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 also occur in certain companies led by people or businesses that are family-run.
The GOB utilizes Overseas Financial Reporting Standards (IFRS) included in its utilization of generally speaking Accepted Accounting axioms (GAAP). IFRS are used by domestic detailed and unlisted http://mingle2.review/seeking-arrangement-review/ businesses in their consolidated monetary statements for external economic reporting.
Bahrain adopted Overseas Accounting Standard 1 (IAS 1) in 1994 within the lack of other regional criteria. Non-listed banking institutions as well as other businesses utilize IASs within the planning of economic statements.
The 2001 Bahrain Commercial businesses Law requires each subscribed entity to create a stability sheet, a profit-and-loss account while the director’s report for every economic 12 months. All branches of international businesses, restricted liability businesses and corporations must submit annual audited statements that are financial the Directorate of Commerce and Company Affairs in the MoICT, combined with the company’s articles and /or articles of relationship. Continue reading