Page 26 - BBD 2020 - FINAL

FEATURE

Implementation Services
IFRS 17 – Insurance Contracts and IFRS 9 – Financial Instruments

SRCO is a full-service public accounting and Our clients include more than 100 public and
consulting firm, registered with the Ministry private entities including insurance companies,
of Industry and Commerce in Bahrain. We banks and financial institutions in Canada,
have offices in Toronto, Vancouver, New York, the USA, Saudi Arabia and Bahrain. We
Houston, Bahrain and Jeddah. We are registered are currently working with a few insurance
to audit public listed and private companies in companies for the implementation of IFRS 17
Bahrain, Canada, and the USA. and IFRS 9.

We specialize in providing IFRS implementation Our clients include large commercial banks,
and project management services for IFRS finance and leasing companies, exchange
17 - Insurance Contracts, IFRS 9 - Financial houses, and branches of foreign banks in
Instruments and IFRS 16 - Leases. SRCO Bahrain. We also held a joint education session
has with regards to IFRS 17, experience in for many insurance and reinsurance companies
actuarial valuation and modelling, IT support in Bahrain on IFRS 17.
for collating historical and forecasted data, We also provide audit and assurance services,
understanding complex insurance products, value added tax advisory, controller and CFO
predictive stochastic simulation modelling, services and transaction advisory services,
and setting actuarial assumptions. We also regulatory compliance, and internal audit.
provide technical advisory services for financial
Our team includes qualified and experienced
matters like hedge accounting, validation of
IFRS 9 expected credit loss model as per the accounting, actuarial, and IT professionals with
requirements of CBB, development of, interest experience from Big 4 firms and large global
rate risk management framework as per IRRBB, insurance companies.
implementation of the Basel III requirements We believe to provide quality services in a timely
and developments of fund transfer pricing manner at a highly competitive and transparent
mechanism. fees.

24 Bahrain Banks Directory 2020