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
VAT Health Check in Dubai A VAT health check is defined as an independent review of the VAT procedures of a business by an experienced VAT consultant. The purpose of doing a VAT health check is to check the effectiveness of the V.A.T procedures, documentation, and control processes that are being followed by a business … 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
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