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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
General Module (GEN) [VER44/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • GEN 8.2 Financial statements and financial reporting standards

    • GEN 8.2.1

      An Authorised PersonG must prepare financial statements for each financial year of the Authorised PersonG .

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RM69/2010 (Made 1st March 2010). [VER25/03-10]
      [Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]
      [Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • GEN 8.2.1 Guidance

        1. Chapter 4 of the Islamic Finance Rules (IFRG ) sets out specific disclosures an Authorised PersonG must include in its financial statements when carrying on Islamic Financial BusinessG .
        2. The financial statements prepared by an Authorised PersonG which is a BranchG may be the financial statements prepared for the Authorised Person'sG head office.
        [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.2.2

      An Authorised PersonG must, except as provided under Rule 8.2.3, prepare and maintain all financial statements in accordance with the International Financial Reporting Standards (IFRS).

      [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.2.3

      (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]

    • GEN 8.2.4

      An Authorised PersonG must:

      (a) if it is a Body CorporateG , have its financial statements approved by the DirectorsG and signed on their behalf by at least one of the DirectorsG ; or
      (b) if it is a PartnershipG , have its financial statements approved by the PartnersG and signed on their behalf by at least one of the PartnersG .
      [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]