Definition

Financial Statements are formal records summarizing a company’s financial performance and position, required for Corporate Tax filing in the UAE.

Key points

• Must include balance sheet, income statement, and notes.
• Prepared using IFRS.
• Required to calculate accounting profit and taxable income.
• Must be retained and available for FTA inspection.

Practical example

A business submits IFRS-compliant financial statements alongside its Corporate Tax return to support the declared profit figures.

Why it matters

Accurate financial statements form the foundation of compliant Corporate Tax calculations.