The UAE Ministry of Finance has released a Ministerial Decision on the accounting method to be followed and the accounting GAAP to be followed for the purpose of paragraph (a) of Clause (5) of Article (20) of the Corporate Tax Law, a Person may prepare Financial Statements using the Cash Basis of Accounting, in any of the following instances:
Financial Statement of Tax Group
Stages for Consolidation of Tax Group financials
- Preparation of standalone financial statement for each subsidiary
- Consolidation of standalone financial statement of subsidiary with parent, eliminating the transaction between them
Why maintaining accounting methods and standards as per law is important for companies?
Why Spectrum Auditing?
Spectrum Auditing will guide you with the laws and regulations of UAE, be it Corporate Tax (CT), Transfer Pricing (TP), Ultimate Beneficiary Owner (UBO), Anti Money Laundering (AML), etc after reviewing your business. Being a pioneer in the field of auditing, accounting, taxation and advisory services, we ensure we keep track of all the changes that are taking place in the UAE with respect to the changes in laws, rules, regulations and keep our clients informed as well as sharing the same information through our blog section or social media handles regularly. Call us today for any kind of assistance at +971 4 2699329 or email [email protected] to get all your queries addressed. Spectrum is your partner in your success.