IFRS ServicesAdhering to the International Financial Reporting Standards (IFRS) is mandatory for almost all business within the U.A.E. with a requirement of statutory reporting.
The financial reporting standards are always changing rapidly and also increasing in complexity. Thus, we at Paul and Hassan strive to provide expert accounting advice and make complex accounting matters manageable.
Our services include:
Some relevant IFRS, recently issued, which we draw your attention to are, as under:
The new requirement affects all industry sectors and covers the following:
One of the requirements under this standard is – Provision of an impairment allowance, which needs to be provided periodically and any change made to the allowance has to be reported in the account of “Profit & Loss”. Additionally, disclosure requirements should be fulfilled as per the standard, if any.
This standard involves a 5 step model (as shown under) which affects all industry sectors as it has now introduced a new, improved and detailed approach to accounting for revenue from contracts with customers.
It includes an exhaustive checklist of requirements which differ from the current guidance in IFRS.
This standard now changes the methods available for accounting for lease by removing the operating lease classification and requires the lessee to disclose a lease liability and a related right – of – use asset for all lease subject to certain exceptions.
In addition to the above the following will be impacted due to IFRS 16:
Having said the above, lessor accounting continues to follow the requirements as per IAS 17 in addition to few disclosures introduced under IFRS 16.
As for lessee accounting, the changes will affect the financials as shown below:
Thomas Paul Accounting & Tax Consultants
