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...
by Rafaqat Ali Khan | Apr 20, 2020 | English Topics, Uncategorized
According to the UAE vat law Clause 9 of Article 4 of the Federal Decree-Law No. 13 of 2016 on the Establishment of the Federal Tax Authority; and – Clause 7 of Article 59 of the Cabinet Decision No. 52 of 2017 on the Executive Regulations of the Federal...
by Rafaqat Ali Khan | Apr 19, 2020 | English Topics, Uncategorized
According to the UAE VAT Law Article No. 05 and Cabinet Decision No. 052 of 2017 following must not be considered as deemed supply. When the company cannot recover the input tax on the supply of relevant goods and services When the supply is exempted from VAT Law When...
by Rafaqat Ali Khan | Apr 19, 2020 | English Topics, Uncategorized
Mandatory threshold for UAE Vat registration is 375,000 AED and voluntary threshold is 187,500 AED either revenue or expenses for the previous twelve months. When the person meets the voluntary threshold, he must have to submit vat registration application within 30...
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...
Recent Comments