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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.
Strategic challenges highlighted for the UAE insurance sector
What insurance companies need to do to embrace market changes
The Insurance sector in the UAE has recently shown signs of being impacted by changes in economic conditions and lowering oil prices which have stalled investor confidence. “With new regulations introduced in January 2015 by the UAE Insurance Authority, insurance companies are still going through the challenge of adapting to the new regulations whilst aiming to remain resilient to economic conditions” said Samer Hijazi, Partner and Head of Financial Services for Grant Thornton UAE.
Grant Thornton have identified five key areas that Insurance companies must fortify and guard against in the UAE to embrace changes in the market condition which include infrastructure and cost, customer interface and distribution, capital and scale, people and regulation.
“The UAE insurance industry is going through a fundamental change in regulation. The question arises whether individual insurance companies have the appropriate risk management infrastructure in place to manage this transition.”
Samer continues that “changes in the regulatory environment may lead to a number of challenges for Insurance companies in the UAE, however by increasing regulation within the sector it will result in short term challenges, which have pro-longed gains for the sector. Ultimately, high quality regulation can only result in greater confidence in the insurance companies amongst consumers and counterparties.”
Insurance penetration per head in the UAE is relatively low compared to some of the more mature markets in the West. As a result, room for growth is large but with fierce competition spread across a large number of firms and brokers, some consolidation in the industry is inevitable. With this in mind, Samer states that “the demand for Islamic insurance products such as Takaful, seems to have high potential for growth but is currently at a low base, creating the possibility of rapid growth in volumes.”
Although the sector is going through a period of change and competing in adverse economic conditions, the insurance sector must act now to address the strategic dilemmas that it is exposed to – to further shield and protect the sector from any unforeseen changes whether economic, political or social.
To read strategic dilemmas in insurance click here [PDF] [ 1607 kb ] [ 1606 kb ].