IFRS and Accounting Standards Differences Inventory Management The FIFO approach is used under IFRS. (reason: We do not adopt LIFO under IFRS (International Financial Reporting Standards) since it may represent lower income than actual and does not accurately depict inventory flow. When presenting inventory under GAAP(Generally Accepted Accounting Principles), we can utilize the FIFO or...
TECOM Group Dubai Since 1999, TECOM Group has been creating strategic business areas that are targeted towards specific industries throughout the Dubai emirate. With its current standing, TECOM Group is poised to maintain its crucial role in securing Dubai’s position as a worldwide center for talent and business. Ten business districts serving six essential knowledge-based...
Abu Dhabi Global Market launches Mediation in the Metaverse The world’s first mediation service in the metaverse has been made available by the ADGM Arbitration Center, a cutting-edge arbitration and mediation hearing facility located in the capital of the United Arab Emirates’ international financial district. This service will immediately turn the court-annexed mediation scheme run...
Accounting Tips For Small Businesses Keeping track of spending, accurately recording transactions, logging receipts, and balancing bank statements are all part of basic bookkeeping. A small business’s financial health can be inferred from financial statements such the cash flow statement, balance sheet, and income statement. How can a Small Business Maintain Accounts? Choose an accounting...
Add New Activities to a UAE Trade License Expanding your UAE business? Adding new activities to your UAE trade license is easier than you think. This guide simplifies the process, explaining how to get initial approval, submit your application, and ensure a smooth update to your license. STEP 1 Collaborate with UAE Trade License Zone...
Ministerial Decision No. (265) of 2023 Regarding Activities That Qualify and Activities That Are Excluded Under Federal Decree-Law No. 47 of 2022 on the Taxation of Businesses and Corporations A New Ministerial Decision No. 265 of 2023 Specifies what activities are qualifying and excluded from corporate taxation.“Trading of Qualifying Commodities” refers to both the actual...
QuickBooks for Event Planners for Accounting Taking care of several events with different revenue and expense streams can make managing an event planning company’s finances challenging. For event planners, QuickBooks has an extensive feature set aimed at streamlining and simplifying accounting: Centralized Hub Eliminate disorganized spreadsheets and invoices. QuickBooks gives you a place to keep...
Essential Rules and Regulations for Bookkeeping for Real Estate Agents Bookkeeping plays a very important role in improving the financial efficiency of real estate agents. It is important to consider all the rules and regulations related to it. Following are rules for bookkeeping for Real Estate Agents Maintaining Accurate Records: The Foundation of Bookkeeping The foundation...
Accounting importance in food and beverage industry Accounting is critical to every sector of the economy. The same Because of perishable inventory and fluctuating prices, it is essential for the food and beverage industry. It makes inventory management, cost containment, financial management, and compliance possible. Accounting that is done well guarantees profitability, cash flow control,...
Bookkeeping Tips For Jewellers How to Set Up a Safe Storage System 1. Using a Safe That Is Fireproof: One of the most important things you can do to protect your jewellery bookkeeping data is to have a good, fireproof safe. Don’t forget to keep all of your documentation in the safe, including invoices, bills,...
