IFRS sets the rules for how transactions are recognised, measured, and disclosed in financial statements. Key standards relevant to UAE SMEs include IFRS 15 (revenue recognition), IFRS 16 (leases — including the treatment of long-term office leases), IAS 16 (fixed assets and depreciation), and IAS 36 (impairment of assets). The UAE does not have its own separate GAAP; IFRS is mandatory. For smaller entities, IFRS for SMEs offers a simplified framework — but check whether your bank or auditor has a preference.
See also: Revenue Recognition, Financial Statements, Audit
