Accounting and Bookkeeping Services in Bahrain now made much simpler for you!
No matter what line of business you have, keeping the company’s accounts in order is a mandatory requirement. With Bahrain becoming the top-most choice as a business destination, many business or company owners select Bahrain as a location to expand their business in Bahrain.
Accounting Services – An Introduction
IMC can handle the Accounting functions of the company in a professional manner. IMC is a certified Member of CPAAI, a Global Professional Accounting Body. Outsourced accounting has become an effective tool in eliminating problems in managing the accounts functions such as lack of accounting expertise, employee turnover and inefficiencies in operations. Our team is composed of qualified professionals, who aim to improve the efficiency, quality, and effectiveness of our client’s accounting function. IMC offers individuals and businesses, a variety of accounting services tailored to their special needs. IMC has been operating in GCC for over 10 years.
In Bahrain, the BOD shall prepare for each financial year, within a period not exceeding 3 months from the end thereof, a report on the company’s activities and financial position during the ended year and the company’s balance sheet and profit and loss account. All listed and unlisted companies in Bahrain are required to prepare annual financial statements in full compliance with International Financial Reporting Standards (IFRSs).The chairman and another member of the board shall sign the report, the balance sheet and the profit and loss account.The BOD shall publish the balance sheet, the profit and loss account and an adequate summary of the annual report and full text of the auditor’s report in one of the local daily Arabic language newspapers at least 15 days before the general assembly meeting.
The company shall have a financial year that starts on the first of January and ends on the 31st of December of each year, unless otherwise provided for in the company’s AOA.The first financial year shall be an exception. It shall begin at the date of the final incorporation of the company and end with the end of the financial year.As in all Gulf Cooperation Council (GCC) countries, the government in Bahrain regulates financial reporting and controls the accounting and auditing profession. The professional accounting bodies do not have regulatory power to either issue licenses to accountants and auditors or to establish accounting and auditing standards.
- Book-Keeping Services
- Journal entry
- General Ledger
- Assets/Equipment Ledgers
- Expenses Ledger
- Accounts Receivables
- Accounts Payables and Ageing Report
- Bank Reconciliation
- Financial Statements preparation
- Trial Balance
- Income Statement (Profit and Loss Account)
- Balance Sheet
- Cash Flow Statement
- Quarterly and Yearly Reporting
- Management Reporting
- Advising on the Accounting Systems