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Bahrain adopted International Accounting Standard 1 (IAS 1) in 1994 within the lack of other standards that are local.

Bahrain adopted International Accounting Standard 1 (IAS 1) in 1994 within the lack of other standards that are local.

Bahrain\u2019s industrial sector exhibits dominance by state-controlled businesses such as for example Aluminum Bahrain (ALBA) and Gulf Petrochemical Industries Company (GPIC).\u00a0 De facto monopolies additionally occur in certain companies led by people or family-run companies. \n

The GOB utilizes Global Financial Reporting Standards (IFRS) as an element of its utilization of generally accounting that is accepted (GAAP).\u00a0 IFRS are used by domestic listed and unlisted organizations in their consolidated monetary statements for outside monetary reporting. \n

Bahrain adopted Overseas Accounting Standard 1 (IAS 1) in 1994 within the lack of other local requirements.\u00a0 Non-listed banking institutions along with other businesses utilize IASs when you look at the planning of monetary statements. \n

The 2001 Bahrain Commercial organizations Law requires each authorized entity to create a balance sheet, a profit-and-loss account while the director’s report for every single economic 12 months.\u00a0 All branches of foreign businesses, limited liability businesses and corporations must submit yearly audited statements that are financial the Directorate of Commerce and Company Affairs in the MoICT, combined with business\u2019s articles and \/or articles of relationship. \n

According to the business’s company, economic statements might be susceptible to review by other regulatory agencies like the Bahrain Monetary Agency (BMA) in addition to Bahrain stock market (banking institutions and listed businesses). \n

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