Do my financial statements need to follow a specific accounting standard for Corporate Tax?

UAE Corporate Tax Law requires financial statements to be prepared under International Financial Reporting Standards (IFRS), since that's the basis for computing taxable income. Businesses with annual revenue not exceeding AED 50 million have the option to apply the simplified "IFRS for SMEs" standard instead of full IFRS, which suits smaller operations better.

On external audits, Ministerial Decision No. 84 of 2025 (which replaced Ministerial Decision No. 82 of 2023, and applies to tax periods starting on or after 1 January 2025) requires audited financial statements from two categories: taxable persons whose revenue in the tax period exceeds AED 50 million, and Qualifying Free Zone Persons regardless of their revenue size. RASEEKH determines upfront whether your company needs an audit and prepares your statements under the right standard from the start, so you avoid redoing the work at filing time.