Financial Statement Preparation in the UAE

Financial statements are the foundation of your Corporate Tax return, your bank and investor relationships, and your free zone compliance. Under UAE Corporate Tax, taxable income is calculated from accounting income prepared under IFRS, so the quality of your financial statements directly affects the tax you pay and the questions you may face from the FTA. Safeway prepares clear, IFRS-compliant financial statements that are ready for tax filing and for audit where one is needed. We are an FTA-approved tax agent in Ajman serving clients across all emirates.

When are financial statements required?

Every taxable person needs financial statements to prepare the Corporate Tax return. Audited financial statements are specifically required from taxable persons with revenue exceeding AED 50 million in the tax period, and from every Qualifying Free Zone Person regardless of revenue. In addition, many free zone authorities, banks and tenders require audited accounts under their own rules, even where the Corporate Tax law would not.

What a full set of financial statements includes

• Statement of financial position (balance sheet)
• Statement of profit or loss and other comprehensive income
• Statement of changes in equity
• Statement of cash flows
• Notes, including accounting policies and supporting disclosures

Accounting standards and bases

• IFRS — the default basis for UAE financial statements.
• IFRS for SMEs — available to businesses with revenue of AED 50 million or less.
• Cash basis — permitted for Corporate Tax where revenue is AED 3 million or less, which can simplify reporting for small businesses.

How we prepare your statements

We work from your bookkeeping records, reconcile the accounts, apply the right IFRS treatments, and produce a full set of statements with notes. Where an audit is required, we prepare audit-ready statements and coordinate with a licensed UAE auditor to sign the opinion. To be clear about our role: Safeway prepares management accounts and draft financial statements, not independent audit opinions, which must be issued by a licensed auditor.

Why businesses choose Safeway

• Statements prepared by a team that also files your Corporate Tax, so the numbers reconcile to the return
• IFRS treatments applied correctly, with clear notes
• Audit-ready packages and coordination with approved auditors
• Experience across trading, services, contracting, real estate and free zone entities

Contact us to prepare your financial statements for the current year.

Frequently asked questions

When are audited financial statements required?

For Corporate Tax, when revenue exceeds AED 50 million, and for every Qualifying Free Zone Person regardless of revenue. Many free zones and banks also require them.

Which standards apply?

IFRS, with IFRS for SMEs for revenue up to AED 50 million, and a cash basis allowed for Corporate Tax at AED 3 million or less.

Can Safeway audit my accounts?

We prepare IFRS financial statements ready for audit and coordinate with a licensed auditor; the independent audit opinion is signed by that auditor.

← All services