From Accounting Records to IFRS Financial Statements
A trial balance or accounting-system report is only the starting point. IFRS financial statements bring the required presentation, accounting policies, disclosures and comparative information together.
A Complete IFRS Financial Statement Set
Subject to the applicable reporting framework and agreed scope, the statement set brings the primary statements, accounting policy information, comparative information and required disclosures together as one coherent report.
- Statement of financial position
- Statement of profit or loss and other comprehensive income
- Statement of changes in equity
- Statement of cash flows
- Notes and disclosures
- Material accounting policy information
- Comparative information
Which IFRS Reporting Basis Applies?
Full IFRS and IFRS for SMEs are different frameworks. The appropriate basis depends on eligibility, regulatory requirements and how the statements will be used.
Full IFRS Accounting Standards
For entities with public accountability, prescribed group or regulatory requirements, or circumstances requiring the full framework.
IFRS for SMEs Accounting Standard
For eligible entities without public accountability, subject to applicable UAE eligibility and reporting requirements.
How We Determine the Appropriate Basis
Does the entity have public accountability, or specific requirements from regulators, shareholders, lenders or a parent group?
Assess whether IFRS for SMEs is available under the relevant eligibility and UAE Corporate Tax requirements.
First-time adoption, framework conversion, consolidation and special-purpose reporting may require additional assessment.
Preparing for IFRS 18
IFRS 18 starts in 2027, but for calendar-year reporters the 2026 comparative period already matters. See what changes in presentation and disclosure, where implementation work sits and what finance teams should consider now.
Where Does Judgement Matter in IFRS Reporting?
Financial statements may appear complete while material classification, measurement, presentation or disclosure matters remain unresolved. We identify these issues early and make required management judgements visible.
Revenue recognition and period cut-off
Current and non-current classification
Leases and financing arrangements
Provisions, commitments and contingencies
Consistency of accounting policies and comparatives
Related-party balances and disclosures
Foreign-currency transactions and balances
Impairment indicators and material estimates
Going-concern information and subsequent events
Presentation and disclosure completeness
Where a material issue requires specialist conversion, valuation or technical accounting work, we identify it early and agree the additional scope before proceeding.
A Controlled Path to Final Statements
We establish the reporting basis, identify gaps early and keep management involved where judgements, adjustments or approvals are required.
DEFINE
Confirm the period, intended use, entities, reporting framework, deliverables and deadline.
REVIEW
Review the trial balance, ledger, prior statements and supporting schedules.
RESOLVE
Address mapping, adjustments, accounting-policy questions, missing disclosures and management inputs.
PREPARE
Draft the statements, notes, accounting policies and comparatives on the agreed basis.
FINALISE
Close review comments, record approved adjustments and issue the final package.
External-auditor coordination is included only where separately agreed.
What Do We Need to Prepare Your Financial Statements?
Requirements vary by entity, but these records normally establish the starting point for preparation.
Final or substantially complete trial balance and general ledger
Prior-year financial statements and available working papers
Legal, ownership and group structure information
Bank, receivable, payable, inventory and fixed-asset schedules
Loan agreement copies, lease contracts, and financing schedules necessary to support framework classification and disclosures.
Transactions, balances, corporate guarantees, commitments, contingencies, and relevant intercompany arrangements.
Tax balances, filed-return information, material contracts, and management plans supporting accounting estimates or disclosures.
Record readiness
If records are incomplete, we identify what can be resolved within the engagement and what requires accounting or reconciliation work first.
Timing
Timing depends on record readiness, complexity and outstanding matters. We confirm a realistic delivery plan after the initial review.
Approachable for founders. Credible for finance teams and stakeholders.
The service is designed for UAE startups, SMEs and growing businesses that need formal reporting without unnecessary complexity. It also supports established companies, subsidiaries and groups where the reporting basis and scope are clearly defined.
Startup and founder-led businesses
Preparing a first formal statement set, responding to a lender or investor, or establishing a stronger year-end reporting base.
SMEs and free zone companies
Preparing annual statements for shareholders, authorities and banks, with reporting that also supports Corporate Tax records and external audit preparation.
Growing and established businesses
Improving consistency across reporting periods, entities and group instructions, with responsibilities and open matters kept clear.
Senior Oversight Without Unnecessary Distance
Senior involvement is supported by professionals with recognised accounting qualifications and IFRS-focused credentials, including ACCA DipIFR and the AICPA IFRS Certificate of Educational Achievement, together with practical experience in financial statement preparation, multi-entity reporting and consolidation environments.
IFRS Preparation Questions
Formal financial statements prepared under International Financial Reporting Standards (IFRS) provide a standardized view of financial performance. They are typically required by regulatory authorities, free zones, lenders, investors, or for UAE Corporate Tax compliance, depending on the entity's specific legal form and circumstances.
Management accounts are internal reports designed to help founders and management track monthly performance and make operational decisions. IFRS financial statements are formal, structured reports prepared at year end (or for specific periods) primarily for external stakeholders, auditors, and authorities.
No. Preparation is the process of drafting the financial statements, notes, and accounting policies based on your financial records. A statutory audit is a separate assurance engagement where an independent auditor examines those prepared statements to express an opinion. Haseeb & Partners prepares the statements but does not provide statutory audit opinions.
The correct basis depends on the entity's public accountability, regulatory requirements, group instructions, and revenue. For UAE Corporate Tax, the IFRS for SMEs Standard may be used by eligible taxable persons with revenue not exceeding AED 50 million for the relevant Tax Period, provided no other requirement mandates Full IFRS.
Yes. Where a parent company is required to present consolidated financial statements, we can manage the consolidation process. This includes eliminating intercompany balances and transactions, aligning accounting policies across the group, and preparing the consolidated statement set and disclosures.
Financial statements require a reliable, reconciled trial balance as their foundation. If your accounting records are incomplete, un-reconciled, or behind schedule, we will identify the missing work. We can resolve these issues through a separate Accounting & Bookkeeping engagement before financial statement preparation begins.
We typically require a final trial balance, the general ledger, prior year financial statements (if any), legal ownership documents, and supporting schedules for key balances like fixed assets, inventory, and loans. We will confirm the exact requirements based on your entity type and transaction complexity.
Pricing and timing depend heavily on the condition of your records, the number of entities, transaction complexity, and the required disclosures. Rather than quoting standard fees, we conduct an initial review of your trial balance and requirements to provide a firm, tailored proposal and a realistic delivery timeline.
Prepare the Right Financial Statements
Tell us what the statements are for, the reporting period and the condition of the underlying records. We will help define the appropriate preparation scope and information required to begin.