The two main general frameworks governing the preparation and presentation of the financial statements are the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP). ACCOUNTING STANDARDS: IFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. These harmonised standards are a consequence of growing international shareholding and trade,…
Accountancy & Tax
From The Report: Bahrain 2017
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This chapter contains an overview of the tax framework in which local and foreign investors operate in Bahrain, including a summary of accounting standards and principles in the country, an analysis of Brexit’s impacts on GCC economies and a look ahead to the possible implementation of VAT in the GCC.
This chapter contains a viewpoint from Ahmed Alsulaiman, Managing Partner, KSI – Bahrain Consultants & Public Accountants.