How Financial Accounting Differs From Managerial Accounting
Financial accounting and managerial accounting are the two major parts of accounting principles. Managerial accounting is the method of selecting, calculating, analyzing, interpreting, and communicating financial data to authorities to achieve the organization’s goals. Financial accounting is the method of recording, summarizing, and reporting the list of transactions and financial activities from business operations over […]
Do you follow Jan to Dec Financial Year
Submission of ESR Notification A notification must be filed if you are a corporate entity or partnership that undertake any of the following relevant activity during the financial year Banking business Insurance Business Investment fund management business Lease-Finance business Headquarter Business Shipping Business Holding Company Business Intellectual property business Distribution and service center business Do […]
ESR Notification due date is June 30th, 2022.
ESR Notification due date is June 30th, 2022. AGX Auditors would like to update its valued clients and partners, ESR Notification in UAE as per Ministry of Finance is due to be filed on of before June 30th, 2022 for the year 2021. We suggest to make a reassessment of ESR applicability on your business, if required take […]
UAE to TAX corporate profits
The UAE Ministry of Finance (‘MoF’), on 31st January 2022, announced the introduction of Corporate Tax (‘CT’), which will be effective for financial years starting on or after 1st June 2023. Corporate Tax (CT)is a form of direct tax levied on the net income or profit ofcorporations and other businesses. Corporate Tax is sometimes also […]
REVISED DEADLINE FOR REDETERMINATION OF ADMINISTRATIVE PENALITIES
Cabinet Decision No.108 of 2021 is issued amending the due date to meet the requirements for re determination of the administrative penalties. The previous deadline was 31st December 2021 and now it is extended to 31st December 2022. The Authority shall redetermine the administrative penalties charged on or before 28th June 2021 in accordance with […]
Statutory Audit/External Audit
Statutory Audit or External Audit is conducted annually to meet the set of legal requirements insisted by the government and controlling authority of each country. It relies on the internal audit reports, verification of financial information, documents, and related stock validations. It is a legally delegated examination of a company’s financial statements, documents, and details […]
Accounting services best practices in Dubai,UAE
Accounting principles 5 Basic accounting principles Accounting principles are essential rules and concepts that govern the field of accounting, and guides the accounting process should record, analyze, verify and report the financial position of the business. There are 5 basic accounting principles which are the rules and guidelines that companies must follow when reporting financial data. […]
Accounting Standards in Dubai UAE
IFRS International Accounting Standards (IAS) are older accounting standards issued by the International Accounting Standards Board (IASB), an independent international standard-setting body based in London. The IAS were replaced in 2001 by International Financial Reporting Standards (IFRS). International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. The difference between them is that IAS […]
#1 Accounting Services in Dubai UAE
Accounting Services in Dubai A professional accountant’s services cannot be put back by normal accountants or any other least experienced accounting companies to those companies you have given accounting work in Dubai. You will not be sure about the services provided by a normal accountant. At AGX we never compromise on the quality and the […]
VAT update for Automotive sector in UAE
The VAT update is applicable for New car dealers Used car dealers Servicing and parts’ suppliers Supplies produced by companies in the automotive sector are normally subject to VAT, including Sales of new and used cars Sales of car parts Service centers’ services, warranties, and related insurance services Public transport services are however, zero-rated for […]