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 integrity of financial information is essential across finance. For accurate, consistent economic reporting, businesses need to comply with IFRS (International Financial Reporting Standards) as the global benchmark for financial statements. This article explains how internal controls and IFRS-related auditing work together, and why internal controls matter as much as they do. Businesses are advised … Continued
A financial statement audit checks whether a company’s financial statements present a true and fair view of its financial position. It helps users of the accounts understand whether reported assets, liabilities, income, expenses, and cash flows are properly recorded and supported by evidence. In Dubai and across the UAE, financial statement audits are commonly required … Continued
IFRS requires that significant components of an asset be depreciated separately under IAS 16 Property, Plant and Equipment. Each significant component of an item of property, plant, or equipment is depreciated individually, though parts with similar usage patterns and useful lives can be grouped together for this purpose. This creates a real practical challenge for … 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
Insurance contract accounting under IFRS has changed significantly in recent years. IFRS 4, once the globally recognized interim standard for insurance contracts, has been superseded by IFRS 17 Insurance Contracts, effective for annual reporting periods beginning on or after 1 January 2023. This article explains what changed, why it matters, and how IFRS 17 now … Continued
This article walks through the key considerations for non-current assets held for sale and discontinued operations under IFRS 5. Getting this right matters for statutory compliance, which is why it’s worth working with trusted Audit Firms in Dubai that offer tailored support implementing IFRS 5 correctly. What Are the Objectives of IFRS 5? IFRS 5 … 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
It’s essential for small businesses in Dubai to comply with International Financial Reporting Standards (IFRS), but preparing financial statements in line with IFRS is often a genuinely complex task, particularly for smaller teams without a dedicated finance function. That’s exactly why it’s worth working with accredited audit firms in Dubai to implement IFRS correctly and … Continued