IFRS Advisory Services
IFRS Advisory Services
Offering IFRS advisory services in the UAE, Aebiaccountax helps clients meet IFRS reporting standards, streamlining their accounting processes and enhancing business efficiency and accountability. Our team of skilled accounting and auditing professionals delivers comprehensive support to address all aspects of IFRS compliance. Aebiaccountax’s IFRS advisory services are tailored to fit the financial requirements and business goals of your company while ensuring adherence to global IFRS standards.
IFRS Consulting
International Financial Reporting Standards (IFRS) comprise a set of accounting principles that dictate how transactions and various accounting activities should be recorded in financial statements. These standards come into effect when a new or revised accounting rule is implemented within a business. Aebiaccountax, with its in-depth knowledge and expertise in accounting, auditing, bookkeeping, and IFRS consulting, helps clients manage financial reporting seamlessly while adhering to IFRS regulations.
Following IFRS offers several key benefits to your organization, including:
- Enhanced transparency in financial reporting
- Improved comparability of financial statements across borders
- Greater credibility with investors and stakeholders
- Streamlined accounting practices in line with global standards
- Facilitated access to international capital markets
By adopting IFRS, your business can achieve better financial management and stronger global alignment.
Major International Financial Reporting Standards
- Direct costs – the direct labour involved in manufacturing, inventory, raw materials, manufacturing expenses.
- Indirect costs - electricity, overhead costs from management, rent, utilities.
- Imperceptible costs - customer impact of pursuing a new business strategy, project, or construction of a manufacturing plant, delivery delays of product, employee impact.
- Opportunity costs - alternative investments, or buying a plant versus building one.
- Cost of potential risks - regulatory risks, competition, and environmental impacts.
- Expenses set aside as provisions
Major International Financial Reporting Standards
The different areas of IFRS are mentioned below:
Share-based Payment needs an entity to identify share-based payment transactions such as granted shares, share options, or share appreciation rights in its financial statements
Business Combinations shows accounting when an acquirer obtains control of business either on an acquisition or merger.
Non-current Assets Held for Sale and Discontinued Operations establishes how to account for non-current assets held for sale or for distribution to owners.
Exploration for and Evaluation of Mineral Resources allows entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs. It also modifies the impairment testing of exploration and evaluation assets.
Financial Instruments: Recognition and Measurement presents the classification of financial assets & the business model in which an asset is held and applicable to business in all industry segments in general.
Consolidated Financial Statements establishes the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.
Regulatory Deferral Accounts allows an entity which is a first-time adopter of International Financial Reporting Standards to continue to account, with some limited changes, for ‘regulatory deferral account balances’ in accordance with its previous GAAP, both on initial adoption of IFRS and in subsequent financial statements.
Revenue from Contracts with Customers applies to all contracts with customers.
Inventories contain the requirements on how to account for most types of inventory.
Property, Plant and Equipment establish the accounting treatment for most types of property, plant and equipment.
Importance of IFRS
The financial reporting standards become essential for global and international reporting because it is a source of generally equivalent statistics. It ensures economic efficacy and helps investors recognize chances and risks across the world to improve capital distribution. IFRS sends general guidelines for the footing of monetary statements.
So, it is essential in the following ways: –
-
To avoid material manipulation or errors in financial statements
Financial information is vulnerable to manipulation, differences in interpretation, errors or inadequate basis of estimates. In order to prevent these irregularities in the financial accounts, there should be a consistent way of deciding the measure and recognition and how financial information is presented in the financial statements. -
To help in global harmonization
All companies have to deal with MNCs in different parts of the world. So a global accounting standard is necessary to get the credibility of the reports and to enhance trade and global economic growth. This will enable all the users to use the same standards to analyze the financial statements of any company.
-
To make correct decisions based on the financial statements
IFRS ensures that business activities are treated in a consistent manner or an explanation is given for the recognition. It is important that the explanation given for the recognition of financial items in the report can help users of financial statements make correct decisions.
Our IFRS Services
Renowned for providing exceptional IFRS consulting services across the UAE, Aebiaccountax assists clients with all aspects of financial reporting, including the preparation of IFRS-compliant financial statements and analysis of upcoming amendments. Aebiaccountax’s IFRS advisory and consulting services encompass a wide range of offerings, including:
- IFRS adoption and implementation
- Implementation assistance with complex standards
- Impairment testing and modelling
- Revenue Recognition Processes and Controls
- Preparation and development of reporting manuals
- Developing a plan for sustainability
- Assistance in the redrafting of IFRS accounting policies in line with changes in accounting standards or adoptions.
- Training and knowledge transfer process
Why Aebiaccountax?
The implementation of new IFRS standards has posed a significant challenge for many companies in the UAE, primarily because several businesses did not begin the process early. As a result, a substantial amount of work now needs to be completed before the year ends, rather than being spread out over time. Additionally, these new standards require considerable adjustments from the IT side. The unevenness caused by these changes affects both income statement and balance sheet arrangements, leading to complexities.
Aebiaccountax is a team of professionals with Big 4 experience, offering superior IFRS advisory services to help your business align with global standards. We ensure your business complies with tax regulations while alleviating tax burdens.
In addition to our IFRS advisory services, Aebiaccountax also specializes in CFO Services, Auditing Services, Accounting & Bookkeeping, Accounting Software solutions, Due Diligence, and timely Tax Filing & VAT Consultancy. Our customer-centric approach has garnered appreciation, and we are committed to delivering services that exceed your expectations.
Need expert IFRS advisory services? Feel free to reach out. Aebiaccountax is always here to support your business!