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UNITED ARAB EMIRATES

COVID-19 Crisis Hub

COVID-19 Crisis Hub

When it comes to keeping your business up and running, knowing the right questions to ask and where to find the information you need can make all the difference. You can find useful information on government support for businesses and individuals as well as a wide range of practical advice in this page.

Let’s stay prepared together

Insights on COVID-19

IFRS 9: Effect of COVID-19 on Accounting for Financial Guarantee Contracts

In this article, we have covered the financial guarantee contracts that are within the scope of IFRS 9 and their impact on financial reporting requirements due to COVID-19. The financial guarantees may have various legal forms (such as guarantees, letter of credits, credit default contracts or insurance contracts), and their accounting treatment does not depend on their legal form.

FRS IN PRACTICE 2020-2021

BDO has released its most up to date guidance on IAS 36, Impairment of Assets. The recent effects of COVID-19 have highlighted the amount of complexity that may arise as entities apply IAS 36 to test for impairment on their PP&E, lease assets, goodwill and intangibles.

IFR Bulletin – Accounting for rent concessions: Lessee FAQs

This publication answers dozens of questions that lessees have been asking with regards to the recent amendments to IFRS 16: COVID-19 related rent concessions. The Bulletin answers how to assess whether a lessee may apply the practical expedient, how the underlying calculations should be done, along with numerous illustrative examples of common rent concessions.

BDO releases Illustrative Interim Financial Statements

This publication includes explanations and illustrative disclosures for 30 June 2020 year-ends, including illustrative disclosures that may be required due to the effects of COVID-19. These include impairment of assets, applying the amendments to IFRS 16: COVID-19 related rent concessions, and others

IFR Bulletin: Impairment Implications of COVID-19 (IFRS 9 Financial Instruments)

The effects of COVID-19 will require entities to adjust their assumptions and systems that interact with the measurement of expected credit losses (ECL) in accordance with IFRS 9. BDO has released an IFR Bulletin on the key issues that are likely to arise due to COVID-19.

IFR Bulletin: Amendments to IFRS 16 for COVID-19 Related Rent Concessions

BDO has released an IFR Bulletin about the amendments to IFRS 16 issued by the IASB for COVID-19 related rent concessions. The amendments are mandatory for annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted, including in financial statements not yet authorised for issue at 28 May 2020.

Business strategies in the 'new normal' - Beyond the Curve

Post-COVID–19 pandemic, organisations will need to revisit their strategies to incorporate resilience and agility - this article provides key factors an organisation needs to consider

Specific Provisions of IAS 36 – Impairment of assets and its implication on Financial Reporting due to Covid-19

In this article, we have covered specific provisions IAS 36 – Impairment of Assets and its implication on financial reporting of the entities due to COVID-19.

Saudi VAT rate increase - Implications for GCC businesses

BDO’s tax leaders in the GCC discussed the impact of the Saudi VAT rate increase on both Saudi businesses and on regional businesses that trade with Saudi Arabian customers and suppliers.

The New ‘Normal’ for Business - from reacting to embedding resilience

As the COVID – 19 pandemic progresses, several countries are beginning to ease restrictions previously imposed to contain the spread of the pandemic. The management and boards are planning

on how to handle the transition phase through “return to work plans”. There are several risks in this transition phase which management and boards need to consider.

Business Resilience Series – Managing VAT Cash Flow

During the current crisis, managing cash-flows is a top priority for most businesses - VAT can play a vital part in this.

In this video, our tax partner #Brian Conn speaks about the importance of managing VAT Cash-flow.

Webinar Recording: Update on key tax and regulatory measures introduced in the GCC due to COVID-19 crisis

BDO’s tax leaders in the GCC discussed on key tax and regulatory measures introduced in each of the GCC member states.

Business continuity management in times of crisis

Business continuity management helps companies to effectively respond to threats such as natural disasters, economic downturns, or a Pandemic - similar to the current pandemic COVID-19, and protects the business interests of the organization.

In this video, our experts have compiled a list of key areas that your organization should consider to protect business interests of your organization

Managing your cash flow during the crisis

As companies navigate through this unprecedented time of pandemic, (except for companies based in specific sectors) all companies are experiencing significant operational, financial and liquidity challenges. Several measures are put in place to ensure disruption impact is minimum. One of this measure is to focus on cash flows.

In this article, we are sharing certain evident challenges and mitigation steps for companies to consider for effective cash flow management.

IFRS Bulletin - Impairment Implications of COVID-19 (IAS 36 Impairment of Assets)

BDO has released a new IFR Bulletin on the effects of COVID-19 on impairment calculations under IAS 36. Impairment calculations require special considerations during this heightened period of uncertainty.

Securing your video conferences - COVID-19

While video conferencing is not a new concept, the novel coronavirus (COVID-19) has caused the demand for virtual communication to be at an all-time high. As a result, many organizations had to mandate remote work policies. Working from home has employees accessing data with potentially less secure equipment and connections. As organizations using video conferencing platforms are on the rise, the information shared during these meetings are increasingly more vulnerable to cyber-attackers

DMCC Business Relief Package and Regulatory update to its Member Firm

This article provides you with details relating to stimulus package & specific regulatory guidance issued by Dubai Multi Commodity Centre(DMCC) Free Zone to its member firms.

Protect your organization from cyber-attack when working from home (COVID-19)

At the time of global pandemic (COVID-19), many organizations have decided to work from home and have adopted remote work policies. This influx in remote work has created a gap in cybersecurity standards and it’s becoming a growing concern. Cybercriminals are exploiting COVID-19 to target organizations and individuals. This article provides you with details relating to protecting your organization from cyber-attack when working from home

IFR Bulletin - Amendments to IFRS 16 proposed by IASB for Lessees

The IASB met on 17 April 2020 and approved principles for an exposure draft that will provide significant operational relief for lessees under IFRS 16 that are accounting for lease concessions as a result of COVID-19.

VAT Compliance Continuity - Factors to be considered

In order to ensure continuity in managing VAT compliance, a company needs to have an end to end VAT solution which helps reduce compliance risk and increase efficiency.

COVID-19 and Insurance Claims

Businesses across the globe are struggling with the effects of COVID-19 on their revenues and activities across a wide range of markets. At BDO we have experience of guiding businesses through recovery of losses and potential claims that can be made against insurance policies.

Coronavirus impact and risk response guide

This guide aims to provide insights into the relevant impacts of COVID-19. It gives general risk response guidance for companies to consider when deploying business continuity planning (BCP) measures to combat the epidemic and, more importantly, to maintain the agility to overcome the difficulties faced.

Tax impact to consider during the COVID-19

With the evolving crisis we are facing globally in the form of COVID-19, the health and safety of our friends, families and community has become a priority. This has resulted a change in how we do business, with work from home arrangements becoming more common.

Beware of COVID-19 Cybersecurity Scams

The impact of the Coronavirus (COVID-19) pandemic is spreading across the world and impacting all types of organisations and their employees. Unfortunately, cyber criminals are taking advantage of this situation. Recommendation are available in the flyer to safeguard yourself from Cybersecurity Scams.

Gerard Rahman, Partner

Partner