Dubai November 7 2023:

FTA Releases Guide on Accounting Standards and Interaction with Corporate Tax.

The guide is designed to provide general guidance on the interaction of Accounting Standards with Corporate Tax. It provides readers with an overview of:

• Preparation of financial statements;
• The cash basis of accounting;
• The realisation basis of accounting;
• Other adjustments under Article 20(2)(i) of the Corporate Tax law;
• Adjustments under the transitional rules.

For more information related to Accounting Standards that govern how particular types of transactions and events should be reported in Financial Statements, please refer to the official documentation released by the relevant standard setter/Accounting Standards board. For further information on IFRS, visit ifrs.org.

Who should read this guide?

This guide should be read by any Person that is responsible for preparing the Financial Statements of Taxable Persons for Corporate Tax purposes. It is intended to be read in conjunction with the Corporate Tax Law, the implementing decisions and other relevant guidance published by the FTA.