Finalization Of Financial Statements
Finalization Of Financial Statements in Dubai, UAE
Proper financial settlements and auditing are essential to keep business competing in today’s vibrant market conditions. BOOKBLISS, one of the leading accounting and auditing services companies in UAE evaluates whether your business entities comply with international accounting standards such as IFRS. Our Finalization of Financial Statements in Dubai involves verification of accounting records and assessment of other data supporting the financial statements
What Is Finalization of Financial Statements?
Finalization of financial statements involves preparing and reviewing key financial documents at the end of an accounting period. This process ensures that all financial activities are accurately recorded, providing a clear picture of the company’s financial health.
Key Components of Bookbliss’s Services
- Income Statement: Summarizes revenues and expenses to determine net profit or loss.
- Balance Sheet: Details assets, liabilities, and shareholders’ equity at a specific point in time.
- Cash Flow Statement: Tracks the flow of cash in and out of the business, highlighting operational, investing, and financing activities.
- Statement of Changes in Equity: Shows changes in the company’s equity throughout the accounting period.
These statements are prepared in compliance with International Financial Reporting Standards (IFRS), ensuring transparency and consistency.
F A Q
Frequently Asked Questions on Finalization Of Financial Statements UAE
What's the finalization of accounts and its need?
Finalisation of accounts depicts the financial position of the firm at the end of the accounting year. It shows the balances of the accounts of the business. It is necessary that business owners in Dubai analyse the financial data on a daily basis to ensure the graceful functioning of their business. BOOKBLISS professionals assist you to determine the financial health of your company for decision making.
Why should hire BOOKBLISS for finalization of financial statements?
Since the finalization of the financial statements is important for a corporation for its smooth and hassle-free functioning, our experienced professionals can assist you in preparing statements and suggest possible ways to enhance and kit up. BOOKBLISS assure you accurate and precise data entry concerning the fiscal year which is essential to record the outstanding payable amounts at the year-end. We make it clear that linking with purchases, direct costs or other expenses are received within the next year.
What's the importance of financial statements?
Financial statements are important because they contain significant information about a company’s financial health. Financial statements help companies To make informed decisions and To highlight areas of the corporate which provide the simplest ROI.
Is it compulsory to take care of books of accounts in the UAE?
It is mandatory to take care of the books of accounts under UAE company law and VAT law. Each company shall maintain its accounting books/records in its head office for a period of a minimum of 5 years from the start of the fiscal year of the corporates.
Is it mandatory to keep provisions and depreciation at the year-end?
Yes, it is highly recommendable because provisions help to prevent the occurrence of unexpected events in future. This in turn maintains some portion of income each year.
What are the applications of IAS 16 in financial statements?
The application of IAS 16 is considered with the accounting treatment of Property, Plant and Equipment in financial statements: Recognition of asset, Determination of carrying amount, Calculation of depreciation, Impairment of losses relating them
What are the applications of IFRS 9 in financial statements?
IFRS 9 consists of the models for the recognition and measurement of assets and liabilities. The applications of IFRS 9 in Financial statements are: Calculation of fair value of the assets and liabilities, Impairment of the assets, Calculation of credit risk, Using hedging tools to mitigate risk