IFRS Advisory Services

• Increased credibility with investors and creditors.
• Improved transparency and comparability of financial statements.
• Reduced risk of financial reporting errors and fraud.
• Reduced compliance costs.
• Increased efficiency and effectiveness of financial reporting processes.

• Increased transparency and comparability of financial statements: IFRS requires companies to use the same accounting principles, which makes it easier for investors and creditors to compare the financial statements of different companies. This has led to increased transparency and comparability of financial information in Dubai.
• Reduced risk of financial reporting errors and fraud: IFRS provides more detailed guidance on accounting for certain transactions, which can help reduce the risk of financial reporting errors and fraud.
• Reduced compliance costs: IFRS is a single set of standards that can help to reduce compliance costs for companies that operate in multiple countries.
• Increased efficiency and effectiveness of financial reporting processes: IFRS can help to improve the efficiency and effectiveness of financial reporting processes by providing more standardised and consistent guidance.

IFRS impact assessment is crucial because it helps organisations to understand the potential impact of IFRS on their financial statements, operations, and reporting. This information can be used to make informed decisions about whether or not to adopt IFRS and how to implement IFRS if it is adopted.

Specific reasons why IFRS impact assessment is crucial:

• To identify the potential impact of IFRS on the organisation's financial statements: IFRS can have a significant impact on the way that organisations account for their assets, liabilities, income, and expenses. An impact assessment can help to identify these potential changes and their impact on the organisation's financial statements.
• To identify the potential impact of IFRS on the organisation's operations: IFRS can also significantly impact how organisations operate. For example, IFRS may require organisations to change their accounting systems, internal controls, or reporting processes. An impact assessment can help to identify these potential changes and their impact on the organisation's operations.
• To identify the potential impact of IFRS on the organisation's reporting: IFRS can also significantly impact how organisations report their financial information. For example, IFRS may require organisations to provide more or less information in their financial statements or change how they present their financial information. An impact assessment can help to identify these potential changes and their impact on the organisation's reporting.

IFRS 15, Revenue from Contracts with Customers, is an International Financial Reporting Standard (IFRS) that provides guidance on recognizing revenue from contracts with customers. The standard was issued in May 2014 and is effective for annual reporting periods beginning on or after 1 January 2018.

• A principles-based standard guides the principles that should be applied when recognizing revenue. Still, it does not give specific rules for every situation.
• It requires entities to identify the distinct goods or services promised in the contract and to allocate the promised consideration to those goods or services.
• It requires entities to recognize revenue when (or as) the entity satisfies a performance obligation to the customer.
• It requires entities to disclose more information about their revenue, including the nature of the goods or services being transferred, the timing of revenue recognition, and the amount of income recognized.

IFRS 16 is a complex standard, but it is designed to provide a more transparent and consistent approach to accounting for leases. The bar is expected to improve the comparability of financial statements across entities and industries.

• IFRS 16 will require all lessees to account for leases similarly, enhancing the comparability of financial statements across entities and industries.
• IFRS 16 will require lessees to disclose more information about their leases, increasing transparency and making it easier for investors and creditors to understand the entity's leasing activities.
• IFRS 16 will reduce the risk of lessees misclassifying leases, which can lead to inaccurate financial statements.
• IFRS 16 is expected to improve the quality of decision-making by investors and creditors, as they will better understand the entity's leasing activities.

• IFRS 9 enhances the comparability of financial statements across entities and industries.
• IFRS 9 increases transparency and makes it easier for investors and creditors to understand the entity's financial position and performance.
• IFRS 9 reduces the risk of entities misclassifying their financial instruments, which can lead to inaccurate financial statements.
• IFRS 9 improves the quality of decision-making by investors and creditors, as they will better understand the entity's financial position and performance.