Accounting Update – New UAE Companies Law requires IFRS
The IFRS Foundation has announced a new Commercials Companies Law. Commercials Companies Law No. 2 of 2015 came into effect in the United Arab Emirates and requires all UAE (United Arab Emirates) companies to apply the international accounting standards and practices, namely IFRS.
The previous laws had only required compliance with international standards and practices, which had been interpreted as IFRS. Now, it has become more than just compliance, the application of IFRS is now required, as of July 1, 2015.
Back in 2005, the European Union required the use of IFRS and Canada followed suit 6 years later in 2011. There are many governments requiring the use of IFRS around the world and the vision of a global accounting standard is coming to fruition.
Have you started using IFRS at work or in your practice? If you are looking for more ways to improve your knowledge of IFRS, please feel free to visit our Workshops and Webinars section. The use of IFRS is growing and as a result so is it’s importance.
You can check out the revised UAE profile as well as profiles of other countries here: http://www.ifrs.org/Use-around-the-world/Pages/Jurisdiction-profiles.aspx
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