Accounting · Reporting
Financial Reporting & IFRS Statements in the UAE
IFRS and IFRS for SMEs financial statements, monthly management packs and group consolidations — prepared with full notes and disclosures, in the form your auditor, bank, investors, free zone and the FTA expect to see.
- IFRS & IFRS for SMEs
- Management Packs
- Group Consolidations
Licensed by Dubai DET · Licence 1394564
At a glance
- Or IFRS for SMEs, depending on your size
- IFRS
- Or quarterly management reporting packs
- Monthly
- Consolidations with intercompany eliminations
- Group
- And disclosures drafted to the framework
- Notes
Your numbers are only as useful as the way they are reported
The same set of books is read by very different people. Your auditor checks the IFRS statements and their notes; the FTA relies on them as the starting point for corporate tax; a bank wants a balance sheet and cash flow before it extends a facility; a free zone may want audited accounts at renewal; and you need a monthly view you can act on. A trial balance on its own serves none of them.
Smartgic turns your ledgers into reports each reader can use. We prepare year-end financial statements under full IFRS or IFRS for SMEs, with the notes and disclosures the framework requires; build monthly or quarterly management packs with profit and loss, balance sheet, cash flow and the KPIs you track; and consolidate group companies, eliminating intercompany balances. Every pack comes with supporting schedules, so an auditor or lender can trace each figure.
Key facts
- Or IFRS for SMEs, depending on your size
- IFRS
- Or quarterly management reporting packs
- Monthly
- Consolidations with intercompany eliminations
- Group
- And disclosures drafted to the framework
- Notes
Everything covered in Financial Reporting
The concrete scope our team delivers, grouped the way we actually run your file.
Statutory Statements
Year-end accounts prepared to the framework that applies to you.
- Statement of financial position
- Statement of profit or loss and comprehensive income
- Statements of changes in equity and cash flows
- Accounting policies, notes and disclosures
- IFRS or IFRS for SMEs basis
Management Reporting
A monthly or quarterly pack built around the decisions you make.
- Profit and loss against budget and prior year
- Balance sheet and cash flow summary
- KPI dashboard agreed with you
- Margin analysis by product, branch or client
- Written commentary on key movements
Consolidation & Audit Packs
Group figures and supporting files that stand up to scrutiny.
- Group consolidation and intercompany eliminations
- Combined figures for a corporate tax group
- Lead schedules and reconciliations
- Bank and investor reporting packs
- Statements formatted for free zone and FTA submission
What you gain with Financial Reporting
The practical difference when the work is planned and filed properly the first time.
The Right Framework
We confirm whether full IFRS or IFRS for SMEs suits your size, lenders and corporate tax position before the first year-end.
Complete Notes and Disclosures
Accounting policies, judgements, related-party balances and commitments are disclosed properly — the area where draft statements most often fall short.
Packs You Can Act On
Management packs compare actuals with budget and last year, highlight margin and cash movements, and fit on a few readable pages.
Clean Group Consolidations
Intercompany sales, loans and balances are eliminated and accounting policies aligned, so consolidated figures show the group as one business.
Ready for Lenders and Investors
Statements and packs are presented the way banks and investors read them, with covenant figures and key ratios easy to find.
Audit-Ready Support
Every figure is backed by a schedule — fixed assets, receivables, accruals, loans — so auditor requests are answered from one organised file.
A clear process, step by step
One adviser owns your file from first call to completion, and you always know which step you are on.
- 01
Purpose and Framework
We agree who the reports are for — auditor, bank, investor, free zone or the FTA — and confirm the reporting framework, period, format and deadline each reader works to.
- 02
Ledger Review and Adjustments
We review the trial balance, reconcile key accounts and post the adjustments the framework needs — accruals, depreciation, provisions, revenue cut-off and lease accounting.
- 03
Statements and Packs Drafted
We draft the primary statements with notes and disclosures, or the management pack with KPIs and commentary, consolidating group companies where you report as a group.
- 04
Your Review
We walk you through the drafts, explain the judgements and significant movements, and agree changes before anything goes to an auditor, bank or authority.
- 05
Finalise and Support
Final statements and supporting schedules are issued, and we answer auditor or lender queries on them until the audit is signed or the facility review is complete.
Who it’s for and what you’ll need
Have these ready and we can move quickly. If something is missing, we will tell you what the authority accepts instead.
When you need formal reporting
- Your free zone asks for audited financial statements at licence renewal
- Your revenue is above AED 50 million, or you are a Qualifying Free Zone Person
- A bank, investor or buyer has asked for IFRS statements or a monthly pack
- You own several companies and need one consolidated view
- Directors or partners want monthly figures they can review and question
Documents we’ll need
- Trial balance and general ledger for the period
- Prior-year financial statements, audited if available
- Bank statements and balance confirmations at period end
- Fixed asset register, loan and lease agreements
- Details of related-party balances and transactions
- Group structure chart and intercompany balances (for consolidations)
- Budget or forecast, for management packs
Need documents attested or translated? Our document clearing team can help.
Financial Reporting questions
Straight answers to what clients ask us most. If yours is not here, ask us directly.
It depends on your size and who reads the accounts. For corporate tax purposes, IFRS for SMEs is accepted for businesses with revenue under AED 50 million; above that, full IFRS is expected. Some banks, investors or parent companies insist on full IFRS regardless of size, so we check those requirements before choosing.
Typically a profit and loss account against budget and last year, a balance sheet, a cash flow summary and a short set of KPIs — gross margin, receivable days, cash runway or whatever drives your business — with a page of commentary. We agree the content with you so the pack answers the questions you actually ask each month.
No. We prepare the financial statements; an audit is an independent examination of them, carried out under International Standards on Auditing and signed by UAE-registered auditors who had no part in preparing them. Where an audit is required, we prepare the statements and supporting schedules first, then manage the engagement with the auditor.
Yes. A group might include a mainland LLC, a free zone trading company and a holding company. We align accounting policies and reporting dates, eliminate intercompany sales, loans and balances, and produce consolidated statements. If the companies form a corporate tax group — open to resident companies with 95% common ownership, subject to conditions — we also prepare the combined figures the group return relies on.
The draft financial statements plus a schedule behind every significant balance: bank reconciliations and confirmations, fixed asset movements, receivable and payable listings with ageing, accruals and prepayments, loans, related-party balances, and VAT and corporate tax reconciliations. With that file in hand, the auditor spends time testing rather than waiting for information.
Related services
Most clients combine these. We run them as one engagement with a single point of contact.
Guides on Financial Reporting
In-depth articles from our team on the questions clients most often ask about this service.
Let’s plan your next move
Tell us what you are planning. An adviser will come back with the route, the documents and an itemised quote — no obligation, no pressure to commit.
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Office 44, Floor M2, BN Complex, Deira Al Muteena, Dubai, UAE
Mon – Sat, 9:00 AM – 6:00 PM (GST)
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