubt over the entities ability to continue as a going concern, but the entity has ultimately determined that financial statements should be prepared on a going concern basis
- there are no material uncertainties related to events or conditions that cast significant doubt over the entities ability to continue as a going concern.
Sources of estimation uncertainty
IAS 1 also requires disclosure of sources of estimation uncertainties. This involves disclosing information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period. In respect of the going concern assessment this is disclosing those amounts that could potentially result in a material adjustment to the carrying values of assets and liabilities within the next financial period. Entities should disclose, in relation to those assets and liabilities, details of their nature and their carrying amount at the end of the reporting period.
Best practice
A key component of assessing going concern is to report all the material uncertainties that exist at the date of approval of the financial statements in a clear and concise way. We recommend building going concern disclosures which provide information about events and conditions that cast doubt over the entities ability to continue as a going concern, even if the entity has concluded the going concern basis is still appropriate. This includes disclosing judgements and assumptions made as part of whether the going concern assumption is appropriate.
How Grant Thornton can help
Preparers of financial statements will need to be agile and responsive as the situation unfolds. Having access to experts, insights and accurate information as quickly as possible is critical – but your resources may be stretched at this time. We can support you as you navigate through accounting for the impacts of COVID-19 on your business. Now more than ever the need for businesses, their auditor and any other accounting advisors to work closely together is essential. In this article is general information, not specific advice. However, if you would like to discuss any of the points raised, please speak to our experts Christoph Zimmel and Rita Gugl.