TaxSavvyQA

IFRS is required

Can we prepare accounts under local GAAP?

The situation

Financial statements filed with the GTA must be prepared under IFRS.

The law

  • Executive Regulations of Law No. 24 of 2018 (audited financial statements): Audited IFRS accounts must go with the return if capital exceeds QAR 200,000, income exceeds QAR 500,000 or the head office is abroad; accounts in Arabic from 2020

What it means for you

The GTA requires accounts under IFRS. Group reporting packs prepared under another GAAP must be adjusted for the Qatar statutory set. Agree accounting policies with the auditor before year end so adjustments do not delay the return.

What to do

  1. Use IFRS for the statutory set.
  2. Adjust group reporting packs.
  3. Agree policies with the auditor.
  4. Document adjustments.

We can do this for youStatutory audit and IFRS financial statements in Arabic for the tax return: QAR 7,500

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