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An informative blog explaining the accounting standards used for computing taxable income under the UAE Corporate Tax regime. It highlights the application of International Financial Reporting Standards (IFRS), IFRS for SMEs, and the cash basis of accounting, as outlined in Ministerial Decision No. 114 of 2023. The blog also discusses the priority of UAE Corporate Tax Law over accounting standards, adjustments to taxable income, and the importance of compliance for businesses operating in the UAE.
Corporate Tax

Which Accounting Standard is Used for Computation of Taxable Income as per UAE Corporate Tax?

January 31, 2025 Comments Off on Which Accounting Standard is Used for Computation of Taxable Income as per UAE Corporate Tax?

Imagine you have a lemonade stand, and at the end of the month, you want to know how much money you made. You need a special rulebook that tells you how to count your money properly. For businesses in the UAE, this “rulebook” is called an accounting standard. Let me explain what this means in […]