Financial Statements

IFRS. Article 4 of Ministerial Decision No. 114 of 2023 requires a Taxable Person to apply International Financial Reporting Standards for corporate tax purposes, and allows a Taxable Person whose revenue does not exceed AED 50,000,000 to apply IFRS for SMEs instead. Company law points the same way: Article 27 of Federal Decree Law No. 32 of 2021 on Commercial Companies requires companies to apply international accounting standards and principles when preparing their periodic and annual accounts. We prepare statements under full IFRS unless a client qualifies for and chooses IFRS for SMEs, and we document that choice because the revenue test is applied to each Tax Period and the standard must be applied consistently.

Sources: Ministry of Finance — 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; UAE Legislation (Ministry of Justice) — Federal Decree Law No. (32) of 2021 on Commercial Companies (accessed 24 October 2026)

Three groups, under Ministerial Decision No. 84 of 2025, which replaced Ministerial Decision No. 82 of 2023 for Tax Periods starting on or after 1 January 2025. First, any Taxable Person that is not a Tax Group and whose revenue exceeds AED 50,000,000 in the Tax Period. Second, every Qualifying Free Zone Person, whatever its revenue. Third, every Tax Group, which must prepare audited special purpose financial statements in the form the FTA specifies. The FTA's Tax Returns guide adds that for UAE-incorporated entities the audit must be performed by a UAE-registered auditor under Federal Law No. 41 of 2023. We prepare statements to audit-ready standard and coordinate with the auditor so the audit does not delay the return.

Sources: Ministry of Finance — 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; Federal Tax Authority — Tax Returns — Corporate Tax Guide CTGTXR1 (November 2024) (accessed 24 October 2026)

Yes. The corporate tax audit thresholds and company law are separate duties. Article 27 of Federal Decree Law No. 32 of 2021 on Commercial Companies requires every joint stock company and limited liability company to have one or more auditors to carry out an annual audit of its accounts, and Article 102 requires the LLC's General Assembly of Partners to appoint the auditor each year. Article 27 also requires annual financial accounts including a balance sheet and a profit and loss account. So a mainland LLC with revenue under AED 50 million still needs an annual audit under company law. We prepare the statements and liaise with the appointed auditor so both obligations are met in one cycle.

Source: UAE Legislation (Ministry of Justice) — Federal Decree Law No. (32) of 2021 on Commercial Companies (accessed 24 October 2026)

Yes, in almost every case. The FTA's Tax Returns guide (CTGTXR1) states that financial statements are a mandatory attachment for all Taxable Persons unless an election for Small Business Relief has been made; the other supporting documents are optional at filing but must be retained under Article 56 of the Corporate Tax Law. The guide defines financial statements as a complete set under the applicable accounting standards: statement of income, statement of other comprehensive income, balance sheet, statement of changes in equity and cash flow statement. The return's accounting schedule is then populated line by line from those statements. We prepare the full set and reconcile it to the figures entered in EmaraTax before filing.

Source: Federal Tax Authority — Tax Returns — Corporate Tax Guide CTGTXR1 (November 2024) (accessed 24 October 2026)

Standalone, unless you are a registered Tax Group. Article 20 of Federal Decree-Law No. 47 of 2022 determines each Taxable Person's income on the basis of adequate, standalone financial statements prepared under accounting standards accepted in the UAE. Where companies form a Tax Group, Article 42 requires the Parent Company to consolidate the financial results, assets and liabilities of each Subsidiary and eliminate intra-group transactions, and the FTA's Tax Groups guide (CTGTGR1) confirms that Tax Groups must prepare consolidated financial statements for this purpose. Group accounts prepared for shareholders do not replace the standalone statements each company needs for its own return. We prepare both where a structure requires it.

Sources: Federal Tax Authority — Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses; Federal Tax Authority — Tax Groups — Corporate Tax Guide CTGTGR1 (January 2024) (accessed 24 October 2026)

Your statements follow your financial year, which the tax rules then adopt as the Tax Period. Article 57 of Federal Decree-Law No. 47 of 2022 defines the Financial Year as the Gregorian calendar year or the twelve-month period for which financial statements are prepared. Under Article 28 of Federal Decree Law No. 32 of 2021 on Commercial Companies, the fiscal year is fixed in the Articles of Association; the first fiscal year may run from six to eighteen months from registration, and every later year runs for twelve months. The corporate tax return and payment then fall due nine months after the Tax Period ends. We align the statutory year-end, the Tax Period and the reporting calendar when a company is set up.

Sources: Federal Tax Authority — Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses; UAE Legislation (Ministry of Justice) — Federal Decree Law No. (32) of 2021 on Commercial Companies (accessed 24 October 2026)

Many do, on their own timetable. DMCC's published guidelines require every member company, including subsidiaries and branches, to upload its audited financial statements and summary sheet through the DMCC Member Portal within six months after the end of each financial year, and the auditor must be registered as a DMCC Approved Auditor. Under Regulation 76 of the RAK Economic Zone Authority Companies Regulations 2023, a RAKEZ company's accounts must, within six months of the financial year end, be prepared and approved, examined and reported upon by an auditor, and laid before the annual general meeting; a copy is filed with the Registrar when directed. We track each zone's deadline alongside the corporate tax calendar.

Sources: DMCC Authority — Application Guidelines: Submission of Audited Financial Statements and Summary Sheet (Version 1, 29 April 2025); RAK Economic Zone Authority — RAK Economic Zone Authority Companies Regulations of 2023 (accessed 24 October 2026)

Only if it is not relying on the free zone corporate tax rate. Section 449 of the ADGM Companies Regulations 2020 exempts a company that qualifies as small from audit; under section 369 that means turnover of not more than USD 13.5 million and not more than 35 employees. Accounts must still be filed with the Registrar, within nine months of the accounting reference period for a private company under section 416. But the ADGM Registration Authority's August 2025 guidance makes clear that an ADGM company that is or wants to be a Qualifying Free Zone Person must maintain audited accounts regardless of size, subsidiary status or dormancy, because the Corporate Tax Law requires it. We check both tests before advising a client to use the exemption.

Sources: Abu Dhabi Global Market — Companies Regulations 2020 (Consolidated Version); ADGM Registration Authority — Financial statements for ADGM entities that are 'qualifying free zone persons' under UAE Corporate Tax Law (August 2025) (accessed 24 October 2026)