The GOB uses Overseas Financial Reporting Standards (IFRS) as an element of its utilization of generally accounting that is accepted (GAAP).

The GOB uses Overseas Financial Reporting Standards (IFRS) as an element of its utilization of generally accounting that is accepted (GAAP).

Bahrain’s sector that is industrial dominance by state-controlled businesses such as for example Aluminum Bahrain (ALBA) and Gulf Petrochemical Industries business (GPIC). De facto monopolies additionally occur in certain companies led by people or family-run companies.

The GOB utilizes Overseas Financial Reporting Standards (IFRS) as an element of its utilization of generally accounting that is accepted (GAAP). IFRS are used by domestic detailed and unlisted businesses in their consolidated monetary statements for outside monetary reporting.

Bahrain loveagain search adopted Overseas Accounting Standard 1 (IAS 1) in 1994 when you look at the lack of other regional requirements. Non-listed banking institutions along with other businesses utilize IASs when you look at the preparation of economic statements.

The 2001 Bahrain Commercial organizations Law requires each authorized entity to create a stability sheet, a profit-and-loss account plus the director’s report for every single monetary 12 months. All branches of international companies, restricted liability organizations and corporations must submit yearly audited statements that are financial the Directorate of Commerce and Company Affairs during the MoICT, combined with company’s articles and /or articles of relationship.

With regards to the company’s company, economic statements could be susceptible to review by other regulatory agencies like the Bahrain Monetary Agency (BMA) as well as the Bahrain stock market (banking institutions and listed organizations).Read more