IFRS Implementation Service

It’s required by law that all companies in UAE prepare their financial statements according to International Financial Reporting Standards (“IFRS”). The standard language can be hard to interpret at times. Keeping up with all IFRS and IFRIC updates can even be harder. However, it will be a long-time relief when you’ve got a team of IFRS consultants that have been dedicated to this field of consultancy for years.

IFRS implementation services include but are not limited to:

  1. On-going IFRS adoption and implementation support
  2. Designing IFRS compliant accounting and financial reporting processes which will cost-efficiently produce the desired outcomes and designing policies and control procedures to ensure the success of such processes
  3. Designing and preparing accounting and reporting manuals for use by your team
  4. Gap analysis
  5. IFRS training

Why choose Al-Sharid as your IFRS consultant?

By offering our IFRS advisory services in UAE, Al-Sharid supports their clients to meet the applicable IFRS requirements, simplify their IFRS-backed accounting and financial reporting processes, and improve their business reporting efficiency and effectiveness by helping them design the most cost-efficient solutions.
We can also help you with choosing an appropriate accounting software that can automate some of your IFRS implementation processes such as those related to IFRS 9, IFRS 15, and IFRS 16.
Al-Sharid IFRS advisory services are tailor-made to meet the financial requirements and business needs of your company.

Our approach to providing IFRS implementation services

We understand our clients’ advisory needs can be so unique. When you give us a call, we do our best to understand your unique needs, and our consultants then get back to you soon with the most cost-efficient offer. For larger projects, we can arrange a meeting with your accounting and finance team and discuss the situation in detail.

We provide our IFRS implementation services by giving industry-specific solutions, which in return results in high quality services. We can help you implement industry-specific best practices to help you comply with IFRS in the most efficient and effective way possible.

Our team of experts has the right experience and knowledge to help your company achieve its objectives

Our team of consultants have extensive experience dealing with client staff with different accounting backgrounds. No matter how small or unskilled your team is, our team of experienced consultants are capable of maintaining very effective communications with your team which will in return significantly make it easier for them to understand the applicable IFRS requirements and the actions they should take.

IFRS is a very comprehensive financial reporting framework. Its provisions will affect all of your accounting and financial reporting process. Implementing the appropriate IFRS treatments correctly over incorrect input will still produce unacceptable outcomes as those outcomes will not be faithfully representative of the financial transactions that occurred. Faithful representation is a very key fundamental characteristic of useful financial information under the conceptual framework of IASB which is part of IFRS. Therefore, for our IFRS advisory services to help you work towards an unmodified audit report, we can discuss your situation to get back to you with the most cost-efficient service offer that will help you achieve your goal. We’ll have to learn more about your relevant input processes.

Depending on the nature and extent of our advisory services and which of our team members we’ll have used in the provision such services, we’ll use our professional judgment to decide whether providing a financial statement audit service to you will constitute a breach of the provisions of the International Code of Ethics for Professional Accountants (“the Code”). Al-Sharid does comply with the International Code of Ethics for Professional Accountants. Therefore, we always decide to avoid threats to compliance with the fundamental principles of the Code such as the self-review threat as defined in the 120.6 A3 paragraph of the code. Therefore, kindly give us a call so we can discuss your situation.

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