{This blog is an updated version of our old blog on ‘Profit Margin Scheme’ present here at: https://www.spectrumaccounts.com/profit-margin-scheme/ and currently the blog is shared in a more useful question &…
Adjustment on account of bad debt relief
Adjustment on account of bad debt relief Summary of the FTA clarification: A public clarification has been issuedby Federal Tax Authority (FTA) in relation toVAT adjustment on account of bad…
IFRS 15 REVENUE FROM CONTRACTS
The core principle of IFRS 15 is that an entity shall recognise revenue from the transfer of promised goods or services to customers at an amount that reflects the consideration…
Going Concern Standard ISA 570 ( REVISED )
The going concern review can require significant judgment to be applied and the impact of external factors, such as significant global events, can make the assessment of management’s going concern…
UAE Federal Decree-Law No ( 19 )
Federal Decree-Law No (19) regarding Trusts was issued to support the asset management sector in the country, provide new mechanisms for managing family businesses and assets, and encourage charitable trusts.…
DSO or Dubai Silicon Oasis
Dubai Silicon Oasis was established in the year 2004 and is completely owned by government of Dubai under Dubai Silicon Oasis Authority. It has Dubai’s first smart city which is…
Summary on Tax Residency Certificate
Introduction: The Tax Residency Certificate / Tax Domicile Certificate is an official document issued by Federal Tax Authority confirming that an individual or corporate entity resides in the UAE. It…
TAX CERTIFICATE ISSUANCE BY FTA IN UAE
In a latest announcement by The Federal Tax Authority (FTA) in line with the Cabinet Decision No. 65 of 2020 on Fees for Services provided by the Federal Tax Authority…
How penalties are calculated on voluntary disclosures by UAE businesses on VAT or excise tax
The Federal Supreme Court has announced the method of calculating late payment penalties on voluntary disclosure.The judgment is significant because the effective date of penalty computation has been confirmed to…
DMCC Companies audit – deadline to submit the Audit report
DMCC Companies audit – reminder on deadline to submit the Audited Financial Statements (AFS)/ audit report for the year ended 31 December 2019 by all the companies in DMCC DMCC…
Mindful communication for remote auditing
In this new age and time of the “new normal,” auditing too is taking a turn towards working remotely. Though the physical presence of the auditor or the auditee is…
Auditing conflicts of interest
Keen understanding of the client’s third-party transactions is necessary to avoid any conflicts with the audit.It is essential to be aware that one client has businesses involved with another client,…