Background: XYZ Jewellers, a well-known jewellery brand, is preparing to showcase its collection at an upcoming jewellery expo in Mumbai. Since the company does not have a permanent presence in Mumbai, they will set up a temporary stall for the event.

The introduction of the UAE’s corporate tax law marks a significant milestone in the country’s fiscal landscape, ushering in the era of corporate taxation that will reshape how businesses operate and report their tax obligations.  As UAE introduced its Corporate Tax Law, many businesses faced challenges in understanding the registration timeline, leading to fines for… Continue reading UAE Corporate Tax Law: Key Provisions & Business Implications

IntroductionKerala has become the first state in India to introduce the requirement of an E-Way Bill (EWB) for the intra-state transportation of gold and precious stones valued at ₹10 lakh and above. This mandate is effective from January 20, 2024, as per the notification issued by the Government of Kerala.  What is an E-Way Bill?An… Continue reading Kerala Mandates E-Way Bill for Intra-State Gold Transport

IAS 16-Property, Plant and Equipment (PPE) sets the principles for recognizing, measuring, and depreciating PPE in financial statements, ensuring consistent accounting while promoting transparency and comparability in financial reporting. Depreciation allocates the cost of an asset over its useful life, reflecting its gradual wear and tear. However, real-world changes such as revised estimates, revaluations, or… Continue reading Managing Depreciation of Property, Plant and Equipment: Accounting for Changing Scenarios

Introduction Accounting for consignment inventory is essential in accordance with IAS-2 (Inventories) as it provides guidance on how to recognize, measure, and value inventory. Since ownership remains with the consignor, they must report consigned goods as inventory. By valuing inventory at the lower of cost or net realizable value, IAS-2 helps consignors accurately report inventory… Continue reading Consignment Inventory Accounting Under IAS-2: Principles, Practices, and Disclosures

Overview of IAS 8 IAS 8 provides a framework for selecting accounting policies, accounting for changes in accounting estimates and policies, and correcting prior-period errors. Its objective is to ensure consistent application of standards, reliable financial reporting, and proper disclosure to enable users to make informed decisions. 1. Accounting Policies What Are Accounting Policies? Accounting… Continue reading Practical Insights into IAS 8: Handling Accounting Changes and Errors

Shareholders’ Current Account is an important term in the UAE, typically found on the liability side of the balance sheet. While it’s often grouped with shareholder-related items like share capital and statutory reserves, the Shareholders’ Current Account serves a more dynamic purpose. It records the ongoing financial interactions between the company and its shareholders, reflecting… Continue reading Shareholders’ Current Account in the UAE

As the UAE’s new Corporate Tax regime progresses and most companies move in Q4 of their first tax period, businesses must focus on various compliance areas, one of which is managing transactions with related parties and connected persons. Often, companies transfer goods or services within their group, and such transactions are governed by Transfer Pricing… Continue reading Transfer Pricing Under UAE Corporate Tax Law: Key Insights

All Business or Professional Entities, other than Companies incorporated under the Companies Act and Limited Liability Partnerships incorporated under the Limited Liability Partnership Act are considered to be Non-Corporate entities. This Technical Guide is relevant for the preparation of the financial statements of Non-Corporate Entities which include sole proprietorship firms, partnership firms, trusts, Hindu Undivided… Continue reading Unlocking Financial Insights: ICAI’s 2023 Guidance for Non Corporate Entities

The Financial Action Task Force (FATF) serves as the pre-eminent authority in establishing global standards for combating money laundering, terrorist financing, and proliferation financing. Through its recommendations, FATF guides countries in developing robust legal frameworks to address these threats within their jurisdictions. When countries fail to meet FATF’s standards they may find themselves placed on… Continue reading FATF Set to Remove UAE from Grey List: What It Means for the Region