by Syed Nasr | Apr 16, 2020 | English Topics, Uncategorized
VAT on Education Sector in UAE can be Standard-rated, Zero-rated or Exempt. Zero-rated supplies If both the curriculum and the educational institution are recognized by the competent federal and local government then the supply is considered as zero rated. Further we...
by Rafaqat Ali Khan | Apr 16, 2020 | English Topics, Uncategorized
Income Statement One of the change is sub operating profit as part of the development of its proposals, the IASB sampled 100 sets of company financial statements. Of these, 63 showed some form of operating profit subtotal, and the operating sections will only include...
by Noorjahan S. Yargatti | Apr 16, 2020 | English Topics, Uncategorized
As per UAE Vat Law Every taxable person should keep the record of documents like , annual accounts, general ledger, purchase day book, invoices issued, invoices received, credit notes, debit notes, VAT Ledger etc. Under the UAE VAT law the books of...
by Syed Nasr | Apr 16, 2020 | English Topics, Uncategorized
The floorspace method deals with supplies (sales and rental) of commercial and residential properties, including real estate companies. This method calculates the apportionment percentage for residual input tax by identifying the proportion of the floorspace used for...
by Noorjahan S. Yargatti | Apr 16, 2020 | English Topics, Uncategorized
The prominent features of this development are evident in the following brief definitions The American Accounting Association (AAA) point out that external audit is a systematic and objective process of obtaining and evaluating evidence concerning facts and economic...
by Noorjahan S. Yargatti | Apr 15, 2020 | English Topics, Uncategorized
To solve the organization problems relating to their different departments, Business process Out Sourcing (BPO) Services come into exitance, wherein business entities offer their rights to BPOs to work on behalf of them and maintain their accounting records. Some core...
by Noorjahan S. Yargatti | Apr 15, 2020 | English Topics, Uncategorized
The auditor’s opinion basically makes or breaks the reliability of the financial statements and the information they provide. Audited financial statements have an extremely high degree of reliability and validity in comparison with unaudited statements. In simple...
by Syed Nasr | Apr 15, 2020 | English Topics, Uncategorized
There are many differences between traditional auditing and Risk-based auditing. Traditional auditing is associated with conducting tests to issue an opinion on the fairness of the financial statements of the company being audited. Those tests include, tests on...
by Syed Nasr | Apr 15, 2020 | English Topics, Uncategorized
Financial Reporting is an important component of accounting of an organization. It consists of 1) Financial Statements, and 2) Notes to the Financial Statements. According to International Accounting Standard Board (IASB),...
by Rafaqat Ali Khan | Apr 15, 2020 | English Topics, Uncategorized
Internal audit shows highlight on the internal control, audit and compliance in corporate governance. The best practice should be that the company maintains sound internal control systems and risk management systems. The effectiveness of internal control systems and...
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