IFRS Compliance in the UAE

Most companies in the UAE are required to prepare financial statements in accordance with IFRS. This ensures clear reporting, global acceptance, accurate records, regulatory compliance, better audits, investor trust, and smoother tax assessments across different business sectors.
IFRS compliance is a major focus area during audits in the UAE. Regulators and stakeholders rely on financial statements to make informed decisions. When IFRS is applied correctly, it improves transparency and reduces financial risk. Auditors closely examine how companies apply key standards to ensure accuracy and fairness.
As business regulations evolve, IFRS compliance has become more important than ever. Companies are expected to follow standards consistently and support their accounting decisions with proper records. Any weakness can lead to audit adjustments or compliance issues.

IFRS 15 – Revenue Recognition

Revenue recognition is one of the most sensitive audit areas. Under IFRS 15, revenue must be recognized when control of goods or services is transferred to the customer. This does not always match the timing of invoicing or cash receipt.
Auditors closely review contracts with customers. We assess performance obligations, pricing terms, and delivery conditions. Incorrect timing of revenue recognition can overstate income and mislead users of financial statements.
Industries such as construction, trading, and services face higher risk in this area. Clear documentation and proper contract review help reduce errors and audit adjustments.

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