Bahrain’s industrial sector displays dominance by state-controlled organizations such as for example Aluminum Bahrain (ALBA) and Gulf Petrochemical Industries business (GPIC). De facto monopolies additionally occur in a few companies led by individuals or family-run companies.
The GOB makes use of Global Financial Reporting Standards (IFRS) included in its utilization of generally accounting that is accepted (GAAP). IFRS are used by domestic detailed and unlisted organizations in their consolidated monetary statements for outside reporting that is financial.
Bahrain adopted Global Accounting Standard 1 (IAS 1) in 1994 into the lack of other neighborhood requirements. Non-listed banks along with other businesses utilize IASs when you look at the planning of monetary statements.
The 2001 Bahrain Commercial organizations Law requires each subscribed entity to create a balance sheet, a profit-and-loss account therefore the director’s report for every single year that is financial. „The GOB makes use of Global Financial Reporting Standards (IFRS) included in its utilization of generally speaking Accepted Accounting axioms (GAAP).“ weiterlesen