United Arab Emirates to require use of IFRS

  • United Arab Emirates Image

10 Jul 2015

On 25 March 2015, the new UAE Commercial Companies Law (UAE Federal Law No. 2 of 2015) was issued. The new law (“New CCL”) was published in the Official Gazette on 31 March 2015 (issue number 577) and came into force three months later, on 1 July 2015. The new CCL requires all companies with public accountability to use full IFRS as issued by the IASB. In addition, the new law permits small and medium-sized entities to use either the IFRS for SMEs or full IFRS. Compliance to the new law is required no later than 1 July 2016.

Click to access the Official Gazette on the Abu Dhabi government website (please note that English translation of the entries lag Arabic language entries by some months).

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.