Being the leading accounting and auditing firm in the UAE, CDA 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 CDA help you evaluate your company's financial performance of the past and ongoing financial periods.
CDA expert has been providing Financial Accounting and Reporting services in Dubai and UAE for the last so many years. Financial accounting is the course of concocting the financial statements of a company. It is a particular branch of accounting that keeps a trail of the pecuniary transactions of a business. The purpose is to show the company’s financial presentation and status to the investors, creditors, suppliers, government agencies, and clients.
By means of homogeneous strategies, CDA documents, abridges, and offers the transactions in a Financial Report or Financial Statement. This gives comprehensive accounts and predictions for managers of the company.
The UAE Commercial Companies Law No 2 of 2015, which came into force on 1 July 2015, needs all companies to apply international accounting standards and practices when preparing their accounts. IFRS Standards are obligatory by the listing rules of NASDAQ Dubai.
The main purpose of accounting and financial analysis reporting is to display an accurate and fair picture of the financial affairs of the business. CDA takes the following steps to help a company complete its Accounting and Financial Analysis Reporting process.
CDA helps the company prepare the double-entry system. The double-entry system of accounting or bookkeeping means that for every business transaction, the sums must be recorded in a minimum of two accounts. In this system, the sums recorded as debits must be equal to the sums recorded as credits. Proper data entry is the prime responsibility for accurate reporting.
As stated by the rule of debit and credit, debit the account when an asset increases; and credit the account when liability increases.
A Ledger Entry is a recorded statement of the business transactions of a company.
It should include: -
CDA prepares the Ledger Entry on the bases of the debit and the credit of the accounts and ensures proper and accurate closing of ledgers as per the requirement of the management reporting.
CDA prepares the trial balance for the company after preparing the Ledger. A trial balance is the list of all the general ledger accounts of both revenue and capital recorded in the ledger of a business. This list covers the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account carries either a debit balance or a credit balance.
Finally, after collecting all the relevant data, CDA goes for the Financial Statement preparation for the company. CDA also offers Finalization of Financial Statement Services to help clients verify their accounting records for better financial planning.
There are four financial statements that every company must prepare and every investor should look at: –
Along with the Financial Statement, other MIS reports as mentioned below help the management take a decision.
The purpose of the income statement is to get the net income of the company for the financial year. CDA considers all the financial transactions, including non-cash ones and analyzes the revenues and expenses of the company to find out the profit for the year.
Balance Sheet is prepared on the basis of the equation – ‘Assets = Liabilities + Shareholders’ Equity”. It shows the financial position of the company.
The shareholders' equity statement is a financial record that a company issues as part of its balance sheet. It is highly recommendable for limited liability companies, who have more than two partners, showing transaction wise details of parties.
Cash flow statement is prepared to find out the cash inflows and cash outflows of a company. It is a combination of three statements: –
CDA analyze all the losses and profits of the company. Then all losses are added and all profits are subtracted to find out the net cash inflow for the financial year. It helps the management know where the company stands in terms of collection, prepare the credit policy, and further investment and diversification of business.
Accounting Reports are always made on the accrual basis of accounting. The reporting is based on IFRS auditing Standards.
IFRS or International Financial Reporting Standards is a set of accounting standards advanced by the IASB or the International Accounting Standards Board. It is a set of universally accepted standards for financial reporting applied mainly by registered entities in over 160 countries.
The IASB and the IFRS Interpretations Committee develop Individual standards and interpretations. IFRS is intended for use by profit-oriented entities.
There are many different types of external users who want or need financial information for different purposes. They are interested in doing business with a company but only have limited access to the company’s financial information. Financial accounting gives financial information that is dependable, pertinent, and analogous to these external users. The followings are the financial statement users: -
Financial accounting aims to provide all of these groups with information that can be useful for them in their individual decision-making processes. So, it is mandatory or recommended to all businesses in the UAE to have proper accounting and reporting to safeguard the company and to satisfy the external parties for the further development of the business.
CDA offers a wide gamut of accounting services that meet the financial needs of any business in the international market. Through meticulous accounting and financial reporting services in Dubai, CDA ensures that the financial statements are complying with the International Financial Reporting Standard (IFRS) and are steadfast to keep the uppermost level of professional canons and excellence.
CDA also offers various services, like CFO services, Outsourced Accounting Services, Organizational Restructure, TAX or VAT Consultancy Services, Implementation of Accounting Software Services, and Due Diligence Services to the business world.
Need any help with accounting and financial reporting services? Feel good to contact us, as our experts will be in touch with you within no time.
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.
The required financial statements for companies are:
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.
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
Yes, as a distinguished and experienced outsourced accounting and bookkeeping service provider, CDA 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.
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.
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.
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