by Syed Nasr | Apr 20, 2020 | English Topics, Uncategorized
Input tax must be recovered in the first tax period in which two conditions are satisfied: a. the tax invoice is received; and b. an intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of payment is...
by Syed Nasr | Apr 20, 2020 | English Topics, Uncategorized
Companies in UAE are required to maintain proper books of accounts under International Financial Reporting Standards and the companies have to keep the record of accounts for 5 years. Some of the basic requirements related to bookkeeping, accounting, auditing and...
by Syed Nasr | Apr 19, 2020 | English Topics, Uncategorized
Progress billings are common in a number of different industries including construction projects. General contractors, painters, electricians, and plumbers use progress billings as part of their businesses. The cost of raw materials, labour, and delays in construction...
by Syed Nasr | Apr 19, 2020 | English Topics, Uncategorized
IFRS 5 sets rules how to treat non-current assets held for sale. Assets held for sale are not depreciated and are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Specific...
by Syed Nasr | Apr 18, 2020 | English Topics, Uncategorized
Businesses are required to use exact exchange rate published by the UAE Central Bank on daily basis using the same number of decimal places and businesses are not allowed to round off the decimal places while issuing the tax invoices. Exchange rate on import of...
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