Preparation of Annual Financial Statements in Dubai

Updated on Tuesday 23rd August 2016

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Preparation of Annual Financial Statements in Dubai Image
A Dubai limited liability company is required to prepare the annual financial statements under IFRS (International Financial Reporting Standards).

In agreement with IFRS, holding enterprises are demanded to prepare and organize enhanced audited financial statements each year. 

Consolidation is not mandatory if the business is a transitional holding company. A holding company will prepare the consolidated financial statements under the official accounting criteria.

Our accountants in Dubai can offer proper information and assistance if you need to prepare for the annual financial statements in Dubai.
 

Financial reporting structure


It is mandatory for free zone businesses in the UAE to prepare the annual financial statements in agreement with the International Financial Reporting Standards.

All other companies or partnerships limited by shares in the UAE, subject to any other obligations, have the possibility to prepare their financial statements in accordance with any normally excepted structure, but most of the units do follow IFRS.

Subsidiary corporations of listed companies which are registered in other territories have the possibility to prepare the financial statements in agreement with the structure followed by the parent company.
 

Audit requirements for listed companies in Dubai


In the UAE the following types of companies must have an audit at any time in the financial year if they are: 

• joint stock companies;
• limited liability companies; 
• affiliations or partnerships limited by shares;
• any other business which is mandatory by any other law. 

Small companies in Dubai get themselves audited when they are required to do so by any supervisory unit or financial institution or to meet any other special condition.


The purpose of an audit for your business in Dubai


The general reason of an audit is to create an independent and impartial view on the information offered in the financial statements, whether that information reveals the true and fair interpretation of the operations of that business or not. 

For example, the auditors will prove and give their opinion on whether the reported incomes, payments, profit/loss, possessions, obligations and equity are specified at their true and fair standards or if there is any material misstatement.

Please feel free to contact our audit firms in Dubai, if you need to prepare the annual financial statements in Dubai, or if you need accounting services in Dubai.

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