Gold occupies an unusual position in IFRS. There is no accounting standard that specifically addresses gold, silver, platinum, or other precious metals, which means every business holding gold as an investment has to work out its accounting treatment from first principles rather than pointing to a single applicable standard. For UAE businesses, particularly those active … Read more
IFRS 15, Revenue from Contracts with Customers, replaced the previous revenue standards, including IAS 18, and introduced a single five-step model for recognizing revenue that applies regardless of industry. For UAE real estate, this isn’t a purely technical accounting update, it changed how developers recognize revenue on off-plan sales, one of the most active segments … Read more
No more hiding for violators and evaders. The UAE’s Federal Tax Authority (FTA) formally launched a dedicated whistle-blower program —Raqeeb— as a means of discouraging evasion and other violations. The goal of the new program is to alert the public to a platform where they can report businesses, entities, or companies that engage in fraudulent … Read more
Accounting for spare parts and servicing equipment is one of the more genuinely ambiguous areas of IFRS. No standard addresses spare parts directly, which means every business holding them has to work through a judgment call: are these items inventory under IAS 2, or property, plant and equipment under IAS 16? Getting this wrong has … Read more
When a VAT Refund Arises for a Registered Business A VAT refund position arises when a VAT-registered business’s recoverable input tax for a tax period exceeds its output tax liability for the same period. This produces a net VAT credit rather than a net VAT payable amount. The credit position can arise for several legitimate … Read more
UAE Tax Audit is a procedure by which the Federal Tax Authority inspects commercial records and any other information related to a Person Conducting Business. The FTA conducts tax audits in UAE to ensure that the government can assess whether a taxable entity has met the requirements and adhered to the VAT Laws. The FTA … Read more
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