Accounting & Financial Reporting Services
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Accounting and Financial Reporting Services in Dubai, UAE
Being the leading accounting and auditing firm in the UAE, BOOKBLISS has been offering extensive Accounting and Financial Reporting Services in Dubai and all over the UAE to help clients present the company’s financial status to its investors, creditors, clients, suppliers, and government agencies, thereby ensuring the financial statements comply with International Financial Reporting Standards (IFRSs). The detailed financial reports provided by BOOKBLISS help you evaluate your company’s financial performance of the past and ongoing financial periods
Accounting and Financial Reporting Services
In the dynamic business environment of the [region], maintaining accurate and transparent financial records is essential. Bookbliss Finance Consultancy provides comprehensive accounting and financial reporting services to ensure businesses adhere to regulatory standards and make informed decisions.
Our Approach
Our accounting and financial reporting services encompass the following key components:
- Double-Entry System: We implement a robust double-entry bookkeeping system, ensuring that every financial transaction is accurately recorded in at least two accounts, maintaining the balance between debits and credits.
- Ledger Maintenance: We meticulously record all business transactions in ledgers, capturing essential details such as dates, amounts, and unique reference numbers, facilitating accurate tracking and reconciliation.
- Trial Balance Preparation: Post ledger maintenance, we prepare trial balances to verify the accuracy of recorded transactions, ensuring that total debits equal total credits, which is crucial for error detection.
- Financial Statement Compilation: We compile comprehensive financial statements, including:
- Income Statement: Reflects the company’s profitability over a specific period.
- Balance Sheet: Provides a snapshot of the company’s financial position, detailing assets, liabilities, and shareholders’ equity.
- Cash Flow Statement: Illustrates the inflow and outflow of cash, highlighting operational, investing, and financing activities.
- Shareholders’ Equity Statement: Details changes in equity, including retained earnings and issued capital.
Additionally, we prepare Management Information System (MIS) reports, such as comparative income statements, customer and supplier ageing reports, and profitability analyses, to aid strategic decision-making.
Compliance with Regulations
We ensure that all financial reports comply with the Commercial Companies Law No. 2 of 2015, which mandates adherence to International Financial Reporting Standards (IFRS). Our services are designed to meet the requirements of various stakeholders, including investors, creditors, and regulatory bodies.
F A Q
Frequently Asked Questions on Accounting & Financial Reporting Services
What is financial reporting framework?
The term financial reporting framework is defined as a criterion to determine, measure, recognise, present, and disclose material items appearing within the financial statements as per the IFRS and IAS framework. The aim of those reports is to look at resource usage, cash flow, business performance and therefore the financial health of the business. This helps you and your investors to make informed decisions on business management.
What are the financial reports prepared?
The required financial statements for companies are: (i) Statement of income, (ii) Statement of comprehensive income, (iii) Statement of financial position, (iv) Statement of cash flows, (v) Statement of Changes in equity
Do you have experience in IFRS 16?
Yes, we do have experience in IFRS 16 since we handle many clients from the real estate industry. IFRS 16 is all about the recognition of assets and liabilities from the point of the single lessee and the calculation of the value of an underlying asset.
How do you prepare ECL report for the companies?
Step 1: Segmentation of trade receivables and other contractual assets, Step 2: Determine the period over which the data may be considered for determining the loss rates, Step 3: Determine the ageing buckets and identify the default buckets, Step 4: Consider forward-looking macroeconomic factors and conclude on appropriate loss rates, Step 5: Calculate expected credit losses
Do you help to prepare the financial statements for audit purpose?
Yes, as a distinguished and experienced outsourced accounting and bookkeeping service provider, BOOKBLISS can take up the risk and prepare the Financial Statements for the audit of your company and make you free from the last moment burdens.
How to calculate the depreciation for Fixed assets under IAS 16?
Depreciation of an asset begins when it is available for use in the manner intended by management. It is calculated on a straight-line or diminishing method on the basis of estimated useful lives. Depreciable amount is the cost of an asset less its residual value.
What are the uses of financial reports?
Financial reports are employed by a good sort of people to gauge an entity’s financial position, performance and changes during the fiscal year. Financial Reports help readers for better informed decisions. It helps the management to have good knowledge of the financial health of the company through the profit earned. Which in turn helps to module new strategies and policies to withstand the competition.