What a VAT Health Check Is A VAT health check is an independent, structured review of a business’s VAT procedures, documentation, and compliance records — conducted by a qualified VAT consultant who has no involvement in the business’s day-to-day accounting. Its purpose is not to catch the business in a violation, but to identify errors, … Read more
What Is IFRS 16 and Why Does It Matter for UAE Businesses? IFRS 16 is the international accounting standard that governs how companies recognize and report leases. It applies to annual reporting periods beginning on or after 1 January 2019, and it replaced IAS 17, the previous leasing standard. The core change under IFRS 16 … Read more
Financial forecasts are one of the most crucial parts of business planning, operations, funding, and budgeting. They’re what leaders and stakeholders rely on to make informed business decisions. A financial forecast provides an estimate of a company’s future financial outcomes, and is an integral part of the annual budgeting process. Financial forecasting in the UAE … Read more
An amendment to IFRS 16 Leases related to Covid-19-related rent concessions has been published by the International Accounting Standards Board (IASB) to guide audit firms in Dubai in extending the application date of the amendment from last year – in May 2020 amendment – to enable lessees to account for Covid-19-related rent concessions beyond June … Read more
What Audit Firms in Dubai Should Know About The Updated Audit Procedures Under ASC 842? We’re counting down to ASC 842 compliance. As of 2019, companies will have to report most operating leases on their balance sheets thanks to the new lease accounting standard from the Financial Accounting Standards Board. Essentially, ASC 842 is all … Read more
Before understanding excise tax obligations for warehouse keepers, it’s essential to understand what a stockpiler actually is. A business that deals with excisable goods and can’t determine whether excise tax has already been paid on them is known as a stockpiler. An excise warehouse, or designated zone, is a place, location, or area within the … Read more
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