It is crucial for UAE financial audit specialists to determine the grant date because it is the date at which fair value is calculated for equity instruments. The grant date is usually the date that recognition of employee costs begins. This is not always true (Service commencement and grant dates in Determination the vesting period). … Read more
Since VAT was introduced in the UAE in 2018, the Commercial Activities Certificate (CAC) has become an important tool for businesses engaged in cross-border transactions. Responsibility for issuing the certificate now sits with the Federal Tax Authority (FTA), having previously been handled by the Ministry of Finance, a shift that’s simplified the process considerably since … Read more
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
IFRS 16 applies to annual reporting periods that begin on or after January 1, 2019. However, earlier applications are permitted, provided audit firms in Dubai and other users of financial statements also use IFRS 15. What is IFRS 16? IFRS 16’s purpose is to help UAE company audit specialists accurately represent lease-based transactions and support … Read more
Financial forecasts are one of the most crucial parts of business planning, operations, funding, and budgeting. They are what leaders and stakeholders rely on in order to make informed business decisions. A financial forecast provides an estimate of a company’s future financial or economical outcomes. It is an integral stage with the annual budgeting process. … 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
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