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IFRS Advisory Services In UAE
Highmark has great IFRS consulting services in the UAE that make it easy for our clients to meet their IFRS reporting needs. Our services make accounting easier, help businesses run more smoothly, and encourage responsibility. Our team of skilled accounting and auditing professionals helps our clients with all parts of IFRS and gives them excellent experience. With Highmark’s skilled advisory services, your business can get financial services tailored to its needs and meet global IFRS standards.
What Is The Purpose Of IFRS Consulting Services?
The goal of IFRS (International Financial Reporting Standards) advice is to help organizations that are making the switch to IFRS or are already using it. The International Accounting Standards Board (IASB) made and keeps
track of the IFRS accounting rules. Companies all over the world use it to make sure that their financial reporting is uniform and clear.
Accounting firms, financial consultants, and specialized advisory companies will help with IFRS advisory services in UAE. The main things they want to do are.
IFRS Implementation
We are helping businesses switch from their own accounting rules to IFRS.
How to understand and use it
Help companies understand the complicated IFRS standards and figure out what they mean for their business.
Help with a transaction.
We help with mergers, purchases, and other complicated business deals by giving advice.
Improvements to Financial Reporting
Helping companies improve the quality and openness of their financial statements is the goal of this program.
Compliance with rules.
Helping companies meet their legal requirements for financial reporting and making sure they follow local laws and rules that use or refer to IFRS.
IFRS advisory services are essential because they help businesses figure out how to use the complicated IFRS system and make sure that their financial reporting is accurate, transparent, and in line with global standards.
Accounting Firm In Dubai, UAE?
Why Highmark Auditors For IFRS Advisory Services In Dubai UAE?
Our team of experienced experts offers full-service IFRS consulting in Dubai and the rest of the UAE. We work closely with our clients to find out their specific needs and tailor our services to meet those needs, ensuring that they get a solution that works for them.
As an IFRS consultant, we know how hard it is for businesses to report their financial results clearly and accurately. So, we help our clients stay ahead of the curve by providing services like financial reporting, accounting policies, and IFRS training.
Highmark IFRS Consulting, we are proud to be the best company in Dubai and the UAE for IFRS consulting services. Because we know a lot about IFRS advising and have done it for a long time, businesses come to us when they want to make sure they are following the latest international financial reporting standards.
Benefits Of IFRS Advisory Services.
Our auditing firm helps businesses with their IFRS needs. Businesses can improve at making money, gain investors’ trust, and grow. Dubai, UAE businesses need IFRS services from High Mark accountants to make money in the market.
- IFRS make the Global Standard.
- It makes things clearer.
- IFRS makes it easier to believe.
- This service makes it easier to compare.
- It helps people make better decisions and gives investors more faith.
- IFRS helps cut costs for accounting.
- IFRS helps to make Risk Management better.
- All the standards help make it easier for people to get money.
- IFRS keeps the reporting process as simple as possible.
Major International Accounting Standards IAS
| Standard | Scope | Objectives |
|---|---|---|
| IAS 1 | Presentation of financial statements | It provides a guide for specifying the presentation requirements for financial statements. |
| IAS 2 | Inventories | Guides the accounting treatment for inventories. |
| IAS 7 | Statement of cash flows | Guides the preparation and presentation of the statement of cash flows. |
| IAS 8 | Accounting policies, changes in accounting estimates and errors. | Guides on selecting and applying accounting policies. And guides on how to account for changes in estimates and errors. |
| IAS 10 | Events after the reporting period. | Addresses the accounting treatment for events that occur after the reporting period. |
| IAS 16 | Property, plant, and equipment | Guides the accounting treatment for property, plant, and equipment |
| IAS 17 | Leases | Guides accounting for leases by lessees and lessors (replaced by IFRS 16) |
| IAS 18 | Revenue | It addresses the recognition and disclosure of revenue. It also measures the revenue. |
| IAS 19 | Employee benefits | Guide accounting for employee benefits, including pensions and other post-employment benefits |
| IAS 20 | Accounting for government grants and Disclosure of government assistance | Guides the accounting treatment and disclosure requirements. It guides government grants and other forms of government help. |
| IAS 21 | The effects of changes in foreign exchange rates | Guides accounting for foreign currency transactions and translating financial statements of foreign operations. |
| IAS 23 | Borrowing costs | It prescribes the accounting treatment for borrowing costs. |
IFRS Advisory Services in UAE
Highmark is the only audit firm in UAE that is not replaceable by an ordinary team of auditors in Dubai. Highmark is a one-stop solution provider for IFRS advisory services, on which your business depends. For all your questions or problems. Call us at +971557309266!
What Are The Major International Financial Reporting Standards (IFRS)
| Standard | Scope | Objectives |
|---|---|---|
| IFRS 1 | First-time adoption of IFRS | Guides how an entity should transition from previous GAAP to IFRS for the first time. |
| IFRS 2 | Share-based payment | Specifies the accounting treatment for share-based payment transactions |
| IFRS 3 | Business combinations | Guides accounting for business combinations and the resulting goodwill |
| IFRS 4 | Insurance contracts | Address the accounting for insurance contracts by insurance companies |
| IFRS 5 | Non-current assets held for sale and discontinued operations | Guides accounting for non-current assets held for sale and discontinued operations |
| IFRS 6 | Exploration for and evaluation of mineral resources | Guides accounting for exploration and evaluation assets in the extractive industries. |
| IFRS 7 | Financial instruments: disclosures | Guides the disclosure requirements for financial instruments. |
| IFRS 8 | Operating segments | Requires disclosure of information about an entity’s operating segments. |
| IFRS 9 | Financial instruments | Guide the classification and measurement of financial assets and liabilities, as well as impairment and hedge accounting |
| IFRS 10 | Consolidated financial statements | Address the preparation and presentation of consolidated financial statements |
| IFRS 11 | Joint Arrangements | Guide accounting for joint arrangements |
| IFRS 12 | Disclosure of interests in other entities | Guides the disclosure requirements for interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities |
| IFRS 13 | Fair value measurement | Guides measuring the fair value of assets and liabilities. |
| IFRS 15 | Revenue from contracts with customers | Addresses the recognition, measurement, and disclosure of revenue arising from contracts with customers. |
| IFRS 16 | Leases | Guides accounting for leases by lessees and lessors. |
These Are The Latest Updates In IFRS
| Standard | Update | Scope | Objectives |
|---|---|---|---|
| IFRS 17 | The new accounting model for insurance contracts | Applies to all entities that issue insurance contracts | It provides a comprehensive framework. It makes accounting helpful for insurance contracts. |
| Amendments to IAS 1 Presentation of Financial Statements | Clarifies requirements for presentation. It makes disclosure of accounting policies | It applies to all entities that prepare financial statements by IFRS | It improves the quality of financial statements. It enhances the presentation and makes disclosure of accounting policies. |
| Amendments to IFRS 9, IAS 39, and IFRS 7 | Disclosures related to interest rate benchmark reform | It applies to all entities that have assets or liabilities. The entities that the reform of interest rate benchmarks will affect | It provides transparency to users about the impact of the interest rate benchmark reform. It keeps a check on performance and cash flows. |
| Amendments to IAS 16 Property, Plant, and Equipment | Clarifies accounting for proceeds from selling items produced during the testing of PPE | It applies to all entities that have property, plant, and equipment | It guides how to account for proceeds from selling items produced during the testing of PPE. |
| Amendments to IAS 37 Provisions, Contingent Liabilities, and Contingent Assets | Clarifies the definition of a present obligation | It applies to all entities that recognize provisions, contingent liabilities. | It provides clarity on the definition of a present obligation. It makes sure that the provision should be recognized. |
| Amendments to IFRS 3 Business Combinations | Definition of a business and accounting for contingent consideration | It applies to all entities that undertake a business combination | It clarifies the definition of a business. It tells how to account for contingent consideration. |
Why Hire Highmark For IFRS Consulting Services.
- Better reporting on finances.
- Consistency and being able to compare.
- Compliance with the rules and regulations.
- Business Growth Around the World
- Better Governance and Holding People Accountable
- Investors Have Faith
- Improved Risk Management
Key International Financial Reporting Standards
Highmark Answers Your FAQs! IFRS Advisory Services In UAE
What are IFRS benefits for organizations?
International Financial Reporting Standards, or IFRS, help businesses in a number of ways.
- IFRS makes financial reporting more reliable and consistent, which makes it easier for stakeholders to make good choices.
- It cuts down on the cost of reporting financial information and meeting regulatory standards.
- It makes it easier for a business to get money from foreign capital markets.
What do IFRS Advisory services consist of?
IFRS Advisory services help companies with things like
- Accounting policies.
- Financial reporting.
- Internal controls, that have to do with IFRS compliance.
These services help organizations make sure they are following the latest reporting standards and are ready to take advantage of new possibilities.
What does IFRS Consulting mean?
Organizations use IFRS Consulting to get strategic advice and help with IFRS problems. Highmark consultants help businesses make sure they follow IFRS standards by helping them create effective IFRS compliance plans, find areas of risk, and put best practices into place.
What are the services of IFRS Consulting?
IFRS Consulting services offer advice and help with IFRS compliance in a number of areas, such as accounting policy creation, financial reporting, risk management, and reviews of internal controls. These services help businesses find their way through the complex world of IFRS reporting and make sure they are ready to take advantage of new possibilities.
Why should businesses in Dubai use IFRS Consulting services?
Dubai is a major business hub and an entrance to the Middle East. Organizations in this area that want to attract and keep investors need to follow IFRS standards. IFRS Consulting services in Dubai will help businesses keep up with the latest reporting requirements and best practices and make sure they are in a good position to access international capital markets.
What does an "IFRS Consultant" do?
Highmark IFRS Consultant is a professional who gives advice and guidance on IFRS compliance and financial reporting problems. Our consultants know much about IFRS standards and will help companies deal with difficult accounting problems and make sure they follow all the rules.
Why should businesses in Dubai and the UAE use IFRS Advisory services?
Dubai and UAE are two of the most important financial hubs in the world. Many foreign investors look for chances in these markets. Organizations that want to draw and keep investors need to follow IFRS standards. Using IFRS Advisory services in Dubai and the UAE can help businesses keep up with the latest reporting requirements and best practices and make sure they are in a good position to access international capital markets.
What can an IFRS Consultant do to help a business?
An IFRS Consultant can help organizations in a number of ways, such as by helping them come up with effective strategies for IFRS compliance, finding areas of risk, giving advice on accounting rules and financial reporting, and helping organizations stay up to date on legal requirements. These experts can also help organizations take advantage of new opportunities and put themselves in a position to access capital markets in other countries.
What do services mean in terms of IFRS?
International Financial Reporting Standards (IFRS) are followed with the help of High Mark Accountant’s IFRS services.
Why are IFRS services so important?
IFRS services are important for companies in more than one country because they make sure that financial reports are the same and comparable from country to country.
What kinds of IFRS services do accountants at Highmark offer?
High Mark accountant gives many IFRS services, such as implementation, training, advisory, and consultation. At High Mark Accountants, trained and experienced people provide IFRS services.
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