Proposed Amendments To IFRS 17 For Insurers

Impact Of Amendments To IFRS 17 On Insurance Companies

The International Accounting Standards Board (IASB) introduced IFRS 17 in May 2017 for an accounting of insurance contracts. Since then, IASB has been involved in promoting the proper implementation of the standard, simultaneously observing the challenges posed to insurers and relevant stakeholders. Therefore, to help make the process of implementation easier for insurers, IASB proposed…

UAE Announces the New Economic Substance Regulations

UAE ISSUES ECONOMIC SUBSTANCE REGULATIONS

Introduction In December 2017, the European Union (“EU”) Code of Conduct Group on Business Taxation assessed the tax policies of jurisdictions with no or only nominal tax against the criterion of ‘economic substance’. The EU applies three listing criteria, which are aligned with international standards and reflect the good governance standards that the Member States…

IFRS Taxonomy Update 2019

IASB Issues Proposal for IFRS Taxonomy Update 2019

The International Accounting Standards Board (IASB) issued the Interest Rate Benchmark Reform (IRBR) in September 2019. This incorporated revision to IFRS 9, IAS 39 and IFRS 7. The new changes demand qualitative and quantitative disclosures that can facilitate financial statement users to understand the impact on a business’ hedging relationships due to uncertainty resulting from…

Country-By-Country Reporting, UAE

UAE INTRODUCES COUNTRY-BY-COUNTRY REPORTING

With a commitment to implement the minimum standards to prevent Base Erosion and Profit Shifting (BEPS), UAE became the 116th jurisdiction to join the OECD’s Inclusive Framework (IF) on BEPS on 16-May-2018. Such minimum standards include the following: Action 5: Countering harmful tax practices; Action 6: Countering tax treaty abuse; Action 13: Transfer pricing documentation…