Accountants often appreciate movies that engage with finance, present intricate puzzles, or simply bring satisfaction through the organization of ideas. Whether it’s exploring the complex world of high finance or watching underdog stories with a focus on strategy, these films offer a wide range of entertainment that accountants can enjoy. Here’s our curated list of […]
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 […]
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 […]
In June 2023, the United Arab Emirates (UAE) witnessed a significant shift in its economic landscape with the introduction of the Corporate Tax. For businesses operating in the region, understanding and adhering to the associated guidelines became paramount. In this blog post, we’ll unravel the intricacies of these guidelines, providing businesses with a comprehensive roadmap […]
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”: […]
The “spell number” function is a tool used by accountants and finance professionals to convert numerical values into their written word form. This function is typically used to generate the written representation of a specific amount or value, such as converting “1234.56” to “one thousand two hundred thirty-four and 56/100 dollars.” The spell number function […]
Financial reporting consolidation is the process of combining financial data from various business units or subsidiaries within an organization to produce a consolidated set of financial statements. This process involves collecting, validating, and aggregating financial information from various sources to provide a comprehensive view of an organization’s financial position, performance, and cash flow. The process […]
The International Chamber of Commerce (ICC) has published the Uniform Customs and Practice for Documentary Credits (UCP 600) as a set of guidelines for banks and businesses engaged in international trade. Some of the key provisions of UCP 600 include:
International Standard Banking Practice (ISBP 745) is a set of guidelines established by the International Chamber of Commerce (ICC) to provide guidance on the interpretation of the Uniform Customs and Practice for Documentary Credits (UCP 600) in the context of documentary credit transactions. Following the ISBP 745 guidelines is important for LC payment requests for […]
What is LC (Letter of Credit)? “LC” typically stands for “Letter of Credit.” A Letter of Credit is a document issued by a bank that guarantees payment to a seller for goods or services, provided that certain conditions are met. Essentially, the bank acts as an intermediary between the buyer and the seller, ensuring that […]