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IFRS Implementation Support Services in Sharjah, UAE
UAE companies are expected to prepare their accounts under international accounting standards. Federal Decree-Law No. 32 of 2021 on Commercial Companies requires it, and UAE Corporate Tax builds on the same financial statements. Getting IFRS right affects your reported profit, your tax, your bank covenants and how smoothly your audit runs.
At Hussain Al Shemsi Chartered Accountants, we help businesses adopt IFRS or IFRS for SMEs, apply new standards, set the right accounting policies and prepare audit-ready financial statements. With IFRS 18 taking effect from 1 January 2027, now is the time to prepare.
IFRS in the UAE at a glance
- Legal basis: Federal Decree-Law No. 32 of 2021 on Commercial Companies requires accounts to follow international accounting standards and practices.
- Corporate Tax: Ministerial Decision No. 114 of 2023 requires IFRS, allows IFRS for SMEs where revenue is AED 50 million or less, and allows cash-basis accounting where revenue is AED 3 million or less.
- IFRS 18: Presentation and Disclosure in Financial Statements replaces IAS 1 for periods beginning on or after 1 January 2027, with new subtotals in the income statement and disclosures of management-defined performance measures.
- IFRS 19: eligible subsidiaries without public accountability can apply reduced disclosures from 1 January 2027.
- Comparatives: IFRS 18 applies retrospectively, so 2026 comparative figures need to be presented on the new basis.
How can we help you?
Get in touch with Hussain Al Shemsi Chartered Accountants for expert auditing, accounting, tax, and advisory services in the UAE.
- +971 50 3636231
Our IFRS Services
IFRS 18 readiness
Mapping your income statement to the new operating, investing and financing categories and preparing 2026 comparatives.
IFRS and IFRS for SMEs conversion
Moving from local or tax-based accounts to full IFRS or IFRS for SMEs.
Accounting policies and manuals
Clear policies on revenue, leases, inventory, provisions and financial instruments. See SOPs.
Technical accounting advice
Support on complex areas such as IFRS 15 revenue, IFRS 16 leases and IFRS 9 expected credit losses.
IFRS financial statements
Preparing full IFRS financial statements and notes that are ready for audit. See Statutory Audit.
Tax and IFRS alignment
Making sure your IFRS accounts support your Corporate Tax return.
Standards We Commonly Help With
- IFRS 18 Presentation and Disclosure in Financial Statements
- IFRS 15 Revenue from Contracts with Customers
- IFRS 16 Leases
- IFRS 9 Financial Instruments (including expected credit losses)
- IAS 2 Inventories (Inventory Verification)
- IAS 16 Property, Plant and Equipment
- IFRS 3 Business Combinations and IFRS 10 Consolidation
- IFRS 13 Fair Value Measurement (Business Valuation)
- IFRS for SMEs
Who Needs IFRS Support?
- Companies preparing for IFRS 18 from 2027
- Businesses moving from cash or tax-based accounts to IFRS
- Groups preparing consolidated financial statements
- Companies deciding between IFRS and IFRS for SMEs for Corporate Tax
- Finance teams facing audit adjustments on complex standards
Our Process
- Assess: we review your current accounts, policies and systems against IFRS.
- Identify gaps: we list the changes needed and their impact on profit, tax and covenants.
- Design: we draft policies, mapping and reporting templates.
- Implement: we help your team update systems, process adjustments and prepare comparatives.
- Report: we prepare or review IFRS financial statements ready for your auditors.
Why Choose Hussain Al Shemsi
- Chartered Accountants who audit IFRS accounts and know what auditors look for. Meet our team.
- Tax-aware advice linking IFRS and Corporate Tax.
- Practical support for finance teams, not just technical memos.
- Based in Sharjah, supporting businesses across all seven emirates.
Frequently Asked Questions
Do UAE companies have to use IFRS?
UAE company law requires international accounting standards, and for Corporate Tax, Ministerial Decision No. 114 of 2023 requires IFRS, with IFRS for SMEs allowed for businesses with revenue of AED 50 million or less.
What is IFRS 18?
A new standard that replaces IAS 1 from 1 January 2027. It introduces defined categories and subtotals in the income statement, and new disclosures for management-defined performance measures.
Does IFRS 18 affect our 2026 accounts?
Yes, indirectly. Because IFRS 18 applies retrospectively, your 2026 figures will be presented again on the new basis as comparatives in your 2027 financial statements.
Can we use IFRS for SMEs?
For Corporate Tax purposes, IFRS for SMEs may be used where revenue is AED 50 million or less, if the entity is eligible under the standard.
Will IFRS 18 change our profit?
IFRS 18 mainly changes presentation and disclosure, not recognition and measurement, so total profit generally stays the same, but how it is shown changes.
What is IFRS 19?
A standard that lets eligible subsidiaries without public accountability apply IFRS with reduced disclosures, from 1 January 2027.
Can you help our team rather than do everything for us?
Yes. We can train and support your finance team, review your work or prepare the IFRS financial statements for you.
Get Ready for IFRS 18
Talk to our team about IFRS 18, IFRS for SMEs or your next set of IFRS financial statements.
Official guidance: IFRS Foundation.
