What Is IFRS 6 and Why It Exists as an Interim Standard The International Accounting Standards Board issued IFRS 6, Exploration for and Evaluation of Mineral Resources, in December 2004, with the standard taking effect for accounting periods beginning on or after 1 January 2006. It was never intended as a permanent solution — the … Read more
What Are Audit Procedures for an Income Statement Audit in the UAE? Under Federal Law No. 32 of 2021 (the Commercial Companies Law), UAE companies are required to maintain accounting records that make it possible to prepare financial statements at any time, and most legal forms must have those financial statements audited annually. An income … Read more
Is the UAE Banking Sector Subject to Corporate Tax? UAE Corporate Tax, introduced under Federal Decree-Law No. 47 of 2022, has applied to financial years beginning on or after 1 June 2023. The banking sector is not exempt from this regime. Banking operations across the UAE are governed by the federal Corporate Tax framework in … Read more
Why Accounting Quality Determines Corporate Tax Compliance Quality Under Federal Decree-Law No. 47 of 2022, UAE Corporate Tax is calculated from accounting net profit as reported in IFRS financial statements. The taxable income figure on a Corporate Tax return is not a separate calculation built from scratch. It starts with the accounting profit and is … Read more
An employee benefit plan is a compensation or retirement arrangement an organization provides to its employees. In the UAE, this generally means one of a small number of specific structures, the statutory End of Service Gratuity, the DIFC Employee Workplace Savings (DEWS) plan for DIFC-based employers, and the General Pension and Social Security Authority (GPSSA) … Read more
The UAE Cabinet of Ministers issued Resolution No. 82 of 2022, setting out the procedure for recovering input VAT incurred on the construction and operation of mosques. This scheme extends the UAE’s existing VAT refund framework, which already covers charities, government organizations, UAE nationals building their own homes, tourists, and business visitors, to now include … Read more
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