Accounting Services

There are two primary sets of accounting standards used in the UAE which are International Financial Reporting Standards (IFRS) & Generally Accepted Accounting Principles (GAAP), entities operating in specific industries or sectors, such as banking and financial institutions, may be subject to additional regulations and reporting requirements issued by regulatory authorities.

According to the UAE Commercial Companies Law (Federal Law No. 2 of 2015), companies are generally required to keep their accounting records for a minimum period of five years. The accounting records that need to be retained typically include financial statements, general ledgers, invoices, receipts, contracts, bank statements, and any other documents related to the company financial transactions and operations. Maintaining accurate and up-to-date accounting records for the prescribed period is essential for various purposes, including audits, tax compliance, and legal matters.

The United Arab Emirates (UAE) primarily follows International Financial Reporting Standards (IFRS) for financial reporting. IFRS is widely adopted by companies in the UAE, especially those operating in the private sector and listed on the stock exchange.

the key benefits that accounting services can provide are Financial Record Keeping, Financial Reporting, Tax Compliance, Budgeting and Planning, Business Decision-Making, Cost Control, Financial Strategy, Business Expansion and Investment, Risk Management & Time and Resource Savings

some common VAT fines and penalties that may apply in the UAE are Late VAT Return Filing, Late VAT Payment, Incorrect VAT Return, Failure to Register for VAT, Non-Cooperation with Tax Authority & Tax Evasion.

Accounting services in the UAE are provided by accounting firms or professional accountants. The process how accounting services work in the UAE is Initial Consultation, Bookkeeping and Financial Record-Keeping, VAT Compliance, Financial Reporting, Tax Planning and Compliance, Budgeting and Forecasting, Auditing and Assurance, Business Advisory, Cloud Accounting and Technology & Regular Communication.