Financial Reporting Requirements in Dubai - A Practical Checklist

1. Financial Reporting Requirements in Dubai: A Practical Checklist Dubai businesses must comply with detailed financial reporting requirements for 2025, following UAE regulations and international standards. The checklist below provides practical steps and mandatory documentation needed to remain compliant with corporate tax laws and audit obligations. Core Financial Reporting Requirements Entities with annual revenue over AED 50 million must prepare and maintain audited financial statements for corporate tax purposes. All Qualifying Free Zone Persons (QFZPs) must submit audited financial statements, regardless of revenue, to maintain preferential tax status. Businesses must adopt International Financial Reporting Standards (IFRS); smaller entities (revenue below AED 50 million) may use IFRS for SMEs. Companies must retain financial records, including statements, ledgers, invoices, and supporting documents, for at least seven years and make them available for inspection by authorities. Cash basis accounting is permitted only if annual revenue is below AED 3 million or in exceptional cases approved by the Federal Tax Authority. Practical Financial Reporting Checklist Prepare the following mandatory year-end financial statements: oBalance Sheet (Statement of Financial Position) oIncome Statement (Statement of Profit or Loss and Other Comprehensive Income) oStatement of Cash Flows oStatement of Changes in Equity

2. oNotes to Financial Statements (detailing policies and transactions) Conduct thorough reconciliations of: oBalance sheet accounts oBank and credit card transactions oError corrections and mispostings Review VAT compliance, prepare VAT filings, and assess corporate tax liabilities. Submit annual audited financial statements within deadlines set by authorities; organize annual general meetings for approval. For publicly listed companies, prepare and submit quarterly reports within 45 days after each quarter’s end and arrange for auditor review. Keep asset registers and documentation for all tax filings (VAT, corporate, withholding taxes). Compliance and Governance Ensure all documentation adheres to UAE Ministry of Finance requirements and reporting deadlines. Apply updated accounting standards, including new IPSAS guidelines for federal entities, if applicable. Engage licensed auditors who comply with UAE Ministry of Economy regulations for statutory audits. Special Procedures Free Zone distributors must follow additional rules laid out by the Federal Tax Authority for distribution activities. Regularly assess changes in tax law and reporting standards, preparing for any announced updates from UAE authorities. This working checklist ensures Dubai businesses maintain transparency, comply with corporate tax regulations, and avoid penalties by meeting all local and international financial reporting standards. Final Thoughts Lewis and Pecker –Chartered Accountants in Dubai – offer reliable, professional, and tailored accounting services in Dubai to meet the unique needs of Dubai businesses. Whether you're a startup or an established company, their expert team ensures your financials are in safe hands, helping you stay compliant and focused on growth.