Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses

On May 23, 2023, The Ministry of Finance released decision number #114/2023 concerning accounting standards. As per the new regulation, companies with a turnover exceeding AED 50 Million are now obligated to adopt the #IFRS Rules. This represents a departure from our previous understanding, which allowed the utilization of any recognized international standard, such as #GAAP.

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