Entire Section

  • GEN 8.2 GEN 8.2 Financial statements and financial reporting standards

    • GEN 8.2.1 GEN 8.2.1

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

      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 (IFR) sets out specific disclosures an Authorised Person must include in its financial statements when carrying on Islamic Financial Business.
        2. The financial statements prepared by an Authorised Person which is a Branch may be the financial statements prepared for the Authorised Person's head office.
        [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.2.2

      (1) An Authorised Person must, except as provided under (2) and GEN Rule 8.2.3, prepare and maintain all financial statements in accordance with the International Financial Reporting Standards (IFRS).
      (2) If an Authorised Person is a Branch and the financial statements have been prepared for its head office, those financial statements may be prepared and maintained in accordance with the recognised financial reporting standards in the jurisdiction where the head office is located.
      [Added] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]
      [Added] DFSA RMI297/2021 (Made 21st April 2021). [VER52/09-21]
      [Added] DFSA RMI305/2021 (Made 30th June 2021). [VER52/09-21]

    • GEN 8.2.3

      (1) An Authorised Firm 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 Firms specified for the purposes of (1) are:
      (a) an Authorised Firm in Category 3B, Category 3C or Category 4, which does not hold or control Client Assets or Insurance Monies; and
      (b) an Authorised Firm in Category 4 which is not authorised under its Licence to carry on the Financial Service of Operating an Alternative Trading System.
      (3) The DFSA may by written notice direct that a particular Authorised Firm or a specified class of Authorised Firm specified in (2) must prepare and maintain financial statements in accordance with IFRS rather than IFRS for Small and Medium Sized Entities.
      (4) The DFSA 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 DFSA to give a direction under (3) to a particular Authorised Firm.
      (6) If the DFSA decides to give a direction under (3) to a particular Authorised Firm, the Authorised Firm 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 Person must:

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