IFRS Advisory Services in UAE
At TAXORYX Accounting & Bookkeeping Services LLC, we provide expert IFRS advisory and consulting services in the UAE, helping businesses comply with global reporting standards while simplifying their financial processes. Our specialists bring extensive knowledge of accounting, auditing, and IFRS compliance, ensuring your company benefits from transparent, accurate, and efficient reporting.
We deliver tailor-made solutions to meet your company’s financial and business requirements, aligning every step with International Financial Reporting Standards (IFRS) for better accountability and global recognition
What is IFRS and Why It Matters?
The International Financial Reporting Standards (IFRS) outline globally recognized principles for preparing and presenting financial statements. They determine how transactions, valuations, and disclosures should be handled, ensuring businesses maintain transparency and comparability worldwide.
Adopting IFRS is essential for businesses in the UAE, especially with VAT compliance and the UAE Commercial Companies Law mandating IFRS reporting for listed and LLC companies.
Key Benefits of IFRS
- Transparency – Enhances the quality and comparability of financial information, empowering investors to make informed decisions.
- Accountability – Reduces the information gap between stakeholders, ensuring reliable reporting.
- Efficiency – Enables global investors to assess risks and opportunities, leading to better capital allocation.
- Reliability – Builds trust in financial statements by minimizing fraud and ensuring accuracy.
- VAT Compliance – Supports smooth VAT reporting and filing in line with UAE legal requirements.
Major IFRS Standards
Some of the widely used standards include:
- IFRS 2 – Share-based Payments
- IFRS 3 – Business Combinations
- IFRS 5 – Non-current Assets Held for Sale & Discontinued Operations
- IFRS 9 – Financial Instruments
- IFRS 10 – Consolidated Financial Statements
- IFRS 15 – Revenue from Contracts with Customers
- IFRS 16 – Leases
- IAS 2 – Inventories
- IAS 16 – Property, Plant & Equipment
Latest Updates in IFRS
- IFRS 15 – Revenue from Contracts with Customers (replaced IAS 11 & IAS 18)
- IFRS 16 – Leases (replaced IAS 17, ensuring greater transparency in lease obligations)
- IFRS 9 – Financial Instruments (replaced IAS 39, offering a clearer framework for asset classification and measurement)
Why IFRS is Important
- Prevents manipulation or errors in financial statements
- Promotes global harmonization in reporting
- Builds investor confidence with standardized reporting
- Supports accurate decision-making for stakeholders
Our IFRS Services
TAXORYX offers end-to-end IFRS solutions including:
- IFRS adoption and implementation
- Assistance with complex standards
- Impairment testing & modelling
- Revenue recognition processes & controls
- Development of reporting manuals
- Sustainability reporting support
- Redrafting accounting policies in line with IFRS updates
- Staff training & knowledge transfer
Choose a firm that understands your vision and what makes your business unique.
Why Choose Taxoryx?
- Proven expertise in IFRS implementation across industries
- Tailored solutions for both SMEs and large enterprises
- Smooth integration with IT and accounting systems
- Full compliance with VAT, corporate tax, and international standards
In addition to IFRS advisory, we also provide CFO services, external audits, bookkeeping, accounting software implementation, VAT consultancy, and due diligence.
