By providing IFRS advice services in the United Arab Emirates, VAT Accounting helps our clients comply with IFRS reporting regulations, streamlining their accounting procedures and enhancing their company’s productivity and accountability. Our team of accountants and auditors provides complete services to help our clients with every facet of IFRS. We design customised IFRS advisory services in UAE to satisfy your company’s business needs and financial requirements while adhering to international IFRS standards.
What are IFRS Advisory Services?
A collection of accounting titles known as IFRS or International Financial Reporting Standards specify how transactions and other accounting processes must be recorded in financial statements. It is guided when a new or updated accounting standard is implemented in a business starting at a specific date. A VAT Auditing can assist clients with hassle-free financial reporting activities in compliance with IFRS standards, thanks to their solid industry knowledge and competence in accounting, auditing, bookkeeping, and IFRS consulting services.
Your company can gain a great deal from using IFRS, some of which are listed below –
- Increases effectiveness
- Enhances responsibility
- Enhances the financial accounts’ dependability
- By reducing the information gap between capital suppliers and recipients, IFRS Standards strengthen accountability.
- It helps investors make current financial decisions and enhances the quality and international comparability of financial data.
- Furthermore, by enhancing capital allocation and assisting investors in identifying global possibilities and dangers, IFRS Standards guarantee economic efficiency.
Our auditors guarantee accuracy in the preparation of a company’s financial statements. They also abide by the code of ethics, which requires them to analyse financial transactions objectively and truthfully. This approach reduces the likelihood of fake financial statements.
Is IFRS Mandatory for VAT?
IFRS became mandatory for listed businesses and LLCs with the enactment of the UAE Commercial Businesses Act 2015. Therefore, VAT compliance in the UAE is significantly impacted by the IFRS. For this reason, you must add to your understanding of VAT the essential data needed to identify important accounts in financial reporting. Businesses would benefit from easy and reliable VAT filing and compliance with VAT legislation.
Benefits of IFRS Advisory Services in Dubai
Businesses operating in the UAE can benefit from IFRS (International Financial Reporting Standards) advisory services in a number of ways. Here are a few main benefits –
- Regularity
- Global Growth
- Methodical Scheduling
- Relations with Investors
- Adherence to Regulations
- An edge over competitors
- Effective Financial Reporting
- Obtaining Foreign Capital Access
- Enabling International Transactions
- Observance of International Standards
- Better Decision-Making and Risk Reduction
- Financial Statements’ Credibility and Transparency
IFRS Advisory services help businesses in the UAE get the knowledge and resources they need to comply with international financial reporting standards. Companies can gain a reputation, get access to international money, and successfully negotiate the difficulties of international finance by doing this, all of which will ultimately contribute to their long-term success in a more globalised economy.
Why Choose VAT?
For IFRS auditory services, choose VAT Accounting because our professionals offer specialised solutions that guarantee your company’s smooth transition to International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
With our special blend of in-depth industry knowledge and unwavering compliance, you can increase transparency, win over investors, and successfully compete in the global market. Your financial future is secured when you work with VAT Accounting Chartered Accountants as your reliable partner. They help you understand the intricacies of IFRS. So contact us to have a smooth and error-free IFRS audit done for your business
FAQ's
IFRS, or International Financial Reporting Standards, are a set of rules for the financial statements of public companies. This makes them transparent, consistent, and easily comparable.
Here are the 5 elements of IFRS –
- Expenses
- Liability
- Income
- Equity
- Assets
IFRS is required for government-owned enterprises, newly privatised companies, insurance companies, and banks, among many others.