Financial Reporting

Every firm is expected to prepare its yearly financial reports using International Accounting Standards and Practices, or IFRS, to present an accurate estimate of the profits made and lost, in accordance with Federal Law No.(2) of 2015 on Commercial Companies in the United Arab Emirates.

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It is crucial to understand that maintaining records and creating annual financial statements are mandatory. Another crucial step is to get your accounts audited.

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The requirement to present the audited financial statements to the authorities for renewing the trade licenses has been implemented by an increasing number of Free Zone Authorities. 

There are nuances in financial reporting that the business owner may not be aware of, even though we acknowledge that no one knows the company better than the business owner.