-
In the realm of finance and accounting, the accrual basis stands as a cornerstone principle, guiding the recognition of revenue and expenditure. Unlike cash basis accounting, which records transactions when cash is exchanged, the accrual basis focuses on when revenue is earned or expenses are incurred, regardless of the timing of cash flows or invoice…
-
The International Financial Reporting Standard (IFRS) 16, which took effect in January 2019, has brought a transformative approach to how companies account for leases. This new standard has several key objectives, which include: In essence, IFRS 16 mandates that lessees (the party using a leased asset) must recognize most leases on their balance sheets. This…
-
Published: December 8, 2023 As we approach the dawn of a new accounting era, the International Financial Reporting Standards (IFRS) have undergone significant updates, ushering in changes that will reshape financial reporting for entities across the globe. Effective from 1 January 2024, these amendments aim to enhance transparency, address concerns raised by investors, and refine…
-
Advertisement: (adsbygoogle = window.adsbygoogle || []).push({}); When it comes to products labeled as “made in UAE” or “manufactured in UAE,” the differences may seem minimal, but understanding the nuances can provide valuable insights into the origin and production processes. In this blog post, we’ll explore the subtle distinctions between these terms and shed light on…
-
Embracing the future of financial management involves taking your accounting to the cloud. This innovative approach allows you to oversee your financial endeavors through online software hosted on remote servers, providing the convenience of a virtual bookkeeping team accessible from anywhere with an internet connection. Learn More about how web pages works : How web…
-
Embark on a lucrative journey into the vibrant UAE food market with our comprehensive guide. Navigating the intricacies of the import process may seem daunting, but armed with the right knowledge and tools, you can pave the way for your culinary treasures to grace the shelves of the UAE. Register a company in UAE –…
-
What is Corporate Tax? Corporate Tax is a form of direct tax levied on the net income of corporations and other businesses. Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions. Who is subject to Corporate Tax? Broadly, Corporate Tax applies to the following “Taxable Persons”:…