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 the Excise Tax for Warehouse Keepers, it is essential to understand who a stockpiler is? A business that deals with excisable goods and cannot determine if the excise tax has already been paid for the same is known as a stockpiler. An excise warehouse is a place where goods are held in a … Read more
It’s essential for UAE business owners to stay current on VAT compliance obligations, since the Federal Tax Authority (FTA) enforces a structured, largely automatic penalty framework that applies the moment a deadline is missed, no audit or investigation required to trigger it. Understanding the actual current penalty amounts, not just a vague sense that penalties … Read more
There is a mixed bag of news around Covid-19. A number of sports stadiums are back to full capacity, masks have been taken off, and life is returning to normal in a number of places. Other areas, which are often the least prepared to deal with the virus, are facing worse problems than ever. What … Read more
The majority of accounting services in Dubai and UAE ignore insurance accounting because they are not in the insurance business. Now that there will be a new accounting standard related to insurance contracts, chartered accountants should check to make sure they aren’t erroneously issuing them. Understanding Insurance Contract In IFRS 17, a contract means a … Read more
It is important for audit firms in Dubai to find embedded leases in contracts to avoid miscalculating the balance sheet, and plenty of judgment is involved. In this article, we shall walk you through the process of identifying embedded leases within a contract in Dubai. Embedded Leases: What Are They? In an embedded lease, a … Read more
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