Requirements for accounting and financial transparency of the company
Requirements for accounting and financial transparency of the company
Requirements for accounting and financial transparency of the company
How to ensure financial transparency?
Today we’ll talk about requirements for accounting and financial transparency of the company.
According to the UAE Federal Law, how should companies maintain their accounting records?
Accounting in the UAE must be maintained by companies so that at any time the financial position of the company can be accurately known. To comply with the law, records must allow partners or shareholders to verify that the company’s accounting records are being maintained correctly.
Listed below are the accounting requirements in the UAE in accordance with Federal Law No. 2 of 2015.
Article 26. Accounting.
– Companies must keep their accounting books at the head office for at least 5 years from the end of the company’s financial year.
– Companies may keep electronic copies of documents and records maintained in accordance with the rules issued by the Ministerial Decision.
– When preparing periodic and annual accounts, companies need to ensure compliance with international accounting standards and practices to give a clear and accurate reflection of the company’s profits and losses.
If you are interested in learning more about accounting requirements in the UAE, please leave a comment or ask your question. I’ll be happy to help you figure it out.
To be continued…
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