Financial Statement Preparation
IFRS compliant financial statements prepared for regulators, banks and investors: balance sheet, income statement, cash flow and the notes that go with them.
- IFRS or IFRS for SMEsFramework
- Revenue under AED 50mIFRS for SMEs
- Audit, banks, corporate taxNeeded for
How it works in the UAE
UAE corporate tax uses accounting profit as the starting point, and the FTA expects it to be prepared under IFRS. Businesses with revenue below AED 50 million can use IFRS for SMEs. Free zones, banks and investors usually ask for the same statements.
We prepare the full set from your books, including the adjustments that are easy to miss: depreciation, provisions, accruals, end of service benefits and related party disclosures. If an audit is needed, the file goes to the auditor in a form they can work with.
What the service includes
Statement of financial position
Balance sheet with supporting schedules.
Statement of profit or loss
Income statement with clear revenue and cost lines.
Cash flow statement
Prepared under the indirect method.
Notes and disclosures
Accounting policies, related parties and commitments.
Year end adjustments
Accruals, provisions, depreciation and gratuity.
Audit support
Lead schedules and answers to auditor queries.
Who it is for
- Companies preparing for an external audit
- Businesses filing corporate tax returns
- Companies applying for bank finance
- Start ups raising investment
How we work with you
Trial balance
We review your closing trial balance.
Adjustments
We post year end entries and reconciliations.
Draft statements
Statements and notes prepared for your review.
Finalise
Final set issued, or handed to the auditor.
Documents we usually need
- Year end trial balance and general ledger
- Bank statements and confirmations
- Fixed asset register
- Loan agreements
- Employee list for gratuity
We confirm the exact list after a short review, as requirements vary by authority and case.
Record keeping rules and penalties
| Rule | Detail |
|---|---|
| Corporate tax records | Keep for at least 7 years after the end of the tax period. |
| VAT records | Keep for at least 5 years after the end of the tax period (longer for real estate). |
| Failure to keep records (corporate tax) | AED 10,000 for each violation, AED 20,000 for a repeat within 24 months. |
| Failure to keep records (VAT) | AED 10,000, rising to AED 20,000 for a repeat within 24 months. |
| Records not provided in Arabic on request | AED 5,000. |
| IFRS for SMEs | Allowed where revenue is below AED 50 million. |
Sources: Federal Decree Law No. 47 of 2022, Art. 56; Cabinet Decision No. 75 of 2023; Cabinet Decision No. 129 of 2025; Ministerial Decision No. 114 of 2023. Checked November 2026. Rules change, so we confirm the position for your case.
Questions we hear often
Which accounting standard applies in the UAE?
IFRS. Businesses with revenue under AED 50 million may use IFRS for SMEs for corporate tax purposes.
Are financial statements the same as an audit?
No. We prepare the statements; an independent auditor then audits them where required.
Who must have audited financial statements?
For corporate tax, businesses with revenue above AED 50 million and all Qualifying Free Zone Persons. Many free zones and mainland authorities also require audits for licence renewal.
How long does it take?
For clean books, one to two weeks after year end. Catch up work takes longer.
Related services
Get a fixed quote for financial statement preparation
Tell us a little about your business. We will reply within one business day with what is needed, the timeline and a fixed fee.
- Straight answers from qualified accountants and tax agents
- Fixed fees agreed before we start
- Office in Al Fahidi, Dubai, and support across the UAE
An adviser will be in touch shortly. For anything urgent, message us on WhatsApp or call +971 56 505 9557.