Accounting Policy Implementation

The Chairman, Board, and CFO of EDC are committed to implementing best policies and practices on accounting within the UAE. Accordingly, EDC has decided to implement the following stages:

1. International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS)

To comply with financial reporting requirements of IFRS, EDC will ensure the preparation of the following:

• Minimum annual Profit & Loss statement.
• Balance Sheet.
• Cash Flow Statement.
• Statement of Equity.

2. Monthly & Annual Profit & Loss Statement

3. Monthly & Annual Balance Sheet

4. Monthly & Annual Cash Flow Statement

5. Monthly MIS Reports

The Monthly MIS Reports will include:

• Company-level Profit & Loss statement.
• Category-level Gross Profit Margin (GPM) Report.
• Receivables Report.

6. External Audits

EDC will conduct annual or quarterly external audits by top audit firms to ensure the accuracy of its accounting statements.

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The CFO is responsible for implementing this accounting policy across EDC.

This policy will be reviewed every 3 years for continual improvement and suitability. Amendments will be made if required.