|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||Required.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||Required.|
|The IFRS for SMEs Accounting Standard is required or permitted||Permitted.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
Article 219 of the Commercial Companies Law of the Kingdom of Bahrain (Decree Law No 21 of 2001) requires that the auditor’s report state:
“Whether the balance sheet and the profit and loss account are conforming to the facts, and are prepared according to the international accounting standards or to the standards approved by the competent authority; and whether they include all what is provided for in the law and in the company’s articles of association and honestly and clearly reflect the actual financial position of the company.”
Bahrain has adopted IFRS Standards and the IFRS for SMEs Standard.
There is no local GAAP in Bahrain. Companies use IFRS Standards or the IFRS for SMEs Standard.
IFRS Standards or the IFRS for SMEs Standard is required.
IFRS Standards as issued by the IASB Board.
No. There is no local GAAP in the Kingdom of Bahrain.
Because the Commercial Companies Law requires IFRS Standards, endorsement of individual new or amended IFRS is not needed.
The IFRS Foundation coordinates the publication of an annual bound volume of IFRS Standards in Arabic.
All SMEs are permitted to use the IFRS for SMEs Standard.