From the Inside Out.
"Most IPOs that fail on accounting grounds fail because the business waited too long to fix what was always fixable. The time to prepare is two years before you plan to list — not two months."
— Finerio Capital Markets Practice
The Accounting Side of Going Public
An IPO (Initial Public Offering) is the process of listing your company's shares on a public stock exchange — the DFM, ADX, NASDAQ Dubai, or an international exchange — and selling shares to public investors for the first time. It is one of the most complex, high-stakes financial events a company can undertake.
From an accounting and finance perspective, going public means your financial statements, disclosures, accounting policies, and internal controls will be scrutinised by: the SCA (Securities and Commodities Authority), exchange listing committees, investment banks, institutional investors, and the public. Errors, inconsistencies, or gaps in your financial reporting can delay or derail the IPO entirely.
Finerio's IPO Readiness service prepares the accounting and finance infrastructure of your business for the rigours of public listing — typically beginning 18 to 36 months before the planned listing date — ensuring your financials, disclosures, and financial reporting processes are at the institutional standard investors and regulators demand.
IPO readiness by many names
Investment banks, regulators, and advisors use different terms for the accounting and finance readiness work required ahead of a public listing.
IPO Readiness Services
Every accounting, financial reporting, and finance governance workstream you need to prepare for a successful public listing in the UAE or internationally.
Key Activities in Your IPO Readiness Programme
What Finerio delivers across the 18–36 month journey from private company to public listing.
IPO Readiness Gap Assessment
A comprehensive review of your accounting, financial reporting, and finance function — benchmarked against the requirements of your target listing venue (DFM, ADX, LSE, NASDAQ) — to produce a prioritised gap list and workplan.
IFRS Accounting Policy Review & Upgrade
Reviewing every accounting policy against current IFRS — identifying policies that need to be strengthened, changed, or documented to meet the standard expected of a listed entity.
3-Year Financial Statement Preparation
Preparing or reviewing 3 years of IFRS-compliant, audited financial statements — resolving all accounting issues, ensuring cross-period consistency, and aligning presentation to prospectus requirements.
Complex Accounting Issue Resolution
Identifying and resolving all material technical accounting issues in historical and current financials — revenue recognition, business combinations, related party transactions, financial instruments — before reporting accountants conduct due diligence.
Finance Function Transformation
Upgrading your finance team capability, processes, systems, and controls to the standard required of a public company — including ERP review, close process improvement, and internal control framework implementation.
Working Capital Model Construction
Building a robust 18-month cash flow model underlying the Working Capital Report — incorporating detailed revenue and cost assumptions, facility headroom, capex plans, and downside scenarios required by listing rules.
Pro-Forma Financial Preparation
Preparing pro-forma adjustments for acquisitions, disposals, or group reorganisations — showing investors a clear picture of the current business structure on a like-for-like basis across the historical period.
KPI Definition & Reconciliation
Defining and documenting all key performance indicators and non-IFRS measures used in the prospectus — including reconciliation tables from IFRS financial statement line items to each disclosed KPI.
Reporting Accountant Due Diligence Support
Supporting management in responding to the extensive financial due diligence process conducted by reporting accountants — preparing requested analyses, providing technical accounting explanations, and resolving open issues efficiently.
Post-IPO Reporting Framework
Once listed, your reporting obligations change significantly — quarterly reporting, analyst calls, board governance. We design the post-IPO financial reporting framework to ensure ongoing compliance with exchange and SCA requirements.
Questions we hear from clients every week.
Plain-language answers to the most common questions about IPO readiness and the accounting requirements of going public in the UAE.
Both the DFM and ADX require companies to present at least 3 years of audited IFRS financial statements in their IPO prospectus. Key requirements include: IFRS-compliant financials for all periods presented; a clean audit opinion for each year; a Working Capital Report confirming adequate liquidity for 12–18 months post-listing; full SCA-compliant prospectus disclosure; and, for significant acquisitions, pro-forma financial information. The SCA (Securities and Commodities Authority) oversees listing approvals and has detailed disclosure requirements that must be met before shares can be publicly offered.
The accounting and finance preparation for an IPO typically takes 18 to 36 months, depending on the starting point. The most common mistake companies make is starting too late — engaging advisors 6 months before the intended listing date, when the finance function, accounting policies, and historical financials needed to meet listing requirements take far longer to get right. Early engagement also gives you time to address issues before they become deal-breakers. We recommend a readiness assessment at least 2 years before your target listing date.
A Working Capital Report is a formal document included in the IPO prospectus, signed by the directors, stating that the company has sufficient working capital to meet its obligations for at least 12 to 18 months after listing. It is required by listing rules to protect investors from investing in a company that will quickly run out of cash. The report is supported by a detailed cash flow model reviewed by reporting accountants. If the company does not have sufficient working capital on the planned timeline, the prospectus must disclose how the IPO proceeds will be used to remedy the shortfall. We build the underlying model and report.
MD&A stands for Management Discussion & Analysis — the section of the IPO prospectus where management explains the company's financial performance, financial condition, and future prospects in their own words. It is one of the most read sections by sophisticated investors. A strong MD&A explains the key drivers of revenue and profit growth (or decline), operating leverage, working capital dynamics, capital expenditure, liquidity, and how the business intends to use the IPO proceeds. It must be precisely consistent with the audited financial statements. We draft and review the financial sections of MD&A to ensure accuracy, completeness, and alignment with the numbers.
Internal controls are the processes, procedures, and checks that a company has in place to ensure financial information is recorded accurately, assets are protected, and fraud is prevented. For a private company, weak internal controls are common and manageable. For a listed company, they are unacceptable — institutional investors and regulators expect robust controls over financial reporting (ICFR). Weak internal controls discovered by reporting accountants during IPO due diligence can delay or derail a listing. We assess your current control environment, identify gaps, and help implement a controls framework appropriate for a publicly listed company well in advance of the listing date.
Internal controls are the processes, procedures, and checks that a company has in place to ensure financial information is recorded accurately, assets are protected, and fraud is prevented. For a private company, weak internal controls are common and manageable. For a listed company, they are unacceptable — institutional investors and regulators expect robust controls over financial reporting (ICFR). Weak internal controls discovered by reporting accountants during IPO due diligence can delay or derail a listing. We assess your current control environment, identify gaps, and help implement a controls framework appropriate for a publicly listed company well in advance of the listing date.
Planning to go public?
Whether you're 12 months or 3 years from your target listing date, a readiness assessment now will save significant time, cost, and risk later. Let's start the conversation.