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
Internal audit remains one of the most valuable checks an organization can have, giving management a clear, objective view of the company’s financials and operations. Traditional internal audit, largely manual and performed periodically, has been the backbone of that assurance for decades. It’s also just one part of a modern auditor’s toolkit today. Continuous auditing … 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
For accounting and financial reporting purposes, revenue recognition isn’t the only IFRS standard that matters, financial instruments under IFRS 9 carry just as much weight. Contrary to what many assume, IFRS 9 affects a wide range of accounting services in Dubai and the UAE, not just banks and financial institutions. A UAE company can face … Continued
Top Audit firms in Dubai, UAE use interim financial statements to update on performance between annual financial statements. IAS 34 sets out how internal auditors and audit firms in Dubai should prepare interim financial reports under IFRS. What IAS 34 does not specify is which entities must prepare interim reports, or how often. In practice, … Continued