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
The new IFRS 16 / AASB16 standard replaces the IAS 17 leasing standard. It is designed to revolutionize the way Dubai audit services and entities manage financial statements. A lessee can classify a lease under IAS 17 as either finance, or operating lease depending on how similar the lease is to the purchase of the … Read more
The Federal Tax Authority (FTA) has recently laid down guidelines for the transactions taking place against the supplies in the higher education sector in the UAE. In this article, we shall be discussing the details regarding the implications of VAT on all the supplies in the higher education sector in the UAE and how VAT … Read more
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
The economy of the UAE saw positive growth and streamlining since the start of 2018 when VAT was introduced. In the fourth year of the introduction of VAT, the government has shifted the responsibility of issuing the Commercial Activities Certificate to the Federal Tax Authority. The tax agents and tax consultants have welcomed this move … Read more
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