Page 48 - AGM Report 2024

ANNUALREPORT 2023|24

Accounting, Taxation and Sustainability Summit - 29 July 2023
th

With an intent to explore the also discussed some critical areas of CA Rishi Aggarwal- Partner from
transformative phenomenon of with the introduction of taxes in UAE Premier Brains. The panel discussion
tax accounting based on IFRS and such as how accounting provisions was moderated by our past chairman
Environmental, Social and Governance would be dealt with for tax purposes, CA Abbas Ali Mirza, who is also an
(ESG) in the UAE, ICAI Dubai Chapter impact of pillar 2 in the UAE once Author of 15 books on IFRS and
decided to organzie the Accounting, enacted, tax base to be used for assets Chairman of the 21st session of ISAR/
Taxation and Sustainability summit. and liabilities and so on. UNCTAD at UN.
As we all know, UAE is an attractive
market for investment and businesses, Our next guest speaker Mr. Kabir
there is also a need for more and more Dhawan, Partner- Business Consulting
transparency and standardization. with Grant Thornton UAE spoke on
Thus IFRS and ESG play a vital role in strategies for Sustainibility. He stated
enhancing such trasparency. To talk that it was important in order to
on the same the committee brough assess an organization’s business
in eminent speakers from the sector practices and performance on various
along with a panel discussion to ethical and sustainability issues. He
provide some varied insights on the mentioned that in the UAE all PJSCs
topic. was mandated by Securities and
Commodities Authority to submit an
Our guest speaker Mr. Basel Arafe- annual sustainability report. Further,
Partner with UAE Business tax at PJSCs are required to comply with
Deloitte & Touche (M.E) LLP spoke on Global Reporting Initiative standards
IAS 12- Tax accounting in IFRS. He took and related guidelines by DFM and
the members through the provisions ADX.
of IAS 12 along with its significance
in UAE due to the introduction of the The event also included a panel
recent UAE Corporate tax. Mr. Arafe discussion with all speakers, including

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