The UAE Ministry of Finance has published Ministerial Decision No. 114 of 2023, which establishes certain rules in relation to accounting standards and methods for Corporate Tax purposes. The main points are summarized as follows: Preparing Financial Statements Using the Cash Basis of Accounting A person may prepare financial statements using the cash basis of accounting, in any of the following instances: Where the person derives revenue that does not exceed AED 3 million; or In exceptional circumstances and pursuant to an application submitted by the person to the authority. Consolidated Financial Statements Consolidated financial statements of a tax group...