Insights

New research from Grant Thornton reveals that cyber attacks are taking a serious toll on business, with the total cost of attacks globally estimated to be at least US$315bn* over the past 12 months. The Grant Thornton International Business Report (IBR), a global survey of 2,500 business leaders in 35 economies, reveals that more than one in six businesses surveyed faced a cyber attack in the past year. With high-profile security breaches and hacks becoming more prevalent, nearly half of firms are putting themselves in the firing line with no comprehensive strategy to prevent digital crime.

More and more fiscal authorities continue to develop their transfer pricing laws. The principles are common, although interpretations differ from one tax authority to another.

Globalisation is accelerating. While businesses are looking to unlock new revenue streams and governments are encouraging economic diversification, the increased connectivity of the digital age is lowering barriers to entry, opening up more international growth opportunities for dynamic businesses.

Soft power and gut instinct is driving an estimated US$250bn per year in overseas real estate investment, showing that feeling rather than data analysis determines many investment decisions.

The preparation of financial statements in accordance with IFRS is challenging. Each year the requirements are changing as a result of new standards or amendments that become effective. These changes have the potential to significantly impact both the presentation of the primary statements and the accompanying disclosures. This illustrative set of example financial statements demonstrates good practice in the application of the presentation and disclosure requirements of IFRS for year-end reporters. It reflects changes in IFRS that are effective for the year ending 31 December 2015.

Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on what is acceptable. And while few expect a global agreement any time soon, the majority would like to see their governments take unilateral action to help achieve this aim.

IFRS News Special Edition on the IFRS for SMEs

As growth in output and demand in Southeast Asia continue to accelerate, where to base your business and locate key functions within the region is high on the corporate agenda.

Relocation and restructuring can deliver significant commercial, operational and tax benefits and it isn’t just large multinationals who are on the move.

As the International Accounting Standards Board (IASB) meets today (22 July 2015) to discuss the 2017 implementation date for new global revenue recognition rules, Grant Thornton is asking the accounting board to delay implementation, as a global business survey finds that many businesses are not expecting to be ready by 2017.

In light of growing international interest and scrutiny of corporate practices we set out to explore how three major aspects of governance – the role of culture, board composition and strategic planning – are affecting businesses around the world.

Before Greece’s 'No' vote on Sunday, business optimism in Europe had surged ahead to its highest level in five years, despite the ongoing uncertainty over the future of Greece and its continued membership of the single currency.