IFRS & Financial Reporting
IFRS reporting that holds up to audit, banks and the tax return
Hassan prepares and reviews IFRS financial statements for UAE companies, so your numbers are consistent, well supported and ready for whoever reads them next.
- IFRS and IFRS for SMEs
- Audit-ready working papers
- Tax-ready accounting profit
Standards that shape most UAE statements
- IFRS 15Revenue from contracts with customers
- IFRS 16Leases on the balance sheet
- IFRS 9Financial instruments and expected credit losses
- IFRS 18Presentation and disclosure, effective 1 January 2027
Under UAE Corporate Tax, taxable income starts from accounting profit in IFRS financial statements.
Who this is for
Where IFRS & Financial Reporting makes the biggest difference
Financial statements do more work in the UAE than they used to. Banks lend against them, investors price against them, and since Corporate Tax arrived they are the starting point for your tax return. Weak reporting now costs money in more than one place.
Growing companies facing their first full audit
Policies, reconciliations and notes put in order before the auditors arrive.
Groups with several entities
Consistent policies and a clean consolidation across companies and free zones.
Businesses with leases, contracts or financing
IFRS 16, IFRS 15 and IFRS 9 applied correctly, with the workings to prove it.
Owners preparing for a bank or investor
Statements and supporting schedules that answer questions before they are asked.
Scope
What is covered
A clear scope from the start, so you know exactly what you are getting.
Included
- Preparation of IFRS or IFRS for SMEs financial statements
- Review of statements prepared in-house
- Accounting policy papers for leases, revenue and financial instruments
- Year-end reconciliations and audit working papers
- Consolidation of group entities
- Readiness review for IFRS 18
Not included
- The statutory audit itself, which must be independent
- Day-to-day bookkeeping (available through the TWMA team)
Larger or specialist work is delivered with the wider team at TWMA Management Consulting.
Approach
How the work runs
Four stages, with a clear output at the end of each.
Discovery
Understand your entities, year-end, auditors and the deadlines that matter.
Assessment
Review the trial balance, policies and last year's statements for gaps.
Reporting
Prepare or correct the statements, notes and supporting schedules.
Audit support
Answer auditor queries and close points until sign-off.
Questions
Common questions
Short answers to what clients ask most. Rules change, so Hassan confirms the position for your business against current official guidance.
Do UAE companies have to report under IFRS?
Most UAE companies prepare their financial statements under IFRS. For Corporate Tax, businesses with revenue of AED 50 million or less may use IFRS for SMEs. Free zone and regulator rules can add their own requirements, so Hassan confirms what applies to each entity.
How does IFRS affect my Corporate Tax?
Taxable income starts from the accounting profit in your financial statements, then specific adjustments are made. Errors in the accounts therefore flow straight into the tax return.
What changed with IFRS 16 for leases?
Most leases, including office and warehouse leases, now sit on the balance sheet as a right-of-use asset and a lease liability. Rent expense is replaced by depreciation and interest, which changes EBITDA and some loan covenants.
What is IFRS 18 and when does it start?
IFRS 18 replaces IAS 1 for reporting periods beginning on or after 1 January 2027. It introduces defined subtotals in the income statement and new disclosures for management-defined performance measures. Comparative figures will need restating, so preparation should start in 2026.
Can you also audit our statements?
No. An audit must be independent of whoever prepared the statements. Hassan prepares and reviews statements and supports you through the audit.
Related
Related expertise
Official guidance: IFRS Foundation · UAE Ministry of Finance
Next step
Book a first conversation
Tell Hassan what you are working on. Office hours are Monday to Friday, 9 am to 5 pm, Dubai time.