Looking to start a new business in UAE or expand your existing business here? In that case, you must look for the best International Financial Reporting Standards (IFRS) advisory service from reliable professionals and companies in the region. Through IFRS advisory services, UAE businesses can receive expert guidance on how to build a world-class finance strategy.
You may have heard about IFRS or considered adopting the standard and moving from GAAP to an IFRS-compliant accounting system. An established firm specializing in IFRS consulting services in Dubai will be your key partner during such a transition.
The International Financial Reporting Standards (IFRS) are a set of high-quality, globally-consistent financial reporting standards recognized worldwide. A company can present its accounts in IFRS as long as it is listed on an officially recognized stock exchange and its home country has adopted IFRS.
IFRS has emerged as the most preferred financial reporting standard by accounting firms, companies, governments, and regulatory authorities worldwide. With its emerging nature, IFRS lacks in-depth industry or country-specific treatments. This makes it difficult for an organization to interpret the standards. Furthermore, adopting financial reporting standards is a time-consuming and very tedious job. As such, choosing the right IFRS consulting service provider to implement IFRS guidelines should be a priority for businesses serious about embracing global standards.
Financial reporting standards define the accounting best practices and principles of an organization. They help investors recognize chances and risks worldwide to improve capital distribution. IFRS is crucial in the following ways:
Financial data is vulnerable to manipulation. IFRS helps prevent differences in interpretation and irregularities in financial accounts. It helps businesses and governing bodies recognize a consistent way of reading the measures presented in financial statements.
Various companies deal with MNCs worldwide. Therefore a global standard is crucial to ascertain the credibility of the reports. Having such an established system helps to enhance trade and global economic growth.
The International Financial Reporting Standards (IFRS) are a set of high-quality, globally-consistent financial reporting standards which are the same worldwide. A company can present its accounts in IFRS as long as it is listed on an official recognized stock exchange and its home country has adopted IFRS.
This interactive overview of international accounting standards for small and medium-sized enterprises. It explains how standards are created and what they are used for and gives background on the work of IASB’s Technical Committee. The interactive is aimed at users who do not have any particular technical knowledge of the standards but want to understand their purpose.
Our IFRS advisory services in the UAE work with the organization’s principal when reporting timing, uncertainty, nature, amount, and cash flow from a contract. The new IFRS 15 standard for a contract with a customer will have an important impact on your company. It is the first major step towards making the revenue recognized from a contract with a customer more closely resemble cash flows from operating activities.
IFRS 15 will require both providers of goods and services and holders of financial assets to reflect their contracts with customers in their financial statements by measuring them at amortized cost, replacing the practice of recognizing revenue at the point where it is recognized under current requirements or where there is an explicit right to payment.
Proactive advisory services ensure a seamless transition to IFRS, assisting management in achieving their business objectives. With our cost-effective, high-quality IFRS consulting services in Dubai, your business is equipped with relevant, credible, and authoritative knowledge for applying international financial reporting standards as you establish your new benchmark for accounting practices.