International Financial Reporting Standards (IFRS) refers to a globally-accepted set of accounting and financial reporting guidelines for preparing and presenting financial statements. At MNA, we support companies in insuring the financial statements are as per the financial reporting guidelines. These IFRS standards are issued by the International Accounting Standards Board (IASB) to create a common accounting language that could be understood globally by investors, auditors, government regulators, and other interested stakeholders. These common rules and guidelines are applicable across the globe helping make financial statements consistent, credible and comparable.
Is it mandatory to have financial statements based on IFRS standards?
- In the UAE, the adoption of IFRS is primarily applicable to companies listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX).
- The Emirates Securities and Commodities Authority (ESCA) is the regulatory body overseeing securities and commodities markets in the UAE.
- ESCA has played a role in promoting the adoption of international accounting standards, including IFRS, to enhance transparency and comparability in financial reporting.
Additionally, certain regulatory bodies and free zones may require or permit the use of IFRS for financial reporting.
How MNA can help
- Implementation and compliance: Through every partnership, we ensure our clients get a comprehensive understanding on the IFRS implementation lifecycle, ensuring their financial reporting practices comply with international accounting norms. Our experts monitor financial statement preparation to ensure compliance with IFRS standards.
- Risk management: Our IFRS advisory services can help companies identify and mitigate accounting and financial reporting risks, reducing the likelihood of errors, misstatements, and regulatory non-compliance.
- Benefit on corporate tax: Our 360-degree IFRS compliance review provides support on corporate tax management with accurate and transparent financial reporting, alignment to tax regulations, precise estimation of tax provisions, recognition of deferred tax assets and liabilities, support in global tax planning and reduction of risks in audits and disputes.
- Training and education: Our experts equip the finance and accounting teams of our clients with the latest information on IFRS to ensure our clients can lead the curve by staying competitive.
- Transaction support: For mergers and acquisitions our in-house experts can help companies assess the accounting impact of potential deals, conduct due diligence, and structure transactions to minimize accounting complexities.
Our Services
- IFRS Conversion Strategy
An IFRS Conversion Strategy is a methodical roadmap crafted to transition an organization from existing accounting frameworks to International Financial Reporting Standards (IFRS). It entails a detailed assessment of current accounting practices, identification of disparities with IFRS guidelines, and the development of precise procedures for compliance. This strategy delineates the sequencing of tasks, allocation of resources, integration of technology, and mitigation of potential risks to ensure a seamless transition process.
Why MNA?
- Gap Analysis Excellence
- Data-driven Approach
- System Integration Expertise
- Risk Management Solutions
- IFRS Technical Interpretation
IFRS Technical Interpretation involves a thorough process of dissecting and elucidating intricate accounting standards stipulated within the International Financial Reporting Standards (IFRS). This sophisticated analysis encompasses diligent examination of nuanced transactions, intricate accounting treatments, and complex regulatory mandates. By leveraging advanced research methodologies and authoritative references, technical specialists deliver precise interpretations to facilitate accurate financial reporting and uphold strict adherence to IFRS principles and guidelines.
Why MNA?
- Comprehensive Research
- Specialized Expertise
- Collaborative Approach
- Robust Documentation
- Proactive Risk Management
- IFRS Policy Development
IFRS Policy Development entails the rigorous formulation of accounting policies in accordance with International Financial Reporting Standards (IFRS). This involves thorough analysis of IFRS standards, consideration of their implications on financial reporting, and crafting precise policies to ensure compliance. By aligning with IFRS requirements, organizations can establish robust frameworks for consistent accounting practices, fostering transparency, accuracy, and comparability in financial reporting.
Why MNA?
- Customized Policy Frameworks
- Risk-based Approach
- Quality Assurance
- Regulatory Compliance Focus
- IFRS Training and Workshops
IFRS Training and Workshops provide comprehensive educational sessions tailored to equip finance professionals and stakeholders with in-depth knowledge and technical skills required for accurate application of International Financial Reporting Standards (IFRS). These programs delve into complex accounting principles, detailed disclosure requirements, and regulatory nuances, offering practical insights and real-world examples to enhance understanding and proficiency in IFRS compliance and financial reporting.
Why MNA?
- Certification and Accreditation
- Regulatory Updates and Interpretations
- Practical Application Focus
- Customized Curriculum Development
- IFRS Audit Support
IFRS Audit Support encompasses technical assistance and guidance provided to organizations during the audit of their financial statements prepared under International Financial Reporting Standards (IFRS). This involves preparing detailed documentation, facilitating audit procedures, and addressing complex accounting issues. Additionally, it includes responding to auditor inquiries, providing explanations of accounting treatments, and ensuring adherence to IFRS requirements and regulatory standards throughout the audit process.
Why MNA?
- Comprehensive Audit Preparation
- Client-Centric Approach
- Proactive Issue Resolution
- Expert Communication with Auditors
- IFRS System Implementation
IFRS System Implementation is a technical process involving the integration of accounting software and systems to align with International Financial Reporting Standards (IFRS). This encompasses configuring software modules, establishing chart of accounts structures, and mapping financial data to IFRS reporting requirements. Additionally, it involves implementing complex functionalities such as fair value measurement and impairment testing, ensuring accurate and compliant financial reporting under IFRS guidelines.
Why MNA?
- Robust System Configuration
- Data Integration and Migration
- Testing and Quality Assurance
- Regulatory Compliance Validation
Ready to revolutionize your financial reporting? Dive into the IFRS world with MNA and sculpt a masterpiece of precision and compliance. Let’s orchestrate a symphony of numbers, unlocking the true melody of your financial potential. Reach out now, and let’s compose your financial success story together.
