Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. Accounting challenges are not the same for every country. UAE has its own challenges when it comes to financial matters and accounting laws . Accounting and Vat services in the UAE is focused on Corporate tax laws rather than individual tax returns.