A lease modification under IFRS 16 is any change in the scope of a lease or the consideration that was not part of the original terms. Key accounting treatment: Scenario 1: Assess if it is a separate lease A modification is treated as a separate lease if: It adds the... Read More
The United Arab Emirates’ Federal Decree-Law No. (11) of 2024 on the Reduction of Climate Change Effects marks a significant shift from policy ambition to enforceable legal obligation, establishing a binding, nationwide regime for greenhouse gas emissions... Read More
The Dubai Customs Authority has released Customs Notice No. (03/2026) and Customs Notice No. (04/2026), outlining updated customs procedures and introducing new temporary facilitation measures for goods movement seamlessly, including the activation of the Green... Read More
Most common mistakes made by companies under IFRS 10 Incorrect Assessment of Control Not Eliminating Intercompany Transactions Incorrect Calculation of Non-Controlling Interest (NCI) Not Recognizing Goodwill Properly Failure to Eliminate Intercompany Balances... Read More
Under IAS 23 – Borrowing Costs, borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset must be capitalised as part of the cost of that asset. These are costs that would have been avoided had the expenditure... Read More
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