In the UAE, businesses are required to prepare financial statements in accordance with the International Financial Reporting Standards (IFRS). For small and medium-sized enterprises (SMEs) with annual revenues not exceeding AED 50 million, the IFRS for SMEs is permitted. These standards ensure transparency, consistency, and comparability in financial reporting.

Yes, under the UAE Commercial Companies Law (Federal Law No. 2 of 2015), all mainland companies, including limited liability companies (LLCs), are mandated to appoint a licensed auditor registered with the Ministry of Economy to audit their financial statements annually.

Companies in the UAE are generally required to prepare the following financial statements:

• Income Statement.

• Balance Sheet.

• Cash Flow Statement.
   These statements provide a comprehensive overview of a company’s financial performance and position. 

Under the UAE Corporate Tax Law, businesses are required to file their corporate tax returns within nine months after the end of the relevant tax period. Timely and accurate filing is essential to avoid penalties and legal consequences.

Companies with a free zone license cannot apply for a Certificate of Origin from the Ministry of Economy. Such companies should apply through the Chamber of Commerce and Industry.

The FTA is responsible for implementing the UAE’s tax regulations and significantly influences accounting practices, especially in the context of corporate tax compliance. Businesses are required to prepare standalone financial statements that meet the FTA’s criteria for taxable income calculations.

Yes, the UAE permits the use of IFRS for SMEs for businesses generating annual revenues up to AED 50 million. This streamlined version of the full IFRS addresses the specific needs of small and medium-sized enterprises, offering simplified reporting requirements and reduced compliance costs.