Auditing is basically an official examination and verification of the accounts and financial records of an organization. A financial audit is an objective, which is used to evaluate the financial or economical statements to ensure that the records are accurate and a fair representation of the transactions, which the organization has claimed to represent. There … Read more
The IFRS 9 Financial Instruments new standard has been present for a while now and most audit services in Dubai, UAE have familiarized themselves with the new changes. Here is a recap: The IFRS 9 standards require audit firms in Dubai, UAE to recognize an impairment of all financial assets held at amortized cost and … Read more
Most governments provide grants or other assistance to support certain businesses and companies. There is an obvious benefit to this assistance compared to other Dubai, UAE companies. Audit firms in Dubai working for entities or company audit professionals should properly report it in financial statements. How you may ask? Let’s go over the rules first … Read more
The VAT registered businesses in the UAE are supposed to fill out a voluntary disclosure form provided by the Federal Tax Authority in case they find any discrepancy with the previous tax assessments and tax returns. These voluntary disclosure forms enabled the business entities who are registered for VAT to notify the FTA about any … Read more
In this article, we would like you to understand critical concepts that accounting and financial services in Dubai & UAE consider when choosing bookkeeping policy regarding IFRS. But firstly, we need to understand accounting policies. What are accounting Policies? Accounting or bookkeeping policies are detailed rules or principles inherent to a transaction, operation, or event … Read more
Joint operation or joint venture? What do accounting services in Dubai know about join control? Can chartered accountants account for joint arrangements? In this article, we shall take dive into investments in joint arrangements which can either be a joint operation or joint venture. The standard IFRS 11 Joint Arrangements covers these investments. Note, however, … Read more
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