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IFRS Implementation & Consultancy Services In UAE

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IFRS Implementation & Consultancy Services In UAE

The government has always strived to put UAE businesses on the leading edge of the global economy. They carry out modifications in working models, reporting requirements, taxation systems, and record-keeping depending upon the domestic and international needs. In light of this, UAE authorities determine new financial reporting standards for a company’s books of account. We provide expert IFRS implementation & consultancy services in UAE through new approaches. Let’s get started!

What Is IFRS?

IFRS stands for International Financial Reporting Standards, a globally accepted reporting language. Almost 90 countries confirmed that they impose international accounting standards, although approximately 120 nations are required to adopt IFRS. This reporting requirement directly impacts a company’s financial statements and balance sheet. The implementation of IFRS will facilitate the expansion of UAE businesses into national & international markets.

Regulations For IFRS In UAE

In accordance with the UAE Commercial Companies Law No 2 of 2015, it is mandatory for businesses to apply international accounting standards to their accounts. Now there is no national GAAP in the United Arab Emirates. It is required for each registered entity to practice internationally accepted accounting on financial statements. IFRS is required for domestic public companies, SMEs, and listing foreign companies in all the Emirates of the UAE. Therefore, compliance with IFRS reporting requirements will avoid penalties and fines from the relevant authorities.

Significance Of IFRS Implementation

IFRS implementation has become essential to comply with the domestic and international reporting standards. This is a globally understandable language that brings transparency and economic efficacy to business accounts. IFRS plays a vital role in each small and large organization, consider other important factors such as:

  • Compatibility enhancement on a global level
  • Attract Investors from all over the world
  • Increase the quality & reliability of financial reporting
  • Providing economic information to market participants
  • Entities can improve the capital distribution of their accounts

Comprehensive List Of IFRS Series

For cross-border transactions, all businesses operating in UAE prefer to implement all IFRS standards on their books of account. Our chartered accountants assist companies in the wide list of IFRS series for the free flow of international capital. Some of them are mentioned below:

IFRS 1 – First-time Adoption of International Financial Reporting Standards

IFRS 2 – Share-Based Payment

IFRS 3 – Business Combinations

IFRS 4 – Insurance Contracts

IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations

IFRS 6 – Exploration for and Evaluation of Mineral Resources

IFRS 7 – Financial Instruments: Disclosures

IFRS 8 – Operating Segments

IFRS 9 – Financial Instruments

IFRS 10 – Consolidated Financial Statements

IFRS 11 – Joint Arrangements

IFRS 12 – Disclosure of Interests in Other Entities

IFRS 13 – Fair Value Measurement

IFRS 14 – Regulatory Deferral Accounts

IFRS 15 – Revenue From Contract

IFRS 16 – Lease Accounting

IFRS 17 – Insurance Contract

Why Do Entities Need Consultants For IFRS Implementation?

As there is a big checklist to comply with the international reporting standards all around the globe. All IFRS required proficient implementation of the standard with no errors. That’s why ordinary accountants often fail in the process and do a lot of miscalculations in terms of both balance sheet and income statement presentation. Therefore, sanctions are incurred and a company’s goodwill is damaged.

Expert accountants and consultants are necessary to implement IFRS which provides a protective shield to the UAE entities. They are skilled in how to enter and calculate accounting and financial transactions as per International Financial Reporting Standards (IFRS). This scenario perfectly fits the work of our chartered accountants, who provide accounting and bookkeeping services to both national and international clients. We assure your accounting records are compliant with the latest international guidelines.

How Do You Benefit From Implementing IFRS?

The IFRS implementation adds multiple benefits to your business and its operations, such as:

1. Manipulate Errors In Financial Statements

The accountants review your financial statement accuracy by identifying errors, miscalculations, and inadequate estimations. The IFRS implementation helps to manipulate differences, and pick out non-compliance areas as per international reporting standards. It also assures economic efficiency by providing investors with a broader view of opportunities and risks worldwide.

2. Enhance Global Transparency

The UAE businesses have to deal with multinational corporations for growing purposes. So, the implementation of IFRS is compulsory to provide financial reports in the same internationally accepted language. It will increase comparability for up-to-date economic decisions.

3. Help Management In Decision-Making

IFRS implementation gives a statistical view to the management for decision making. The accurate financial statements help a lot in designing future strategies and policies for business profitability.

BestaxCA’s IFRS Consultancy Services In Dubai

BestaxCA is a team of chartered accountants and well-qualified consultants in Dubai, UAE. Our professionals are certified in financial reporting and several accounting frameworks. We offer a wide range of IFRS implementation solutions to specific types of businesses. Our advisors provide expert opinion and services on the complex IFRS 9, IFRS 17, and IFRS 16 implementation to address the needs of our clients. We have tailor-made accounting solutions across multiple jurisdictions.

We have experience and expertise in compliance with international reporting standards that set us apart. We critically analyze your business model, review your books of account, identify non-compliance issues and suggest betterment plans. We will perform the following tasks in IFRS consultancy services:

  • IFRS implementation and adoption
  • Training on global accounting standards
  • IFRS Conversion
  • Assistance with complex IFRS reporting requirements
  • Impairment testing & modeling
  • Prepare & review financial reports
  • Evaluate revenue recognition processes
  • Provide guidance on the transfer process
  • Develop a sustainability plan
  • Redesign IFRS policies & strategies (if applicable)
  • Help in Accounting software Implementation
  • Review of Internal Financial Controls (IFC)
  • Compliance with regulatory guidelines
  • Prepare projected financial statements
  • Development of chart of accounts
  • Stock-based Compensation

As a part of these, we also provide customized services depending upon the accounting projects. We promise timely completion of the project and implementation of amended regulatory provisions. We assure you will feel delighted after having our IFRS services in any part of the UAE. Contact us today regarding the international financial reporting standards!

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However, I was the head of the finance department yet still found it difficult to conduct a financial audit in accordance with UAE regulations. Although, due to the competence and experience of BextaxCA's qualified auditors, all my concerns have been resolved

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I utilized BestaxCA's accounting and bookkeeping services for my retail business in Abu Dhabi. It was fascinating to observe how they handled the finances. They provided me with out-of-the-box accounting solutions, which were really useful

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 We provide a free 30 days trial, No upfront payment! If you are not satisfied with our services, you don’t pay anything