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Corporate Tax Accounting Standards and Methods as Per the Corporate Tax Law

The UAE Ministry of Finance released a judicial determination for the accounting method that is to be followed and the Generally Accepted Accounting Principles (GAAP) that are to be followed for the purpose of corporate tax UAE as per No. 114 of 2023. Thus, this article explains accounting standards that businesses are required to follow in compliance with the statutory legislation. Corporate Tax Consultants in UAE are committed to assisting Taxable Persons to implement these accounting standards and methods; therefore it is advisable to seek their expert services. Financial Statements and the cash basis of accounting methods. Why is it vital for businesses to follow accounting practices and laws and why has it been implemented by the MoF? The businesses must keep accounting practices and records as per the CT law. Some of the advantages are as explained below: – In conclusion, following legal accounting procedures and standards is essential for businesses to ensure transparency, encourage fair competition, adhere to rules, and make informed judgments. It improves responsibility, credibility, and trust, which is advantageous to the organization and its stakeholders.  How AB CAPITAL in UAE can assist  It is important to note that specific circumstances and industry-specific regulations may impact the application of these accounting standards and methods. It is advisable for Taxable Persons to consult AB CAPITAL SERVICES UAE today to effectively understand how and what corporate tax Accounting Standards and Methods are to be followed as per the corporate tax laws in the UAE. We are well versed in and fully updated with the rules and decisions issued by the FTA. Therefore, contact us today and we shall be glad to assist you.

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