IFRS requires that ‘components’ be depreciated as per IAS 16 Property Plant and Equipment. Each component of an item of property or plant is depreciated individually. You can group together important parts of assets that have similar usage patterns and useful lives. Utility entities may find this a problem as many assets have components that … Continued
The (FCJ) Federal Customs Jurisdiction, under the directive of the UAE government, now has the power to inspect customs and salable documentation related to import activities. The authority for tax-paying initiatives to bring into line with these guidelines has never been more serious. In this article, we will see the businesses with the understanding to … Continued
As a globally acknowledged accounting criterion, IFRS 4 has significant importance in reporting. It offers guidelines or directions for the recognition, measurement, and disclosure of insurance contracts. This article seeks to explain the impact of IFRS 4 on financial reporting by exploring the relationship between insurance contracts and the presentation of financial information. Therefore, it … Continued
This article seeks to provide a comprehensive understanding of the key considerations for non-current assets held for sale and discontinued operations. It is essential for businesses to ensure compliance with IFRS 5 standards in compliance with the statutory regulations. Thus, corporations are advised to seek the services of trusted Audit Firms in Dubai that offer … Continued
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 … Continued
It is essential for small businesses in Dubai to comply with International Financial Reporting Standards (IFRS). However, preparing financial statements in accordance with IFRS is often a complex task for corporations. Thus, it is advisable for businesses to seek the services of accredited audit firms in Dubai to seamlessly implement IFRS standards and stay compliant. … Continued
IFRS 16 has been effective for some time now. And companies including audit firms in Dubai are numerous questions regarding its implementation. This guide will highlight some common issuers company audit teams face when implementing the IFRS 16 leases. Identifying leases IFRS 16 describes leases as part of a contract, which gives the right to … Continued
NGOs, or non-governmental organizations, are independent entities that operate primarily through public donations to achieve their charitable goals. These organizations are compelled to maintain transparency and accountability and it can be achieved through preparing comprehensive financial records and statements that reflect performance and demonstrate transparent use of funds. The audit process involves an in-depth review … Continued
Cost Audit is a very important tool that can be used by the management to understand the present situation of the business and will also help in ensuring that the business is adhering to the procedures which are to be followed. In this article, Audit in firms in Dubai and UAE will try to explain … Continued