IFRS Advisory Services

IFRS (International Financial Reporting Standards) advisory services are to assist organizations in understanding, adopting, and complying with the IFRS framework. IFRS is a set of accounting standards developed by the International Accounting Standards Board (IASB) to provide a common global language for financial reporting. Companies that operate internationally or are listed on global stock exchanges often need to adhere to IFRS.

We, Sheikh Anwar Accounting & Auditing LLC, having vast experience in UAE, experts in this core area can help you to establishment IFRS in your companies in UAE.

IFRS advisory services can encompass a range of activities, and firms providing such services typically offer expertise in the following areas:

1. Implementation of IFRS:

• Advising on the adoption and implementation of IFRS for the first time.
• Assisting in the transition from local GAAP (Generally Accepted Accounting Principles) to IFRS.
• Conducting impact assessments to identify the implications of transitioning to IFRS.

2. Training and Education:

• Providing training sessions and workshops for finance teams and key stakeholders to ensure a clear understanding of IFRS requirements.
• Developing customized training programs based on the specific needs of the organization.

3. Technical Accounting Assistance:

• Offering technical expertise on complex accounting issues under IFRS.
• Addressing specific accounting challenges and providing guidance on the application of IFRS principles to unique transactions.

4. Financial Statement Preparation:

• Assisting in the preparation and presentation of financial statements in compliance with IFRS.
• Ensuring that financial statements accurately reflect the financial position and performance of the organization in accordance with IFRS requirements.

5. Regulatory Compliance:

• Keeping clients informed about changes in IFRS and ensuring ongoing compliance with the latest standards.
• Assisting with the interpretation and application of new or revised IFRS pronouncements.

6. Audit Support:

• Collaborating with external auditors to facilitate the audit process.
• Providing documentation and support for audit purposes to ensure that financial statements are audited in accordance with IFRS requirements.

7. IFRS Updates and Impact Assessments:

• Keeping clients informed about updates to IFRS and conducting impact assessments to evaluate the effects on financial reporting and business operations.

8. Conversion Services:

• Assisting organizations in converting their financial statements from one set of accounting standards (e.g., local GAAP) to IFRS.

9. Cross-Border Transactions:

• Providing guidance on the application of IFRS in the context of mergers, acquisitions, and other cross-border transactions.

Organizations seeking IFRS advisory services should look for us, who possess a deep understanding of IFRS and its practical implications. These services are particularly relevant for companies operating in multiple jurisdictions or those preparing for an initial public offering (IPO) on global stock exchanges where IFRS is a common reporting standard.