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Financial Reporting Advisory Services
Grant Thornton’s Financial Reporting Advisory Services (FRAS) team supports organisations through a diverse range of accounting and reporting services including transaction accounting, analysis and adoption of new International Financial Reporting Standards, training on new and complex standards, and other related services that enable organizations to achieve greater transparency and navigate through the ever-changing regulatory landscape.
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CFO Advisory Services
Chief Financial Officers (CFOs) and finance teams periodically face difficulties in financial reporting and accounting. To address these issues and challenges GT’s team looks to reduce the periodic uncertainty faced by our clients around difficult reporting and accounting standards and can help overcome these difficulties with our CFO advisory services.
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International Financial Reporting Standards
Capability in International Financial Reporting Standards (IFRS) is one of our core skills. We have access to a full-time team responsible for high quality, consistent application of IFRS throughout the global organisation.
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International Public Sector Accounting Standards
We are equally experienced in the adoption and implementation of International Public Sector Accounting Standards (IPSAS).
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In-Country Value
Grant Thornton is honored to be one of the Certifying Bodies to implement the National In-Country Value (ICV) Program for the Ministry of Industry and Advanced Technology (MoIAT)
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Staff Secondment Services
Finding qualified, skilled professionals for a specific purpose and time period can be a significant challenge for many organisations. We alleviate that challenge with a talent pool of highly motivated and technically trained individuals who have excellent soft skills and the agility to adapt quickly to varied client environments.
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Transformation Advisory
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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M&A and Transactions Advisory
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Forensics
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Restructuring
We have an established standard of excellence for Restructuring within the United Arab Emirates with a focus on client success throughout a complex period of the business life cycle.
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Incorporation and Compliance
Grant Thornton assists businesses in setting up and complying with these regulations and acts as adviser for companies to ensure their activities, policies and procedures follow the guidelines specified by respective regulations.
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ICFR
Grant Thornton is a market leader in providing Internal Controls over Financial Reporting (ICFR) services to many well-known entities in UAE.
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Islamic Finance
Grant Thornton's Islamic Financial Services team comprises a global network of professionals with in-depth knowledge of Islamic finance and providing practical, value added assistance to their clients across a range of specialisms and issues.
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Regulatory Compliance
Grant Thornton holds a proven track-record in Regulatory Compliance advisory, our range of services will facilitate robust guidance to help you manage your regulatory risks and affairs, our teams of specialists assist our clients in the following areas:
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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
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Business Process Outsourcing Services
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
Hisham Farouk, CEO of Grant Thornton, says it would be advisable for companies to start considering ERP implementation prior to the official VAT date
Our insights on how businesses can prepare for VAT
Although no official imposing date has been confirmed, it has been said that within the next three years, all nations in the GCC will be implementing VAT which will inevitably bring change. In order to prepare for this, it would be advisable for companies to ensure key accounting systems, ERP systems (Enterprise resource planning) and point of sale systems are configured to capture the set percentage of VAT including other elements of tax which may come into place over time.
When it comes to financial budgeting and cash flow management, companies need to ensure they factor in the possible VAT rate. Alongside this and in order to avoid any ongoing concerns regarding VAT, companies may wish to contract a VAT advisor before considering recruiting a tax professional once taxation is imposed.
How VAT will affect companies’ accounting systems and what changes companies need to make to their own accounting practices?
Businesses should ensure that either their current system can support VAT (taxation) or that their system can be customized to feature such changes in the future. Accounting systems need to reflect the intended VAT percentage, so that accountants can generate VAT reports which can be submitted to the authorities. This will expedite the process to submit the VAT return to comply with guidelines, once they are published. In order to support with VAT requirements and deadlines, companies should also ensure they have good internal controls and processes to adhere to guidelines and avoid any unforeseen penalties.
A major issue is related to tax invoicing whereby dues are charged on a trader by his suppliers. How a SME company/ trading establishment and retailers, such as grocers and chemists, will ensure that its dues are correctly invoiced?
Although it might be deemed as a major issue, it can actually be resolved quite simply. SMEs, trading establishments and retailers need to ensure that at the point of sale (POS), the system that they are using is updated and integrated to their ERP system.
This will ensure that the amount of VAT imposed is captured for each transaction and can in turn, be simply translated to the VAT report. The same is the case for countries who already impose VAT, you will often find that at the POS, the amount of VAT is automatically captured and translated to VAT returns and similar reporting.
To read the interview in the February edition of the magazine visit https://content.yudu.com/web/2oibm/0A3b78v/WealthMonitorFeb16/flash/resources/22.htm