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International Financial Reporting Standards
Grant Thornton International member firms combine broad international experience with technical know-how in audits of IFRS based financial statements
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Financial Reporting Audit
Our Audit division has the capacity and knowledge to provide an assurance that the Final Financial Statements episodes will be reliable and timely
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Compliance
We are committed to providing a service with the highest standards of excellence, integrity, and experience
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Mexican Social Security & Local Tax
Growing businesses need strong tax management to meet current and future tax liabilities and we can help you achieve this, whatever challenges you face
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International Taxes
Your people are probably your business’ most valuable asset. If you choose to send them overseas you will face certain tax liabilities, social security, and pension obligations
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Prevention and detection of money laundering and anti-corruption practices
Prevention and detection of money laundering and anti-corruption practices. The process of hiding or disguising the existence, illegal source movement, fate or illegal use of property or funds, proceeding from illegal activities
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle
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Business risk services
Businesses worldwide are facing constant challenges as they try to navigate the wide range of risks involved in complex global markets
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Forensic services
Fast-growing organizations need advisers that can dig deep into their business and provide detailed solutions
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Recovery & reorganisation
We focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible
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Transactional Advisory Services
We can help you understand the value drivers behind successful transactions
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Internal Audit
In today's global economy, organisations - both public and private - must demonstrate that they have adequate controls and safeguards in place
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Payroll Outsourcing
Payroll and, in addition, personnel administration are the biggest and most time-consuming challenges facing expanding organisations
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Accounting outsourcing
The goal is to increase the effectiveness of accounting processes, supporting your core business. It was created especially for businesses with high information needs, usually related to working in an international environment
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Human Capital Services
We provide solutions for your company in order to identify, evaluate, reward and retain the best talent
BEPS - Country by Country Reporting
05 May 2015At first glance, the country-by-country (CbC) reporting required under the OECD Base Erosion and Profit Shifting Action Plan would appear to be relatively risk- and trouble-free. Yet despite being brief it opens up a minefield of definitional challenges and requirements.
In this briefing we outline how effective management of CBC reporting is going to require a new way of looking at transfer pricing and a more systematic approach to justification and documentation, along with possible restructuring within the business.
CbC reporting is generating concern?
The first challenge is that a lot of the information is hard to source or evaluate. While detailed data in areas such as headcount are typically available at divisional level, many firms will find it difficult to break this down to the entity level as required under CbC reporting.
This means that CbC reporting will be a much more demanding exercise than the template forms would suggest. While larger businesses generally have the necessary people and systems in place, many of their mid-size counterparts will need to develop the required capabilities from scratch.
Risk of misinterpretation
CbC reporting also opens up new risks. In particular, a local tax authority could compare the headcount to the amount of tax a company is paying in their jurisdiction and conclude that they are missing out on their rightful share of the overall tax take.
So how can you prepare?
With the regime starting in January 2016, and the first reports due from the end of 2017, the time to begin preparing is now, but how?
1. Gap analysis
The first step would be to complete the template as a dry run and then use this as the basis for a gap analysis of what information needs to be sourced.
2. Assess how you tax arrangements will come across
How the tax you pay compare to headcounts and returns on the template form. Then assess whether there are apparent anomalies.
3. Prepare robust justification
It’s important to ensure that tax allocations are substantiated by appropriate justification and supporting documentation.
4. Begin restructuring in good time
The complexities of entity reporting are likely to provide a fresh catalyst for the rationalisation of multiple entities.
While preparing fully now may be a time consuming and expensive exercise, it puts you in greater control over your tax affairs by making it easier to demonstrate that your company is paying its share.
Talk to your local firm about how Grant Thornton can help your organisation prepare for Country by Country Reporting requirements.
