This decision specifies the accounting standards for UAE Corporate Tax. It mandates that Taxable Persons apply International Financial Reporting Standards (IFRS). However, businesses with revenue not exceeding AED 50 million may opt to use IFRS for Small and Medium-sized Entities (SMEs). It also details conditions for using the Cash Basis of Accounting, permitting it for persons with revenue up to AED 3 million or in exceptional circumstances upon Authority approval. The decision defines "consolidated Financial Statements" for a Tax Group as the aggregation of standalone statements with intra-group transactions eliminated, per Articles 20 and 42.