by Auditor A | 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 Auditor A | 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 Auditor A | 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 Auditor A | 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...
by Auditor A | Apr 18, 2020 | English Topics, Uncategorized
If any payment does not relate to a supply of goods or services then the payment is not subject to VAT. It is to determine by the tax payer whether the payment is against any supply, whether the payee has provided anything in return of the payment. If the payment is...
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