Accounting and accounting rules in the United Arab Emirates

Accounting Rules

Tax Year

From 1st January to 31st December.

Accounting Standards

IFRS financial statements are required for all companies listed on the UAE stock exchanges and for banks.

Accounting Regulation Bodies

Accounting Reports

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

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

Certification and Auditing

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.

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