YOUNG AND RIGHT
ACCOUNTING & TAX CONSULTANCY
Young & Right
Accounting Audit Assistance
Internal Audit Statutory Audit Audit in free zones Liquidation Audit Tax Audit Stock Audit
Advisory & Consulting
VAT SERVICES
VAT Consultants VAT Return Filing VAT Refund VAT Fines VAT in UAE VAT Audit VAT Deregistration VAT Assessment & Appeals VAT Implementation VAT and Tax Advisory Key VAT Points VAT Training VAT Compliance Services International Taxation
OTHER SERVICES
Zakat Consultancy Aml Registration Company Liquidation Tax Residency Certificate Tax Consultancy Services Software Implementation CFO Services
CORPORATE TAX
Services Registration Assessment Return filing Corporate Tax audit
ADVISORY
Financial Reporting & Statement Analysis Corporate Governance Business Strategy & Planning Budgeting & Financial Planning Strategy & Operation AML Compliance
About Us Blogs Contact Us
Home
Accounting
Bookkeeping Services Accounts Payable Outsourcing Accounting & Financial Reporting Account Reconciliation Services Payroll Services Updating Of Backlog Accounts
Audit Assistance
Internal Audit
Financial Statement Audit Risk Management Operational Audit Compliance Audit Financial Control audit Independent Review Investigation Audit Forensic & Special Audit
Statutory Audit Audit in free zones Liquidation Audit Tax Audit Stock Audit
Advisory & Consulting
VAT Services
VAT Consultants VAT Return Filing VAT Refund VAT Fines VAT in UAE VAT Audit VAT Deregistration VAT Assessment and Appeals VAT Implementation VAT and Tax Advisory Key VAT Points VAT Training VAT Compliance Services International Taxation
Corporate Tax
Services Registration Assessment Return filing Corporate Tax audit
Advisory
Financial Reporting & Statement Analysis Corporate Governance Business Strategy & Planning Budgeting & Financial Planning Strategy & Operation AML Compliance Mergers and Acquisitions Financial Feasibility Business Succession Planninge Business Restructuring Human Capital Valuation and Financial Restructuring Tax Advisory
Other Services
Zakat Consultancy Aml Registration Company Liquidation Tax Residency Certificate Tax Consultancy Services Software Implementation CFO Services
About Us Blogs
Document

Preparation and Maintenance of Financial Statement and Audit (Corporate Tax in UAE)

Written By Fayas Ismail / Reviewed By Fahad Ismail

FAQ

Preparation and Maintenance of Financial Statement and Audit (Corporate Tax in UAE)
Financial Statements (Article 54) in conjunction with Ministerial Decision No. 82 of 2023 stipulate that Taxable Persons are obligated to prepare and maintain audited financial statements. The following categories of Taxable Persons are required to adhere to this mandate: - A Taxable Person whose revenue exceeds AED 50,000,000 (fifty million United Arab Emirates dirhams) during the applicable Tax Period. - A Qualifying Free Zone Person. Furthermore, in accordance with Ministerial Decision 114 of 2023, for the purposes of Corporate Tax, all entities must prepare standalone or consolidated financial statements by utilizing: - The International Financial Reporting Standards - The Accrual Basis of Accounting - The UAE dirham as the currency for financial reporting.

Record keeping (Article 56)

The Taxable Person is obligated to retain all records and documents for a duration of seven years following the conclusion of the Tax period. The Company is similarly required to preserve these records and documents for a period of seven years.
Muhammed Fayas

Muhammed Fayas

ACCA (Advanced Level) candidate with a Bachelor of Commerce and over 5 years of experience at Young and Right Accounting and Tax Consultancy. Specialized in business consultancy, strategic planning, financial analysis, bookkeeping, auditing, and tax consultation. Proven track record of delivering accurate financial reporting with a meticulous, results-driven approach and a strong foundation in accounting and finance.

Document Document