Accounting and Financial Reporting Services in Dubai, Abu Dhabi, Sharjah

As a business, you need the reliability of frequent financial reports to gain a better grasp of the status of your finances, both current and future. Without financial fluency, it’s difficult for an organization to flourish, which means that keeping your monetary affairs in order is essential.

At Evas, we will look at these deliverables in greater detail, delving into daily, weekly, monthly and annual reports.

Our accounting services are IFRS compliant and ensures top class services are provided to our clientele.

We offer a range of accounting and reporting services:

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Frequently asked questions

What is the difference between IFRS and US GAAP, and how do they impact financial reporting?

IFRS (International Financial Reporting Standards) and US GAAP (Generally Accepted Accounting Principles) are two different accounting frameworks used for financial reporting. IFRS is used globally, while US GAAP is primarily used in the United States. Understanding the differences between the two frameworks is crucial for companies operating globally, as it impacts how financial statements are prepared and presented.

How does the adoption of IFRS 17 Insurance Contracts impact financial reporting for insurance companies?

IFRS 17 introduces a new framework for insurance contracts, requiring companies to recognize and measure insurance contracts in a consistent manner.

How does the use of Artificial Intelligence (AI) and Machine Learning (ML) transform financial reporting and accounting processes?

AI and ML automate and streamline accounting processes, improving accuracy and efficiency. They also enable real-time financial reporting, predictive analytics, and fraud detection.

How does the use of blockchain technology impact accounting and reporting processes, and what are the potential benefits and challenges?

Blockchain technology offers secure, transparent, and decentralized accounting and reporting processes. Benefits include improved data integrity, reduced fraud risk, and increased efficiency. Challenges include scalability, regulatory frameworks, and implementation costs.

What is the role of ESG (Environmental, Social, and Governance) reporting in modern accounting and how does it impact investment decisions?

ESG reporting provides stakeholders with non-financial information about a company’s sustainability and social responsibility initiatives. This information is increasingly important for investment decisions, as it helps investors assess a company’s long-term viability and potential risks.

What are the important considerations to be made in financial reporting?

The major considerations to be made in financial reporting are cash flow analysis, reporting in accordance with proper accounting and records, receivables aging report, inventory aging report, proper reporting of related parties, and ensuring closing values are accurately made.

Which are the commonly used Management Reports?

The commonly used management reports are the Balance Sheet, Profit & Loss Account, Cash Flow Statement, Schedules, Inventory Reports, and Accounts Receivables Report.

What is the importance of Budgeting?

Budgeting is the process of estimating the revenue and expenses for a specified period of time and preparation of a spending plan which is called a budget. The companies have to mainly create the expense budget and revenue budget for at least 3 months prior to year-end date.

What are the major procedures in the preparation of financial statement?

There are several key steps to ensure that the financial reports are accurate, complete, and in compliance with accounting standards which involves collection of financial data, recording transactions, posting adjusting entries, preparation of trial balance, profit and loss account, balance sheet, cashflow statement and statement of changes in equity.

What is the relevance of books of accounts?

In the era of UAE VAT and corporate tax, maintaining accurate and comprehensive books of accounts is relevant for the compliance and regulatory requirements (UAE VAT and Corporate Tax requirements), tax planning, accurate reporting, audit preparedness, financial management, operational efficiency.

Who are the major users of financial reporting?

There are many internal and external users of financial reporting which include investors, creditors, management, regulators, shareholders, employees, suppliers, customers, analysts and auditors.

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