Whether financial statements need to be prepared on an accrual basis?

Whether financial statements need to be prepared on an accrual basis?

Taxable Persons should prepare their Financial Statements, and determine their Taxable Income on an accrual basis, unless they are permitted to use the Cash Basis of Accounting instead. Ministerial Decision No. 114 of 2023 prescribes the instances where a Taxable Person can prepare Financial Statements using the Cash Basis of Accounting.

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