“LOOKING FOR IFRS REPORTING SOLUTIONS IN THE UAE? WHICH TOOLS DELIVER THE BEST RESULTS?”
Along with other sectors, digitalization has also taken over the financial sector; all across the world, financial institutions are becoming more advanced and stronger with the help of digital tools. These tools enable professionals to perform their tasks with more accuracy, efficiency, and transparency; along with numerous financial and accounting tools, multiple IFRS reporting software in the UAE are introduced as well. Many of you must be well aware of the importance of IFRS standards and their compliance in the UAE; IFRS in the UAE is one of the widely followed accounting standards. Therefore, the country has been quite welcoming to IFRS reporting software in the UAE, hoping that these tools will prove to be a value addition.
Slowly but steadily, these tools/software are gaining popularity, yet a huge number of finance professionals and students are unaware of it; this lack of awareness could be the biggest challenge for the financial sectors in the UAE. Therefore, to ensure the implementation of digitalized IFRS reporting in the UAE, accounting and financial institutes should work on educating finance aspirants as well as professionals about these advanced tools. The motive of this guide is to at least spread awareness about the best IFRS software in the UAE that students and professionals should gain expertise in.
KEY SOFTWARES AND TOOLS FOR IFRS REPORTING IN THE UAE
Here are some of the key digital tools and IFRS reporting software in the UAE that are becoming popular in the region’s financial sector; students and professionals are advised to become experts in understanding and using these tools as the demand for such skills increases in the job market.
1: FINANCIAL CONSOLIDATION SOFTWARE
Financial consolidation software is a very useful tool adopted in the UAE. This helps users with automating financial closing, intercompany eliminations, and allows currency translation; this digital tool is supportive for IFRS reporting in the UAE, especially for financial consolidation. This local software for IFRS reporting can prove to be a value addition as its local presence implements reporting standards a bit more easily and smoothly. Finance professionals, as well as students planning to have a strong accounting or finance career in the UAE, should train themselves with skills to have a good command of operating this software efficiently.
2: ESTIMATOR9 / IFRS 9 SOFTWARE
This is the most popular IFRS reporting software in the UAE, a software that specializes in IFRS 9 compliance, which is “Expected Credit Loss”. Not just this, this software is quite beneficial in modeling of: Probability of Default, Exposure At Default, and Loss Given Default; the IFRS 9 software has efficiency to offer support in audit trails, regulatory reporting templates, and model validation. It is a software that all finance aspirants, students, and professionals working or aspiring to work with IFRS standards must learn; knowing how to use this software can be added as a skill in your resume and enhance your professional worth in the market.
3: EPM TOOLS
EPM (Enterprise Performance Management) tools like Jedox and LucaNet can be a good addition to your list; these are the software that can offer support in financial consolidation, disclosure management, multi-entity consolidation, and planning; such software/tools are used for IFRS reporting in the UAE. Having more skills and understanding of digital tools can strengthen your skillset and help you stand out amongst other finance candidates.
CONCLUSION
Indeed, digital tools and software have completely taken over the finance industry for good; the UAE, on the other hand, has been very supportive and welcoming with IFRS reporting. Therefore, the IFRS reporting software in the UAE is increasingly becoming popular, and the demand for skilled finance professionals who know how to use these tools to benefit businesses is increasing as well. Some of the commonly known tools or software used for IFRS reporting include Estimator9/ IFRS 9 software, financial consolidation software, and EPM Tools (Jedox, LucaNet, etc); finance professionals are encouraged to show adaptability and learn these tools to stand out amongst other candidates.
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1: Why is IFRS certification in Dubai becoming so popular?
Ans: The IFRS certification in Dubai is gaining significant popularity in the region as companies, employers, and businesses in the UAE demand finance professionals with expertise in IFRS; this demand pushes aspirants and professionals to become experts in this area to remain competitive in the industry.
Q2: Is there any training and support available in the UAE for IFRS reporting tools?
Ans: Yes, various implementation partners in the UAE offer training, support, and guidance to finance professionals and aspirants for understanding these digitized IFRS reporting tools.
Q3: Are manually prepared IFRS reports still acceptable in the UAE?
Ans: As long as the reports are in compliance with IFRS standards and do not have any errors or mistakes, they are acceptable in the UAE; however, using tools can increase work efficiency and save time, therefore, using them is more preferable.
