Altlantic International Partnership Headlines: New standards to boost financial transparency
By ARTHUR MACDONALD
http://www.
gulf-daily-news.
com/NewsDetails.
aspx?storyid=306093
MANAMA: New international accounting standards that have been formulated in...
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Altlantic International Partnership Headlines: New standards to boost financial transparency
By ARTHUR MACDONALD
http://www.
gulf-daily-news.
com/NewsDetails.
aspx?storyid=306093
MANAMA: New international accounting standards that have been formulated in the wake of the
financial crisis will have a major effect on reporting procedures for companies in Bahrain and the GCC.
The new International Financial Reporting Standards (IFRS) which are governed by the International
Accounting Standards Board, and are widely accepted across the region, will come into effect at the
beginning of 2013.
But firms, finance officers, accountants and investors should be looking at how they will effect financial
reporting now, according to KPMG Fakhro audit and advisory partner Mahesh Balasubramanian.
“These new standards are designed to improve transparency and have particular relevance to this region
where they look at consolidating reporting on joint ventures,” he said.
“Most of the oil and gas indus
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