Audit Opinion and their Description

Audit Opinion and their Description

As an audit is an effort to check an entity’s statement of accounts, the audit report is outlined in the audit opinion. The checking of the books of accounts and other related information aids the auditor in forming an opinion which is the basis of the decision....
VAT on Disbursements & Reimbursements

VAT on Disbursements & Reimbursements

A disbursement of expenses falls outside scope of vat and while reimbursement of expenses is within the scope of vat and it is subject to standard rated. For disbursement or reimbursed to differentiate we have to see the company has acted as agent or principal. If the...
Input Vat Recovery on Expenses

Input Vat Recovery on Expenses

As per UAE VAT LAW there are certain conditions for claiming VAT on expenses. You cannot claim VAT for all your expenses. As you know, the UAE VAT LAW clearly sets out the conditions for business to recover input VAT on expenses and lists the expenses that are blocked...
What is Data Analytics?

What is Data Analytics?

Data analytics can help businesses to uncover valuable insights within their financials, identify process improvements that can increase efficiency, and better risk management. Data analytics can add value to the business decision making within the organization. The...
IAS 19 Employee Benefits

IAS 19 Employee Benefits

The entity will provide employee benefits in exchange of services rendered by the employee or the termination of an employee. IAS 19 requires an entity to recognize: a liability when an employee has provided service in exchange for employee benefits to be paid in the...
Time frame of recovering input VAT

Time frame of recovering input VAT

If these both conditions are met then applicant can recover input VAT. Invoice is received and there is intention to make payment within six months after the agreed date of payment. if the applicant has intention to make payment in next period then he has to recover...
VAT treatment on Farm Land and Farm Building

VAT treatment on Farm Land and Farm Building

VAT treatment on supplies of farm lands and farm buildings can differ by taking into consideration of facts and principles of individual case of supply of farm lands and farm buildings. The supply of farm house which is constructed as a residential building and is...
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