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IFRS Implementation & Reporting

Global Standards. Local Compliance.

Technical accounting advisory for IFRS standards.

Kenekt provides IFRS implementation and technical accounting advisory in Dubai for UAE businesses transitioning to or maintaining compliance with international financial reporting standards. We support first-time adoption and ongoing compliance across IFRS 9 (Financial Instruments), IFRS 15 (Revenue Recognition), IFRS 16 (Leases), and IFRS 3 (Business Combinations).

Standards We Implement

IFRS 9 — Financial Instruments: Classification and measurement of financial assets and liabilities, Expected Credit Loss (ECL) impairment modeling, and hedge accounting. Relevant for businesses with significant receivables, investments, or loan portfolios.

IFRS 15 — Revenue Recognition: The five-step model for recognising revenue from contracts with customers. Critical for businesses with long-term contracts, milestone-based billing, or bundled service arrangements.

IFRS 16 — Leases: Bringing operating leases onto the balance sheet as right-of-use assets and lease liabilities. Mandatory for any business with significant property or equipment leases.

IFRS 3 — Business Combinations: Purchase Price Allocation (PPA) for M&A transactions, goodwill impairment testing, and fair value measurement of acquired assets and liabilities.

First-Time Adoption: For businesses transitioning to IFRS from local GAAP — typically triggered by a funding round, a planned listing, or a joint venture with an international partner.

Frequently Asked Questions

Yes. IFRS is mandatory for all companies listed on UAE exchanges. For private companies, IFRS is the de facto standard expected by UAE banks for lending purposes, by DIFC and ADGM for licensed entities, and by international investors. If you are seeking institutional financing or preparing for any transaction, IFRS-compliant financials are effectively non-negotiable.

IFRS 16 requires recognizing a Right-of-Use (ROU) asset and lease liability for every lease with a term exceeding 12 months. For a business with multiple UAE property leases, this involves: gathering all lease contracts, extracting key terms, determining the incremental borrowing rate for discounting, calculating present values of future payments, and journaling the opening balance sheet entries. We manage the entire process and deliver all entries and disclosure notes for your auditors.

Possibly. IFRS standards are updated regularly — new amendments and effective dates require ongoing monitoring. If your business has grown or changed significantly (new product lines, acquisitions, lease portfolio changes), your existing accounting policies may need to be reviewed. We provide ongoing technical support as a retained service or on a transaction-by-transaction basis.
Abhijeet Sharma

Abhijeet Sharma

Senior Advisor, Risk Advisory Services, Kenekt

Chartered Accountant (ICAI) | 18 years: EY, KPMG, Grant Thornton, Mazars, MBG Corporate Services

Alan Peter Rajan

Alan Peter Rajan

Senior Manager, Transaction Advisory

MSc Financial Management, University of Manchester | MBA, Curtin University

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