New & Views : 2009 by Chitrang Vyas

News&Views 2009: Maiden Issue

www.jitendragroup.ae

Vol.1 - No.1

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

UAE: Land of Opportunities in Recession

Doing Business in Jebel Ali Free Zone Magnificent Zones at Hamriyah Free Zone

Anti-Money Laundering

ubai Registering Trademark Worldwide

Corporate Social Responsibility

Advantages for RAK Free Zone Clients

New IFRS for SMEs

News&Views 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 :

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

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: media@jitendragroup.ae Tel: +971 4 3976351

News&Views Welcome to Jitendra Group It 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 Gianchandani Chairman and Managing Partner Jitendra Group of Companies www.cajitendra.com http://blog.cajitendra.com Email: chairman@jitendragroup.ae 03

News&Views Expert View Effectively Doing Business at: Jebel Ali Free Zone 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.

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.

What kind of demand, according to you, have logistics spaces generated over these years? Dubai’s logistics industry How do you feel the new Dubai Metro continues to post robust will help the thousands of people growth compared to the employed at Jafza? rest of the Europe, Middle Dubai Metro is going to be of great East and Africa (EMEA) help to those who commute to Jafza region. Traders today are for work. When fully completed, there increasingly seeking valuewill be as many as three train stations added and economical around Jafza, where we more than logistics solutions and, 6,000 companies employing tens of as a result, demand for thousands of people. For one thing, logistics spaces in the free we believe Dubai Metro will certainly Ibrahim Al Janahi, zone continues to grow at ease traffic congestion on the roads a steady pace. Consumer Chief Commercial Officer, Jafza connecting Jafza. We are confident goods, pharmaceutical, that the true benefits of Dubai Metro apparel, and electronics sectors are seen as main for the emirate in general and Jafza in particular will drivers of the robust growth of the logistics markets be evident in the long term. in Dubai and Jafza in 2009. By offering global companies world-class infrastructure facilities to effectively manage their supply chains, Jafza has

RAK Airport and RAK Customs advantages for RAK FTZ Clients 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 Activation To 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 04

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 of 10 working days from the date of transfer after the goods are transferred from the Free from the Free Zone; and Zone, RAK Customs will release the customer 3. If the cargo is exported from RAK International from the bank guarantee; or Airport prior to the end of the 10th working day 4. If the cargo is not exported from RAK after the goods are transferred from the free International Airport prior to the end of zone, RAK Customs will return the cheque to the 10th working day after the goods are the customer; or transferred from the free zone, RAK Customs 4. If the cargo is not exported from RAK may call up on the bank guarantee. International Airport prior to the end of the A summary of criteria: 10th working day after the 1. Cargo must be transported goods are transferred from from the free zones in Ras Al the free zone, RAK Customs Khaimah; and may cash the cheque. 2. Cargo includes commodity of Agreed Procedure – Holding of any value; and Bank Guarantee 3. The terms are applicable for 1. The customer must transhipment or transit cargo; and write to RAK Customs 4. The Cargo must be exported referencing “RAK Airport Rajvinder Singh – Manager - Ref No. AOGEN1945/ Business Development Services through RAK International Airport; and CEOMSFA/270709-691” 5. RAK Customs has the full discretion to cash the and requesting RAK Customs to activate this customs duty deposit cheque or call upon the facility and hold their deposit according to the bank guarantee if cargo is not exported from terms of the MOU. RAK International Airport within 10 working 2. If the exit point for cargo leaving any of the days from the date of transfer from the free free zones in Ras Al Khaimah is specified as zone. RAK International Airport, RAK Customs will accept an unconditional bank guarantee for the customs duty deposit; RAK Customs will

For all queries on company formation, please visit us on live chat at www.freezonesuae.com or email us at rajvinder.singh@jitendragroup.ae.

News&Views Anti-Money Laundering and Fraud Control Practices Confronting Money Laundering Operations in the Companies 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:

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.

16. Large and recurring transfers of funds.

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.

18. Large value foreign exchanges for local currency.

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

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

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.

• Narcotics and psychotropic substances. 8. Transactions with • Kidnapping, piracy and countries known for terrorism. producing, manufacturing • Offences committed or distributing drugs. in violation of the environmental laws. 9. E x p e n d i t u r e • Illicit dealing in fire-arms transactions and currency and ammunition. exchanges with rates less CA Rajan Shah, • Bribery, embezzlement, than the market rate. Manager – Audit Division and damage to public Email: r.shah@jitendragroup.ae property. 10. Purchase or sale of • Fraud, breach of trust and related financial instruments for no reason or offences. purpose or in extraordinary circumstances. • Any other related offences referred to in international conventions to which the 11. Transferring large value amounts to State is a party. foreign countries disproportional to the client’s activities. Understand Money Laundering by Examples: 12. Using letter of credits in a way which is disproportional to the client’s activities. 1. Depositing major amounts of money in bank (x) in some country and then 13. Early extinguishments of debt with transferring these amounts to bank (y) large unexpected amounts. in other country then transferring these amounts to bank (z) in the same country in 14. Sudden applications for loans that the name of a particular person who then are disproportional to the client’s activities exchange these amounts for cash. and/or against unknown sources of assets. 2. A person opens more than one account with one bank or opens more 15. Incoming foreign remittance to clients than one account with more than one who then transfer these funds again bank within in the same country. That outside the country without booking these person then makes a cash deposit in these transfers into the client accounts.

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

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

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.

News&Views Inside Jitendra Group

ROTARY MEMBERSHIP

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.

SINGAPORE CONFERENCE

Intellectual Property Management Conference in Singapore CA 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.

STAFF ENTERTAINMENT

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

IFTAR GATHERING AJMAN

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

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

News&Views APPOINTMENT

CA 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.

Messaging Workshop Conducted at the World Trade Centre

CA Atul Shukla – Audit Partner Jitendra Chartered Accountants

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.

A 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.

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.

In-house Professional Training The 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.

News&Views CSR is vital for long-term business gains: JCA implements key CSR initiatives 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 conservation initiatives.

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 dogood 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 CA Divya Gianchandani – Partner Email: divya@jitendragroup.ae governments.

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 08

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 kkcsrfoundation.com.

visit:

www.

News&Views Doing Business at One of the Seven Magnificent Zones at Hamriyah Free Zone Manish Gupta – Manager Business Advisory Services

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 manish@ jitendragroup.ae.

Registering Trademark Internationally is Cost Effective 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 twofold. Firstly, it helps in obtaining protection for trademark internationally. Secondly, since an international registration is equivalent to a bundle of national registrations, the

Akhila Sreekumaran – Legal Consultant Intellectual Property Services

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: legalip@jitendragroup.ae.

News&Views New IFRS for SMEs: A Welcome Measure 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 10

principles for privately held businesses to adopt the new standards at earliest. in the UAE. The new IFRS for SMEs is Converting to new accounting principles more relevant for companies in the UAE, always involves some degree of financial because most companies operating in and resource cost. Lenders and private this market can be listed under the SME investors may also benefit from widespread category. However certain entities such adoption. The IFRS for SMEs also includes as stock exchange listed companies, other a set of illustrative financial statements and PJSCs, banks, insurance companies, large a presentation and disclosure checklist to real estate developers and brokers etc. assist entities while preparing their financial will be specifically required to follow full statements. The application of this standard IFRS or some other applicable accounting is expected to reduce the compliance cost requirements. Compared to the full IFRS, for many smaller entities and help make the which were developed primarily for large financial statements of such entities less business entities like listed companies, complex. In particular, the IFRS for SMEs the new standards will particularly will: Provide improved comparability for benefit medium sized users of accounts.Will businesses that operate ensure more adherence internationally. At a with standards as mere 230 pages, a regards recognition, new version of the measurement, international accounting presentation and standards for nonpublic disclosure of any item small & medium entities in financials. Enhance may win a big following, the overall confidence sooner rather than in the accounts of later. Adoption has the SMEs. Reduce the CA Atul Shukla – Audit Partner potential to be truly significant cost involved widespread: more than 95 percent of of maintaining accounts as per IFRS the companies in the world are SMEs, standards. The IFRS for SMEs will also according to the IASB. We expect individual provide a platform for growing businesses countries to consider the new standards, that are preparing to enter public capital consult with local stakeholders and decide markets, where application of full IFRSs is whether and when it should be used in their required. The IFRS for SMEs is separate jurisdiction. Individual countries will also from full IFRSs and is therefore available for have discretion over which entities the new any jurisdiction to adopt whether or not it standard will apply to – unlisted subsidiaries has adopted the full IFRSs. It is also for each of listed multinationals, for instance, could jurisdiction to determine which entities be excluded in the scope. The new IFRS for should use the standard. It is effective SME will assist privately held businesses to immediately on issue. The IFRS for SMEs meet the qualitative accounting standard responds to strong international demand requirements with affordable cost. We at from both from developed and emerging Jitendra Group believe the IFRS for SMEs will economies for a uniform but simplified set be particularly welcome in those countries of accounting standards for smaller and (more than 100 worldwide) that currently medium-sized businesses. use full IFRS for all entities, listed and We invite readers’ queries for audit / accounts related unlisted. In these countries, the pressure issues on email: atul@jitendragroup.ae. to reduce the administrative burden on SMEs will surely persuade governments

News&Views DIRECTORY JITENDRA GROUP’S OFFICES Head Office Dubai: Suite 101, Oriental House-1, Opp RBS Bank (Royal Bank of Scotland) Bank Street, Bur Dubai, UAE Phone: +971 4 3976 351 Fax: +971 4 3976 352 Mobile: +971 50 3787241 E-mail: legal@jitendragroup.ae

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 0790 Fax: +971 4 881 0791 Mobile: +971 50 4515493 E-mail: jcajfz@emirates.net.ae

Sharjah Office:

JCA International Adds Two New Members to its Community 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

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

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.

1005, Omran Tower, Above Mashreq Bank, Immigration Road, P.O. Box :61317, Sharjah, UAE. Tel: +971 6 5746324 Fax: +971 6 5746325 Mobile: +971 50 3489010 E-mail: legal@jitendragroup.ae

India Office: JCA Consulting Pvt Ltd. Deval Chambers,3rd Floor, Fountain,Fort. Mumbai-400001. India. Tel: +91 22 40029795 Fax: +91 22 66154226 Mobile: +91 9224748096 E-mail: jcainfo@airtelmail.in

GROUP ENTITIES • Jitendra Chartered Accountants • Jitendra Business Consultants

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

• Jitendra Intellectual Property • Jitendra Corporate Finance Services • JCA Property Consultants • JCA Human Resources Consultants • JCA Consulting Pvt. Ltd, India

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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.

• JCA Consulting (U.K.) LLP, U.K. • Jitendra Int’l Law Firm Limited • K & K CSR Foundaiton • Stride Consultancy Limited DISCLAIMER

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

e-mail: info@jitendragroup.ae

www.jitendragroup.ae Registered as approved Auditors with DIFC