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The GOB utilizes Global Financial Reporting Standards (IFRS) as an element of its utilization of Generally Accepted Accounting axioms (GAAP).

kasidie profileon August 9th, 2020No Comments

The GOB utilizes Global Financial Reporting Standards (IFRS) as an element of its utilization of Generally Accepted Accounting axioms (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 makes use of Overseas Financial Reporting Standards (IFRS) included in 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 reporting that is financial.

Bahrain adopted Overseas Accounting Standard 1 (IAS 1) in 1994 within the lack of other neighborhood criteria. Non-listed banks along with other businesses utilize IASs when you look at the planning of economic statements. read more