We offer a wide range of services. Please see the suite of services we offer.

Assurance

We provide financial Audit Assurance services to companies of all sizes from small to Joint stock and listed companies. We realize that Building and maintaining trust has never been more important and more challenging and therefore being the independent financial auditors we perform

Consulting

We help our clients solve their complex business transformation problems, from strategy to implementation. Our unique value proposition is our ability to execute the advice we provide to our clients. Our multi-disciplinary consulting team possesses a broad range of talent and skills to

Zakat & Tax

We understand how complex Zakat and Tax matters can be, therefore we help our clients in knowing the relevant applicable laws and their implications. Income Tax @ 20% is payable by foreign (Non GCC) companies.  Organizations understand how important it is to align Tax (VAT) and Zakat strategies with the business needs. We offer a range of Zakat

Forensic Accounting

We provide a wide range of forensic accounting services. Our service portfolio ranges from litigation to arbitration and other dispute resolution forums. We assist judicial courts, private businesses and multinational entities with matters involving the propriety of accounting and financial reporting, anti-corruption

IFRS 16 – Leases

Leases

Lessee accounting

IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets (right-of-use) and liabilities for all leases with a term of more than 12 months  or unless the underlying asset is of low value.

Recognition and Measurement at commencement date

 

Measurement at commencement date

 

  • Measure Lease Liability

At commencement, a lessee should measure the lease liability at the present value of the lease payments, that are not paid at that date.

  • Right of Use Asset

At commencement, a lessee should measure the right-of-use asset at cost as below;

Cost comprises of:

  • Present value of lease payments.
  • Any lease payment made at or before the commencement date
  • (Less) any lease incentives received.
  • Any initial direct cost incurred by lessee.
  • Any disposal/dismantling costs, incurred by lessee.

 

Lessor accounting

The lessor does not record the leased asset in its  financial statements as its has  transferred the risks and reward.  Instead, he records the amount as receivables as “Net Investment in Lease”.

Receivable is described as

  • Net investment = Present value of Gross investment or;
  • Net investment = Fair value + Initial direct cost.

 

If you would like to know more about the above or any of any services then please contact our representative.

Business Systems Consulting

We provide state of the art of business systems consulting services. During this digital age, we help our clients in optimizing their operations by increasing efficiency and reducing cost. We deliver core information technology (IT) services and support. We believe systems have now become the backbone of any company and therefore