Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that significantly affect the presentation of financial statements. Creating financial reports in accordance with International Financial Reporting Standards (IFRS) is, therefore, quite challenging.
In May 2017, after almost 20 years of development, the International Accounting Standards Board published IFRS 17 "Insurance Contracts". IFRS 17 completely replaces the current IFRS 4 (published in March 2004) and the full application of the new standard becomes effective for annual periods beginning on or after January 1, 2023.
Every two months, the UK regional office of Grant Thornton surveys more than 600 leaders of mid-sized companies, who share their expectations and priorities for the future. This explains the factors behind the numbers and what companies can do to prepare for the coming crisis. The latest survey showed that business optimism remains relatively high compared to consumer confidence, which has been at a multi-year low, and leaders are aware that they must act now in order to survive the coming months.
Preparing financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that can significantly affect the complete financial statement.
Optimism among medium-sized companies globally fell by six percent, to just 64%, according to Grant Thornton's latest international business report. Although optimism remains high relative to historical levels, mid-sized businesses are certainly aware of the challenges they face, with 63% citing economic uncertainty as the main constraint they currently face. This is followed by energy costs (62%) and labor costs (57%).
Companies have always faced challenges in attracting and retaining top talent. While these cases are nothing new, the external impact of the past few years—a pandemic-driven economic slowdown accompanied by numerous layoffs, continued supply chain disruptions, and a possible recession combined with the worst inflation period in a generation—have worsened business conditions and put these challenges front and center. attention.