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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Common Modules (Applicable to all Specialised Licensees) > Part A > High Level Standards > AA Auditors and Accounting Standards > AA-4 Accounting Standards > AA-4.1 General Requirements > AA-4.1.3
  • AA-4.1 General Requirements

    • AA-4.1.1

      Specialised licenseesG must comply with International Financial Reporting Standards / International Accounting Standards and, to the extent that they undertake Shari'a compliant activities, relevant standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

      October 2010

    • AA-4.1.2

      Overseas specialised licenseesG that do not, at the parent licensee level, apply IFRS/IAS are still required under Paragraph AA-4.1.1 to produce pro-forma accounts for the Bahrain branch in conformity with these standards. Where this requirement is difficult to implement, the Bahraini specialised licenseeG should contact the CBB in order to agree to a solution.

      October 2010

    • AA-4.1.3

      Paragraph AA-4.1.1 requires specialised licenseesG that operate exclusively on a Shari'a compliant basis to apply relevant AAOIFI Financial Accounting Standards, depending on the type of Islamic finance contracts entered into. Specialised licenseesG that undertake both conventional finance and Shari'a compliant transactions are required by Paragraph AA-4.1.1 to apply AAOIFI Financial Accounting Standard 18, "Islamic Financial Services Offered by Conventional Financial Institutions".

      October 2010

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