IFRS Advisory Services

Accounting firm Dubai| Bookkeeping Services in Dubai, UAE | Abu Dhabi – UAE

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:

  1. Assistance in understanding the IFRS standards and its requirements.
  2. Support in the implementation of standards with regard to the field of finance and accounting.
  3. 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

  • A statement of financial position (balance sheet)
  • 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
  • A statement of changes in equity
  • A statement of cash flows
  • 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

Financial data is susceptible to fraud, differing interpretations, inconsistencies, and an insufficient basis for estimates. Order avoid financial accounting anomalies, there should be a clear method for determining measure and acknowledgment, as well as how financial data is portrayed in financial statements.

To contribute to global harmony

MNCs in various parts of the world must be dealt with by all businesses. As a result, a global accounting standard is needed to ensure the accuracy of reports as well as to boost trade and global economic growth. This will allow all users to review financial statements of any organization using the same criteria.romote global trade and economic development.This will allow all users to review financial statements of any organization using the same criteria.

In order to make accurate decisions based on financial statements

IFRS ensures that business practices are handled consistently or that a reason for the acknowledgment is given. It is critical that the justification provided in the report for the identification of financial items will assist consumers of financial statements in making correct decisions.

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.

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