Bahrain | The World of Accounting For Professional Accountants

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According to a 2007 self-assessment performed by the Bahrain Accountants Association (BAA), under the Commercial Companies Law, listed and unlisted companies in Bahrain are required to prepare annual financial statements in full compliance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). To promote the implementation of IFRSs, the BAA holds periodical seminars and discussions with regulatory authorities. The BAA develops its own ethical requirements; however, the 2007 BAA self-assessment points out that the Association is working towards amending its ethical requirements to bring it in line with the revised International Federation of Chartered Accountants Code effective June 30, 2006.

According to a 2007 self-assessment conducted by the BAA, all listed and unlisted companies, as mandated by the Bahrain Audit law, Decree No. 26 of 1996 are required to perform an annual audit in compliance with International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC). The BAA organizes periodic seminars for dissemination and promotion of the IFAC pronouncements in order to keep members updated with the latest developments. Furthermore, the BAA develops its own ethical requirements, however, the 2007 BAA self-assessment points out that the Association is working towards amending its ethical requirements to bring it in line with the revised IFAC Code effective June 30, 2006.