What are the requirements relating to accounting records of a company?
The requirements for maintaining accounting records for companies operating in the UAE are prescribed in the Commercial Companies Law and the Commercial Transactions Law. According to latter, businesses must keep ledgers and books according to their specific business requirements, but in all cases should at least keep the daily journal and general ledger. The Commercial Companies Law requires businesses to keep an original copy of all correspondences, telexes, letters and invoices issued or received. It allows certain large corporations to keep their archives on microfilm. All accounting information and evidencing documents are to be retained for a period of five years. The law allows businesses to maintain computerized accounting records.
