New & Views : 2009

ubai

Advantagesfor RAK FreeZone Clients

RegisteringTrademarkWorldwide

New IFRSfor SMEs

Magnificent Zones at HamriyahFree Zone

Anti-MoneyLaundering

Corporate SocialResponsibility

DoingBusiness inJebel AliFree Zone

www.jitendragroup.ae News&ViewsNews&Views2009: Maiden Issue

Vol.1 - No.1

Auditors | Accountants | Business Advisors | Trademark Agents | Property Consultants

UAE: Land ofOpportunities in Recession

Contents:03 Chairman’s Message

04 Expert View Effectively Doing Business at Jebel Ali Free Zone

04 RAK Airport and RAK Customs advantages for RAK FTZ Clients

05 Anti-Money Laundering and Fraud Control Practices Confronting Money Laundering Operations in the Companies

06 Inside Jitendra Group Jitendra Group’s Founder Partner meets Ras Al Khaimah’s Crown Prince

08 CSR is vital for long-term business gains: JCA implements key CSR initiatives

09 Doing Business at One of the Seven Magnificent Zones at Hamriyah Free Zone

09 Registering Trademark Internationally is Cost Effective

10 New IFRS for SMEs: A Welcome Measure

11 Directory

Founder Member of :

www.jcainternational.ae

Our main Areas of Services Are: • External Audit, Assurance and Due Diligence • Internal and Management Audit • Compliance Audit • Accounts Outsourcing • Company Formations (L.L.C, Offshore and Free Zones) • Arranging Credit and Loan Facilities From the Banks • Liquidation of Companies • H.R. Consultancy • Management Consultancy • Trademark and Patent Registrations Worldwide• Business Advisory

For comments, suggestions and advertisements, please contact: Mr. Noel C. Aponte Jr. Marketing Assistant Email: [email protected] Tel: +971 4 3976351

TM

I N T E R N A T I O N A L

News&ViewsNews&Views

02

Welcome to Jitendra GroupIt gives me immense pleasure to table the 1st edition of News & Views – a quarterly newsletter from Jitendra Group.

As you are aware Jitendra Group is in the profession for almost a decade but I personally felt that the time has come now to present our News & Views. You may say that the genesis of any newsletter is a personal desire at the management level. However, at Jitendra Group we always think from our client’s point of view first.

Today, it gives me tremendous satisfaction to see a dedicated team of professionals working round the clock to deliver best-in-class services.

The company has metamorphosed into a conglomerate with a multi-lingual, multi-nationality, corporate culture having domain experts that can handle most complicated business requirements for our multinational and regional clients.

And this is delivered from our various offices regionally and internationally. Jitendra Group’s main office is in Dubai (United Arab Emirates) with branches spread across Sharjah, Jebel Ali Free Zone, Mumbai and London. We also have our presence in DIFC; as we are the approved auditors by DIFC Authorities.

In a bid to expand into other global markets, we recently setup JCA International, a worldwide network of auditing, accounting, lawyers and consultancy firms, called JCA Member Firms. Each JCA Member Firm is an independent entity in its own country.

As the name suggests, “News & Views” will try to capture news pertaining to our profession in a very broad context. It will also have the right mix of “Views” on a variety of topics including current affairs, new legislations, economic developments and any global or regional changes in the financial world.

News & Views has been designed as a quarterly and by doing so we are trying to provide you content that you will be able to read and digest at leisure. We will appreciate your views and feedback on periodicity, content, style and presentation.

Happy reading!

CA Jitendra GianchandaniChairman and Managing PartnerJitendra Group of Companieswww.cajitendra.comhttp://blog.cajitendra.comEmail: [email protected]


03


In an exclusive interview to News & Views, Mr. Ibrahim Al Janahi, the Chief Commercial Officer of Jafza, reiterates Jebel Ali Free Zone’s position as the Middle East’s ultimate business hub, with a series of mega-projects being completed this year.

How do you ensure that business hubs such as Jafza will remain competitive for international investors, especially after the new legislation goes live? The UAE government is preparing legislation within the next two months that allows investments in developing the country’s industrial base outside free zones with full ownership privileges for investors. However, in my opinion, free zones will remain competitive for international investors seeking a base in the UAE, even after a proposed new law allows companies to operate outside their jurisdiction with full ownership rights. Under the current regime, companies based in the United Arab Emirates need local sponsors, unless they operate from special business parks such as Jafza, where 100 per cent ownership rules and other tax incentives apply. The proposed new law will help to open up the economy to foreign investment. At the same time, Jafza will remain competitive.

A company based in Jafza will have advantages over other companies as part of an established business community with excellent infrastructure and services. What kind of demand, according to you, have logistics spaces generated over these years? Dubai’s logistics industry continues to post robust growth compared to the rest of the Europe, Middle East and Africa (EMEA) region. Traders today are increasingly seeking value-added and economical logistics solutions and, as a result, demand for logistics spaces in the free zone continues to grow at a steady pace. Consumer goods, pharmaceutical, apparel, and electronics sectors are seen as main drivers of the robust growth of the logistics markets in Dubai and Jafza in 2009. By offering global companies world-class infrastructure facilities to effectively manage their supply chains, Jafza has

become the region’s most important trading and redistribution hub, and one of the main economic drivers of the nation. Foreign trade through Dubai’s free zones alone increased by 29 percent in 2008 compared to the previous year, rising from AED 237.7 billion to AED 307 billion.

How do you feel the new Dubai Metro will help the thousands of people employed at Jafza? Dubai Metro is going to be of great help to those who commute to Jafza for work. When fully completed, there will be as many as three train stations around Jafza, where we more than 6,000 companies employing tens of thousands of people. For one thing, we believe Dubai Metro will certainly ease traffic congestion on the roads connecting Jafza. We are confident that the true benefits of Dubai Metro

for the emirate in general and Jafza in particular will be evident in the long term.

Expert ViewEffectively Doing Business at: Jebel Ali Free Zone

Ibrahim Al Janahi, Chief Commercial Officer, Jafza

04

RAK Customs has signed a MOU with RAK Airport, to support companies operating in the RAK FTZ. RAK Customs has agreed not to cash the customs duty deposit cheques or activate deposit bank guarantees for 10 working days after the shipments exits RAK FTZ, if the exporters meet the below conditions:

• The shipment’s final exit point is RAK International Airport

• The exit documents are submitted to RAK Customs within 10 working days, startin from the day the shipment exits RAK FTZ

ActivationTo activate this facility, please write to RAK Customs with subject “RAK Airport - Ref No AOGEN1945/CEOMSFA/270709 691” Agreed Procedure – Holding of Cheques

1. The customer must write to RAK Customs referencing “RAK Airport - Ref No. AOGEN1945/CEOMSFA/270709-691” and requesting RAK Customs to activate this facility and hold their deposit according to the terms of the MOU.

2. If the exit point for cargo leaving any of the Free Zones in Ras Al Khaimah is specified as RAK International Airport, RAK Customs will accept a cheque for the customs duty deposit; RAK Customs will hold the cheque and for a period

of 10 working days from the date of transfer from the Free Zone; and

3. If the cargo is exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the free zone, RAK Customs will return the cheque to the customer; or

4. If the cargo is not exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the free zone, RAK Customs may cash the cheque.

Agreed Procedure – Holding of Bank Guarantee

1. The customer must write to RAK Customs referencing “RAK Airport - Ref No. AOGEN1945/CEOMSFA/270709-691” and requesting RAK Customs to activate this facility and hold their deposit according to the terms of the MOU.

2. If the exit point for cargo leaving any of the free zones in Ras Al Khaimah is specified as RAK International Airport, RAK Customs will accept an unconditional bank guarantee for the customs duty deposit; RAK Customs will

not activate this guarantee for a period of 10 working days from the date of transfer from the Free Zone; and

3. If the cargo is exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the Free Zone, RAK Customs will release the customer from the bank guarantee; or

4. If the cargo is not exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the free zone, RAK Customs may call up on the bank guarantee.

A summary of criteria: 1. Cargo must be transported from the free zones in Ras Al Khaimah; and 2. Cargo includes commodity of any value; and 3. The terms are applicable for transhipment or transit cargo; and 4. The Cargo must be exported through RAK International Airport; and

5. RAK Customs has the full discretion to cash the customs duty deposit cheque or call upon the bank guarantee if cargo is not exported from RAK International Airport within 10 working days from the date of transfer from the free zone.

For all queries on company formation, please visit us on live chat at www.freezonesuae.com or email us at [email protected].

RAK Airport and RAK Customsadvantages for RAK FTZ Clients

Rajvinder Singh – ManagerBusiness Development Services


Money laundering is every act involving moving, transferring or depositing money collected from the crimes mentioned in Article 2 of Federal Law No. 4 of 2002 or hiding it or concealing its true nature so as to present it as if it emanates from a legitimate source.

Definition of Money Laundering:

• The conversion, transfer or deposit of Proceeds, with intent to conceal or disguise the illicit origin of such Proceeds.

• The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of Proceeds.

• The acquisition, possession or use of such Proceeds.

For the purpose of this law, Property shall mean those derived from the following offences:

• Narcotics and psychotropic substances.

• Kidnapping, piracy and terrorism.

• Offences committed in violation of the environmental laws.

• Illicit dealing in fire-arms and ammunition.

• Bribery, embezzlement, and damage to public property.

• Fraud, breach of trust and related offences.

• Any other related offences referred to in international conventions to which the State is a party.

Understand Money Laundering by Examples:

1. Depositing major amounts of money in bank (x) in some country and then transferring these amounts to bank (y) in other country then transferring these amounts to bank (z) in the same country in the name of a particular person who then exchange these amounts for cash.

2. A person opens more than one account with one bank or opens more than one account with more than one bank within in the same country. That person then makes a cash deposit in these

accounts using an amount less than the threshold limits requiring disclosures, then transfers these amounts to one account or withdraws the money, for example, to purchase premises.

3. Opening of bank accounts by institutions with banks in other countries in the name of institutions. These accounts are then used by unknown individuals in those countries (or in the banks concerned) to launder money.

4. Any financial transactions not relating to the client’s activities.

5. Opening accounts to receive deposits or transfer funds unrelated to the client’s activities.

6. Frequent transfers between banks accounts.

7. Depositing large value cheques in the name of the account owner.

8. Transactions with countries known for producing, manufacturing or distributing drugs.

9. E x p e n d i t u r e transactions and currency exchanges with rates less than the market rate.

10. Purchase or sale of financial instruments for no reason or purpose or in extraordinary circumstances.

11. Transferring large value amounts to foreign countries disproportional to the client’s activities.

12. Using letter of credits in a way which is disproportional to the client’s activities.

13. Early extinguishments of debt with large unexpected amounts.

14. Sudden applications for loans that are disproportional to the client’s activities and/or against unknown sources of assets.

15. Incoming foreign remittance to clients who then transfer these funds again outside the country without booking these transfers into the client accounts.

16. Large and recurring transfers of funds.

17. Transferring funds to a person or persons with different addresses.

18. Large value foreign currency exchanges for local currency.

19. Purchase of insurance policies then canceling or liquidating them before maturity date.

20. Subscription to retirement schemes and then cancellation of such subscriptions.

21. Abnormal requirements to issues insurance contracts with large value amounts contrary to the client’s business.

22. Contracts where the client is not interested in the return on the investment as much as his concern on early cancellation or disposing of the investment.

23. Payment of insurance installments with cash rather than financial instruments (such as cheques…etc).

24. Sale of large amounts of gold at less than the market rates.

25. Opening accounts in another country by depositing cash in these accounts and then transfer these amounts to another country to purchase premises in that country.

26. Obtaining mortgage loans and then repaying these loans with cash before the maturity date.

Source: UAE Central Bank & Circular issued to all audit firms by Ministry of Economy.

Anti-Money Laundering and Fraud Control PracticesConfronting Money Laundering Operations in the Companies

05

CA Rajan Shah, Manager – Audit Division

Email: [email protected]


06

Inside Jitendra Group

Hosted a get together for its staff to network socially and get acquainted with each other.

Intellectual Property Management Conference in SingaporeCA Jitendra Gianchandani and Akhila Sreekumaran participated in the conference organized by Marcus Evans on June 29 to June 30, 2009 at the Marriot Hotel in Singapore.

CA Jitendra Gianchandani attended an Iftar arranged at the Sheikh’s palace in Ajman on September 7, 2009.

IFTAR GATHERING AJMAN

CA Jitendra Gianchandani and CA Divya Gianchandani were the first couple to be PHF Member of District 3050, Gujarat, India. From left: DG Dr. Jayprakash Vyas, CA Divya Gianchandani and CA Jitendra Gianchandani. Meeting and Greeting

CA Jitendra Gianchandani met HH Sheikh Saud bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras al Khaimah on May 5, 2009, at the ruler’s palace in Ras Al Khaimah. The visit was organised by the Canadian Business Council for Trade Mission.

CA Jitendra Gianchandani participated in an Iftar arranged at the Sheikh’s palace in Abu Dhabi on September 10, 2009.

IFTAR GATHERING ABU DHABI

ROTARY MEMBERSHIP

STAFF ENTERTAINMENTSINGAPORE CONFERENCE


07

Messaging Workshop Conducted at the World Trade CentreA Messaging Workshop at the World Trade Centre in Dubai, UAE, on August 12, 2009, which was organised by its PR Agency.

Mylene Evangelista is JCA’s new Company Secretary and Receptionist

Ms. Evangelista graduated with a Bachelor of Science Degree in Psychology and has been working in the Dubai service industry for over 3 years.

Ms. Evangelista will provide reception and administrative support to the Jitendra Group of companies and will be positioned at the company’s headquarters in Dubai.

In-house Professional TrainingThe Workshop, which is held every Saturday at head office in Dubai, trains the employees on the new International Financial Reporting Standards for Small and Medium-sized Enterprises and other professional issues.

Jitendra Chartered Accountants Gets Registered by DIFC

Jitendra Group has announced that one of its business entity Jitendra Chartered Accountants, has been approved as a registered Audit Firm by DIFC, in September 2009. Thus, Jitendra Chartered Accountants join the big league of professional firms of international repute.

CA Atul Shukla – Audit Partner Jitendra Chartered Accountants

APPOINTMENTCA Atul H. Shukla Joins as Audit Partner and AMLO (Anti Money Laundering Officer) CA Atul H. Shukla has joined Jitendra Group as an Audit Partner. He is a senior Chartered Accountant and Cost Accountant from Mumbai, India with twenty seven years of experience in audit and business advisory.

Prior joining our group he was group director with Crowe Horwath International in Dubai. He is also an experienced faculty in accounts and audit related subjects like IFRS / ISA. He is also designated as AMLO for the purpose of DIFC registration.

And the Winner is… Tessie Librando, was awarded the “Employee of the Month” award for the month of August 2009. She received an incentive of AED 1000, along with an appreciation certificate for her efforts. Ms. Librando received the accolade, for reporting to the office on time without being late, and submitting reports to the office and the clients on time.


08

Corporate Social Responsibility (CSR) is slowly emerging out of the shadows to become a key component of a company’s long-term vision and goals. It is no longer a passing fad, or a periodic PR exercise to generate some temporary publicity. It has truly become an integral part of effectively managing a profitable and growing company.

Historically, the aim of every company or enterprise was to produce goods and services in a legitimate manner and earn profits. However, over the years, the definition of a good corporation or company has undergone a dramatic change. Today, it is not enough to generate profits. The society and stakeholders – consumers, employees, shareholders and regulators – expect companies to go an extra mile to make a meaningful contribution to the community and the world at large. Years of degradation and exploitation of nature by man and commercial interests have placed the world on razor’s edge, and companies are called upon to play their role in new c o n s e r v a t i o n initiatives.

If a company wants to keep its good reputation and brand image, it has to demonstrate to the public and stakeholders that it is doing all it can to minimize the negative impact on nature. This in turn brings rich dividends to the company while the world becomes a better place to live.

Smart companies therefore can use CSR to their competitive advantage, boosting their image and brands by engaging in community and environment related activities. Such

steps can increase sales and reduce costs (through more recycling, for example, or lower worker turnover).

Of course, CSR is not without its opponents. Quite often, the focus on doing good may not be compatible with being profitable. Further, these initiatives could entail costs that outweigh the benefits. There are those who believe that CSR makes no sense and fervently hope it will fade away as the global economy picks up and the Enron-type of scandals become things of the past, leaving them to get on with their business.

But the hard reality is that CSR won’t go away. Several years of neglect have wrought almost irreparable damage to environment. As long as companies are active around the world, they will be vulnerable to public scrutiny and criticism and will need to find ways to respond positively.

In the years to come, CSR will only get stronger. As CSR enters the mainstream, it will become more realistic. Governments and pressure

groups have started to accept that companies are not primarily do-good organisations, that companies’ initiatives are not going to eliminate global poverty and that businesses are not there to make up for the deficiencies of poor governments.

In Europe and North America, CSR has become a buzzword, and many companies have raised it to a fine art. Their commitment is real and action-driven. In some companies, environmental issues get as much importance as ongoing staff training or expansion programs. Most major companies have developed CSR

principles and hired CSR directors who are bearing pressure on regional and country managers to put their fine words into action. In the Middle East, in subsidiaries of multinational companies as well as large local companies, CSR strategies are slowly becoming part of standard procedure, though these measures are in their infancy.

At Jitendra Chartered Accountants (JCA), a number of initiatives have been put in motion and are in planning stages. JCA has set up the ‘Krishna and Kundan Charitable Trust’ to promote the welfare of the children who need education and extend support to physically handicapped children.

JCA has put some concrete steps to ensure ongoing CSR practices. Each month, some portion of income is contributed towards CSR initiatives.

Continuing in the same vein, JCA officials are serving the community by associating themselves with social and humanitarian organizations. Recently, we (me and my husband) joined the Rotary Club as a PHF (Paul Harris Fellow Foundation) members and promised to support the Thalassemia camp.

For more details visit: www.kkcsrfoundation.com.

CSR is vital for long-term business gains:JCA implements key CSR initiatives

CA Divya Gianchandani – PartnerEmail: [email protected]


09

Commissioned in late 1995, today, Hamriyah Free Zone (HFZ) is recognised as one of Middle East’s most sophisticated warehousing and distribution centres and provides the best infrastructure for industrial set-ups. According to recent estimates, around 3,000 companies have their set-ups in the free economic zone. Around 40 percent of them are Indian companies such as Essar and Larsen and Toubro. HFZ has seven booming zones, such as:

• Construction World (22 plots) • Maritime City (24 plots) • Steel City (30 plots)

• Timber Land (24 plots) • Oil and Gas Zone (22 plots) • Perfume World (27 plots) • Petrochemical Zone (26 plots

Today, there are over 400,000 people employed in HFZ. The advantages of doing business at HFZ includes land lease for 25 years, which is renewed for a similar period. A 14-metre deep water port and a 7-metre deep inner harbour adjacent to HFZ, makes it one of the most sought after free zones in the UAE. Pre-built warehouses and office units are also available for lease, while exquisitely designed and furnished executive suites, can be rented. On-site accommodation for investors’ personnel including, a recreation

centre and a health club makes HFZ a highly developed infrastructure, with telecommunication links and an access to three sea ports on both coasts, in addition to Sharjah International Airport. The following table showcases the incorporation costs of HFZ:

We invite all investors & future enterprenur for any queries for business set up via live chat on our website www.freezonesuae.com or email at [email protected].

Due to the current global economic crisis, the Madrid system for the international registration of Trademark attracts as it being cost effective and simple in procedure when it comes to registering Trademark internationally. Madrid System functions under the Madrid Agreement (1891) and the Madrid Protocol (1989). It is administered by the International Bureau of the World Intellectual Property Organization (WIPO) located in Geneva, Switzerland. The Madrid system offers a trademark owner the possibility to have his trademark protected in several countries by simply filing one application directly with his own national or regional trademark office.

An international mark so registered is equivalent to an application or a registration of the same mark effected directly in each

of the countries designated by the applicant. The Madrid system also simplifies greatly the subsequent management of the mark, since it is possible to record subsequent changes or to renew the registration through a single procedural step. The total number of member countries to the Madrid System is 84 of which majority is members to the Madrid Protocol (http://www.wipo.int/export/sites/www/treaties/en/documents/pdf/madrid_marks.pdf) Among the GCC Countries Bahrain and Oman are the member countries in Madrid Protocol.

The objectives of the Madrid system are two- fold. Firstly, it helps in obtaining protection for trademark internationally. Secondly, since an international registration is equivalent to a bundle of national registrations, the

subsequent management of that protection is made much easier. The Madrid System of international registration cannot be used by a person or legal entity which does not have the necessary connection, through establishment, domicile or nationality, with a member of the Madrid System. Nor can it be used to protect a mark outside the Madrid Union.

We invite you for any queries for trademark via live chat on www.jcatrademarkuae.com or email at: [email protected].

Doing Business atOne of the Seven Magnificent Zones at Hamriyah Free Zone

Registering TrademarkInternationally is Cost Effective

Manish Gupta – ManagerBusiness Advisory Services

Akhila Sreekumaran – Legal ConsultantIntellectual Property Services


10

Atul Shukla, the Audit Partner at Jitendra Chartered Accountants says that the adoption of the new standards for SMEs has the potential to be truly widespread in the region. This is because more than 90 percent of the business entities/companies in the UAE are SMEs.

On July 9, 2009, the International Accounting Standards Board (IASB) released the International Financial Reporting Standard (IFRS) for Small and Medium Entities (SMEs). The IFRS for SMEs could transform the way privately held businesses around the world prepare their accounts. The standards are developed specifically for private companies and recognize that SME financial statement users are generally more focused on cash flows, liquidity, balance sheet strength, and solvency matters. The IFRS SME standards represent a simplification of the full IFRS standards and eliminate many accounting topics that are not generally relevant to private companies, such as earnings per share and segment reporting. We at Jitendra Group welcome the publication of the global standard by the IASB – we believe that the new standard offers a unique opportunity to create a standardized accounting framework for privately held businesses throughout the world. According to IASB, SME’s have been defined as entities that do not have public accountability, but publish general purpose financial statements for external users such as banks, credit rating agencies, loan providers and so on. The UAE government adopted IFRS long ago and banks in general, require companies to prepare accounts based on the IFRS. Though companies over the years have been stating that financials and accounts are based and prepared on the IFRS, not all the standards of IFRS & IAS are followed in true spirit for preparing accounts. IFRS for SMEs provides a substantially simplified set of internationally recognized accounting

principles for privately held businesses in the UAE. The new IFRS for SMEs is more relevant for companies in the UAE, because most companies operating in this market can be listed under the SME category. However certain entities such as stock exchange listed companies, other PJSCs, banks, insurance companies, large real estate developers and brokers etc. will be specifically required to follow full IFRS or some other applicable accounting requirements. Compared to the full IFRS, which were developed primarily for large business entities like listed companies, the new standards will particularly benefit medium sized businesses that operate internationally. At a mere 230 pages, a new version of the international accounting standards for nonpublic small & medium entities may win a big following, sooner rather than later. Adoption has the potential to be truly widespread: more than 95 percent of the companies in the world are SMEs, according to the IASB. We expect individual countries to consider the new standards, consult with local stakeholders and decide whether and when it should be used in their jurisdiction. Individual countries will also have discretion over which entities the new standard will apply to – unlisted subsidiaries of listed multinationals, for instance, could be excluded in the scope. The new IFRS for SME will assist privately held businesses to meet the qualitative accounting standard requirements with affordable cost. We at Jitendra Group believe the IFRS for SMEs will be particularly welcome in those countries (more than 100 worldwide) that currently use full IFRS for all entities, listed and unlisted. In these countries, the pressure to reduce the administrative burden on SMEs will surely persuade governments

to adopt the new standards at earliest. Converting to new accounting principles always involves some degree of financial and resource cost. Lenders and private investors may also benefit from widespread adoption. The IFRS for SMEs also includes a set of illustrative financial statements and a presentation and disclosure checklist to assist entities while preparing their financial statements. The application of this standard is expected to reduce the compliance cost for many smaller entities and help make the financial statements of such entities less complex. In particular, the IFRS for SMEs will: Provide improved comparability for

users of accounts.Will ensure more adherence with standards as regards recognition, m e a s u r e m e n t , presentation and disclosure of any item in financials. Enhance the overall confidence in the accounts of SMEs. Reduce the significant cost involved

of maintaining accounts as per IFRS standards. The IFRS for SMEs will also provide a platform for growing businesses that are preparing to enter public capital markets, where application of full IFRSs is required. The IFRS for SMEs is separate from full IFRSs and is therefore available for any jurisdiction to adopt whether or not it has adopted the full IFRSs. It is also for each jurisdiction to determine which entities should use the standard. It is effective immediately on issue. The IFRS for SMEs responds to strong international demand from both from developed and emerging economies for a uniform but simplified set of accounting standards for smaller and medium-sized businesses.

We invite readers’ queries for audit / accounts related issues on email: [email protected].

New IFRS for SMEs:A Welcome Measure

CA Atul Shukla – Audit Partner


11

JITENDRA GROUP’S OFFICES

Head Office Dubai:Suite 101, Oriental House-1,Opp RBS Bank (Royal Bank of Scotland)Bank Street, Bur Dubai, UAEPhone: +971 4 3976 351Fax: +971 4 3976 352

E-mail: [email protected]

Jebel Ali Free Zone Office:Office no LOB 2, Office no 27,Post Box No: 262053,Jebel Ali Free Zone, UAE.Tel: +971 4 881 0790Fax: +971 4 881 0791

Mobile: +971 50 3787241

Mobile: +971 50 4515493E-mail: [email protected]

Sharjah Office:1005, Omran Tower,Above Mashreq Bank,Immigration Road,P.O. Box :61317,Sharjah, UAE.Tel: +971 6 5746324Fax: +971 6 5746325Mobile: +971 50 3489010E-mail: [email protected]

India Office:JCA Consulting Pvt Ltd.Deval Chambers,3rd Floor,Fountain,Fort.Mumbai-400001. India.Tel: +91 22 40029795Fax: +91 22 66154226Mobile: +91 9224748096E-mail: [email protected]

GROUP ENTITIES

Jitendra Chartered Accountants•

Jitendra Business Consultants•

Jitendra Intellectual Property•

Jitendra Corporate Finance Services•

JCA Property Consultants•

JCA Human Resources Consultants•

JCA Consulting Pvt. Ltd, India•

JCA Consulting (U.K.) LLP, U.K.•

Jitendra Int’l Law Firm Limited•

K & K CSR Foundaiton•

Stride Consultancy Limited•

DIRECTORY

DISCLAIMERThe information conveyed in this newsletter are the individual opinions of the respective authors and is not the combined opinion of Jitendra Group.

COMMUNICATE WITH US ON OUR BLOG: www.blogsjcagroup.com

Being the Prominent player in the industry Jitendra Group adopts techniques of IT along with immediate

updates available in the world of Technology. We have started the means of blogging and social media to

connect the business houses around the globe and provide better information and services catered by us.

We invite you to view our blogs and comment us for betterment of our services and information. Our blogs

consists of ability for readers to leave comments in an interactive format. Most of our blogs are primarily textual,

although some focus on videos (vlog), and radio & audio (podcasting), News (nlog). We update our blogs on

daily basis with latest information on individual topics to give you the exact information you are searching for.

Follow us on Twitter: http://twitter.com/jcaservices

JCA International Adds Two New Members to its Community

For more info or details visit our website: www.jcainternational.ae

JCA International, a worldwide network of independent auditing, accounting, law, and consultancy firms, called JCA Member Firms, has announced that it has added two new members to its ever-growing community. CosmoCo Services Ltd, a professional and independent assurance firm based in Cyprus is the latest addition to the JCA Member Firms.The company, whose clients

come from all over the world and include local and international companies and financial institutions as well as high net worth individuals, specialises in services such as audit, international tax planning, and business consultancy. Drs. Gatot Permadi Joewono (GPJ),

meanwhile, is a public accounting firm, operating out of Jakarta, Indonesia. The company’s professionals have gained experience in a wide range of industries and include CPAs and specialists in finance, EDP, personnel, marketing, and other functional areas.

TM

I N T E R N A T I O N A L

Registered as approved Auditors with DIFC

e-mail: [email protected] www.jitendragroup.ae www.jcainternational.ae

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New & Views : 2009