IAS 26 is a significant global accounting standard specifically addressing accounting and reporting by retirement benefit plans. It sets out the principles for disclosing and measuring the financial performance and status of these plans, distinct from how an employer accounts for its own benefit obligations under IAS 19. This article looks specifically at IAS 26 … Continued
IAS 24 Related Party Disclosures sets out the requirements for disclosing transactions, outstanding balances, and commitments between an entity and its related parties. This lets company audit specialists in Dubai and the UAE properly analyze the financial impact of dealings with parties that aren’t genuinely independent from the reporting entity. IAS 24 was reissued in … Continued
In the United Arab Emirates, audit requirements for holding companies are comprehensively set out in federal law. Under the Commercial Companies Law, Federal Decree-Law No. 32 of 2021, all mainland companies in the UAE, including holding companies, are required to have their financial accounts audited. This article works through the requirements and practical details involved … Continued
With the UAE’s business landscape changing quickly, having a clear, consistent financial reporting system in place matters more than ever for businesses operating here. That’s exactly why enforcing recognized Financial Reporting Standards is so essential across UAE business. What Is IFRS? International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the … Continued
Under Article 27 of Federal Decree-Law No. 32 of 2021 on Commercial Companies, the UAE’s current Commercial Companies Law, businesses are required to appoint at least one auditor to audit their accounts every year. Shareholders and partners are entitled to obtain audited financial statements and audit reports from their auditors in the UAE. The Commercial … Continued
An audit is the examination and verification of a company’s financial records to confirm accuracy and fair representation. Your organization undergoes external audits, conducted by firms such as AFD Auditors, to confirm its processes, systems, and documentation are still appropriate and, more importantly, genuinely working in the organization’s favor. An external audit examines both the … Continued
Businesses in the UAE rely on investors putting money into the business and on banks lending at reasonable cost, both essential to running and growing a company. Internal audit and risk assurance services from audit firms in Dubai help businesses put themselves in a stronger position to achieve exactly that. Why Consider an Internal Audit? … Continued
Audit firms play a central role in maintaining the UAE economy’s financial integrity and transparency. Federal Decree-Law No. 32 of 2021 on Commercial Companies requires businesses operating in the UAE to appoint authorized auditors for annual audit reports. Audit firms in the UAE help corporations prepare complete, accurate financial records, including the balance sheet and … Continued
The Federal Customs Authority (FCA), under the directive of the UAE government, has the authority to inspect customs and trade documentation related to import and export activity. For businesses engaged in cross-border trade, staying aligned with these requirements has never mattered more. This article covers what businesses need to understand about this regulatory landscape, how … Continued
IFRS 16 applies to annual reporting periods beginning on or after 1 January 2019. Earlier adoption was permitted, provided the entity also applied IFRS 15 Revenue from Contracts with Customers at or before that date. The standard has now been in effect for several years and is the established basis for lease accounting for Audit … Continued
NGOs, or non-governmental organizations, are independent entities that operate largely through public donations to achieve their charitable goals. That funding model is exactly why transparency and accountability matter so much for them, and it’s achieved through maintaining comprehensive financial records and statements that reflect performance and demonstrate transparent use of funds. The audit process involves … Continued
Cost audit is a valuable tool management can use to understand where a business genuinely stands and confirm it’s following the procedures it’s supposed to. This article explains the situations in which management in Dubai and the UAE should consider running a cost audit, rather than treating it as a once-a-year formality. When Preparing the … Continued
Financial statements prepared under International Financial Reporting Standards (IFRS) must identify parent-subsidiary relationships, situations where one business controls another. That control assessment determines which entities get included in a parent’s financial statements, and it shapes the reported results, cash flows, and financial position across everything both on and off the group’s balance sheet. Under IFRS, … Continued
Jebel Ali Free Zone Authority (JAFZA) is one of the most significant economic zones in the UAE. Top auditing firms in JAFZA provide companies with auditing services in full compliance with the applicable laws and regulations, and an annual audit is mandatory for all JAFZA-registered companies. JAFZA licenses a range of business activities, including: Why … Continued
Sometimes a company has to purchase land that comes with obstacles already on it, old structures such as roads or buildings. Do the costs of removing them get expensed, or capitalized as part of the asset? And how do audit firms in Dubai typically treat demolition costs under IFRS? This article works through how companies … Continued
The International Organization for Standardization (ISO) is a global leader in developing standards across industries, helping ensure products, processes, and management systems are safe, efficient, and consistent. ISO certification is available across numerous standards, including ISO/IEC 27001, the information security management standard most recently updated in 2022. An ISO audit is valuable for UAE companies … Continued
Most Dubai audit engagements involve a significant number of estimates in the financial statements, and those estimates naturally shift as circumstances and available information change over time. IAS 10 gives company audit specialists direction on how to handle events that happen after the reporting date but before the financial statements are finalized, and how, if … Continued
The COVID-19 pandemic reshaped how Dubai and UAE businesses operate, accelerating remote and hybrid working arrangements across the region. That shift in the workforce has brought a corresponding rise in cybersecurity exposure. Regular security audits give organizations in the UAE a clear picture of their cybersecurity risk and help prepare them for threats such as … Continued
The guidance for capitalizing borrowing costs under IAS 23 and US GAAP (ASC 835-20) is closely aligned at a high level, both require capitalizing borrowing costs directly attributable to acquiring, constructing, or producing a qualifying asset. But underneath that similarity sit several real differences that Audit Firms in Dubai and other entities need to understand … Continued
In Dubai, jointly owned properties, buildings and communities managed by an Owners Association, are required to collect service fees from residents to cover maintenance and shared facility costs. These fees are typically charged by a facility management company on behalf of the Owners Association (OA). Under Dubai’s Jointly Owned Property Law (Law No. 6 of … Continued
A joint effort between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) produced IFRS 15, Revenue from Contracts with Customers, and its US counterpart ASC 606, Revenue from Contracts with Customers. The two standards are substantively converged, with only minor differences between them. The collaboration was driven by two goals: … Continued