The GOB uses Overseas Financial Reporting Standards (IFRS) as an element of its utilization of generally speaking Accepted Accounting Principles (GAAP).
Bahrain’s industrial sector exhibits 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 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 within the lack of other local criteria.