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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.
Sustainability reporting standards for SMEs
At present, SMEs are not required to provide a sustainability statement under CSRD. Capital market-oriented SMEs will be affected starting from 2026, while non-capital market-oriented SMEs are not required to report. In both cases, however, it can be assumed that large companies, as part of the value chain, as well as investors, will demand sustainability information from them. To support SMEs, the European Financial Reporting Advisory Group (EFRAG) has developed ESRS LSME and ESRS VSME specifically for SMEs, which have now been released in draft form. The SME standards consist of ESRS LSME (standard for "Listed Small- and Medium-Sized Enterprises") for capital market-oriented SMEs and ESRS VSME ("Voluntary" standard for "Small- and Medium-Sized Enterprises") for non-capital market-oriented SMEs. While the ESRS LSME standard will be mandatory for capital market-oriented SMEs and will be incorporated into a legal act, the ESRS VSME standard is a voluntary standard that will not be issued as a legal act. What both standards have in common is the consideration of the principle of double materiality.
The consultation for both standards drafts run until 21 May 2024.
ESRS for capital market-oriented SMEs (LSME)
The draft ESRS LSME sets out reporting requirements for SMEs whose securities are traded on a regulated market and are subject to CSRD from the financial year 2026, or from the financial year 2028 (with an "opt-out option"). This standard is particularly relevant as it establishes, according to Article 29b(4) of the CSRD, the upper limit of information that large companies can demand from SMEs in the area of sustainability. ESRS LSME is intended to enable reporting of relevant information with reasonable effort, taking into account the capacities and characteristics of companies in value chains as well as the scope and complexity of their activities.
Compared to the ESRS for large public-interest entities ("ESRS Set 1”), the ESRS LSME draft provides for simplifications and aims for a balance between reasonable reporting requirements for SMEs and the information needs of investors and companies in the downstream value chain. The draft ESRS LSME comprises three overarching areas ("General Requirements", "General Disclosures" and "Policies, Actions and Targets") and three sections for metrics relating to environmental, social and governance ("ESG").
Structure of the standards for capital market-oriented SMEs
Source: EFRAG. 2024 ESRS LSME ED Basis for conclusions. Structure of the ESRS LSME ED, p.12
Voluntary ESRS for non-capital-market-oriented SMEs (VSME)
The draft of the voluntary ESRS VSME provides a simplified reporting format to assist non-capital market-oriented micro, small and medium-sized enterprises in starting sustainability practices and efficiently and proportionately responding to requests for sustainability information. The aim is to support SMEs in preparing sustainability data and to achieve standardization in requests from business partners. The draft voluntary standard consists of a mandatory basic module for all users and two additional optional modules ("Narrative Policies, Actions and Targets (PAT)" and "Business Partners"). The Business Module is intended for SMEs to uniformly and in a standardized manner respond to inquiries from their business partners.
What does this mean for companies and what needs to be done?
With the publication of the drafts of the ESRS LSME and ESRS VSME, it becomes clearer what reporting requirements the CSRD places on SMEs and enables greater standardization of sustainability information, even for small and medium-sized enterprisesEngaging with the LSME standard is of great relevance for both SMEs and large public-interest entities, as it sets the upper limit for sustainability-related enquiries to small and medium-sized enterprises. Therefore, we recommend non-capital market-oriented SMEs to familiarize themselves with both the ESRS VSME and the ESRS LSME. Although the ESRS VSME remains voluntary according to current information, and the future extent of its future application is uncertain, this standard provides a guide for structuring and facilitates the preparation of sustainability information.
After the consultation period ends in May 2024, the adoption of ESRS LSME as a delegated act is expected. It is anticipated that ESRS VSME, while not binding as a legal act, will be finalized in parallel. Until then, companies should monitor the further development of the standard-setting process, in particular the results of the public consultation.
For further information on these standards and support with CSRD-compliant sustainability reporting, Grant Thornton is available as a contact partner.
