Financial statements
UAE companies prepare annual financial statements that support their corporate tax returns and licence renewals.
Standards
Financial statements are generally prepared under IFRS. Smaller businesses may use IFRS for SMEs, and businesses with revenue below the threshold set by the FTA may use the cash basis for tax purposes.
Contents
Statement of financial position, profit and loss, cash flows, changes in equity and notes.
Deadlines
Prepared after year end in time for the audit, where required, and the corporate tax return due within nine months.
Common questions
Can I prepare the statements myself?
You can, if records and standards are followed. Many owners use an accountant to ensure the statements support the tax return. See Accounting and bookkeeping.
Official sources
We check our guidance against these official sources. Always confirm current fees and rules before acting.