Accounting & audit: UAE legislation

Federal Decree-Law No. (41) of 2023 Concerning the Regulation of the Accounting and Auditing Profession

Replaces the 2014 auditors law: chartered accountants and firms practising in the UAE, including free-zone practitioners working outside their zone, need a Ministry of Economy professional licence, an economic licence and, for auditing listed companies and funds, SCA accreditation; it imposes due-diligence, insurance and ten-year record-keeping duties, disciplinary fines of AED 10,000 to 1,000,000 and criminal penalties.

Ministerial Decision No. 84 of 2025 on Audited Financial Statements for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses

For tax periods starting on or after 1 January 2025, requires audited financial statements from taxable persons (other than tax groups) with revenue above AED 50 million and from every Qualifying Free Zone Person, requires tax groups to prepare audited special purpose financial statements, and repeals Ministerial Decision No. 82 of 2023.

Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses

Requires financial statements for corporate tax to be prepared under IFRS, allows IFRS for SMEs where revenue does not exceed AED 50 million, and permits the cash basis of accounting where revenue does not exceed AED 3 million or the FTA approves it in exceptional circumstances.

Ministerial Decision No. 82 of 2023 on the Determination of Categories of Taxable Persons Required to Prepare and Maintain Audited Financial Statements for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses

Required taxable persons with revenue above AED 50 million and all Qualifying Free Zone Persons to prepare and maintain audited financial statements; repealed by Ministerial Decision No. 84 of 2025 but still applies to tax periods that began before 1 January 2025.