How to Prepare Financial Reports under Accounting Standards in Dubai?

BMS Auditing

How to Prepare Financial Reports under Accounting Standards in Dubai?

I’m an accountant with years of expertise in offering accounting and auditing services for individuals and businesses in the UAE. Throughout my experience, I came across various regulations and accounting standards including GAAP and IFRS. So, I feel responsible to answer this question.

What is an Accounting Standard?

Accounting standards are a collection of norms, concepts, and regulations that regulate financial statement production and presentation. These standards are regularly updated and revised to reflect changes in accounting practices, technology, and business environments in the country.

There are two accounting standards that are primarily followed across the world

GAAP
IFRS

The IFRS and GAAP differ in their treatment of certain accounting principles, such as revenue recognition, inventory valuation, and the treatment of intangible assets. The IFRS is generally considered to be more principles-based, while GAAP is more rules-based.

Accounting Standard in Dubai

The Securities & Commodities Authority (SCA) has declared it mandatory for businesses to comply with IFRS as stated by the Central Bank of the UAE.

Financial Reporting under IFRS Accounting Standards

Financial reporting enables external parties to make effective decisions on investments, mergers, acquisitions, etc. All the companies adopt the IFRS model in the UAE including government organizations.

A financial Report under IFRS Accounting standards in Dubai must include all these

Financial Statements
Reports from the Board of Directors
Reports on Management Decisions & Analysis
Audit Reports
Reports on Corporate Governance
Notes to Accounts
Prospectus

To read about these in detail, I recommend you reading this

Financial Reporting under IFRS Accounting Standards in Dubai

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