Importance of Banking IFRS If you work for a bank or some other financial related establishment, at that point you are very much aware of the way that Banking IFRS is somewhat extraordinary there. Alright, not exactly like that: IFRS…
About Mollak In brief, the Dubai Land Department, through its regulatory arm Real Estate Regulatory Authority (RERA), has launched a first-of-its-kind e-system called Mollak Services in Dubai (the Arabic word for Owners). To summaries, this regulates jointly owned properties, service…
Understanding the effect of IFRS 16 tax implications International Financial Reporting Standard 16 Leases (IFRS 16) comes into power for accounting periods starting on or after 1 January 2019. However, in certain cases prior appropriation comes into play. It replaces…
As per new rules, the UAE is all set to implement IFRS leases on a national scale. These new IFRS leases and subleases came into force and have since revolutionized the UAE. The primary objective behind such an implementation was…
IFRS 16 summary and course of events An IFRS 16 summary leases, remembering data for Current recommendations and a course of events of past corrections, declarations, introduction drafts, and conferences. The IFRS 16 summary will now be an integral part…
On 31 October 2018, the IASB gave ‘Meaning of Material (Amendments to IAS 1 and IAS 8)’ to explain the meaning of ‘material’ and to adjust the definition utilized in the Conceptual Framework and the benchmarks themselves. The New IFRS…
Outsourcing International Financial Reporting Standards(IFRS) 16 The IASB distributed IFRS 16 Leases . This new standard replaces the earlier used IAS 17 system. However, specific outsourcing of IFRS 16 functions such as organic resources, protected innovation, and rights of authorizing…
The IAS and IFRS are two terms that come into most accounting and bookkeeping discussions. In fact, several people use the terms IAS and IFRS interchangeably. However, the IAS and IFRS are not the same thing, but rather have subtle…
What is the new IFRS 16 standard? The New IFRS 16 (International Financial Reporting Standard) system is an updated standard for lease accounting. The system came into power and supplanted the older IAS 17 lease accounting standard. The International Accounting…
IN 2005, the US Securities and Exchange Commission (SEC) assessed that US public companies may have roughly US$1.25 trillion worth of IFRS leases 2020 cockeyed sheet. Since then, the International Financial Reporting Standards has upheld the highest accounting standards. As…