IFRS Financial Reporting
IFRS is the international framework for preparing financial statements. UAE entities commonly report under it, and a set prepared to that standard is what auditors, lenders and investors expect to receive.
The gap between a trial balance and IFRS financial statements is larger than it looks. Revenue recognition, lease treatment, provisions, related-party disclosure and impairment all require judgements that the ledger does not make on its own, and each needs to be supportable. A set of statements is not just the numbers — it is the notes and the policies that explain how those numbers were arrived at.
Reporting quality also determines how an audit goes. Schedules prepared to the standard the auditor will ask for turn an audit into a review rather than a reconstruction, which shortens the process and reduces what it costs.
We prepare full IFRS financial statements with supporting schedules and analysis, and where an external audit follows, we get the file into the condition the auditor needs.
What this covers
Financial Reporting & IFRS Compliance
Preparation of detailed financial statements and reports in accordance with International Financial Reporting Standards (IFRS), giving business owners and stakeholders clear insight into company performance.
Common questions
Do UAE companies have to report under IFRS?
IFRS is the framework commonly applied by UAE entities, and it is generally what auditors, banks and investors expect. Whether it is mandatory for a particular entity depends on its licence, regulator and free-zone requirements.
What is the difference between bookkeeping and IFRS financial statements?
Bookkeeping produces the underlying records. IFRS statements apply recognition, measurement and disclosure requirements to those records, with policies and notes explaining the judgements made.
Can you prepare statements our auditor will accept?
That is the intent. We prepare the statements and the supporting schedules in the form an auditor works from — we do not perform the statutory audit itself, which comes from an auditor registered with the UAE Ministry of Economy.
Talk to PrimeLedger
Tell us where your business stands and we will set out what applies to you, what has to be filed, and by when.
This page is general information about how the rules work, not advice specific to your business, and it does not state rates, thresholds or deadlines — those change, and your position depends on facts we would need to review. Contact PrimeLedger before acting on anything here.