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The UAE has entered a new era of taxation. What was once considered one of the world’s most tax-friendly business destinations has evolved into a mature and internationally aligned tax jurisdiction. While the Corporate Tax regime officially came into effect for financial years beginning on or after 1 June 2023, 2026 represents the year when compliance expectations have significantly increased. Today, businesses are no longer asking whether Corporate Tax applies to them—they are asking whether they are fully compliant. For

The introduction of the UAE Corporate Tax regime has brought several important tax elections that can significantly affect a company’s tax liability and financial reporting. One of the most strategic elections available is the Realisation Basis Election, which determines whether unrealised gains and losses on certain assets and liabilities should be included in taxable income. For businesses reporting under IFRS, understanding the interaction between this election and Deferred Tax Accounting (IAS 12) is essential. While the election can reduce current

Executive Summary IFRS 20 Regulatory Assets and Regulatory Liabilities, issued in May 2026, establishes a new accounting framework for companies subject to rate regulation. The Standard addresses a critical gap in financial reporting by requiring companies to provide transparent information regarding “total allowed compensation”—the amount of compensation a company is entitled to for regulatory goods or services supplied in a specific period. Under previous standards, specifically IFRS 15 Revenue from Contracts with Customers, a disconnect often existed between the timing of goods