ifrs15 on volume rebate and discount in uae

IFRS 15 -Revenue from Contracts with Customers: “Volume Rebates” &  “Discounts” to customers In IFRS 15- prescribes about the variable consideration arising from discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, penalties, or other similar items. How to deal with variable consideration as per IFRS 15 on Volume Rebate and the discount is explained…

account Inventories in certain special cases and Covid-19 impact

 As per International Accounting standard (IAS 2), Inventories are Assets: Held for sale in the ordinary course of business, Eg: Merchandise purchased by the retailer. In the process of production for resale. Eg: finished goods, Work in progress, raw materials, etc. In the form of materials or supplies to be consumed in the production process…

whether one needs to account for assets received free of cost?

Accounting for Assets Received Free of Cost or as Gifts as Per IFRS  Many have confusion, whether one needs to account for assets received free of cost? Some will also argue that as there is no money paid, why it is to be recorded? Let us see whether IFRSs can give some guidance on the…

auditors in dwc

Audit in DWC(Dubai South Freezone )  Audit in Dubai South Freezone –  Dubai South previously known as Dubai World Central is a planned economic zone to support a number of activities including logistics, aviation, commercial, exhibition, humanitarian, residential and other related businesses around Al Maktoum International Airport with the planned annual capacity of 12 million tons of…

cash flow management

 Cash Flow Management & Working Capital Management  In the present scenario, most of the companies are discussing how to handle cash flow management during the crisis. There is no prefixed solution which can be applied to all the industry/client. It depends on various factors like the type of business, inventory requirements, purchase lead time, manufacturing…

accounting firms in dubai

Accounting Firm in Dubai UAE  Most of the companies in the region maintain books of accounts and get it audited through approved financial auditors and accounting and bookkeeping companies in the UAE. At the same time how many of us use that financial information received from auditors or accounting and bookkeeping companies for making financial…

What is Internal Audit? As per the definition given by IIA (Institute of Internal Auditors)- Internal audit is to provide the independent assurance that an organization’s Governance- Internal control processes- Risk management are operating effectively. In other words, we as financial auditors in UAE providing auditing service in UAE will help businesses to attain their objectives by…

All Businesses Establishments and Taxable entities who have registered for VAT in UAE has to maintain proper books of accounts by recording their day to day business transactions in order to track the result of their operations. As VAT is implemented in UAE from 1st January 2018 there is no change that you can escape…

What is the role of Internal Audit in finance? Internal Audit advances businesses to achieve their objectives by effectively evaluating and managing the risk factors and processes within an organisation. Once the risk factors are identified, the Internal Auditors focusses on managing the risks and processing them in the right way. Internal Audit is commenced…

Whether Management Fee or Director’s Service Fee is taxable in the UAE? Yes, the Director’s Service fee otherwise called as Management Fee is taxable under the UAE VAT Law. The Federal Tax Authority (FTA) has issued a guideline on applicability of tax on Director’s Services in the month of April 2018 (VAT Guide – VATGDS…

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