Legislative Framework for Corporate Accounting
Governed by Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and Commercial Companies Law No. 32 of 2021, all UAE businesses are legally required to maintain accurate accounting records.
For tax filings, see our 9% Corporate Tax Guide and auditor licensing under Chartered Accountants & Auditors Guide.
Evaluate Corporate Audit Obligations
Mandatory IFRS Bookkeeping & 7-Year Record Keeping Required
All registered UAE entities must maintain IFRS-compliant accounting books and retain financial records for a minimum of 7 years under Federal Tax Law.
Audit Threshold Summary
| Mandatory Audit Threshold: | AED 50,000,000 Revenue |
| Free Zone QFZP Audit: | Mandatory for 0% Tax |
| Record Retention: | 7 Years Minimum |
Frequently Asked Questions (Accounting & IFRS)
Financial auditing is mandatory for taxable entities generating revenue exceeding AED 50,000,000, as well as all Qualifying Free Zone Persons (QFZP) claiming 0% Corporate Tax relief.
Under Federal Tax Authority (FTA) rules and Commercial Companies Law, entities must maintain financial ledgers, invoices, and bank statements for a minimum of 7 years.
Audited financial statements in the UAE must be prepared in accordance with International Financial Reporting Standards (IFRS) or IFRS for SMEs.
Only certified public auditors registered on the Ministry of Economy (MOEC) Register of Auditors are legally permitted to audit UAE financial statements under our Auditors Guide.
FTA & MOEC VerifiedOfficial Accounting Source
• Federal Tax Authority (FTA Corporate Tax & Audit Portal): tax.gov.ae
• Ministry of Economy (MOEC Commercial Companies Register): moec.gov.ae