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 organizations.
The GOB utilizes Overseas Financial Reporting Standards (IFRS) as an element of its utilization of generally accounting that is accepted (GAAP). IFRS are used by domestic listed and unlisted organizations in their consolidated economic statements for outside monetary reporting.
Bahrain adopted Global Accounting Standard 1 (IAS 1) in 1994 within the lack of other neighborhood requirements. Non-listed banking institutions along with other businesses utilize IASs when you look at the planning of economic statements. Continue reading