Construction accounting.
Costed to completion.

Most UAE contractors recognise revenue over time under IFRS 15, typically on a cost-to-cost (input) basis that is re-estimated each reporting period. That makes reliable cost-to-complete estimates and work-in-progress schedules essential, because they drive both revenue and margin. We compute and evidence over-time revenue and WIP so the numbers hold up at audit.

A UAE contractor should keep per-project cost ledgers, work-in-progress and cost-to-complete schedules, retention ageing, variation and claim files, and VAT records for each milestone billing — on top of the general books UAE tax law requires every business to maintain. Our project bookkeeping service builds these records so contract margins stay visible and auditable.

Retention should be tracked as a separate receivable (amounts clients withhold from you) and payable (amounts you withhold from sub-contractors), aged apart from normal trade balances. Because retention can stay outstanding for years, mixing it with trade debtors hides real collection risk. We keep retention ledgers separate and aged as standard for contracting clients.

Construction services in the UAE are generally subject to VAT at 5%, with tax points typically triggered by milestone billings, certified payments or receipts under the date-of-supply rules. Sub-contractor chains add input-recovery and timing questions of their own. Our VAT compliance service handles contract, milestone and sub-contractor treatment correctly.