IFRS Consulting Services

Dubai has a significant demand for consultancy and services related to International Financial Reporting Standards (IFRS) in the country.

Operating as a global corporation presents challenges in managing to account for and reporting responsibilities domestically and across multiple countries where entities function. With the rapid growth of multinational organizations and increased commercial transactions, implementing and adhering to International Financial Reporting Standards (IFRS) has become increasingly vital.

IFRS provides numerous benefits, including evaluating your company's performance against competitors and standardizing reporting language across international subsidiaries. Moreover, these standards offer potential investors a comprehensive understanding of your financial operations, providing a foundation for assessing and comprehending your performance based on financial metrics.

Navigating the extensive requirements of IFRS and keeping up with periodic modifications can be daunting. To address this challenge, our team of in-country and in-house experts specialize in providing comprehensive IFRS Advisory Services in Dubai. We offer best-practice compliance solutions and tailored consultations on various elements of IFRS, ensuring that our services are customized to meet your organization's unique needs and requirements. By leveraging our expertise, you can effectively implement IFRS and stay ahead in the ever-evolving financial landscape.
 

Knowledgeable advisors at Filing Buddy offer expert advice on various financial aspects, including employee benefits, income, leasing, value adjustments, and financial instruments. Our comprehensive IFRS Advisory Services in the UAE cover:

• Audit of your current accounting practices
• Development of new accounting procedures
• Analysis of potential IFRS reporting alternatives
• Assessment of their impact on your company's financial reporting and key performance indicators

We provide tailored solutions to meet your company's immediate needs and long-term strategic goals, ensuring accurate and informed financial management.

If your firm is eligible to report under the International Financial Reporting Standards (IFRS) but unsure where to begin, Filing Buddy is here to help. We specialize in assisting you with the following aspects of establishing proper accounting practices:

• Preparation of initial financial statements.
• Development of new accounting procedures and methodologies.
• Drafting internal guidelines for IFRS compliance.
• Identification and calculation of differences between IFRS and SAS.
• Consultation on mandatory and voluntary exclusions to the retroactive method for accounting transition.

With our expertise and guidance, you can navigate the transition to IFRS smoothly and ensure accurate financial reporting for your firm.

We can provide you with unbiased guidance on effectively adapting to new standards, whether you need assistance in implementing standards like IFRS 15, IFRS 16, or IFRS 9, or you are impacted by a new standard due to a recent business transaction. Our services include:

• Support in adopting the new standard.
• Establishment of a suitable reporting system.
• Disclosure of the implications of the new standard.
• Assessment of the current situation.
• Evaluation of existing contracts in light of the new standard.
• Development of accounting policies aligned with the new standard.
• Implementation of new accounting methods, reporting, and disclosures.
• Assistance with audits to ensure compliance.

Even if you don't need extensive IFRS consulting services, we can still assist you by creating financial statements that adhere to IFRS standards, saving you both time and money. Our knowledgeable experts stay updated on the latest standards, ensuring that your financial statements are accurate, transparent, and compliant.

• Implementation of automated reporting
• Guidance on establishing a new accounting system and reporting parameters
• Setting up reporting for the parent company to address differences between IFRS and SAS
• Development of accounting policies and chart of accounts creation

As market conditions constantly evolve, businesses must adapt their structures to maintain or enhance their value and align strategically with the changing business environment. We assist in navigating and adhering to IFRS, specifically in restructuring operations and organizational changes reflected in your interim financial statements.

We understand that transitioning to IFRS can pose challenges for your company, as the standards can be complex to comprehend and implement, leading to potentially significant errors. Moreover, the constant updates and revisions to the International Financial Reporting Standards (IFRS) make it difficult for businesses to maintain compliance with the latest amendments.

To address these concerns, our team of experts and professionals in Dubai or UAE offers customized and tailored assistance to help you navigate and maintain compliance with IFRS. Our IFRS Advisory Service is designed to provide the necessary support and guidance, keeping you updated with the latest advancements and meeting the standard requirements.