PART FOUR – COMMERCIAL LEGISLATION in the UAE Audit, Accountancy and Taxation Ch 19.

Slides:

Advertisements

Similar presentations

I-1 ACCOUNTING A BUSINESS PERSPECTIVE Seventh Edition ACCOUNTING A BUSINESS PERSPECTIVE Seventh Edition ROGER H. HERMANSON JAMES DON EDWARDS MICHAEL W.

Advertisements

GAAP PowerPoint #1.  Generally Accepted Accounting Principles  Defined as the set of accepted industry rules, practices and guidelines for financial.

CHAPTER 1 Accounting—Present and Past McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-3 What is Accounting? Accounting.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin 1-1 Financial Accounting THIRTEENTH EDITION Williams Haka Bettner Carcello.

The Financial Statements

Chapter 19 Accounting in International Business

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin 1-1 Accounting Information for Decision Making Chapter 1.

© The McGraw-Hill Companies, Inc., 2002 McGraw-Hill/Irwin Financial & Managerial Accounting The Basis for Business Decisions TWELFTH EDITION Williams Haka.

Accounting Principles and Reporting Standards

The International Accounting Environment

Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 18-1 International Business Environments & Operations 14e Daniels ● Radebaugh ● Sullivan.

1-1 Securities and Exchange Commission American Institute of CPAs Financial Accounting Standards Board Changing role of the AICPA Financial Statements.

Book overview  Part 1 – Environment of financial reporting  Part 2 – Basic accounting techniques and the preparation of annual financial statements 

Williams Haka Bettner Carcello

1 SESSION 4: HOW SHOULD IFRS BE ENFORCED? THE EXPERIENCE OF TURKEY November 11, 2004-Moscow Dr. A.R. Zafer SAYAR Head of Accounting and Auditing Standards.

International Business 8e

Accounting as a Form of Communication

Financial Statements and Business Decisions Chapter 1 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

® International Accounting Standards Board Special Libraries Association – Toronto, June 2005 Update on International Accounting Standards Ian P.N. Hague.

International Financial Reporting and Analysis, 5 th edition David Alexander, Anne Britton and Ann Jorissen ISBN © 2011 Cengage Learning.

5BUS0253 FS 2 week 1 Financial Statements 2 Lecture 1.

The Environment of Financial Reporting C hapter 1 COPYRIGHT © 2010 South-Western/Cengage Learning Intermediate Accounting 11th edition Nikolai Bazley Jones.

I 1 The Environment of Financial Reporting ntermediate Accounting

Uses of Accounting Information and the Financial Statements 1.

Introduction to International Financial Reporting Standards (IFRS)

Chapter 1 Assurance Services. Need for Assurance Why do you need assurance? Potential bias in providing information. Remoteness between a user and the.

Accounting in the International Business

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin 1-1 Financial & Managerial Accounting The Basis for Business Decisions THIRTEENTH EDITION Williams.

Financial Statements and Business Decisions Chapter 1 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.

Introduction to International Financial Reporting Standards (IFRS)

Introduction to IFRS Academic Resource Center Introduction to IFRS Page 2 Accounting in the international spotlight The movement toward International.

COPYRIGHT © 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and South-Western are trademarks used herein under license.

Accounting Information: Users and Uses Accounting Information: Users and Uses C H A P T E R 1.

Revise Lecture 1 1. Framework of Financial Reporting 1. The regulatory system 2. A conceptual framework 2.

CReCER Meeting Managua 2012 Bruce Overton, Assistant Director Office of International Affairs.

ACTG 6580 Chapter 1 – Financial Reporting and Accounting Standards Class Summary.

International Accounting ACGB 7136 John Shon. Role of financial accounting Financial accounting: Information system that translates economic activity.

Generally Accepted Accounting Principles and Basic Concepts Generally accepted accounting principles (GAAP) - a term that applies to the broad concepts.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Principles of Accounting (Accounting 1 for BBA - Undergraduate) SBS Victor Yerris, PhD

Directions of financial reporting quality improvement Danil Prokopovich FCCA, CGA, CIPA, auditor, Chairman of the Committee on international reporting.

McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting and the Business Environment Chapter 1.

McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-1 McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights.

1-1 Financial Information Accounting? Identifies and Measures and Communicates Financial Information Accounting? Identifies and Measures and Communicates.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide 1-1 ACCOUNTING: Information for Decision Making Chapter 1.

Chapter 3 Comparative International Financial Accounting I.

Choi/Meek, 6/e1 International Accounting, 6/e Frederick D.S. Choi Gary K. Meek Chapter 4: Comparative Accounting: The Americas and Asia.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. 1-1 Chapter One: Accounting: Information for Decision Making.

 Generally Accepted Accounting Principles  Defined as the set of accepted industry rules, practices and guidelines for financial accounting  Includes.

Chapter 1 Financial Accounting Standards 1. Standard Setters Securities and Exchange Commission (SEC). Formed to administer the Securities Act of 1934.

® Prof. Dr. Hans-Georg Bruns IASB Reliable Financial Reporting: A Prerequisite in Providing Information Useful in Making Economic Decisions Ministerial.

PRE-PARED BY: AZHAR AHMED 1-1 CHAPTER 4 The Financial Statements.

上海金融学院 1-1 Lecture 3 Investment Banking Basics: The Financial Statements.

CHAPTER 1 Accounting—Present and Past McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 1-3 What is Accounting? Accounting.

1 THE ROLE OF ACCOUNTING IN BUSINESS Decision making and information Introduction to business and business enterprises The nature of accounting Accounting.

1-1 Financial Information Accounting? Identifies and Measures and Communicates Financial Information Accounting? Identifies and Measures and Communicates.

Chapter 1 The Nature and Purpose of Financial Accounting.

Introduction to Accounting Preparing for a User’s Perspective

International Accounting, 6/e

Chapter 3 Comparative International Financial Accounting I

International Federation of Accountants

Presentation on financial accounting standard

ACCOUNTING - PRESENT AND PAST

ACCOUNTING: The Language of Business

1.01 Generally Accepted Accounting Principles – Definition and Governing Bodies GAAP PowerPoint #1.

Accounting and the Business Environment

GAAP & IFAS Generally Accepted Accounting Principle & International Financial Accounting Standards. Group 1.

1-1 Financial Accounting. 1-2 This course is an introduction to the basic concepts and standards underlying financial accounting systems. It emphasizes.

European Accounting and Accounting Harmonization

Presentation transcript:

PART FOUR – COMMERCIAL LEGISLATION in the UAE Audit, Accountancy and Taxation Ch 19

1-2 Audit, Accountancy & Taxation Accounting system: Accounting system: Organized set of manual and computerized accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for management decisions. An accounting system is important because it allows for financial management and wise distribution of funds. Accounting can help to keep track of a budget, managing every important aspect and recording transactions. Stakeholders benefits from accounting systems such as Investors, creditors, clients, employees, government agencies….

1-3 Audit, Accountancy & Taxation History of the development an Accounting system History of the development an Accounting system Countries such as the U.S have developed reliable accounting system. Generally Accepted Accounting Principles initiated the International Financial Reporting Standards (IFRS). Now, the International Accounting Standards Board (IASB)sets IFRS around the world. 1.American Institute of Certified Public Accountants (AICPA). 2.Financial Accounting Standards Board (FASB) 3.Governmental Accounting Standards Board (GASB) 4.United States Securities and Exchange Commission (SEC) 5.Others: 5.Others: American Accounting Association, Institute of Management Accountants, Financial Executives Institute.

1-4 Audit, Accountancy & Taxation : Toward International Standards : Economic globalization has created a need for international accounting standards. International Accounting Standards Board (IASB)sets The International Financial Reporting Standards Foundation (IFRSF) across the globe with members of more than 100 countries in the World. International standards have no governing authority to enforce them. The board members are from different member countries.

1-5 Audit, Accountancy & Taxation IASB Members : IASB Members : 1.Hans Hoogervorst (Chairman), Netherlands 2.Ian Mackintosh (Vice-chairman), New Zealand 3.Stephen Cooper, UK, 4.Phillipe Danjou, France 5.Jan Engström, Sweden 6.Patrick Finnegan, USA 7.Amaro Luiz de Oliveira Gomes(Brazil) 8.Prabhakar Kalavacherla, USA 9.Dr Elke König (Germany) 10.Patricia McConnell, USA 11.Takatsugu Ochi, (Japan) 12.Paul Pacter (US A) 13.Seo Chungwoo, (Korea Republic) 14.Darrel Scott, (South Africa) 15.John T. Smith, USA 16.Zhang Wei-Guo, China

1-6 Audit, Accountancy & Taxation Benefits of IASB 1- Ethics 2- Investors benefits 3- Multinational Companies 4- International Trade

1-7 Audit, Accountancy & Taxation 1- Ethics: 1- Ethics: International accounting standards set a unified code of accounting ethics to be followed across cultures. 2- Investors benefits: 3- Multinational Companies: 2- Investors benefits: Investors can compare the financial statements of companies following International Accounting Standards Board standards, regardless of the company's country of origin 3- Multinational Companies: multinationals can institute international standards across all geographical units to avoid confusion and increase the system's accuracy and efficiency. 4- International Trade: 4- International Trade: Companies increasingly seek strategic partners, customers or suppliers in foreign countries. IAS gives companies a common financial language and understanding, making it easier for them to do business together

1-8 Audit, Accountancy & Taxation in the UAE Chartered Accountants (CAs) in the UAE broadly follow the International Financial Reporting Standards (IFRS) principle. UAE requires its banks to abide by IFRS, as well as companies listed on the UAE’s new stock exchange, the Dubai International Foreign Exchange (DIFX), both vital requirements if the UAE is to attract global capital.

1-9 Audit, Accountancy & Taxation in the UAE The establishment of the Dubai International Financial Center required the adoption of IFRS in order to project an image of “integrity, efficiency and transparency. Consistent with World Bank requirements of developing nations. International accounting firms have both driven the adoption of IFRS in the UAE

1-10 Audit, Accountancy & Taxation in the UAE Challenges of adopting the IFRS in the UAE -Culture -Regulatory infrastructure