Accounting in the U.A.E.

Overview by

Accounting System

Accounting Standards
The accounting rules are still not very developed but the government to trying for the convergence of national practices towards international standards IAS/IFRS. There is no Accounting code in Emirates.
Accounting Regulation Bodies
UAE Ministry of Economy
Accounting Law
From 2008, the Finance Department of Abu Dhabi Emirate has formulated a New financial management accounting plan which envisages to develop financial and accounting tools by 2012.
Difference Between National and International Standards (IAS/IFRS)
The companies are requested to comply with IAS/IFRS norms. This is however not an obligation.
Accounting News
EIN News - Middle East Accounting News

Accounting Practices

Tax Year
From 1st January to 31st December.
Accounting Reports
Companies should provide to the Ministry of Finance (trading companies) or to the Ministry of Industry (industrial companies) an annual activity report audited by an auditor. This obligation is only meant for renewal of the company's licence. In fact, no organisation double-checks the accounts.
Publication Requirements
The companies listed on the stock exchange should submit their accounts to the "Emirates securities and commodities market authority" which imposes quarterly publication of balance sheets and income statements and an annual audited income statement.

Accountancy Profession

Many accountants are not from the Emirates but mostly from South Asia (India, Pakistan).
Professional Accountancy Bodies
 ALLOITT GROUP in the region, Professional accountants
AAA, Accountants and Auditors Association
Member of the International Federation of Accountants (IFAC)

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