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
The excise tax definition states it is an indirect tax levied on harmful goods to the health or the environment. If you are to trace the history of excise tax, they are deemed Pigouvian taxes or sin taxes. In UAE, however, the motive of excise tax being levied is to reduce the consumption of unhealthy … 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
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the … Read more
Under the new standard (ASC 842), lease disclosures are intended to help accounting services in Dubai analyze how leases affect cash flow and assess how much uncertainty there is. Check out some common pitfalls and how to make sure you get it right. Revenue Recognition: What We’ve Learned Lease disclosure requirements in ASC 842 have … Read more
It is the era of creators, and the UAE government has taken several steps in the past few years to ease and enhance the work platform for freelancers in the UAE. The Abu Dhabi Department of Economic Development announced the freelancer visa in November 2020. The benefit of this visa is any professional can work … Read more
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