FINANCIAL STATEMENTS PREPARATION

Financial Statements Preparation

FINANCIAL STATEMENTS PREPARATION

Every country you have business in will have its own accounting challenges, and the UAE is no different. Working with local experts can help you to overcome the challenges and head for success.

No matter if you are subject to the newly introduced corporate tax law, it is critical to create an accounting structure that produces accurate information and analysis as a base for strategic decision-making.

Based on recent company laws, company management is responsible for having accounts that give a true and fair view of the company to its shareholders. More and more authorities have imposed the requirements to file the audited financial statements as part of the company license renewal requirements.

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Navigating Accounting Challenges in the UAE

Operating a business in any country comes with its unique set of accounting challenges, and the UAE is no exception. Collaborating with local experts becomes instrumental in overcoming these challenges and steering towards success.

Regardless of whether your business is subject to the newly introduced corporate tax law, establishing a robust accounting structure is imperative. This structure serves as the foundation for generating accurate information and analysis, providing a crucial base for strategic decision-making.

Recent company laws emphasize that company management is accountable for maintaining accounts that offer a true and fair view of the company to its shareholders. Moreover, regulatory authorities increasingly impose the necessity to file audited financial statements as part of the company license renewal requirements.

Addressing accounting challenges in the UAE demands a strategic approach. Whether it’s adapting to new tax regulations or ensuring compliance with evolving company laws, working with seasoned professionals ensures not just adherence but strategic financial management. Our team is dedicated to guiding businesses through these complexities, unlocking the full potential for growth and success.

Regulatory Financial Reporting in the UAE

Entities with regulated activities in the UAE – for example, entities that are regulated by the Central Bank, DFSA – are obliged to file their accounts on a regular basis with the regulator. This can be on a quarterly to annual basis.

Considering the nature of the entity’s operations, we estimate that preparation of monthly financial reporting (in either our own format or yours if you let us know requirements) is required

Let us know your requirements, and we will prepare a reporting package to suit. The completed report package will be submitted to you before on a monthly basis, provided all the necessary information and documents are prepared and made available to us on a timely basis.

The report includes:

Balance sheet
Income statement
Trial balance
Bank reconciliation statement
General ledger
Balance sheet and selected expenses details
Petty cash report
Client’s monthly reporting package, if required

The computation of the accounts is based on the relevant records/documents, information and explanation supplied to us. The control, accuracy, and completeness of those is therefore the responsibility of the client and the company management.

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FINANCIAL STATEMENTS PREPARATION