Our Goal
Trading in precious metals dates to the ancient Egyptians around 2000 B.C., after which mining for these precious metals increased significantly. The vast opportunity in today’s world and business potential in the trading of precious metals is phenomenal. While banks and currency have constantly been unreliable and unstable in the developing nations, precious metals have always been a safe house of progressive value. At IRIS Global DMCC, we aim to aggregate responsible procurement from small-scale miners by providing them with a global platform to reach refiners in the developed markets.
Our goal is to build a Sustainable Platform that enables Renowned Global Refiners to procure Responsibly Sourced Mined Gold & Silver.
Financials & Reporting Standards
Management is responsible for preparing and fair presentation of these financial statements under International Financial Reporting Standards (IFRS), the provisions of the DMCC Company Regulation No. 1⁄3 issued in 2003, and the Company’s Articles of Association. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates reasonable in the circumstances. The financial statements are presented in U.A.E. Dirhams, which is the company’s functional and presentation currency. These financial statements have been prepared under the historical cost convention basis.
Financial expenses are accounted for in the statement of comprehensive income in the year in which they are incurred, except to the extent that the borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying assets shall be capitalized as part of the price of that asset. All financial assets and liabilities are measured at fair value on initial recognition. For detailed information, please find the attached Balance sheet for the Year 2018 and 2019.
