IFRS Accounting & Advisory — UAE & GCC
Accounts you can put your name to.
Taraz Advisory is a remote IFRS practice for owner-managed trading businesses. Every engagement is led by the founder, reviewed line by line, and delivered in a form that survives the second reading — by your bank, your auditor, and the Federal Tax Authority.
/ The problems we hear
If any of this sounds familiar, your books are costing you more than they are telling you.
Lenders do not reject businesses. They reject files. Unreconciled cash, inventory that will not tie back to the ledger, and a gross margin that moves without explanation are the three reasons a facility stalls most often. All three are fixable inside one reporting cycle.
In import-for-re-export businesses the gap is usually structural rather than clerical. Landed cost is built wrong, refundable customs deposits sit inside cost of sales, and consignment stock is recognised before control has passed. IAS 2 has a clear answer for each of the three.
If the numbers change every time someone asks a question, the problem is the close process rather than the software. A fixed monthly rhythm with a locked cut-off is what turns a report into something you can make a decision on.
Bookkeeping tells you what happened. Reporting tells you what it meant. Most owner-managed trading businesses are paying for the first and assuming they are receiving the second.
A corporate tax position is only as sound as the financial statements underneath it. When those statements are unreconciled, the filing inherits every one of the unknowns — and so does the exposure that follows from it.
Every one of these is solvable. It usually begins with a single reconciliation.
/ Why Taraz
Boutique in size. Big Four in discipline.
Incoterms, landed cost, FX exposure, consignment stock, and refundable duty. We work in the mechanics of trade, not only in debits and credits.
Every engagement begins at the bank. If cash is unagreed, everything above it is decoration.
You work with the founder on every file. No junior handoffs, no rotating account managers, no third-party visibility. Your numbers stay yours.
You are quoted before work begins. No hourly drift, no revised estimates, no invoice you did not expect.
/ Services
Four engagements. One standard.
A complimentary thirty-minute diagnostic of your current books. We look for the three errors that move margin most: reconciliation breaks, landed-cost treatment, and cut-off. You leave with a written summary whether or not you engage us.
Monthly IFRS-compliant management accounts and financial statements — reconciled, ratio-driven, and delivered within seven working days of period close.
Ongoing bookkeeping oversight, bank reconciliation, and management reporting on a fixed rhythm you can plan around, with a named reviewer on every file.
Full clean-up, conversion, and audit-ready annual statements built to withstand scrutiny from the first page — with the working-paper file standing behind them.
/ A worked example
What a second reading finds.
IAS 2
In import-for-re-export operations, customs duty paid on entry is frequently recoverable on exit. Where that recovery is reasonably assured, the deposit is a receivable. It is not a cost of inventory.
IAS 2 is explicit: the cost of purchase excludes duties subsequently recoverable from the taxing authorities. Yet in the trading files we review, that deposit sits inside cost of sales more often than not.
The consequence is not cosmetic. It overstates cost of sales, understates gross margin, distorts every inventory-turnover and margin ratio a lender will look at, and carries straight through into the corporate tax computation.
Findings of this kind are why the health check carries no fee. It is the shortest route to showing that a second reading is worth paying for.
/ Sectors
We work with owner-managed trading businesses.
Inventory-heavy, cross-border, and complex enough that the accounting treatment changes the answer.
Importers and distributors managing multi-currency procurement, layered supplier terms, and VAT recovery across mixed supply chains.
Where inventory valuation, landed cost, and wastage provisioning determine margin directly, and shelf life drives the provision.
Traders exposed to FX volatility, consignment stock, and extended receivable cycles across several markets at once.
Multi-SKU distributors balancing supplier credit terms, warehousing cost, and thin, volume-driven margin.
Accrual discipline on unbilled jobs, disbursement accounting, and agent balances that rarely reconcile on the first pass.
Qualifying income tests, de minimis thresholds, and the substance evidence that has to stand behind both.
Profit is an opinion. Cash is a fact. We make sure you can trust both.
/ Method
A disciplined rhythm, from first diagnosis to ongoing control.
A free health check on your current books. We identify the real errors in your reconciliations and margins, and we put them in writing.
Fixed-scope packs or monthly retainers, produced on a weekly rhythm with a forty-eight-hour buffer built in ahead of every deadline.
Each cycle strengthens the infrastructure underneath — a cleaner close, a tighter cut-off, better questions from you.
The file is built so that your auditor, your bank, and the FTA all read the same story from the same numbers.
/ Standards & Framework
The rules we work to.
IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard. The third edition of IFRS for SMEs applies to annual periods beginning on or after 1 January 2027, with early application permitted.
Federal Decree-Law No. 47 of 2022. Returns and payment fall due within nine months of the end of the tax period.
Available to eligible resident persons with revenue of AED 3 million or less. Ministerial Decision No. 131 of 2026 extended the relief to tax periods ending on or before 31 December 2029.
Ministerial Decisions No. 243 and 244 of 2025. Mandatory from 1 January 2027 for businesses with revenue of AED 50 million or more, and from 1 July 2027 for those below that threshold.
Positions stated as at 16 August 2026. Verified against Ministry of Finance and IFRS Foundation sources.
/ Principal
Wakil Mutavakil
Wakil Mutavakil is the founder of Taraz Advisory. His background is in internal control and financial reporting for trading operations — the discipline of making certain that what the ledger says, what the warehouse says, and what the bank and the customs file say are all the same thing.
He established Taraz on a single premise: in a small practice, one partner reviews every difficult file, and nothing leaves the office until that partner has read it. Taraz exists to be that reviewer for businesses that do not have one.
Every engagement is led by him personally.
Begin with a free financial health check.
Thirty minutes on your current books. We tell you what we find, in writing, whether or not you engage us. No obligation and no fee.