It is crucial to obtain expert advice with an in-depth understanding of International Financial Reporting Standards (IFRS) when a business faces an accounting issue when preparing their financial reports. Accounting and regulatory changes often have impacts beyond just accounting, we can help you understand and implement them effectively to strengthen your organization. We are well positioned to help you navigate new standards successfully and provide timely advice on the impact of accounting changes.
Companies in the UAE are subject to the IFRS and we provide professional expertise in understanding and complying with these standards. Our services mainly include:
- Assistance in understanding the IFRS standards and its requirements.
- Support in the implementation of standards with regard to the field of finance and accounting.
- Providing updates on the IFRS so that you can keep up with the changing trends and guidelines.
When a new standard or modification of existing standards is implemented, the impact on – identification, calculation, and report on income, expenditures, assets, and liabilities to an organisation must be measured.
IFRS financial statements consist of
Benefits of IFRS Services
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A statement of financial position (balance sheet)
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A statement of comprehensive income. This may be presented as a single statement or with a separate statement of profit and loss and a statement of other comprehensive income
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A statement of changes in equity
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A statement of cash flows
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Notes, including a summary of the significant accounting policies
- Brings Transparency to your organization
- Improves Accountability
- Brings Efficiency
- Increases the reliability over the financial statements
- Helps VAT reporting
Comparative information is required for the prior reporting period.
Importance of IFRS
The financial reporting standards become essential for global and international reporting because it is a source of generally equivalent statistics. It ensures economic efficacy and helps investors recognise chances and risks across the world to improve capital distribution. IFRS sends general guidelines for the footing of monetary statements.
To prevent factual misrepresentation or financial reporting mistakes
To contribute to global harmony
In order to make accurate decisions based on financial statements
IFRS for acquisition or restructuring
The conditions of the market frequently change, and organizations often adjust their structures to increase or maintain their business value. IFRS has a set of specific rules for restructuring activities and organizational changes that we can help you navigate and comply with in your interim financial statements. We provide tailored employee trainings based on our IFRS expertise and knowledge to either promote basic understanding of IFRS and IAS or to train the experts on the most recent amendments to the standards.