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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > High Level Standards > AA Auditors and Accounting Standards > AA-4 Accounting Standards
  • AA-4 Accounting Standards

    • AA-4.1 General Requirements

      • AA-4.1.1

        Investment firm licenseesG which deal only in conventional financial instruments must comply with International Financial Reporting Standards / International Accounting Standards.

        Amended: October 2014

      • AA-4.1.1A

        Investment firm licenseesG that undertake both conventional finance and Shari'a compliant transactions 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). Such firms must also apply AAOIFI Financial Accounting Standard 18, "Islamic Financial Services Offered by Conventional Financial Institutions".

        Added: October 2014

      • AA-4.1.2

        Overseas investment firm licenseesG that do not, at the parent company 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 overseas investment firm licenseeG should contact the CBB in order to agree to a solution.

        Amended: April 2014
        Amended: January 2007

      • AA-4.1.3

        Investment firm licenseesG that operate exclusively on a Shari'a compliant basis must comply with Financial Accounting Standards (FAS) issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). For products and activities not covered by AAOIFI, International Financial Reporting Standards (IFRS) / International Accounting Standards (IAS) must be followed.

        Amended: October 2014
        Amended: January 2007

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