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Bahrain adopted Global Accounting Standard 1 (IAS 1) in 1994 into the lack of other regional requirements.

Bahrain\u2019s sector that is industrial dominance by state-controlled organizations such as for example Aluminum Bahrain (ALBA) and Gulf Petrochemical Industries Company (GPIC).\u00a0 De facto monopolies additionally occur in certain companies led by individuals or businesses that are family-run. \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 detailed and unlisted businesses in their consolidated economic statements for outside monetary reporting. \n

Bahrain adopted Global Accounting Standard 1 (IAS 1) in 1994 into the lack of other neighborhood criteria.\u00a0 Non-listed banking institutions along with other businesses utilize IASs within the planning of economic statements. \n

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

With respect to the business’s company, economic statements might 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 companies). \n

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