Initial Measurements of Financial Assets as per IAS-9. In this blog, we will discuss the initial measurement and classification of Financial Assets. Initial Measurement: Financial assets are initially measured…
From Uncertainty to Clarity: Understanding Expected Credit Loss (ECL) under IFRS 9
A Summary of Expected Credit Loss (ECL) under IFRS 9. In this blog, we will discuss the provision of ECL and its impact on financials. Impairment of Financial Assets:…
IFRS 15: Demystifying the Art of Revenue Recognition
The International Financial Reporting Standard (IFRS) 15, “Revenue from Contracts with Customers,” is a global reporting standard established with the intent of helping companies how to recognize revenue. It’s a…
Decoding IFRS 17: The Blueprint for Transparent Insurance Reporting
IFRS 17 was published in May 2017 with its implementation was effective for financial reporting periods starting from January 01, 2023. IFRS 17 Insurance contracts establishes principles for recognition, measurement,…
IFRS 18 – Presentation and disclosure in the Financial Statements
The new standard, which lays out the general requirements for presentation and disclosures in the financial statements and responds to investors’ demand for better information about companies’ financial performance. IFRS…
What is an Auditor Report?
In this blog, let’s find out What is an Auditor report, The usage of an Auditor report, The components of an Auditor report, and the various types of Audit reports?…
International Financial Reporting Standards for Small Medium Enterprises
In this article, let’s delve deeper into understanding the International Financial Reporting Standards for Small Medium Enterprises. Definition of SME’s as per Corporate Tax law: As per Ministerial Decision…
Contents of Internal Control over Financial Reporting (ICFR)
Spectrum Auditing conducted an enlightening webinar on 28th September 2023 on “Internal Control over Financial Reporting (ICFR)“. You can watch more webinar videos on our Spectrum Auditing’s YouTube channel. …
Internal Control over Financial Reporting (ICFR)
Preparing reliable financial information is a key responsibility of the management. Management’s ability to fulfill its financial reporting responsibilities depends in part on the design and operating effectiveness of the…
Is Audit Mandatory for Free Zone Companies?
In the UAE, mandatory audit/audits requirements can vary based on factors such as the type of company, its legal structure, its size, and its business activities. To comply with the…
Top 10 audit and accounting firms in dubai UAE
Effective financial management is a critical aspect for businesses of all sizes. In order to navigate the complex realm of accounting and auditing, it is imperative to seek the assistance…
Audit – Requirements Check List
When it is Audit time for a company, there are key basic requirements that needs to be kept in mind by the accounts department or a financial head of a…
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