The guidelines for capitalizing borrowing costs in IAS 23 and US GAAP relate closely at an extreme level. But, there are still noticeable differences that Audit firms in Dubai and other entities should know before choosing a standard to use. In this article, Audit Firms in Dubai highlight some crucial differences. US GAAP focuses in … Continued
Internal audit is a valuable process. Auditing can provide a clear, objective, and solid view of the financials and operations of a company. This type of internal auditing, which is manual and unbiased, is one of the most important checks an organization can have. It’s just one part of modern auditors’ toolkit. Continued auditing is … Continued
RERA considers all Dubai properties owned or managed by an Owner’s Association. They are required to collect service fees from residents. For maintenance services, these fees are charged by the facility management company to owners associations. Dubai’s RERA requires that all fees charged to facility companies be audited in order to verify that the service … Continued
A collaboration between the Financial Accounting Standards Board and International Accounting Standards Board produced IFRS 15 – Revenue From Contracts with Customers – and ASC 606 – Revenue from Contracts With Customers. IFRS 15 is identical to ASC 606, with minor differences. The collaboration was initiated because of multiple accounting revenue recognition standards, which led … Continued
For accounting and financial services, revenue is not the only IFRS to think about – there are also financial instruments under IFRS 9 to think about. Contrary to popular belief, IFRST 9 affects various accounting services in Dubai and the UAE. A company in UAE could face a lot of changes in its financial reporting … Continued
Audit firms in Dubai, UAE use Interim financial statements to update the annual financial statements. IAS 34 outlines how internal auditors and audit firms in Dubai should prepare interim financial reports under IFRS. However, it does not specify which entities are required to prepare them or how often. Listing entities in Dubai, UAE, must prepare … Continued
Disagreements among partners are common, as we all know, and frequently result in financial losses. Auditing is a requirement in any business. There are numerous benefits to having your accounts audited, and many companies now include a provision for auditing in their Partnership Deed to ensure that they are protected. If the accounts are audited … Continued
This article describes how to identify cash-generating units (CGUs). We cover how Audit firms in Dubai & UAE assign assets and assign goodwill. An impairment review’s results can be significantly affected by identifying CGUs. However, identifying CGUs requires judgment. It is also possible that the CGUs determined by an entity may change as its operations … Continued
There is a capex threshold policy where audit firms in Dubai capitalize assets with a higher cost than the threshold. Suppose the threshold is AED 10000, and a company in Dubai purchases assets at AED 7000 each. It may not sound right to account for them in profit/loss since their total value is higher than … Continued