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 Noorjahan S. Yargatti | Apr 19, 2020 | English Topics, Uncategorized
These are tangible items which they will use for their production or supply of goods or services for rental to others, or for administrative purposes. And it is expected to be used during more than one period. IAS 16 states that the cost of an item of property,...
by Noorjahan S. Yargatti | Apr 19, 2020 | English Topics, Uncategorized
This allows an individual to display at least annually a full collection of financial statements, with comparable amounts for the previous year (including the comparable amounts in the notes). IAS 1 applies to general purpose financial statements. which are defined as...
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...
by Rafaqat Ali Khan | Apr 18, 2020 | English Topics, Uncategorized
The standard says that biological assets should be measured at fair value less cost to sell at the time of harvest. Its aim is to accounts for transformation of biological assets into agricultural produce. Initial recognition An entity recognises a biological asset or...
by Rafaqat Ali Khan | Apr 18, 2020 | English Topics, Uncategorized
Under the tourists refund scheme introduced by the government for expats entering into the UAE and are not on resident visa can claim the vat refund back when they are exiting from the UAE the amount of vat they have paid by putting the tax invoices in the kiosk...
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