An inventory audit systematically inspects physical stock and compares it against recorded balances, confirming the two match and surfacing discrepancies before they distort financial statements. For any business carrying inventory as a balance sheet asset, this isn’t a one-off check, it’s a recurring procedure with real downstream consequences for VAT and Corporate Tax reporting, not … Read more
Why Revenue Recognition Is an Internal Audit Priority Revenue is typically the largest line item in any business’s financial statements and the figure most scrutinised by investors, lenders, tax authorities, and regulators. It is also one of the areas most susceptible to misstatement — whether through misapplication of accounting standards, premature or deferred recognition, or, … Read more
Every organization no matter how big it is would look for a cost-effective solution for all the problems. Another thing that almost all organizations do these days is they prefer working on their core activities rather than doing other works that are necessary for the organization but do not come in the category of core … Read more
The Role a Court Expert Plays in UAE Legal Proceedings Courts in the UAE resolve disputes that frequently turn on facts a judge cannot determine from legal argument alone. A financial dispute may hinge on whether an accounting treatment was correct. A construction claim may require an assessment of whether the work met the contracted … Read more
The Legal Framework Governing Bankruptcy in the UAE Bankruptcy and financial restructuring in the UAE are now governed by Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy, published on 31 October 2023 and effective from 1 May 2024. This law repealed Federal Law No. 9 of 2016 on Bankruptcy in its entirety, … Read more
VAT on real estate is one of the most misunderstood corners of UAE tax law, largely because the treatment depends entirely on the type of property and the type of supply. Commercial and residential property are taxed completely differently, and even within commercial property, a sale by a developer is treated differently from a resale, … Read more
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