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…
Dubai Development Authority Audit
Dubai Development Authority – Mandatory Submission of Audit Reports The Dubai Development Authority (DDA) has issued a notification to all the free zones falling under DDA regarding mandatory submission of…
Factors to consider before hiring an Auditor in Dubai
Dubai is a business hub and this city witness lot of business owners and investors every year. The reason is there are business friendly policies, tax benefits, and an easy…
Reasons to hire Auditing Services in Dubai
Companies registered in different countries comply with various applicable laws, rules, and regulations. The businesses concerned which started a new venture or set up a company in Dubai need to…
IFRS 15: Revenue from Contracts with Customers
After release of IFRS 15 – Revenue from contracts with customers (“IFRS 15” or the “Standard”), many companies have got impacted and had re-look at their accounting policies relating to…
Action on Money Laundering in UAE
The UAE Ministry of Economy and Commerce is taking action to bring auditing companies operating in the country to form a group with the Central Bank and other organisations in…
Business setup in Ajman Free Zone
Objective of Ajman Free Zone Ajman Free Zone (AFZ) was launched in 1988,it was formed with an objective to provide the businesses and investors a sustainable environment to help them…
Profit Margin Scheme v2
{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 issued by Federal Tax Authority (FTA) in relation to VAT adjustment on account…
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.…
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