IFRS Implementation

Financial reporting under International Financial Reporting Standards (“IFRS”)

Over the recent years financial institutions in the UAE have began to request customers to submit financial statements prepared under IFRS as part of the lending covenants and this trend is expected to become a legal requirement in the near future. In response, we have been encouraging our clients and non-clients to consider early adoption of IFRS in view of the challenges involved in the process.

At Grant Thornton we have the in-house expertise to make the transition smooth while minimising disruptions to your operations. We will work with management throughout the process to ensure compliance with the transitional requirements of IFRS 1 – First time adoption of International Financial Reporting Standards.