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IFRS – Research and Development
IFRS – Research and Development

IFRS – Research and Development

6.08.2020 / by msi1 / 0 comments

Businesses incur research and development costs in order to bring product differentiation, the launch of a new product etc. Such R&D costs have a special treatment and cannot be entirely treated as normal expenses. As per IFRS, research costs are…

Importance of Accounting Standards
Importance of Accounting Standards

Importance of Accounting Standards

15.07.2020 / by msi1 / 0 comments

An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. It relates to all aspects of an…

Types of Audit Report
Types of Audit Report

Types of Audit Report

8.07.2020 / by msi1 / 0 comments

An Audit is an independent examination of the financial statements of an entity irrespective of the size or legal form, whether profit-oriented or not, in order to express an opinion thereon, in the form of an Audit Report. The audit…

Managing Cash Flow for Business
Managing Cash Flow for Business

Managing Cash Flow for Business

24.06.2020 / by msi1 / 0 comments

Cash Flow in any business basically means the cash inflow from the revenue minus cash outflow from the expenses. Positive cash flow occurs when the cash receipts in the business from sales, accounts receivable, etc. are more than the amount…

VAT Impact for Export of Services
VAT Impact of Export of Services

VAT Impact for Export of Services

3.06.2020 / by msi1 / 0 comments

Whether to apply zero-rating to the export of services and how to do so, has been a recurring concern amongst businesses in the UAE, especially to those providing consultancy services.  Federal Law no. 8 of 2017 on Value Added Tax (“VAT…

FTA extends tax period for Excise Tax
FTA extends tax period for EXCISE TAX

FTA extends tax period for Excise Tax

20.04.2020 / by msi1 / 0 comments

The World Health Organization (WHO) declared the Coronavirus (COVID-19) a pandemic on 11th March 2020. The UAE Government announced advisories and restrictions to limit the spread of the Coronavirus after which most companies are adapting to the process of work from…

Bank Mergers in the UAE Market
Bank Mergers in the UAE Market

Bank Mergers in the UAE Market

11.03.2019 / by msi1 / 0 comments

Banks in Abu Dhabi are set to merge later in this quarter which is set to impact UAE in several ways. ADCB (Abu Dhabi Commercial Bank) and UNB (Union National Bank) are set to merge. The combined company is then…

100% Foreign ownership Law
100% Foreign ownership Law

100% Foreign ownership Law

8.11.2018 / by msi1 / 0 comments

We have now received more information about the long-awaited 100% Foreign ownership law which is to come into effect in the UAE. According to legal sources, the “Negative List” has been issued where it contains 14 industries which cannot be…

Accounts Payable
Accounts Payable

Accounts Payable

3.10.2018 / by msi1 / 0 comments

Accounts Payable also Known as “Trade payable” is a liability to a creditor usually for purchases of goods and services.

China-UAE Trade Agreements
China-UAE Trade Agreements

China-UAE Trade Agreements

18.09.2018 / by msi1 / 0 comments

The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting different industries and have made 13 strategic agreements. These agreements include construction of embassies and…