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Ultimate Beneficial Owner (UBO)
ULTIMATE BENEFICIAL OWNER

Ultimate Beneficial Owner (UBO)

21.10.2020 / by msi1 / 0 comments

Cabinet Resolution No. (58) of 2020 This blog explains few major points in the Cabinet Resolution of Ultimate Beneficial Owner in the UAE. Who is this law applicable to? The new regulation passed by the cabinet is applicable to all…

IMPORTANCE OF ACCOUNTING

IMPORTANCE OF ACCOUNTING

23.09.2020 / by msi1 / 0 comments

Every business requires its own performance examination, data, records, analysis etc which is why accounting is an integral part of every business. Accounting gives the management information regarding the financial performance (Statement of Comprehensive Income) and financial position (Statement of…

AUDITOR’S OPINION
AUDITOR'S OPINION

AUDITOR’S OPINION

16.09.2020 / by msi1 / 0 comments

An Auditor’s opinion is presented in the audit report. This opinion is established after the independent examination of the financial statements of the entity, after acquiring sufficient and appropriate audit evidence and conducting audit procedures. An Audit opinion can be…

Audit evidence – Bank Confirmations
AUDIT EVIDENCE - BANK CONFIRMATIONS

Audit evidence – Bank Confirmations

9.09.2020 / by msi1 / 0 comments

With the ever-increasing complexity of the business, the importance and relevance of audits have increased over the years. Auditing is the independent examination of the financial statements of a company irrespective of its size or legal form, profit-oriented or not,…

Audit Balance Confirmations

Audit Balance Confirmations

2.09.2020 / by msi1 / 0 comments

Auditing is an independent examination of the financial statements of an entity, irrespective of its size or legal form, for the auditor to express an opinion thereon. An auditor would acquire sufficient and appropriate audit evidence in order to draw…

DETECTION OF FRAUD

DETECTION OF FRAUD

27.08.2020 / by msi1 / 0 comments

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…

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

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

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

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…