General purpose financial statements of a Company that are so often used by various stakeholders such as the shareholders, prospective investors, regulators, employees, lenders amongst…

The Federal Tax Authority’s (FTA) recent guide on determining taxable income provides valuable insights for businesses operating in the UAE.

A fundamental decision management must make when preparing financial statements is whether to prepare them on a going concern basis. Under the going concern basis,…

In our previous two articles on audit trail, we discussed the amendments brought in by the Ministry of Corporate Affairs (MCA) to mandate the use…

Every year, minor amendments to the International Financial Reporting Standards (IFRS) are introduced by the International Accounting Standards Board (IASB) by way of annual improvements.…

In our previous article, the first of two installments on Audit Trail, we discussed the amendments brought in by the Ministry of Corporate Affairs (MCA)…

Recently, India became the first country to introduce reporting requirements on the ‘Audit Trail’ to improve transparency and integrity of the financial reporting process.

As per Article 23, specified income from participating interest is exempt from Corporate Tax in UAE (CT). As per Clause 2 of the said Article,…

The Union Budget 2023, expanded applicability of section 56(2)(viib) of the Income-tax Act, 1961 (the ‘Act’), commonly referred to as angel tax provisions, regarding issuance…