Services
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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In-Country Value (ICV)
ICV certification guidance from Grant Thornton UAE—your partner in compliance, competitiveness and growth.
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Financial Reporting Advisory Services (FRAS)
Our team provides timely advice on the impact of accounting changes to assist businesses in the development of an appropriate implementation roadmap.
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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Consulting services
Unlock growth, drive transformation, and deliver measurable results. At Grant Thornton UAE, our consulting team partners with you to solve your most complex business challenges. We combine deep technical expertise, global frameworks, and local market insight to help you achieve sustainable growth and operational excellence.
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Business risk services
We assist in addressing risk in both proactive and responsive contexts. Our team can help you achieve the best balance between minimizing risk exposure, optimizing profitability and developing compliance review checklists. We deploy our diverse pool of controls professionals, compliance specialists, security professionals, and risk consultants to meet complex requirements.
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Regulatory Advisory Services
Grant Thornton UAE's extensive understanding of the overarching supervisory framework within the region equips our professionals to support financial institutions comply and abide by the set of regulatory mandates throughout the rapidly evolving ecosystem.
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Financial advisory
Grant Thornton UAE works with organisations on transactions from start to finish, assisting with strategy, identifying risks, executing deals, and helping to unlock their potential for growth and value creation.
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Technology Advisory & Cybersecurity
IT and technology are fundamental to drive the performance of businesses. Through leveraging the power of technology, Grant Thornton UAE helps organisations define and identify growth opportunities to achieve value-driven transformation and innovation.
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Forensics
Fraud and corruption pose a growing challenge worldwide. As the commercial landscape changes, an increasingly regulated environment requires stringent governance and compliance processes. Grant Thornton UAE helps organisations navigate challenges and crisis with a hands-on approach coupled with the use of technology.
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ESG Services
The Environment, Social and Governance (ESG) agenda has gained significant traction over the years, to become one of the key strategic aspects of any business. It is imperative that all organisations, irrespective of industry sector, engage with their stakeholders and prioritise ESG practices to unlock sustainable growth opportunities.
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Business Process Solutions
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
Tax policy reforms and the introduction of new tax regulations across the GCC are creating huge challenges for organisations. Grant Thornton UAE offers a...
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
Helping Chinese businesses navigate the Middle East with strategic advice on partnerships, market entry and cross-border operations, backed by deep regional...
Supporting high-net-worth individuals, entrepreneurs and businesses of Indian origin with tailored guidance on market entry, regulatory compliance and...
IFRS
IFRS 9 Accounting Implications in the Current Context of COVID 19 Pandemic
15 Apr 2020On March 14th, 2020, the Central Bank of UAE announced a comprehensive AED 100 billion targeted economic support scheme to contain the repercussions of the COVID-19 pandemic.
This decision comes at a time when the UAE economy is affected by the global slowdown in growth and trade caused by the pandemic as well as the sharp decline in oil prices.
In the last couple of weeks, authorities and governments have acted rapidly to contain the spread of the virus and enhanced the stimulus needed to support the economies. Last week, several prudential and securities regulators issued guidance commenting on the application of IFRS 9 in the current environment as the banks started to worry about the potential spike in provisions of the loan portfolios.
On the 27th of March 2020, the IASB issued a document to support the consistent application of requirements in IFRS standards, specifically around the application of the Expected Credit Loss (ECL) under IFRS 9 in the context of COVID-19 pandemic.
In this publication, we will analyse the IFRS 9 accounting implications of the recent measures taken by the UAE central bank and the uncertain situation related to the pandemic in the accounting of the Expected Credit Losses and the recent recommendation of International Accounting Standards Board (IASB).
Reach out to Darren Yule, Audit Partner and to Rokya Choukri, Audit Associate Director, for more information.
