Understanding the distinction between accounting policies and estimates is vital for transparent and accurate financial statement presentation. It’s crucial to differentiate between the two because changes in accounting policies mandate retrospective application, while changes in accounting estimates are applied prospectively. Before the amendments, IAS 8 contained a definition for accounting policies and a definition for […]
Short-term benefitMeasured at an undisounted rate and recognized as the services are rendered.Other costs (such as annual leave) are recognized as the related servicess are rendered if the cost accumulate, otherwise the cost is expensed when the leave is taken or used. Bonus payments are only recognized when an obligation exists and the amount can […]
Introduction: Extending a lease is a common practice for many entities, but it introduces accounting complexities related to the recognition of Right-of-Use (RoU) assets and lease liabilities. The timing of recognizing these additional assets and liabilities depends on the nature of the lease extension—whether it constitutes a modification of the existing lease or involves entering […]
Introduction: In the dynamic realm of the shipping industry, sale and leaseback transactions for vessels are commonplace. These transactions can be structured in various forms, and it’s crucial to ensure compliance with accounting standards, specifically IFRS 16, which focuses on substance over legal form. This article delves into the criteria that must be met before […]
The United Arab Emirates (UAE) is known for its dynamic business environment, attracting entrepreneurs and corporations from around the world. However, with the benefits of operating in the UAE come responsibilities, particularly in the realm of taxation. In this comprehensive guide, we’ll explore the intricacies of corporate tax and Value Added Tax (VAT) compliance in […]
The Ministry of Finance has recently announced significant updates to tax regulations in the United Arab Emirates (UAE), introducing a new penalty of Dh10,000 for late registration of corporate tax. This fine, announced through Cabinet Decision No. 10 of 2024, aims to incentivize timely compliance with tax regulations and aligns with penalties for late registration […]
Leave salary calculation often sparks questions among both employers and employees in the UAE. It’s natural to wonder how this payment structure works and what entitlements are in place. At Canzaps Middle East, we’re here to unravel the complexities and provide a clear understanding of leave salary and its intricacies. Unveiling Leave Salary After completing […]
Understanding Medical Certificates and Sick Leave A medical certificate is an essential document issued by a healthcare professional, confirming that an individual is medically unwell or injured and unable to work. Sick leave, on the other hand, refers to the time an employee is allowed to be away from work to recover from an illness […]
Understanding grace periods, visa cancellations, and overstay fees is crucial for expatriates and tourists in the UAE. Here at Canzaps Middle East, we provide a comprehensive guide to navigating UAE grace periods for different visa types and the implications of overstaying. What is the Grace Period After Visa Cancellation in UAE? Upon visa cancellation, temporary […]
Navigating the intricate world of tax compliance is essential for businesses in today’s dynamic environment. At Canzaps, we understand the challenges posed by evolving tax regulations and the importance of mitigating risks while ensuring transparency and accuracy in tax matters. Here’s how our Tax Control Framework (TCF) strategy can help your business thrive: Understanding Tax […]
