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Audit of annual and consolidated financial statements
We place particular emphasis on customized solutions and international service and adapt our services to your needs.
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Assurance related advisory services
Assurance related advisory services are based on the knowledge and expertise that are the staff of life of our auditors.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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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.
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Corporate Tax
We are your problem solvers for corporate tax issues
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Restructuring, Mergers & Acquisition
Expertise and creativity for the perfect structure
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International Tax
We are here, whenever our clients require our assistance
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Transfer pricing
We are your experts for an optimal transfer pricing structure
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Indirect Tax & Customs
We take care of your indirect taxes so you can take care of your business
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Private Wealth
We are your competent partner in the field of Private Wealth Tax Services
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Real Estate Tax
We are a valuable partner at every stage of your property's life
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Global Mobility Services
Local roots and global networking as a secret for successful assignment management
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Advisor for Advisor
As advisors for advisors, we support in complex situations
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Bookkeeping & Financial accounting
Financial accounting is the basis for many decisions in the company. Only those who prepare their figures clearly and get a good overview of their company can recognize weak points in time and react to negative developments. The use of state-of-the-art software (BMD) allows you to access your figures at any time. Digital document management and a document management system for data archiving are a matter of course. We take care of your financial accounting.
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Preparation of annual & consolidated financial statements
Depending on the size of your company and the legal form chosen, you are obliged to prepare annual financial statements. In addition, shareholders, owners and management want to be provided with financial information on a regular basis. We support you in fulfilling your recording obligations and thus ensure that you present companies, the bank and other addressees with meaningful and reliable figures.
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Payroll Services
Payroll services are among the subject areas that are changing rapidly and constantly gaining in complexity. This is where tax law, social security law, labour law, residence law and other legal matters come together. Our experts will help your team to stay up-to-date and solve complex issues. But we are also happy to take care of your entire payroll accounting.
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Tax Compliance
Tax authorities keep entrepreneurs and freelancers constantly engaged with tax issues, so they play a central role in almost every business decision. Depending on your needs, our services range from the preparation of tax returns, the execution of tax calculations with a thorough review of the data as a basis for assessment, to international tax compliance for several countries.
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Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is a software-based technology that mimics a series of activities within and between systems based on a set of instructions typically to complete a process.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Corporate & Brand Strategy
We support you in developing growth strategies for a sustainably successful future and in maximizing the potential of your brand.
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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.
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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.
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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.
Overview of the ESRS XBRL taxonomy
To advance the digitalisation of sustainability data in accordance with the Corporate Sustainability Reporting Directive (CSRD) guidelines, the European Financial Reporting Advisory Group (EFRAG) is moving forward with the introduction of a digital XBRL taxonomy (XBRL = extensible Business Reporting Language) for the European Sustainability Reporting Standards (ESRS). According to EFRAG, the so-called ESRS XBRL taxonomy reflects the human-readable version of the ESRS and has been developed in accordance with its structure and methodology. On January 10,2024, the draft for the ESRS XBRL taxonomy was approved by EFRAG and will soon be subject to public consultation.
Digital sustainability reporting in accordance with the ESRS XBRL taxonomy
In the context of ESRS, an "XBRL taxonomy" refers to a directory or classification scheme that defines and structures data elements for sustainability reporting according to the standard. Digital reporting using the ESRS XBRL taxonomy aims to enhance access to sustainability data, as well as its analysability and comparability. Furthermore, the standardized format makes compliance with ESRS clearer.
For the publication of sustainability disclosures, the European Single Electronic Format (ESEF) will be used, comprising both a substantive and a technical component. The first component is dictated by the taxonomy, which establishes the reporting-relevant contents (data points) and thus reflects the legal requirements. Consequently, the ESRS XBRL taxonomy encompasses the overarching ESRS General Requirements and Disclosures (ESRS 1 and ESRS 2) as well as the ten subtopics of the topic-specific standards (Environmental, Social and Governance). The second component is defined by the InlineXBRL (iXBRL) reporting language, exactly specifying how and where the report-relevant contents (data points) are to be disclosed.
Furthermore, the CSRD stipulates that disclosures must be labeled ("tagged") with iXBRL, meaning that each sustainability data point requires a precisely specified digital labelling. Reporters will need to focus on cross-cutting standard topics to ensure the highest possible clarity of reports and avoid redundancies. After all tagged information has undergone validations according to both the technical and content components, the report will be made available in XHTML format.
Issuers whose securities are admitted to trading on a regulated market are already familiar with iXBRL from financial reporting. For annual financial reports, these companies are already required to tag basic information or primary financial statement components with iXBRL. This should generally provide a solid foundation for digital sustainability reporting. It is likely that the implementation of digital sustainability reporting will be structured similarly to financial reporting. However, at the time of publication of this article, no further information on this technical aspect is available.
To implement these technical requirements, namely the labelling of data points and the visualization of reports, specialized "viewer" and "tagger" software will be required similar to financial reports. Here too, it remains to be seen whether the same software solutions can be used as well.
Public consultation on the draft of the ESRS XBRL taxonomy
Since 9 February 2024, EFRAG has been inviting the public to provide feedback on the draft of the ESRS XBRL Taxonomy. In order to provide the addressed stakeholders with more context for their responses, further documents have been made available in addition to the draft, such as explanatory notes as a basis for conclusions. In addition to sample XBRL reports, a visualisation of the ESRS taxonomy was published in Excel. Based on these various auxiliary documents, stakeholders can submit their feedback via an online questionnaire by 8 April 2024. The feedback submitted will then be taken into account for the finalisation of the ESRS XBRL taxonomy. The public consultation allows all affected groups, such as future users of the ESRS XBRL taxonomy, to express their opinions.
Postponement of ESAP (European Single Access Point) to 2027
Originally, the plan was to upload sustainability reports tagged using iXBRL to the European Single Access Point (ESAP) starting in 2024. However, the publication of this portal has been postponed to 2027 by the European Securities and Markets Authority (ESMA). This delay also has direct implications for sustainability reporting, as ESAP is intended to serve as a central point for accessing publicly available financial and sustainability information on EU companies and EU investment products. This is particularly important for all EU companies subject to CSRD, as ESAP is intended to provide easy access to sustainability information, thereby supporting the objectives of the Green New Deal. The exact details of its implementation are now awaited.
What does this mean for companies and what needs to be done?
As capital market-oriented companies, unless they are SMEs, are required to provide CSRD-compliant sustainability starting from the financial year 2024, and large public-interest entities from the financial year 2025, they should promptly engage with the ESRS XBRL taxonomy and implement it gradually. This entails aligning existing practices in sustainability reporting with the ESRS XBRL taxonomy. Large public-interest entities that have not previously prepared reports using ESEF should prepare for the implementation of the XBRL taxonomy at an early stage. In addition to the substantive reporting obligations under CSRD, the digital reporting format of the XBRL taxonomy poses a further challenge for companies.
Grant Thornton is available as a contact partner to support both annual financial reporting and CSRD-compliant sustainability reporting.
