Do I need audited financial statements?
It depends on your Free Zone or jurisdiction and your size. QFZPs must have audited IFRS statements regardless of size (QFZP condition #5). DIFC and ADGM mandate audit. Most mainland and other Free Zones have size thresholds. Even where audit is not strictly required, banks, investors and transaction counterparties often ask for audited statements as a condition of doing business.
Full IFRS or IFRS for SMEs — which do I use?
IFRS for SMEs is permitted for most private UAE companies that don’t have public accountability (not listed, not holding assets in a fiduciary capacity for a broad group of outsiders). Full IFRS is required for DIFC and ADGM entities, subsidiaries of listed groups, financial services entities, and anywhere a group reporting policy mandates it. For most owner-managed Free Zone and mainland businesses, IFRS for SMEs is the sensible choice.
Do you perform the audit as well?
No. The Tax Lead does not provide external audit services — and that’s intentional. The firm preparing the statements shouldn’t also audit them (independence). We prepare audit-ready statements and working papers, then introduce you to UAE-licensed audit firms we trust and coordinate the audit process on your behalf. We respond to auditor queries, provide additional support, and manage the file so the audit completes efficiently.
How long does an IFRS statements engagement take?
Typically four weeks from receipt of a clean trial balance to final signed-off statements. Add 2–4 weeks for audit if audited statements are required. First-time IFRS adoption adds about 2 weeks due to opening balance sheet and comparative work.
Can you prepare statements from my existing bookkeeping?
Yes — we work from your trial balance regardless of who kept the books. If the books have issues (misclassifications, missing accruals, unreconciled items), we flag them and either help you clean them up or do it ourselves as a scoped additional task. Clean books make for a cheaper statements fee — which is why we usually bundle bookkeeping + statements for ongoing clients.
What’s in the working paper file you give the auditor?
A full set of lead schedules (one per material balance-sheet and P&L line), supporting workings for each (reconciliations, calculations, management estimates), the IFRS disclosure checklist completed, prior-year comparison, analytical review commentary, and the related-party schedule. An auditor should be able to walk through the file and tick off their programme without rebuilding anything.
Can you handle group consolidation?
Yes — up to around 10 subsidiary entities as standard. Beyond that we scope separately. Consolidation involves intercompany elimination, non-controlling interest, foreign-currency translation (where applicable), goodwill and business combination disclosures, and group-level disclosures. We handle both the parent-side consolidation and (where needed) the subsidiary-side reporting packs.
What’s first-time IFRS adoption?
IFRS 1 governs first-time IFRS adoption. You need an opening balance sheet at the start of the earliest comparative period, with your previous GAAP (if any) restated to IFRS. There are exemption elections available for some items (deemed cost for PP&E, cumulative translation differences, etc). Done right first time, this is a one-off exercise. Done wrong, it causes problems in every subsequent year.
Can you also do my CT return from these statements?
Yes — and we often bundle them. Our Corporate Tax service picks up from the IFRS trial balance, applies permanent and timing differences, prepares the CT return, and files it. Both engagements under one team means no reconciliation issues between the two documents (which do happen when accountant and tax adviser are different firms).
What format do you deliver in?
Signed PDF for distribution, Word source document for any auditor adjustments, and the full working-paper file in a secure data room (Excel supporting workings, PDF supporting evidence). You own the output — nothing is proprietary to us.