DETECTION OF FRAUD
Fraud can be found early in the history of our world as men have made use of tricks, manipulation, and treachery in order to acquire money, land, goods, or trust, with the overall objective of making a profit. The fraud negatively affects an economy by causing huge financial losses, weakening social stability, threatening democratic structures, leading to a corrupting, and compromising economic and social institutions. Fraud represents the sum of irregularities and illegal actions committed with the intention of deceiving or presenting false, incorrect, or incomplete declarations and documents.
When should you start recognizing depreciation
Items of property, plant, and equipment should be recognized as assets when
- It is probable that the future economic benefits associated with the asset will flow to the entity, and
- the cost of the asset can be measured reliably.
Economic Substance Regulations in the UAE
Economic substance regulations were introduced in the UAE in April 2019 under Cabinet Resolution no. 31/2019. The UAE introduced the Economic Substance Regulations to honor its commitment as a member of the Organization for Economic Co-operation and Development (OECD) on harmful tax practices, an all-inclusive framework of OECD on Base Erosion and Profit Shifting (BEPS).
IFRS – Research and Development
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 expensed, however, in case of development costs (including internal costs) are capitalized provided certain conditions are met. This gives rise to the importance of differentiating a research cost from a development cost.