On 25 March 2015, the new UAE Commercial Companies Law (UAE Federal Law No. 2 of 2015) was issued. The new law (“New CCL”) was published in the Official Gazette on 31 March 2015 (issue number 577) and came into force three months later, on 1 July 2015. The new CCL requires all companies with public accountability to use full IFRS as issued by the IASB. In addition, the new law permits small and medium-sized entities to use either the IFRS for SMEs or full IFRS. Compliance to the new law is required no later than 1 July 2016.