The businesses have a very common practice of making payments on behalf of their customers and clients to keep the business running and maintain the company’s sustainability intact. These transactions have been termed disbursements, and reimbursements and the VAT regime have different treatments for these types of transactions. In this article, we will discuss how … Read more
One of the differences between maximizing profits and making losses lies within the expertise of an accountant. The proper implementation of accounting and bookkeeping translates directly to good business. The hiring of an accountant involves the utilization of certain technologies which are going to save an organization a significant amount of money. One reason many … Read more
Many economists and top audit firms in Dubai predict that the economic effects of the pandemic, which had devastating consequences for economies around the world, were to be apparent sooner than expected. Gold served as a means of wealth preservation. This is why many institutions in Dubai and UAE and individuals started to invest in … Read more
In this article, we will discuss an Audit Services overview of IFRS 15 related to the real estate industry. IFRS 15 and the Real Estate Industry in Dubai and UAE The IASB IFRS 15, a converged standard for financial audit and statements, prepares to recognize revenue from customers’ contracts. This replaces all existing IFRS revenue … 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
Conducting accounting procedures on servicing equipment, spare parts, and other similar items is one of the biggest challenges that audit firms in Dubai face in relation to property, plant, and equipment. This topic is not covered in the IFRS standards. This guidance is very limited. Companies must rely on their own judgment and careful assessment … Read more
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