Accounting and accounting rules in the United Arab Emirates
Accounting Rules
- Tax Year
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From 1st January to 31st December.
- Accounting Standards
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IFRS financial statements are required for all companies listed on the UAE stock exchanges and for banks.
- Accounting Regulation Bodies
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UAE Ministry of Economy
- Accounting Reports
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Companies should provide an annual activity report audited by an auditor to the Ministry of Finance (for trading companies) or to the Ministry of Industry (for industrial companies). This obligation serves for the renewal of the company's licence.
- Publication Requirements
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The companies listed on the stock exchange should submit their accounts to the 'Emirates securities and commodities market authority' which imposes quarterly publication of balance sheets and income statements as well as an annually audited income statement.
- Professional Accountancy Bodies
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UAE AAA , UAE National Accountants and Auditors Association
- Certification and Auditing
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Financial statements must be prepared annually. The State Audit Institution of the United Arab Emirates is one of the main audit organisations in the country.
- Accounting News
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EIN News - Middle East Accounting News
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Latest Update: May 2022