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We deliver value-added audit and assurance services to our clients, helping them manage their fiscal responsibilities with prudence and foresight.
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Audit approach overview
Our audit approach will allow our client's accounting personnel to make the maximum contribution to the audit effort without compromising their ongoing responsibilities
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Annual and short period audit
At P&A Grant Thornton, we provide annual and short period financial statement audit services that go beyond the normal expectations of our clients. We believe strongly that our best work comes from combining outstanding technical expertise, knowledge and ability with exceptional client-focused service.
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Review engagement
A review involves limited investigation with a narrower scope than an audit, and is undertaken for the purpose of providing limited assurance that the management’s representations are in accordance with identified financial reporting standards. Our professionals recognize that in order to conduct a quality financial statement review, it is important to look beyond the accounting entries to the underlying activities and operations that give rise to them.
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Other Related Services
We make it a point to keep our clients abreast of the developments and updates relating to the growing complexities in the accounting world. We offer seminars and trainings on audit- and tax-related matters, such as updates on Accounting Standards, new pronouncements and Bureau of Internal Revenue (BIR) issuances, as well as other developments that affect our clients’ businesses.
We help you identify the opportunities and pitfalls that can significantly affect your...
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Tax advisory
With our knowledge of tax laws and audit procedures, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
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Tax compliance
We aim to minimize the impact of taxation, enabling you to maximize your potential savings and to expand your business.
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Corporate services
For clients that want to do business in the Philippines, we assist in determining the appropriate and tax-efficient operating business or investment vehicle and structure to address the objectives of the investor, as well as related incorporation issues.
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Tax education and advocacy
Our advocacy work focuses on clarifying the interpretation of laws and regulations, suggesting measures to increasingly ease tax compliance, and protecting taxpayer’s rights.
We believe there is an optimal solution to every business challenge.
Using our Firm's breadth and depth of specialized expertise, we work with you to find...
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Business risk services
Our business risk services cover a wide range of solutions that assist you in identifying, addressing and monitoring risks in your business. Such solutions include external quality assessments of your Internal Audit activities' conformance with standards as well as evaluating its readiness for such an external assessment.
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Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and systems. Using our extensive knowledge of various industries, we can take a close look at your business processes as we create solutions that can help you mitigate risks to meet your objectives, promote efficiency, and beef up controls.
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Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers and acquisitions, and financing transactions between and among businesses, lenders and governments. Such services include, among others, due diligence reviews, project feasibility studies, financial modelling, model audits and valuation.
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Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk factors, and recommending practical solutions to eliminate the gaps. We also provide investigative services to detect and quantify fraud and corruption and to trace assets and data that may have been lost in a fraud event.
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Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your organization. Our team can provide detailed, actionable insight that incorporates industry best practices and standards to strengthen your cybersecurity position and help you make informed decisions.
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ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system to promote integrity and honesty in the organisation.
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Sustainability
At P&A Grant Thornton sustainability is at the core of our mission. We are committed to fostering a healthier planet through innovative practices that reduce our environmental footprint, promote social responsibility, and ensure economic viability for future generations.
We provide solid, first-rate support for your key accounting and administrative activities, such as outsourced accounting, payroll, and accounting-related...
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Accounting services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
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Staff augmentation services
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
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Payroll Processing
Payroll processing services are provided by P&A Grant Thornton Outsourcing Inc. More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department.
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Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
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One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
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Diversity
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
If you wish to develop your talents to the fullest and build a fulfilling career, join P&A Grant Thornton, where you will be part of a dynamic...
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Fresh Graduates
Fresh Graduates
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Experienced hires
P&A Grant Thornton offers something you can't find anywhere else. This is the opportunity to develop your ideas and thinking while having your efforts recognised from day one. We value the skills and knowledge you bring to Grant Thornton as an experienced professional and look forward to supporting you as you grow you career with our organisation.
If you would like to join Grant Thornton, you may have a few questions about our organisation, how we do business, our culture and our global opportunities....
By ensuring that our clients are matched with professionals most familiar with their industry, P&A Grant Thornton aims to provide a seamless onboarding...
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Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To truly go...
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At P&A Grant Thornton, we’ll work with you to capitalise on all opportunities, manage the inherent risks the industry has to offer, and provide relevant...
Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At P&A Grant Thornton, we know...
With operational cost, price competition, and currency volatility, pressure on profits continues to pile on retailers. Advancements in e-commerce are also...
Climate-related Examples on Reporting Uncertainties in the Financial Statements
03 Sep 2025
Background
The IFRS Foundation has published "Disclosures about Uncertainties in the Financial Statements Illustrated using Climate-related Examples", which aims to clarify how disclosure requirements under IFRS Accounting Standards can be practically applied.
The Illustrative examples were developed by the International Accounting Standards Board (IASB) in collaboration with the International Sustainability Standards Board (ISSB) in response to stakeholder concerns about insufficient information around uncertainties—particularly climate-related. The examples also address concerns about potential inconsistencies in financial statements when entities follow both IFRS Accounting Standards and IFRS Sustainability Disclosure Standards.
Illustrative examples
A summary of each example as disclose in the publication is discussed below.
1. Materiality judgements applying paragraph 31 of IAS 1 'Presentation of Financial Statements' [paragraph 20 of IFRS 18 ‘Presentation and Disclosure in Financial Statements’]
- Illustration of how an entity makes materiality judgements in the context of financial statements
- The illustrative example contains two scenarios: one scenario in which these judgements lead to additional disclosures beyond those specifically required by IFRS Accounting Standards and a second scenario in which they do not.
2. Disclosure of assumptions: specific requirements applying IAS 36
- Illustration of how an entity discloses information about the key assumptions it uses to determine the recoverable amounts of assets.
3. Disclosure of assumptions: general requirements applying IAS 1
Illustration of how an entity:
- might be required to disclose information about assumptions it makes about the future, even if the specific disclosure requirements in other IFRS Accounting Standards require no such disclosure
- identifies the assumptions about which it is required to disclose information, and
- determines what information about these assumptions it is required to disclose
4. Disclosure about credit risk applying IFRS7 ‘Financial Instruments; Disclosures’
- Illustration of how an entity might disclose information about the effects of particular risks on its credit risk exposures and credit risk management practices and how these practices relate to the recognition and measurement of expected credit losses.
5. Disclosure of disaggregated information applying [IFRS 18]
- Illustration of how an entity might disaggregate the information it provides in the notes about a class of property, plant and equipment (PPE) on the basis of dissimilar risk characteristics if necessary to provide material information.
*IFRS Accounting Standards that are not yet effective as at the date of this publication are included in brackets.
Status of the near-final illustrative examples
The illustrative examples have not yet been approved by the IASB. The IASB expects to issue the final illustrative examples, together with the accompanying Basis for Conclusions, in October 2025. No material changes are expected before finalization. Once finalized, the examples will be included as illustrative examples in the relevant IFRS Accounting Standards to which they relate.
Effective date
There will be no effective date of the illustrative examples as they do not amend the IFRS Accounting Standards as they are currently written. In other words, they will be effective immediately.
Refer to the file below to access the publication.
Climate Related Examples July 2025
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