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Dubai Financial Services Authority (DFSA): Contents

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Aug 21 2014 onwards

GEN 8.2.3



Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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(1) An Authorised FirmG specified in (2) may prepare and maintain its financial statements in accordance with IFRS for Small and Medium-Sized Entities (SMEs) where that standard applies to it.
(2) Authorised FirmsG specified for the purposes of (1) are:
(a) an Authorised FirmG in Category 3B, Category 3C or Category 4, which does not hold or control Client AssetsG or Insurance MoniesG ; and
(b) an Authorised FirmG in Category 4 which is not authorised under its LicenceG to carry on the Financial ServiceG of OperatingG an Alternative Trading SystemG .
(3) The DFSAG may by written notice direct that a particular Authorised FirmG or a specified class of Authorised FirmG specified in (2) must prepare and maintain financial statements in accordance with IFRS rather than IFRS for Small and Medium Sized Entities.
(4) The DFSAG may by written notice vary or revoke a direction under (3).
(5) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSAG to give a direction under (3) to a particular Authorised FirmG .
(6) If the DFSAG decides to give a direction under (3) to a particular Authorised FirmG , the Authorised FirmG may refer the matter to the FMT for review.
[Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]