Accounting Law in Dubai

Updated on Monday 25th July 2016

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Dubai is one of the most fascinating business destinations, as the UAE authorities have generated a great commerce background for the most developed industries around the world.

Foreign investors who want to open a company in Dubai should know that it is wise to hire an accounting firm in Dubai, which can offer accounting and auditing services in agreement with the Dubai accounting law
 

Financial reports in Dubai


All businesses listed on the Dubai Financial Market (DFM) are obliged to publish IFRS (International Financial Reporting Standards) financial declarations.

Also, all enterprises listed on NASDAQ Dubai (previously the Dubai International Financial Exchange, DIFX) need to publish IFRS financial statements.

All banks in the UAE are required by the Central Bank of UAE to announce IFRS financial statements

Although IFRS is not necessary for listed corporations other than banks, it is believed to be the best practice for these businesses to assume IFRS.
 

Audits in Dubai


In relation to the local legislation available in Dubai, businesses with operations set up here are demanded to perform audits, which represent a process demonstrating that the activities carried out by the business respect the requirements of the Commercial Law.
 
Simultaneously, the audit procedure brings up the actions carried out by the auditors, who will authenticate if the business’s official papers can attest its current financial condition. 

If you need to perform an audit, our accountants in Dubai can offer you proper services in this domain, in order for you to respect the UAE rules and regulations.

The audit is done under the International Financial Reporting Standards (IFRS) and can provide the real financial situation of a business in Dubai and will identify areas which are exposed and will offer proper measures to adjust such fields.

Please feel free to contact our accounting firm in Dubai for any other information or guidance, if you want to start a business in the city and you need accounting services.  

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