United Arab Emirates

Member Organizations

  Member Organization   Associate

  United Arab Emirates Accountants & Auditors Association (AAA)

 

Legal and Regulatory Environment

  • Overview of Statutory Framework for Accounting and Auditing

    The financial accounting and auditing reporting framework in the United Arab Emirates (UAE) is established under the Federal Law No. 2 of 2015 on Commercial Companies, Securities and Commodities Authority Board of Director’s Decision No. 3 of 2000 Concerning the Regulations as to Disclosure and Transparency, UAE Federal Law No. 12 of 2014 concerning Auditing Profession, and Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession

    Accounting Framework

    The UAE Federal Law No. 2 of 2015 on Commercial Companies requires all companies to apply IFRS Standards and other pronouncements as issued by the International Accounting Standard Board (IASB). Furthermore, all entities that meet the definition of a small- and medium-sized entities (SMEs) are permitted to use the IFRS for SMEs Standard.

    For SMEs operating in Abu Dhabi, a micro business is defined as having fewer than five employees, while a small enterprise is defined as having more than five employees but less than nineteen. A medium-sized business is one with 20 or more employees but 49 or fewer, according to a decree issued by Abu Dhabi Executive Council on 30 June 2013.

    As for SMEs operating in Dubai, according to Dubai SME, the definition is dependent on the sector the company operates in. A micro business in the trading sector, is one with nine or fewer employees and a turnover of AED 9 million or less. However, in manufacturing, a micro-SME is one with 20 or fewer employees, with a turnover of less than AED 10 million. In services, a micro business is one with 20 or fewer employees with a turnover of less than AED 3 million.

    Pursuant to the Article 36 – 7(b)2 of the Securities and Commodities Authority Board of Director’s Decision No. 3 of 2000 Concerning the Regulations as to Disclosure and Transparency, listed companies, listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) are also required to prepare financial statements in accordance with IFRS Standards as issued by IASB.

    For Financial Free Zones (FFZs), GEN 8.2.2. of the General AUD of the Dubai Financial Services Authority (DFSA) Rule book for all regulated entities operating from Dubai International Financial Centre (DFIC), and GEN 6.2.2. of the General Module of the Financial Services Regulatory Authority (FSRA) Rule book for all regulated entities operating from Abu Dhabi Global Market (ADGM), are required to prepare financial statements in accordance with IFRS Standards.

    Both DFSA and FSRA permit the use of IFRS for SMEs for certain entities.

    Auditing Framework

    Article 12 of the Federal Law No. 12 of 2014 Concerning Auditing Profession Law requires application of international auditing standards as adopted by the UAE Ministry of Economy (MoE) for all mandatory audits. The MoE, through Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession requires application of ISA as issued by IAASB in the UAE in all statutory audits (except for those performed in the FFZs). The 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements is in use. The respective regulators of the FFZs have also mandated application of ISA as issued by IAASB.

  • Regulation of Accountancy Profession

    All auditors are regulated at the state level by the Ministry of Economy (MoE) in accordance with UAE Federal Law No. 12 of 2014 concerning Auditing Profession, and Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession.

    Regulation of Auditors

    The MoE is responsible for (i) defining initial and continuing professional development (IPD and CPD, respectively) requirements; (ii) conducting audit examinations and issuing audit licenses; (iii) establishing auditing standards for all statutory audits; (iv) establishing ethical requirements; (v) conducting investigation & disciplinary (I&D) processes; and (vi) maintaining the registry for auditors and audit firms.

    To practice audit, foreign and UAE national candidates must: (i) obtain a university-level accounting degree or equivalent as recognized by the MoE; (ii) obtain an audit license from the MoE; (iii) maintain good behavior and conduct to remain in the registry; and (iv) work in the field of accounting and auditing.

    The UAE Chartered Accountant (UAECA) designation is recognized by the MoE for the purposes of obtaining the audit license. AAA has communicated to staff as well as to its sponsoring organization ACCA, that they are in discussion with the MoE to mandate the UAECA designation for all professional accountants, and continuous membership of Accountants & Auditors Association (AAA), as pre-conditions for granting an audit license in the UAE.

    In the meantime, according to Ministerial Decree No. 805 of 2018, auditors with qualifications from the following entities are automatically recognized by the MoE for the purpose of obtaining the license: (i) Institute of Chartered Accountants in England and Wales (ICAEW); (ii) Chartered Accountants Ireland; (iii) Institute of Chartered Accountants of Scotland (ICAS); (iv) Chartered Professional Accountants Canada; (v) Chartered Accountants Australia and New Zealand (CAANZ); (vi) AICPA; (vii) Association of Chartered Certified Accountants (ACCA); (viii) Conseil Supérieur de l'Ordre des Experts-Comptables (CSOEC); (ix) Institute of Chartered Accountants of India (ICAI); (x) Arabic Institute of Certified Public Accountants (ARICPA); (xi) International Arab Society of Certified Accountants (IASCA); (xii) Institute of Chartered Accountants of Pakistan (ICAP); (xiii) Egyptian Society of Accountants and Auditors (ESAA); (xiv) Association of International Accountants (UK); (xv) CPA Australia; (xvi) Gulf Cooperation Council Accounting & Auditing Organization (GCCAAO); (xvii) Saudi Organization for Chartered and Professional Accountants (SOCPA); (xviii) Japanese Institute of Certified Public Accountants (JICPA); (xix) Institute of Certified Public Accountants of Pakistan (ICPAP); (xx) AAA.

    Auditors of publicly listed companies are subject to additional requirements and regulations in the Financial Free Zones (FFZs) by the Dubai Financial Services Authority (DFSA), Abu Dhabi Accountability Authority (ADAA), and the Securities and Commodities Authority (SCA).

    Regulation of Accountants

    Accounting professionals are self-regulated and may choose to join a professional accountancy organization (PAO) and be subject to its rules and regulations. Graduates from universities in the UAE or equivalent foreign universities recognized by the MoE may practice accounting immediately upon graduating since there is no requirement to obtain an accounting license or pass an examination.

    AAA, the only national PAO, is established under Federal Decree No. 227 of 1997 on the Establishment of a Professional Accountancy Organization in the UAE. AAA’s responsibilities include (i) developing and delivering CPD activities; (ii) enforcing member compliance with applicable accounting, auditing, and ethical standards as well as CPD requirements; and (iii) undertaking any other activities that promote high professional standards and improve the quality of the profession. AAA members are also subject to AAA’s ethical requirements and I&D procedures. Since 2014, AAA offers a qualification for Chartered Accountants, the UAECA.

    Since the UAE is a largely expat-based country, members of AAA are generally members of other international PAOs with offices in the UAE and are subject to their rules and regulations. These accountancy professionals will be required to be members of AAA to practice in the jurisdiction once the MoE passes amendments to the existing legislation, but in the meantime are only subject to their respective membership organization’s requirements if they are not members of AAA.

  • Audit Oversight Arrangements

    In accordance with UAE Federal Law No. 12 of 2014 concerning Auditing Profession Law, and Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession, the Ministry of Economy (MoE) is the audit regulator. However, there are also three independent audit oversight authorities that exist in the jurisdiction for Financial Free Zones (FFZs) that operate under their respective legislations—Dubai Financial Services Authority (DFSA), Abu Dhabi Accountability Authority (ADAA), and Security and Commodities Authority (SCA).

    DFSA has its own audit laws and rules under which it regulates audit firms and audit partners who provide audit services to the DFSA regulated entities. With respect to auditors, in accordance with Dubai International Financial Center (DIFC) Law No. 1 of 2004, the DFSA is responsible for the registration, oversight and suspension / removal of auditors and audit firms in DIFC with respect to Public Listed Companies (PLCs), Authorized Firms (AFs), Authorized Market Institutions (AMIs) and Domestic Funds (DFs). DFSA is a member of the International Forum of Independent Audit Regulators (IFIAR), and the Asian-Oceanian Standard-Setters Group (AOSSG).

    ADAA was established in accordance with Law No. 14 of 2008 to carry out audit oversight responsibilities for statutory auditors in Abu Dhabi. ADAA is an independent authority of the Abu Dhabi Government under the authority and reporting directly to His Highness Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi. ADAA operates its own audit QA review system in line with the laws and regulations of Abu Dhabi and is a member of IFIAR.

    The SCA is formed under the Federal Law No. 6 of 2009 amending Certain Provisions of Federal Law No. 4 of 2000 Establishing the Emirates Securities & Commodities Authority and Market to regulate listed joint-stock companies and other companies operating in the securities field. Companies listed on Dubai Financial Market (DFM) and Abu Dhabi Exchange (ADX) are under direct supervision of SCA. SCA maintains its own list of approved auditors which permits audit firms licensed by the UAE MoE to provide audit services to the public listed companies. SCA is currently establishing a framework for independent audit oversight for auditors of public listed companies.

  • Professional Accountancy Organizations

    The Accountants & Auditors Association (AAA)

    AAA is acknowledged by Federal Decree No. 227 of 1997 on the Establishment of a Professional Accountancy Organization in the UAE as a non-for-profit voluntary professional accountancy organization (PAO). AAA’s membership comprises accountants, auditors, firms, and students. AAA members are primarily professional accountants in business and offer a wide range of services including, but not limited to, accounting and bookkeeping, auditing, Value Added Tax consultancy, Economic Substance Requirements (ESR) consultancy, financial management, banking, internal audit, legal services, management accounting, finance and accounting education, and information & (IT) services in accounting.

    AAA’s responsibilities include (i) developing and delivering continuing professional development (CPD) activities; (ii) enforcing member compliance with applicable accounting, auditing, and ethical standards as well as CPD requirements; and (iii) undertaking any other activities that promote high professional standards and improve the quality of the profession. AAA members are also subject to AAA’s ethical requirements and investigation & disciplinary (I&D) procedures. Since 2014, AAA offers a qualification for Chartered Accountants, the UAE Chartered Accountant (UAECA). Since the UAE is a largely expat-based country, members of AAA are generally members of other international PAOs with offices in the UAE and are subject to their rules and regulations.

    In addition to being an Associate member of IFAC, AAA is a member of the Arab Federation of Accountants and Auditors (AFAA), and the Gulf Cooperation Council Accounting and Auditing Organization (GCCAAO).

  • Projects or Other Information

    The Accountants & Auditors Association (AAA) has communicated to IFAC Quality & Development (Q&D) staff that they are in discussion with the Ministry of Economy (MoE) to mandate the UAE Chartered Accountant (UAECA) designation for all professional accountants and continuous membership of AAA as pre-conditions for granting an audit license in the UAE.

    • In November 2013, AAA signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants (ACCA) followed by a strategic partnership agreement (SPA) in 2014. Through the SPA, AAA and ACCA formalized a five-year commitment to (i) develop the accountancy profession in the UAE; (ii) strengthen the capacity of AAA and raise its profile in the region and globally; and (iii) support the UAE government in enhancing the qualification of UAE nationals. Both parties agreed to the development of a national qualification in the UAE through a Joint Examination Scheme (JES) and the use of ACCA’s practical experience requirement and ethics module.
    • In 2021, a new agreement between AAA and ACCA was signed that encompasses both the JES and a continuation of collaborative activities for a period of three (3) years.

 

Adoption of International Standards

  • Quality Assurance

    In accordance with Federal Law No. 12 of 2014 Concerning Auditing Profession Law, the Ministry of Economy (MoE) has the authority to conduct quality assurance (QA) reviews for all auditors in the jurisdiction. However, as of the date of this assessment, the MoE has not established or operationalized a QA review system.

    There are additional laws for Financial Free Zones (FFZs) that mandate QA reviews for their respective regulated entities.

    • Federal Law No. 6 of 2009 amending Certain Provisions of Federal Law No. 4 of 2000 Establishing the Emirates Securities & Commodities Authority and Market requires that the Security and Commodities Authority (SCA) establish a framework for independent audit oversight for auditors of public listed entities. As of the date of this assessment, it has not yet been operationalized, but is in the process of being established.
    • DFIC Law No. 1 of 2004 requires that the Dubai Financial Services Authority (DFSA) conduct QA reviews for Nasdaq Dubai. The 2008- 2012 inspection report can be accessed here. Auditors of public listed companies (PLC) and Big 4 firms are subject to inspections once every two years, while all others are subject to inspections once every five years. The inspections result in the auditors being given a risk rating. The frequency of visits may be increased if the auditor is determined to be of a higher risk. As of December 31, 2019, 4 auditors of PLCs, and 16 auditors of Authorized Firms (AFs), Authorized Market Institutions (AMIs), and Domestic Funds (DFs) were subject to an inspection. The DFSA inspection team also reviews annual audited financial statements to ensure compliance with applicable financial reporting standards
    • Law No. 14 of 2008 requires Abu Dhabi Accountability Authority (ADAA) to establish and operationalize a QA review system in Abu Dhabi for entities that fall under its purview, listed here. ADAA has an examination team that examines and inspect audit firms’ files and working papers. It implements its own inspection methodology which is based on the international standards as well as the laws and regulations of Abu Dhabi. Inspections are carried out according to an annual plan prepared based on ADAA internal risk assessment processes, which considers the financial value of subject entities, its impact as well as findings noted in prior years inspections, and approved by His Highness the Crown Prince of Abu Dhabi. ADAA’s first QA reviews began in 2008 as evidenced in the 2008 Accountability Report which can be accessed here.

    AAA assessed the QA review systems and identified gaps in the extent of alignment with SMO 1 requirements.

    Current Status: Partially Adopted

  • International Education Standards

    Federal Decree No. 227 of 1997 on the Establishment of a Professional Accountancy Organization in the United Arab Emirates (UAE) establishes some initial professional development (IPD) and general continuing professional development (CPD) requirements for auditors, which is further defined by the Ministry of Economy (MoE). Details of the IPD and CPD requirements are presented below which do not appear to incorporate the revised 2019 IES requirements as of the date of the assessment.

    As mentioned in the regulation section above, graduates from universities in the UAE or equivalent foreign universities recognized by the MoE may practice accounting immediately upon graduating since there is no requirement to obtain an accounting license or pass an examination. They may choose to pursue a voluntary certification and join AAA as student members for the United Arab Emirates Chartered Accountant (UAECA) qualification, bookkeepers, or associates. To join AAA, candidates must (i) hold a valid university degree in accounting or equivalent as duly recognized by the MoE; (ii) work in the field of accounting and auditing; and (iii) pay AAA membership fees.

    As per Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession, both Working and Affiliate members of AAA may obtain the UAECA qualification and become members of both AAA and the Association of Chartered Certified Accountants (ACCA) after fulfilling the following requirements: (i) university level diploma in accounting and business (accounting in business, management accounting, financial accounting) or advanced diploma in accounting and business BSc in applied accounting from the United Kingdom; (ii) three (3) years of relevant practical experience; (ii) pass the ACCA Qualification exams (2 out of 4 topics to be selected: financial management, performance management, taxation, and/or audit and assurance); and (iii) complete a professional ethics module.

    AAA conducted a self-assessment of its own education requirements against IES and reported that most of the requirements of the 2019 IES appear to have been incorporated.

    Lastly, since the UAE is a largely expat-based country, there are several accountancy professionals practicing in the jurisdiction with foreign qualifications that are recognized by the Ministry of Finance. These accountancy professionals are subject to their respective membership organization’s education requirements—ACCA, Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Pakistan (ICAP), Institute of Chartered Accountants of India (ICAI), Association of International Certified Professional Accountants (AICPA Global), Chartered Accountants Sri Lanka (CASL)—which are generally aligned with the 2019 IES requirements.

    Current Status: Partially Adopted

  • International Standards on Auditing

    Article 12 of the Federal Law No. 12 of 2014 Concerning Auditing Profession Law requires application of international auditing standards as adopted by the United Arab Emirates (UAE) Ministry of Economy (MoE) for all mandatory audits. The MoE, through Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession requires application of ISA as issued by IAASB in the UAE in all statutory audits (except for those performed in the Financial Free Zones (FFZs)). The 2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements is in use.

    The respective regulators of the FFZs have also mandated application of ISA as issued by IAASB.

    Current Status: Adopted

  • Code of Ethics for Professional Accountants

    The Ministry of Economy (MoE) adopts the IESBA Code of Ethics as issued by IESBA via Ministerial Resolution No. 403 of 2015 Concerning the International Standards of the Auditing Profession for all auditors.

    The 2021 Handbook of the International Code of Ethics for Professional Accountants is in use, which is the latest version of the Code as of the date of the assessment.

    Accountants on the other hand are self-regulated and may choose to join a professional accountancy organization (PAO) and be subject to its rules and regulations, including ethical requirements. The Accountants and Auditors Association (AAA), the only PAO in the jurisdiction, requires its members to adhere to the latest version of the Code, as mandated by the MoE for auditors.

    Furthermore, since the UAE is a largely expat-based country, there are accountancy professionals practicing in the jurisdiction with foreign qualifications that are recognized by the Ministry of Economy. These accountancy professionals will be required to be members of AAA to practice in the jurisdiction once the MoE passes amendments to the existing legislation, but in the meantime are only subject to their respective membership organization’s ethical requirements—Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Pakistan (ICAP), Institute of Chartered Accountants of India (ICAI), Association of International Certified Professional Accountants (AICPA Global), Chartered Accountants Sri Lanka (CASL).

    Current Status: Adopted

  • International Public Sector Accounting Standards

    The Ministry of Economy, in accordance with Federal Law No. 26 of 2019 on Public Finance Management, adopted accrual-basis IPSAS as issued by IPSASB for all public sector entities.

    The 2021 Handbook of International Public Sector Accounting Pronouncements is currently required for application, and the scope of the application of IPSAS covers (i) national government; (ii) regional government; (iii) state/provincial government; (iv) local government; (v) government ministries, departments, programs boards, commissions, agencies; and (vi) public sector social security funds, trusts, and statutory authorities.

    Current Status: Adopted

  • Investigation and Discipline

    There are multiple stakeholders involved in the investigation and disciplinary (I&D) processes of auditors in the United Arab Emirates (UAE) in accordance with various laws. The following stakeholders are involved in I&D of auditors:

    • Under Article 29 of Federal Law No. 12 of 2014 Concerning Auditing Profession Law, the Ministry of Economy (MoE) has the authority to investigate all auditors, and to transfer any violations to its Disciplinary Board. This system, which would cover all auditors in the jurisdiction (including those regulated by the Dubai Financial Services Authority (DFSA), Abu Dhabi Accountability Authority (ADAA), and Security and Commodities Authority (SCA), has not yet been established or operationalized. Nevertheless, as of the date of the assessment, the MoE is amending legislation that would delegate authority to the Accountants and Auditors Association (AAA) to conduct the I&D system for all auditors in the jurisdiction. While AAA has not yet operationalized this I&D system, it is currently collaborating with the MoE in establishing a framework in line with SMO 6 requirements to be launched simultaneously with the passage of the new legislation expected to occur between 2021-2022 (subject to delays due to the COVID-19 pandemic).
    • The DFSA, as per Chapter 5 of the Regulatory Policy and Process (RPP Sourcebook), operates its own I&D system for its regulated entities including audit firms and individual audit partners. DFSA has the authority to withdraw the registration of auditors and audit firms as well as the power to suspend registration. The International Forum of Independent Audit Regulators (IFIAR) reports that DFSA has taken various supervisory actions against auditors who have not met their obligations under the rules. In cases where an investigation is necessary, the DFSA’s Chief Executive would approve a formal investigation.
    • ADAA, in accordance with Federal Law No. 14 of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities, examines and sanctions Subject Entities. Subject Entities are required to notify ADAA immediately if they discover any violation, or an event involving a violation. They must also send a copy of the investigation papers upon completion, along with their records and decisions. In turn, the authority shall examine the investigative papers sent by Subject Entities to verify the objectivity of the investigation and identify the reasons that led to the violation, as well as the measures taken by the entity to deal with it and prevent future recurrences.
    • Under Article 14 of SCA’s Board of Director’s Decision No. 25 of 2015 Concerning the Registration of Auditors of Public Shareholding Companies and Mutual Funds, SCA conducts or requests an investigation or inspection for registered audit firms to ensure their compliance with the provisions of the law, decrees, regulations, and decisions issued. SCA may seek assistance in the inspection from one or more of the technical expertise parties. It may also, as it deems appropriate, require the documents, statements, data, or information in relation to the auditing operations that carried out by audit firms, which shall provide all required records, documents, information and clarifications.

    AAA completed a gap analysis of the I&D systems in the jurisdiction and reported gaps pertaining to the composition of the I&D committees, administrative processes (lack of timeframe targets for disposal of all cases being set and lack of tracking mechanisms to monitor progress in I&D), and public interest considerations (lack of process for the independent review of complaints on which there was no follow-up established).

    Accountants on the other hand are self-regulated and may choose to join a PAO and be subject to its I&D system. While AAA does not yet operate its own I&D system, AAA members that obtain the United Arab Emirates Chartered Accountant (UAECA) qualification are subject to I&D processes via the Association of Chartered Certified Accountants (ACCA) I&D system which is fully aligned with SMO 6 requirements. Any member who is removed from ACCA’s register, for any reason whatsoever, shall automatically cease to be a registered member of the Joint Scheme. Any complaint of misconduct made to AAA against a registered member under the Joint Scheme shall be referred to ACCA and investigated under ACCA’s disciplinary procedures. ACCA retains the right to investigate the matter under its disciplinary procedures and may at its sole discretion allow the member to remain on its register.

    Furthermore, since the UAE is a largely expat-based country, there are several accounting professionals practicing in the jurisdiction with foreign qualifications that are recognized by the Ministry of Finance. These accounting professionals are only subject to their respective membership organization’s I&D processes— Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Pakistan (ICAP), Institute of Chartered Accountants of India (ICAI), Association of International Certified Professional Accountants (AICPA Global), Chartered Accountants Sri Lanka (CASL).

    Current Status: Partially Adopted

  • International Financial Reporting Standards

    The United Arab Emirates (UAE) Federal Law No. 2 of 2015 on Commercial Companies requires all companies to apply IFRS Standards and other pronouncements as issued by the International Accounting Standard Board (IASB). Furthermore, all entities that meet the definition of a small- and medium-sized entities (SMEs) are permitted to use the IFRS for SMEs Standard.

    For SMEs operating in Abu Dhabi, a micro business is defined as having fewer than five employees, while a small enterprise is defined as having more than five employees but less than nineteen. A medium-sized business is one with 20 or more employees but 49 or fewer, according to a decree issued by Abu Dhabi Executive Council on 30 June 2013.

    As for SMEs operating in Dubai, according to Dubai SME, the definition is dependent on the sector the company operates in. A micro business in the trading sector, is one with nine or fewer employees and a turnover of AED 9 million or less. However, in manufacturing, a micro-SME is one with 20 or fewer employees, with a turnover of less than AED 10 million. In services, a micro business is one with 20 or fewer employees with a turnover of less than AED 3 million.

    Pursuant to the Article 36 – 7(b)2 of the Securities and Commodities Authority Board of Director’s Decision No. 3 of 2000 Concerning the Regulations as to Disclosure and Transparency, listed companies, listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) are also required to prepare financial statements in accordance with IFRS Standards as issued by IASB.

    For Financial Free Zones (FFZs), GEN 8.2.2. of the General AUD of the Dubai Financial Services Authority (DFSA) Rule book for all regulated entities operating from Dubai International Financial Centre (DFIC), and GEN 6.2.2. of the General Module of the Financial Services Regulatory Authority (FSRA) Rule book for all regulated entities operating from Abu Dhabi Global Market (ADGM), are required to prepare financial statements in accordance with IFRS Standards.

    Both DFSA and FSRA permit the use of IFRS for SMEs for certain entities.

    Current Status: Adopted

 

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Methodology

Methodology
Last updated: 02/2022
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