What Is Accounting?
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s […]
What Is Auditing?
Auditing, or a financial audit, is an official examination and verification of a business’s financial records. The main goal of auditing is to make sure that a company’s financial statements are accurate and are following regulatory guidelines. Auditing also gives investors, creditors, and other stakeholders reasonable assurance that they can rely on a […]
New tax rules in UAE
The United Arab Emirates (UAE) recently issued the Federal Decree on the taxation of corporations and businesses in the country. The Federal Decree provides rules for determining taxable income, the definition of the taxable person, the taxability of the Qualifying Free Zone (QFZ) Person, and much more. The new rules […]