by Rafaqat Ali Khan | Apr 22, 2020 | English Topics, Uncategorized
IFRS 16 will affect most companies involved in leasing that report under International Financial reporting Standards (IFRS). It will have a substantial impact on the financial statements of lessees of property and high value equipment – requiring that leases be placed...
by Noorjahan S. Yargatti | Apr 21, 2020 | English Topics, Uncategorized
It is usually prepared by the accountant and finalized by an auditor or a charted accountant. The annual statement is compiled on the basis of information from the general ledger and accounting journal, the income statement, the balance sheet, the equity contribution...
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 Noorjahan S. Yargatti | Apr 20, 2020 | English Topics, Uncategorized
What remains in IAS 27 after the introduction of IFRS 10 is the accounting treatment of its separate financial statements for branches, jointly managed companies and associates. IFRS 10 establishes principles for presenting and preparing consolidated financial...
by Rafaqat Ali Khan | Apr 20, 2020 | English Topics, Uncategorized
The Vat invoice must contain the following; Word “Tax invoice” The name, address, and VAT Registration Number of the Registrant making the supply and of recipient. A sequential VAT Invoice number or a unique number which clearly identify of the VAT Invoice and the...
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