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International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS)

Our IFRS compliance experts give you a full picture of the IFRS implementation lifecycle, helping you evaluate your revenue streams and agreements, implement new processes and systems, and ensuring adherence of financial reporting practices with international accounting norms with our IFRS.

    International Financial Reporting Standards (IFRS) refers to a globally-accepted set of accounting and financial reporting guidelines for preparing and presenting financial statements. At MBG, we support companies in insuring the financial statements are as per the financial reporting guidelines. These IFRS standards are issued by the International Accounting Standards Board (IASB) to create a common accounting language that could be understood globally by investors, auditors, government regulators, and other interested stakeholders. These common rules and guidelines are applicable across the globe helping make financial statements consistent, credible and comparable.

    Is it mandatory to have financial statements based on IFRS standards?

    • In the UAE, the adoption of IFRS is primarily applicable to companies listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX).
    • The Emirates Securities and Commodities Authority (ESCA) is the regulatory body overseeing securities and commodities markets in the UAE.
    • ESCA has played a role in promoting the adoption of international accounting standards, including IFRS, to enhance transparency and comparability in financial reporting.

    Additionally, certain regulatory bodies and free zones may require or permit the use of IFRS for financial reporting.

    Key Benefits:

    • Compliance with international standards and local regulations
    • Improves accountability and investor confidence
    • Enhanced financial reporting
    • Optimized accounting processes and procedures
    • Improves decision making and risk management
    • Enhanced comparability

    Why Choose MBG?

    • 600+ Professionals and experts employed full-time
    • 3,000+ Clients globally
    • 100+ Fortune 500 Clients served
    • 15 offices in 8 countries

    360-degree approach

    At MBG Corporate Services, we give you a holistic 360 degree approach to the implications of the upcoming Corporate tax regime. We offer solutions related to legal, VAT, audit, IFRS, and other UAE-related laws and regulations.

    Corporate Tax
    • - Customized Tax Impact Assessment
    • - Transition Support
    • - Post-Implementation Support
    • - Tax Group v/s Individual Entity Registration
    Transfer Pricing
    • - TP Impact & Gap Assessment
    • - TP policy review / policy development
    • - Supply chain / Functional and Benchmarking Analysis
    • - TP documentation & benchmarking analysis
    Legal
    • - Restructuring
    • - Transaction and Ownership
    • - Corporate Secretarial Compliances
    • - Compliances and Resolution
    Audit
    • - Consolidated v/s standalone financial statements Support
    • - Statutory Audit
    • - ICV Certification & Guidance
    Risk Advisory
    • - Risk assessment on selected accounts
    • - Guidelines, Policies & Procedure Manual
    • - Robust periodic Accounting Reconciliation system
    • - Training & Workshops
    • - Cost Optimization including Supply chain
    Indirect Tax
    • - VAT & Corporate tax alignment assessment
    • - Transition Support
    • - Custom, Excise, Vat reconciliation and Tax
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