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Kingdom 'set for growth'.

MANAMA: Bahrain's economy is seeing a revival with gross domestic product (GDP) expected to post strong growth this year, according to an industry thought leader.

EY Bahrain office managing partner Essa Al Jowder said the kingdom's economy was entering a growth period, judging by the rise in construction activity and resumption of stalled projects.

Mr Al Jowder was speaking on the sidelines of a workshop at the Gulf Hotel on Financial Accounting Advisory Services.

"In the current economic conditions, shareholders, regulators and professional bodies are taking greater interest in how companies derive, report, disclose and communicate about their financial position," he said. "This environment is driving extensive change across accounting standards. Companies seeking to optimise their business face complexity in both IFRS and US GP accounting for mergers, acquisitions, initial public offerings and carve-outs.

"Accounting convergence also changes the requirements for reporting on financial instruments, fair value accounting, impairments and revenue recognition. The current environment requires business to be able to address the concerns of their stakeholders and be prepared to change processes in order to adapt accounting and finance practices.

"This will allow them to ensure they are positioned to respond to market demands."

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:7BAHR
Date:May 1, 2014
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