Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Fama Accounting Services, Office 2294, Building 574 Road 31 Block 611 Al Hamriya, Bahrain
Bahrain has fully adopted the International Financial Reporting Standards (IFRS), making compliance a necessity—not just for multinationals, but for all businesses operating within the Kingdom. Whether you’re preparing for an audit, attracting investors, or expanding regionally, aligning your financials with international standards is key to building trust, transparency, and long-term viability.
At famabh, we specialize in helping businesses of all sizes in Bahrain achieve full IFRS compliance—accurately, efficiently, and without disrupting your operations. From financial statement preparation to disclosures, policy alignment, and audit coordination, we ensure your business reporting meets both Bahrain’s regulatory requirements and global best practices.
Whether you’re a local SME looking to formalize reporting, or a growing enterprise managing complex transactions or subsidiaries, our IFRS specialists provide hands-on guidance, accounting treatments, and strategic insights every step of the way.
The International Financial Reporting Standards (IFRS) are a globally recognized set of accounting rules developed to ensure consistency, transparency, and comparability of financial statements across borders.
In Bahrain:
IFRS is mandatory for all publicly listed and regulated entities
Non-listed companies are strongly encouraged to align with IFRS for audit and investment readiness
Banks, insurers, and government-affiliated businesses must report under full IFRS
VAT treatment must also follow IFRS principles in revenue recognition and cost tracking
Complying with IFRS ensures your financials are trusted not only by Bahraini auditors—but by partners, banks, and investors worldwide.
We offer full-spectrum support for international accounting standards, including:
Complete statement of financial position, income, cash flows, and equity—built to IFRS structure with all required disclosures.
We help define and document key financial policies aligned with your sector (e.g., revenue recognition, depreciation, lease classification, etc.).
For companies moving from local GAAP or informal accounting to IFRS, we handle the entire transition process including reconciliations and impact disclosures.
Interpret complex transactions (mergers, revenue splits, deferred tax, etc.) based on current IFRS interpretations and industry benchmarks.
We prepare and audit-proof all required notes, tables, and reconciliations needed in your reports.
We liaise with your external auditors to ensure your reporting is clean, reconciled, and meets IFRS expectations before the audit begins.
| IFRS Standard | Purpose |
|---|---|
| IFRS 1 | First-time adoption of IFRS |
| IFRS 15 | Revenue from contracts with customers |
| IFRS 16 | Leases and right-of-use asset accounting |
| IAS 2 | Inventory valuation and write-down rules |
| IAS 12 | Income tax and deferred tax calculation |
| IAS 16 | Property, plant, and equipment capitalization & depreciation |
| IAS 36 | Impairment testing for assets |
| IAS 37 | Provisions, contingent liabilities, and restructuring obligations |
This service is essential for:
✅ Startups or SMEs preparing for external investment
✅ Bahraini companies with foreign shareholders or cross-border transactions
✅ Entities seeking bank financing with audited IFRS-compliant financials
✅ Groups or holding companies preparing consolidated statements
✅ Businesses preparing for acquisition or listing
✅ Companies required to submit reports to international regulators, NGOs, or donors
Client: Regional logistics firm with 2 Bahraini entities and one Saudi subsidiary
Challenge: Preparing for an equity-based investor review with inconsistent, non-compliant financial records
Solution:
Rebuilt 2 years of financials under IFRS 15 and 16
Created full audit-ready IFRS statements with disclosures
Developed new accounting policy documents
Supported audit firm during review
Results:
✅ Investor approved funding with confidence
✅ No adjustments required by auditor
✅ New standards used for future expansion
🔒 Audit-Proof Reporting: Clean, fully reconciled statements
📈 Investment Readiness: IFRS-compliant financials impress banks and VCs
🔍 Technical Accuracy: We bring global expertise on IFRS nuances
📄 Clear Documentation: Accounting policies, disclosures, and footnotes included
🤝 Local Support: We work within Bahrain’s legal, tax, and operational frameworks
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
Simplify your financial management with our customizable accounting packages:
Best for startups. This plan includes basic bookkeeping and financial reporting to keep you compliant.
Suited for SMEs, offering enhanced financial reporting, payroll management, and budgeting support.
Tailored for larger businesses, providing advanced financial advisory, detailed reporting, and cash flow management.
Read some reviews and success stories from our loyal customers who achieved their goals and how our expert solutions have made a lasting impact on their growth, compliance, and financial clarity. Your success is our greatest achievement!
Client
I am so happy to have chosen this company! Right from the start it was a very easy decision, I knew I am in the right hands. They contacted me with every update they had and always kept me up to date with all the information and steps that we will proceed next.
Client
Highly recommend for anyone looking to establish a company in Bahrain! Waqas Akram and his team made the entire process smooth and stress-free. They were incredibly knowledgeable, responsive, and handled every detail with professionalism.
Client
The team was highly professional, efficient, and knowledgeable. They ensured that all paperwork and procedures were handled smoothly, saving us both time and effort. I highly recommend their services to anyone looking out there.
Client
Abdullah and the team have been great in assisting me with related tasks. In challenging timeframes they've supported me to ensure our company operations can start in Bahrain without any issues. Thank you. I will recommed their services.
Client
I was extremely impressed with their services. Their expertise made everything smooth and hassle-free. I highly recommend Setup in Bahrain for anyone looking for their business here. Their professionalism and commitment to customer satisfaction are top-notch.
With years of experience and a highly qualified team, we bring unmatched expertise and in-depth knowledge of Bahrain’s financial landscape to every service we provide.
Many businesses in Bahrain struggle with IFRS not because of complexity, but due to a lack of guidance, systems, or internal expertise. Common challenges we resolve include:
Using local or informal accounting policies without formal documentation
Recording revenue inconsistently across contracts or branches
Misclassifying leases, assets, or provisions (e.g., IFRS 16, IAS 37)
Incomplete or unstructured financial data
Unavailable historical records needed for IFRS transition (IFRS 1)
Inaccurate depreciation schedules or inventory valuation methods
We take these messy, error-prone processes and transform them into clean, IFRS-aligned reports—ready for auditors, banks, and stakeholders.
If you’re preparing for IPO, acquisition, venture funding, or a strategic partnership, IFRS-compliant reporting is essential.
It helps by:
Providing investor-grade transparency
Building financial confidence during due diligence
Supporting accurate business valuation
Meeting requirements of banks, funds, and regulators
Aligning with the Bahrain Bourse’s reporting and disclosure rules
Whether it’s Series A funding or a full public listing, IFRS reporting increases your chances of raising capital with ease and speed.
We tailor our IFRS support based on your sector’s unique financial structure:
| Industry | Key IFRS Concerns |
|---|---|
| Real Estate & Construction | Revenue recognition (IFRS 15), project-based cost capitalization, lease accounting (IFRS 16) |
| Retail / F&B Chains | Inventory valuation (IAS 2), deferred revenue, multi-branch consolidation |
| Healthcare & Clinics | Asset amortization (IAS 16), insurance reimbursements, provisions |
| NGOs & Donor-Funded Projects | Grant revenue timing, restricted vs. unrestricted fund treatment |
| Logistics / Distribution | Asset-heavy balance sheets, deferred income, long-term lease impacts |
| Startups & Tech | Subscription revenue models, SaaS contracts, foreign currency translation |
Each industry requires a different set of disclosures and accounting judgments—our advisors help you get it right.
| Aspect | Local/Legacy Practice | IFRS-Compliant Approach |
|---|---|---|
| Revenue Recognition | Often cash-based, event-driven | IFRS 15: Recognize revenue based on performance obligations |
| Lease Accounting | Treated as expense or capital asset manually | IFRS 16: Right-of-use asset + liability on balance sheet |
| Asset Depreciation | Arbitrary or flat-rate | IAS 16: Useful-life-based, with residual value consideration |
| Financial Disclosures | Limited to P&L/BS only | IFRS requires extensive notes, policies, and assumptions |
| Group Consolidation | Often done manually or not at all | IFRS 10: Full consolidated financials, intercompany eliminations |
We help companies bridge the gap and migrate smoothly from legacy accounting to fully IFRS-compliant systems.
If your business is preparing for an external audit in Bahrain, IFRS compliance is the fastest way to make the process smooth and successful.
Our audit prep includes:
Reconciliation of ledger balances with IFRS classifications
Preparing full sets of financials (including cash flow, statement of equity)
Ensuring completeness of disclosures and accounting policy documentation
Generating audit trails for revenue, leases, provisions, and asset movements
Liaising with auditors to pre-empt queries and avoid red flags
With our help, clients reduce audit timelines by up to 40% and avoid costly adjustments post-review.
Both IFRS and VAT law require accurate timing and classification of financial transactions.
We align both by:
Matching revenue recognition dates for both VAT returns and IFRS reporting
Ensuring VAT-input related assets are properly capitalized and depreciated (IAS 16)
Structuring invoices and credit notes in ways that satisfy NBR audit trails and IFRS disclosure rules
Creating documentation that serves dual compliance purposes—one process, two outcomes
The result: no duplication, no discrepancies, no risk.
You shouldn’t need to be an accountant to understand your financial reports. We specialize in delivering executive-ready summaries, including:
Simplified IFRS dashboards
Visual income and equity flows
One-page policy overviews
Commentary on adjustments, judgments, and assumptions
Plain-English breakdowns of complex standards like IFRS 15 or 16
You’ll understand exactly where your business stands—without reading through 100 pages of technical disclosures.
IFRS isn’t just for listed companies. The IFRS for SMEs framework offers a simplified set of standards built for private businesses with limited complexity.
We help Bahraini SMEs adopt IFRS for SMEs by:
Preparing reports with simplified disclosure requirements
Avoiding unnecessary standards (e.g., complex hedge accounting)
Keeping costs lower and systems simpler
Making you audit- and funding-ready with minimal overhead
You get all the credibility and structure of IFRS—without the overload.
IFRS isn’t a one-time project. Business transactions evolve—new leases, new contracts, new pricing models, new entities.
Our monthly/quarterly advisory keeps you on track by:
Reviewing new transactions for proper classification
Updating depreciation, impairment, or revenue rules
Alerting you to IFRS updates or changes in interpretation
Preparing periodic summaries for boards or investors
Think of us as your on-call IFRS controller—without the cost of hiring one.
We implement IFRS-compliant structures within popular platforms like:
| Platform | IFRS Support We Provide |
|---|---|
| Zoho Books | Chart of accounts, VAT categories, report configuration |
| QuickBooks | Statement structuring, cash flow formatting |
| Tally ERP 9 | Fixed asset treatment, IFRS-like report mapping |
| Odoo Accounting | IFRS-specific modules, multi-entity consolidation |
| Excel Templates | Full custom IFRS schedules for smaller or legacy systems |
No matter what system you use—we configure it to produce IFRS-compliant outputs.
IFRS (International Financial Reporting Standards) are globally accepted accounting principles used in over 140 countries. In Bahrain, IFRS is mandatory for listed and regulated entities and strongly encouraged for SMEs, ensuring consistency, transparency, and investor confidence.
IFRS is mandatory for publicly listed companies, financial institutions, insurance companies, and government-affiliated entities. SMEs are not legally required but are often expected to comply, especially during audits, funding rounds, or bank applications.
Bahrain does not maintain a separate GAAP. It has adopted IFRS in full. Some businesses, however, operate under informal or legacy practices, which can conflict with IFRS during audit or investment events.
Statement of Financial Position (Balance Sheet)
Statement of Profit or Loss and Other Comprehensive Income
Cash Flow Statement
Statement of Changes in Equity
Notes and Disclosures
IFRS 1 is the standard used for first-time adoption of IFRS. If you’re transitioning from local or non-IFRS accounting to IFRS, we use this standard to reconcile historical results.
Yes. IFRS-compliant financials give investors greater confidence in your numbers. It also makes it easier for VCs, banks, or angel investors to compare you with global benchmarks.
The timeframe depends on your records. For small businesses with clean data, 2–4 weeks is typical. For larger, complex cases, expect 4–8 weeks or more.
A simplified version of full IFRS designed for private companies. It reduces disclosure complexity but still maintains global alignment. It’s ideal for SMEs in Bahrain seeking investor-readiness without overhead.
Yes. In fact, IFRS-aligned reports are preferred. NBR expects consistent treatment of VAT, revenue, and cost—areas where IFRS ensures better structure and timing.
Yes. We can build IFRS reports from Excel, manual records, or partial ledgers and migrate you to compliant cloud systems like Zoho, QuickBooks, or Odoo.
Absolutely. Our IFRS 1 adoption package includes reconciliations, accounting policy design, and all necessary disclosures.
Yes. We perform IFRS gap assessments to check whether your financials are fully compliant—and recommend corrections.
Both. Many clients retain us monthly or quarterly to help with IFRS treatment of new transactions and reporting.
Yes. We work hand-in-hand with your audit firm to pre-empt issues, clarify treatments, and streamline the audit process.
Common ones include:
IFRS 15: Revenue recognition
IFRS 16: Leases
IAS 2: Inventory
IAS 12: Taxes
IAS 16: Fixed assets
IAS 37: Provisions
Yes. IFRS 10 governs consolidated reporting, and we support multi-entity roll-ups and intercompany eliminations.
IFRS mandates detailed notes on accounting policies, assumptions, judgments, contingencies, and financial instruments—far more than standard local reporting.
Yes. We configure reports within Zoho Books, Tally, QuickBooks, Xero, or ERP systems. We also design Excel-based templates if needed.
Yes. We apply IFRS-compatible frameworks and customize for grant revenue, restricted funds, and donor audits.
Pricing starts from BHD 250 for basic statements and varies based on company size, complexity, and reporting needs.
In many cases, yes. IFRS 15 in particular requires that revenue be recognized based on the completion of obligations—not just cash received.
Under IFRS 16, many operating leases (e.g., office or warehouse leases) must now appear as right-of-use assets and lease liabilities on the balance sheet.
Partial compliance may work short-term but could cause issues during audits or investment. We always recommend full, consistent IFRS adoption.
Yes. We prepare and deliver customized accounting policy manuals aligned with IFRS, specific to your operations.
IFRS standards evolve every year. We keep you updated with amendments and new interpretations as part of our advisory.
Yes. Our team includes IFRS-certified professionals and chartered accountants with real-world audit and reporting experience.
Yes. We assist in retrospective application of IFRS and restating prior years for audit or investor due diligence.
Yes. Many clients engage us to handle monthly/quarterly IFRS financials, disclosures, and advisory on an ongoing basis.
Yes. We offer a free initial IFRS compliance review and consultation to evaluate your current position and roadmap.
Our clients include:
Funded startups
Construction firms
Retail and F&B groups
Real estate developers
Non-profits
Logistics and supply chain companies
Medical clinics and education providers
Minimize risks and maximize growth with our comprehensive accounting solutions in Bahrain.
With a reputation for precision, and excellence, we are here to support your business growth while ensuring compliance with Bahrain’s financial and regulatory standards.
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Accounting, VAT, & Audit Services by famabh