The new framework of the International Financial Reporting Standards for Small and Medium-sized Enterprises establishes a much needed set of accounting standards for businesses that previously did not have the type of transparency that larger corporations are required to make publically available. At the roundtable event on July 6, 2010, the benefits this has had on major accounting firms was discussed in earnest.
Probably the most significant impact this has on SMEs is the ability to provide lenders and investors with reliable and accurate records of their business’ finances. As lenders and investors have standardized proof of a growing SME’s risk and ability to repay, the economy will benefit as a whole. After the recent blows to the economy in Dubai, this is great news for everyone.
The impact this has on professionals in accounting industry is tremendous. The majority of small and medium sized business owners are left feeling confused at how to handle the huge undertaking of implementing the required changes in how they record and handle their finances. This provides a wealth of opportunities to both financial and accounting firms, as well as to individuals that are considering work in Dubai.
As a result of these changes, the majority of the major big name players in the Accounting industry are actively recruiting top notch professionals with a background and proven track record in accounting and related industries. If you have been considering a move to Dubai, now is the time to contact one of the major recruiting firms or established financial institutions in the Dubai market.