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...
by Syed Nasr | 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...
by Noorjahan S. Yargatti | Apr 18, 2020 | English Topics, Uncategorized
IFRS are given by the International Accounting Standards Board (IASB). They indicate how organizations must keep up and report their records, characterizing sorts of exchanges and different occasions with monetary effect. IFRS were set up to make a typical bookkeeping...
by Noorjahan S. Yargatti | Apr 18, 2020 | English Topics, Uncategorized
To avoid the hefty penalties by FTA its very important to file the returns for your business timely and accurately. Today almost more than 180 countries have accepted the procedure and this got spread worldwide at a faster pace. The middle east countries, specially...
by Rafaqat Ali Khan | Apr 16, 2020 | English Topics, Uncategorized
There are five simple steps aimed at reducing ambiguity around the timing and amount relating to the recognition of revenue. The five steps are below Identifying the contract. Identifying the performance obligations in the contract. Determining the contract price....
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