IFRS standards are essential to international financial reporting because they give commercial dealings a universal language, resulting in more thorough firm accounts. Adopting IFRS significantly affects a company’s cash management, treasury, taxes, financial reporting systems, and other areas. For businesses in the United Arab Emirates, IFRS impact assessment and implementation are laborious tasks since they necessitate changes to personnel, procedures, and systems. With consideration for the needs of the business, RFZ Accounting is a comprehensive solution that helps organizations execute IFRS Implementation and Impact Assessment in the UAE.
Services for International Financial Reporting Standards
The recently implemented International Financial Reporting Standards (IFRS) have significantly influenced UAE-based enterprises. Many businesses attempt to catch up after starting the application process later than expected.
The way the balance sheet and income statement are presented is becoming increasingly unstable due to these new rules.
The International Financial Reporting Standards, or IFRS standards, are a collection of accounting titles that specify how certain transactions and other accounting processes must be recorded in financial statements. When a novel or updated accounting standard is implemented in a business starting at a specific time, it is guided.
IFRS Impact Assessment’s Importance
To address emerging economic concerns and enhance the quality of financial statements, the International Accounting Standards Board (IASB) either releases new International Financial Reporting Standards (IFRS) or updates current standards with appropriate adjustments. An IFRS impact assessment is typically conducted when a new or revised accounting standard is applied in business as of a specific date.
Since IFRS Standards provide a source of comparable statistics, they are essential to firms worldwide. It benefits economic efficiency and aids in investors’ recognition of opportunities and hazards worldwide to enhance capital allocation. IFRS sends general instructions for the grounding of financial statements.
Starting an IFRS impact evaluation is crucial since it:
- to report to the stakeholders
- to report to the public
- understand the effect of the new or revised IFRS before closing the financial year.
Information required to conduct the IFRS Impact Assessment:
- Accounting manuals
- Audited financials for the last two financial years
- Details of Financial Assets & Liabilities
- Details of agreements or contracts with the clients of the company
- Details of relevant Invoices
- Details of contract revenue
- Other pertinent information, if any, and supporting documents
Services for RFZ Accounting IFRS Implementation and Impact Assessment.
RFZ Accounting has a team of competent specialists with experience in following international standards to ensure proper implementation of IFRS and impact assessment activities. The following three significant IFRS accounting canons that have lately affected UAE businesses and created uncertainty are dealt with by RFZ Accounting specialists.
- IFRS 9 that deals with Financial Instruments Impact Assessment
- IFRS 15, which deals with Revenue from Contracts with Customers, Impact assessment
- IFRS 16 that covers lease impact assessment
IFRS Consulting
A collection of accounting titles known as IFRS or International Financial Reporting Standards specify how transactions and other accounting processes must be recorded in financial statements. It is guided when a new or updated accounting standard is implemented in a business starting at a specific date. RFZ Accounting can assist clients with hassle-free financial reporting activities in compliance with IFRS standards thanks to their solid industry knowledge and competence in accounting, auditing, bookkeeping, and IFRS consulting services.
Your company can gain a great deal from using IFRS, some of which are listed below:
- Brings transparent
- Improves accountability
- Brings efficiency
- Increases the reliability of the financial statements
- Helps VAT reporting
Why is RFZ Accounting?
Because many UAE businesses did not begin the process early, adapting to the new IFRS standards has been extremely difficult. It implies that much work needs to be completed before the year’s end instead of over the year. It also requires a significant amount of IT effort. The signature, magnitude, timing, and degree changes have taken several organizations off guard.
Depending on the needs and nature of your company, RFZ Accounting’s highly skilled and certified personnel may manage these areas and handle the situation better to solve any problems you encounter during the IFRS implementation process.
RFZ Accounting IFRS Services
RFZ Accounting is well-known in the UAE for offering top-notch IFRS consulting services. We assist clients with financial reporting, IFRS financial statement preparation, future amendment analysis, and other related tasks. Many more topics are covered by RFZ Accounting’s IFRS advisory and consulting services, such as:
- IFRS adoption and implementation
- Implementation assistance with complex standards
- Impairment testing and modeling
- Revenue Recognition Processes and Controls
- Preparation and development of reporting manuals
- Developing a plan for sustainability
- Assistance in redrafting IFRS accounting policies in line with changes in accounting standards or adoptions.
- Training and knowledge transfer process
