The UAE has its own accounting rules based on GAAP. These standards are kept up by the International Federation of Accountants (IFAC). GAAP rules are used by all government agencies and state-owned businesses in the UAE.
The United Arab Emirates’ accounting rules are based on the following:
When the income is realized or can be realized, it is counted as income. Expenses are accounted for when they happen. When money is made, it is counted as income.
You should use fair value to figure out the value of your assets and liabilities, except for financial instruments and leases. The effective interest rates are used to figure out how much these things cost over time. It can be hard at times and sometimes expensive to keep a full-time accountant to manage your accounts and books.
The UAE implemented VAT in 2018 and plans to implement corporation tax in 2023. To prepare for a tax audit or reporting obligation, make sure your company’s books are in order and up to date. This can assist you in ensuring that your company conforms with the country’s tax legislation, as well as other corporate needs.
We at Invest First offers accounting and book keeping services to keep your expenses on track and maintain your books of accounts in compliance with the federal laws of UAE. By outsourcing accounting services, you can use the most up-to-date tools. With the help of a virtual team of accountants, you set up cloud computing and new software. This can make things work better. Our accounting and bookkeeping services include:
Bookkeeping
Our team will take away the burden of recording and updating all your daily financial transactions and performing bank reconciliations.
VAT Returns
Our team prepares quarterly VAT reports to help you determine if you have VAT payable/refund.
Account Reconciliation
We will help you ensure the figures in your general ledger are correct and up-to-date and that the balances match
Audit Support
We will assist you in completing the auditing process for your financial year and ensure your records are maintained per International Financial Reporting Standards (IFRS).
Financial Reporting
We generate a variety of financial reports to help you determine how your business is performing. The financial reports we can provide you include:
- Trial balance
- Profit and loss statement
- Balance sheet
- Cash flow statement
- General ledgers
Advantages of Accounting Outsourcing:
- Comply with all legislative and regulatory requirements
- By paying invoices on time, you can avoid fines and interest costs.
- Maintaining compliance with all filing deadlines will be easy.
- Minimize your chances of being sued for noncompliance with laws and regulations.
For more information about accounting standard practices in the UAE and our packages for accounting services connect with our team and get the right assistance.