Over a period of past five years International Financial Reporting Interpretations committee (IFRIC) has come out with various amendments in IAS and IFRS and also introduced several new IFRS. This requires the entities to enter and recognise various transactions which are complex in nature. IFRS 16 – Lease accounting, IFRS 17- Accounting for insurance companies, IFRS 3 for business combination, IFRS 9 for financial instrument etc requires basic understanding of the accounting entries and disclosure requirement. IFRS advisory allows you to do a correct accounting even before the audit is commenced. Complete working papers in respect of lease accounting, expected credit loss, impairment, revaluation etc enables to complete the audit in time. With introduction of corporate tax, which mandates the accounting to be done as per IFRS, proper knowledge of the accounting standards is prerogative to avoid any mistakes in corporate tax returns.
M&M can guide in decoding the IFRS. As one of the audit firms in Dubai, we have inhouse expertise to train, provide fact sheets and assist in accounting.