Uniqus Views

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    14
    Jul
    ,

    International Sustainability Standards Board issues standards on sustainability and climate-related disclosures

    The standards issued by the International Sustainability Standards Board (ISSB) bring much-needed global baselining in sustainability reporting. The latest announcement by the Financial Stability Board asking the IFRS Foundation to take over monitoring the progress of companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD) is a step toward aligning framework and disclosure requirements. This will enable global benchmarking, capacity building, and monitoring of the progress of company disclosures and adoption. The standard-setting program of the ISSB is set to gather momentum with the exposure draft for narrow-scope revisions contemplated to the SASB standards already open for comments. Countries around the world that follow IFRS standards for financial reporting should adopt the ISSB standards to align financial and non-financial reporting frameworks. Companies should holistically evaluate the disclosures in these new standards and prepare to adopt them, including training their teams and embedding technology. In our experience, stakeholder communication and managing expectations are critical, and the involvement of all stakeholders early in the process will be key to successful adoption.
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    16
    Jun
    ,

    UAE Corporate Income Tax: Considerations beyond tax

    The Federal Tax Authority has issued the Federal Decree-Law No. 47 of 2022 on “Taxation of Corporations and Business” (the “CIT Law”), which levies a form of direct tax on corporations and business profits from the beginning of their first financial year commencing on or after 1 June 2023. For example, the first tax period will begin in January 2024 for the companies that follow January to December as their financial year. The Corporate Income Tax (“CIT”) Law, read with the Cabinet Decision No. 116 of 2022, provides that a taxable person’s taxable income exceeding AED 375.000 shall be subject to a 9% CIT rate in the relevant tax period. In the case of a qualifying free zone person, qualifying income will be taxed at 0%, and taxable income other than qualifying income will be taxed at 9%.
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    03
    May
    ,

    Ind AS April 2023

    The Ministry of Corporate Affairs notified the Companies (Indian Accounting Standards) Amendment Rules, 2023 on 31 March 2023, which became effective for annual reporting periods beginning from 1 April 2023. These changes are applicable and effective to all entities that report under the Ind AS accounting framework for accounting periods beginning on/after the above-mentioned date.
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    25
    Apr
    ,

    UNIQUS Point of View – Use of non-GAAP Measures

    Recently, companies have increasingly been disclosing non-GAAP measures in their investor communication and capital markets-related offering documents. The rationale for using such non-GAAP measures is that they assist management in providing the users of financial information with an understanding of the company's key business drivers and enable management to present a perspective to users, which might not be possible only through GAAP measures.
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    14
    Apr
    ,

    Mutual Fund Ind AS

    The mutual fund industry in India dates back to 1963, when Unit Trust of India was formed at the initiative of the Government of India. With the entry of numerous mutual fund players and several products across the asset classes, the industry has come a long way. The Mutual Fund Industry’s Assets under Management (‘AUM’) has grown from INR 22.20 trillion as of 28 February 2018 to INR 39.46 trillion as of 28 February 2023, i.e., around a 2-fold increase in a span of 5 years.
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