Accounting

Accounting is mandatory for all companies across Dubai / UAE

Accounting Standards

Bookkeeping is not only a performance measurement for the owners of a company, it is part and parcel of every running business. The goal is that companies can track their expenses to ensure effective financial management. Not only this, step-by-step deployment of the accounting cycle enables the companies to provide better insights to the stakeholders, and potential investors, and quantitative information on monetary assets to the state institutions for audits. Also in the UAE and Dubai, it is best practice for any business to ensure compliance with universal accounting standards for higher transparency and accuracy of financial records.

To renew your yearly business licenses it is mandatory to have your accounts audited to receive a license for your business.

If you are new to the business and don’t know any detail about this, don’t worry “1stop Connect” can help you to achieve this mandatory task for managing business accounts and regulations compliance in UAE. Worldwide there are two most used standards for financial reporting:

  • INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

and

  • ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

In simple words said the UAE regulations are expecting IFRS standards for Accounting and Auditing.

Presently, more than a hundred countries in the European Union (EU) and Asia are

actively using IFRS to communicate accounting affairs globally.

However, the USA and Canada are still adhering to GAAP.

 

“1stop Connect” is partnering for this task with a world-renominated partner “Excellence Business Accounting and Auditing” which holds many affiliations and accreditations from the best international and national bodies.

The main difference between the two

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

International Accounting Standards Board (IASB) has issued IFRS as the international accounting standard for accomplishing the tasks and activities of financial management. It deals with particular types of events and transactions for financial reporting. The IFRS explains a comprehensive way of working for accountants to maintain their records. The set of principles is designed to ensure a common language that is well understood by business people and accounting companies across the world.

  • The method is used by more than 100 countries across the globe.
  • The standards are approved by the International Accounting Standard Board (IASB)
  • IFRS enables the business to reverse inventory under critical business conditions
  • The business can capitalize on the development costs in IFRS.
  • IFRS doesn’t support Last In First Out (LIFO) management processes.
Generally Accepted Accounting Principles (GAAP)

GAAP is comprised of all essential principles and rules to deal with the intricacy, complexities, and accounting legalities for managing corporate accounting. GAAP is the foundation of accounting methods as approved and used by the Financial Accounting Standards Board (FASB). The deployment of GAAP requires extensive accounting services because it is used to manage balance sheets, revenue recognition, and outstanding classification of items and shared estimations for public disclosure.

  • The method is used by a few countries, including the USA and Canada. It is a generalized technique defined by the companies distinctively.
  • Financial Accounting Standard Board (FASB) has developed and introduced the method.
  • Businesses are prohibited from making inventory reversals while using GAAP
  • The Cost of development is considered an expense for the companies.
  • GAAP supports Last In First Out (LIFO) management processes.

Other Services

Nevertheless, if you require monthly reporting, quarterly reporting, or annual reporting. We at “1stop Connect” understand what is required and help you in all matters.

Globalist

Accounting is not only relevant for the UAE legal bodies, it might be also relevant for your mother holding or HQ.

Account Manager

You have your personal contact who is accompanying you through the TAX, accounting and reporting procedures

Personal

We promise that the personal touch lets you focus on your business success with hassle-free financial procedures and services

At “1stop Connect“, we believe in high-quality and timely fashion support for businesses. Our consultants are ready to help you to elevate your business to the next level.

Some added value services which we offer are:

  • Legal Compliance
  • Bookkeeping and monthly misreporting
  • Budgeting, cost, and forecasting
  • Payroll accounting
  • Management Accounting
  • Review and reconciliation of accounts
  • Physical verification of inventory
  • Cost Accounting
  • Assistance in VAT Auditing
  • Chart of Accounts

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Frequently Asked Questions

Our company is registered in the Dubai Freezone, can you help me with my accounting and auditing?

Our partners are approved auditors in DMCC, JAFZA, DIFC, DAFZA, DWC, DSO, SAIF Zone, Hamriyah Free Zone, DED, The Dubai Design District (D3), TECOM, Dubai Media City, and Dubai Internet City.

Do you offer service from an approved partner of the Ministry of Economy?

Yes, we partner only with those authorized and approved by the Ministry of Economy under registration no 843.

My UAE bank is asking for an audit report, do you have experience with which formats UAE banks are focusing on?

Yes, our experience shows that reports are widely accepted by all the major banks in UAE.

 

We have a team of expert professionals with relevant experience in this field. Our professionals work closely with clients and carefully analyze their specific requirements.

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