A Tale of Two Profits — Corporate Tax + IFRS

Topic

Overview of IFRS Framework and Its Impact on UAE Corporate Tax

Standards Covered

IFRS Conceptual Framework; IFRS applicability tiers, including full IFRS, IFRS for SMEs and cash-basis thresholds.

Topic

Presentation of Financial Statements — Current and Forthcoming Standards

Standards Covered

IAS 1 Presentation of Financial Statements; IFRS 18 Presentation and Disclosure in Financial Statements, effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted; IAS 8 Basis of Preparation of Financial Statements; IAS 10 Events after the Reporting Period; and IAS 7 Statement of Cash Flows.

Topic

Accounting for Complex Transactions: Current and Non-Current Assets

Standards Covered

IAS 16 Property, Plant and Equipment; IAS 23 Borrowing Costs; IAS 20 Accounting for Government Grants and Disclosure of Government Assistance; IAS 40 Investment Property; IAS 38 Intangible Assets; IAS 36 Impairment of Assets; IFRS 5 Non-current Assets Held for Sale and Discontinued Operations; IAS 2 Inventories; and IAS 41 Agriculture.

Topic

Expenses and Provisions

Standards Covered

IAS 37 Provisions, Contingent Liabilities and Contingent Assets, including recognition thresholds, measurement, onerous contracts and restructuring provisions.

Topic

Consolidated Financial Statements: Control, Business Combinations, Joint Arrangements and Associates

Standards Covered

IFRS 10 Consolidated Financial Statements; IAS 27 Separate Financial Statements; IFRS 3 Business Combinations; IFRS 11 Joint Arrangements; IAS 28 Investments in Associates and Joint Ventures; and IFRS 12 Disclosure of Interests in Other Entities.

Topic

Aggregated Financial Statements for UAE Tax Groups

Standards Covered

UAE Corporate Tax requirements relating to the preparation of aggregated financial statements for Tax Groups, based on the standalone financial statements of Tax Group members.

Topic

Accounting for Current and Deferred Tax — Part 1

Standards Covered

IAS 12 Income Taxes, including current tax, tax bases, temporary differences, and the recognition and measurement of deferred tax assets and liabilities.

Topic

Accounting for Current and Deferred Tax — Part 2

Standards Covered

IAS 12 Income Taxes, including deferred tax computations and specific cases arising under the UAE Corporate Tax regime.

Topic

Fair Value Measurement

Standards Covered

IFRS 13 Fair Value Measurement, including valuation principles, valuation techniques and the fair value hierarchy.

Topic

Financial Instruments

Standards Covered

IAS 32 Financial Instruments: Presentation; IFRS 9 Financial Instruments, including classification, measurement and expected credit losses; and IFRS 7 Financial Instruments: Disclosures.

Topic

Revenue from Contracts with Customers

Standards Covered

IFRS 15 Revenue from Contracts with Customers, including the five-step revenue recognition model.

Topic

Leases

Standards Covered

IFRS 16 Leases, including lessee and lessor accounting.

Topic

Foreign Exchange and Related Parties

Standards Covered

IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 24 Related Party Disclosures.

Topic

Employee Benefits and Share-Based Payments

Standards Covered

IAS 19 Employee Benefits and IFRS 2 Share-based Payment.

Topic

IFRS for SMEs and Transition to IFRS

Standards Covered

IFRS for SMEs Accounting Standard, including key recognition and measurement simplifications; and IFRS 1 First-time Adoption of International Financial Reporting Standards.

Topic

Overall Assessment and UAE Corporate Tax Return

Standards Covered

An integrated case study covering the IFRS and IAS standards addressed during the programme and their impact on UAE Corporate Tax adjustments, supporting schedules and the Corporate Tax Return.