Financial Statement Preparation in Dubai

It is the process of closing accounting records and preparing a structured set of financial statements for a reporting period under the applicable framework. It includes resolving balances, recording year-end adjustments, preparing the primary statements and relevant notes, and assembling supporting schedules. It does not itself provide an audit opinion.

The answer depends on the company, its reporting framework and the purpose of the accounts. A complete set under the relevant IFRS framework generally addresses financial position, performance, changes in equity, cash flows and notes. A tax return screen or a one-page profit-and-loss report is not automatically a complete set.

No. Preparation is an accounting service. An audit is a separate independent assurance engagement that results in an auditor’s report if completed. A business may need prepared accounts before an audit, but a prepared set alone should not be described as audited.

Do not assume a universal answer. Requirements may arise from company law, a free-zone authority, a bank or shareholder agreement, or Corporate tax rules for specified categories. We check the entity, period and recipient’s written criteria before defining the work.

For Tax Periods starting on or after 1 January 2025, Ministerial Decision No. 84 of 2025 specifies, among other categories, a Taxable Person that is not a Tax Group with Revenue exceeding AED 50 million and a Qualifying Free Zone Person. Tax Groups have separate audited special-purpose statement rules. Earlier Tax Periods require review under the earlier decision, and other audit obligations may also apply.

Ministerial Decision No. 114 of 2023 permits a Taxable Person with Revenue not exceeding AED 50 million to apply IFRS for SMEs for Corporate tax purposes, subject to its circumstances and other reporting requirements. The entity should choose and apply an appropriate framework consistently rather than selecting it only to simplify one schedule.

Ministerial Decision No. 114 of 2023 permits cash-basis preparation for Corporate tax purposes where Revenue does not exceed AED 3 million, or in exceptional circumstances following an application to the Authority. Eligibility should be checked for the relevant person and period; it is not a default rule for every small company.

Usually the trial balance and general ledger, bank statements, sales and purchase records, VAT records, payroll, fixed-asset and inventory details, loan and lease agreements, intercompany balances, prior-year statements and significant contracts. We provide a tailored request after reviewing the business.

Unexplained differences should be investigated before the statements are finalised. We trace the transactions, reconcile the relevant control accounts and propose supported corrections. Missing records or estimates that management must approve are identified separately.

Yes, if a separate catch-up scope is agreed. We first establish the last reliable closing position, identify missing periods and documents, and reconcile the ledger. A year-end statement cannot safely be built on an unexplained opening balance.

Potentially, after reviewing the group structure, framework, component records, reporting periods and intercompany balances. Consolidation may require policy alignment, foreign-currency translation and elimination entries. We scope that work separately from a single-entity set.

They provide an accounting starting point, but the Corporate tax calculation requires separate tax analysis and adjustments. Preparation of accounts does not automatically include tax return preparation, filing or representation before the FTA.

Acceptance depends on that recipient’s current requirements. Some request audited statements, a specified period, a particular format or an approved auditor. We ask for the actual request before promising that a prepared-only set is sufficient.

Timing depends on ledger quality, missing records, number of entities, transaction complexity, year-end adjustments and management responses. We agree a timetable after reviewing the records rather than promising a standard turnaround for every business.

Fees depend on the state of the books, entity and group structure, framework, disclosure complexity, required schedules and whether catch-up accounting, tax work or audit support is also needed. The quotation should separate those items.

IFRS 18 replaces IAS 1 for annual periods beginning on or after 1 January 2027 unless applied early. The 2025 IFRS for SMEs edition also becomes effective for periods beginning on or after 1 January 2027, with early adoption permitted. We confirm the framework and reporting period before deciding which presentation and disclosure requirements apply.