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Thursday 20 February 2020

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New UAE Companies Law requires IFRS

 10 July 2015

A new Commercial Companies Law No 2 of 2015 came into effect in the United Arab Emirates on 1 July 2015. It requires all UAE companies to apply international accounting standards and practices.

The previous Companies Law required compliance with internationally accepted accounting practices, which had generally been interpreted to mean International Financial Reporting Standards (IFRS).  There has never been a national GAAP in the UAE. Companies must comply with the new law no later than 1 July 2016.  Companies with public accountability must use full IFRS. Small and medium-sized entities may use the IFRS for SMEs or full IFRS.

The revised UAE profile may be found here.

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