Financial Accouting

FINANCIAL ACCOUNTING

Financial accounting in the UAE involves adhering to a combination of international and local regulations. The UAE requires businesses to follow International Financial Reporting Standards (IFRS), which align with global accounting practices. Additionally, Federal Law No. 2 of 2015, known as the UAE Commercial Companies Law, provides a comprehensive framework for company operations, including financial reporting and accounting practices.

Local regulations may vary across different emirates, particularly in free zones where specific requirements might apply. Companies generally need to have their financial statements audited by a licensed auditor to ensure compliance with both IFRS and legal standards. Although there is no federal income tax on corporations, businesses must comply with VAT (Value Added Tax) regulations, which necessitates accurate accounting and reporting.

Requirements

To meet these requirements, many businesses use internationally recognized accounting software to maintain compliance and manage their financial operations effectively.
Please provide us with your specific requirements, and we will tailor a reporting package to align with your needs. Our team will diligently prepare the report package, ensuring it meets your expectations and provides all necessary details. The finalized report package will be submitted to you by the 18th of the following month, contingent upon receiving all required information and documentation promptly. Timely provision of these materials is essential to ensure we meet the deadline and deliver a comprehensive and accurate report. Should you have any special requests or additional information needs, please let us know so we can accommodate them effectively.

Management Accounting

The process of establishing organizational goals through the identification, measurement, analysis, interpretation, and communication of information to managers is known as management or managerial accounting. This branch of accounting is dedicated to providing management with relevant information regarding operational business metrics. It involves analyzing data related to the costs of products or services acquired by the company to support decision-making and strategic planning.

Budgets play a crucial role in this process by quantifying the decisions made during operational planning. Management accountants utilize performance reports to compare actual results against budgeted figures, identifying any variances. This analysis helps in assessing performance, making necessary adjustments, and improving future planning.

The primary distinction between management accounting and financial accounting lies in their focus and purpose. Financial accounting is concerned with the collection and reporting of financial data to create external financial statements, which provide a historical overview of a company’s financial position. In contrast, management accounting is centered on the internal processing of financial information to track and manage business transactions, thereby supporting internal decision-making and strategic management.

With a professional team we are ready to help your needs

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Financial Accouting

FINANCIAL ACCOUNTING

Requirements

Management Accounting

With a professional team we are ready to help your needs

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