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Accounting & Financial Reporting Services
As a leading accounting firm in the UAE, TAXORYX offers comprehensive Accounting and Financial Reporting Services across Dubai and the UAE. Our goal is to help businesses accurately present their financial position to investors, creditors, clients, suppliers, and government authorities, ensuring full compliance with International Financial Reporting Standards (IFRS). Our detailed financial reports provide insights into your company’s past and current performance, enabling informed decision-making and strategic planning.
Financial Analysis & Reporting
With years of expertise in Financial Accounting and Reporting, TAXORYX supports businesses in documenting and presenting all financial transactions accurately. Financial accounting tracks the monetary activities of a business and communicates its financial health to stakeholders, including investors, creditors, government agencies, clients, and suppliers.
Using consistent and transparent methods, TAXORYX records, summarizes, and presents transactions in comprehensive Financial Statements, giving management a clear overview and predictive insights.
As per UAE Commercial Companies Law No. 2 of 2015, effective from July 1, 2015, all companies must adopt international accounting standards. Compliance with IFRS is also mandatory for listed entities under NASDAQ Dubai regulations.
Our Step-by-Step Approach
TAXORYX helps implement the double-entry bookkeeping system, where every transaction is recorded in at least two accounts: debits equal credits. This ensures precise data entry, which is critical for accurate reporting.
Rules:
- Debit increases in assets
- Credit increases in liabilities
A Ledger Entry records each transaction and includes:
- Transaction date
- Debit and credit totals
- Account details
- Unique Reference Number (URN)
TAXORYX ensures ledgers are accurately maintained and closed, supporting management reporting requirements.
After ledger preparation, TAXORYX generates a Trial Balance, listing all general ledger accounts and their balances (debit or credit) to verify that total debits equal total credits.
Based on the collected data, TAXORYX prepares comprehensive Financial Statements, including:
- Income Statement – Determines net income for the financial year, analyzing all revenues and expenses.
- Balance Sheet – Shows the company’s financial position based on the equation: Assets = Liabilities + Shareholders’ Equity.
- Shareholders’ Equity Statement – Details partner or shareholder transactions, ideal for companies with multiple partners.
- Cash Flow Statement – Tracks cash inflows and outflows across operating, investing, and financing activities.
IFRS Standards & Compliance
TAXORYX ensures financial reporting adheres to IFRS, providing globally accepted accounting practices. Key IFRS standards we work with include
- IFRS 9 – Financial Instruments
- IFRS 10 – Consolidated Financial Statements
- IFRS 15 – Revenue from Contracts with Customers
- IFRS 16 – Leases (Finance & Operating)
- IAS 16 – Property, Plant & Equipment
Users of Financial Statements
Financial statements are designed to provide reliable, relevant, and understandable information to a variety of stakeholders:
- Shareholders & Investors
- Lenders & Creditors
- Potential Clients
- Suppliers
- Regulators & UAE Tax Authorities
Why Choose TAXORYX?
TAXORYX delivers a wide range of accounting services tailored to international business standards. Our Accounting and Financial Reporting Services ensure:
- Full compliance with IFRS
- Accuracy and transparency in reporting
- Insightful analysis for informed decision-making
We also offer complementary services, including:
- CFO Services
- Outsourced Accounting
- Organizational Restructuring
- Tax & VAT Consultancy
- Accounting Software Implementation
- Due Diligence Services
FAQs?
What is a financial reporting framework?
A financial reporting framework defines the criteria for measuring, recognizing, presenting, and disclosing items in financial statements according to IFRS and IAS. It evaluates resource usage, cash flow, and overall financial performance.
Which financial statements are prepared?
- Income Statement
- Statement of Comprehensive Income
- Statement of Financial Position
- Statement of Cash Flows
- Statement of Changes in Equity
Do you have experience with IFRS 16?
Yes, we handle clients, particularly in real estate, ensuring accurate recognition of assets, liabilities, and lease valuations.
How is an Expected Credit Loss (ECL) report prepared?
- Segment trade receivables and contractual assets
- Determine relevant historical data periods
- Establish ageing and default buckets
- Consider forward-looking macroeconomic factors
- Calculate expected credit losses
Do you assist with audit-ready financial statements?
Yes, TAXORYX prepares comprehensive financial statements for audit, relieving clients from last-minute audit pressures.
