Accounting in Dubai and audit , bookeeping
In the United Arab Emirates (UAE), accounting involves not only the preparation of financial statements, but also reporting to government agencies such as the Ministry of Finance and the General Tax Authority. The Ministry of Finance issues guidelines for financial reporting requirements, while the General Tax Authority provides tax reporting guidelines.
The main accounting principles followed in the UAE are:
- The generally accepted accounting principles (GAAP). These are rules and regulations used by accountants to prepare financial statements that conform with generally accepted accounting principles. In addition to these core principles, there are also industry-specific standards that must be followed when preparing financial statements for industries such as real estate and construction.
- International Financial Reporting Standards (IFRS). These are internationally accepted accounting standards set by the International Accounting Standards Board (IASB), which oversees all aspects of accounting globally. The IFRS has replaced US GAAP as an acceptable set of rules for preparing financial statements globally.