Federal Law No. (2) of 2015 on Commercial Companies

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In the UAE it the Federal Law No.2 of 2015, chapter one General Provisions for the Companies, article 27 Accounts of the company states the followings:

  • All the companies whether it is a Joint Stock Holder Company or if it is a Limited Liability company should appoint one or more auditor to audit the accounts of the companies every year. Rest of the companies may appoint an auditor in accordance with the provision of this law
  • All the companies should prepare the annual financial statements along with profit and loss account and balance sheet figure.
  • All the companies should follow the International Accounting Standard and implement upon preparing the management and financial statement, to provide a clear and accurate view of the profit and losses of the company.
  • Every company must provide the copy of its audited account to each partner and shareholder of the company, this may on the written request by the partner or the shareholder of the company with a free copy of the last audited account and of the last report of its auditor. Company got 10 days from the date of the request to provide the above.

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