|Extent of IFRS application||Status||Additional Information|
|IFRS Accounting Standards are required for domestic public companies||Required.|
|IFRS Accounting Standards are permitted but not required for domestic public companies|
|IFRS Accounting Standards are required or permitted for listings by foreign companies||No. Local laws do not allow foreign companies to publicly trade their securities in Oman.|
|The IFRS for SMEs Accounting Standard is required or permitted||No. Full IFRS Standards are required.|
|The IFRS for SMEs Accounting Standard is under consideration|
Profile last updated: 16 June 2016
The principal role of the CMA is to supervise the capital market and insurance sectors in the Sultanate of Oman. Among other things, the CMA:
The commitment of the Sultanate of Oman to IFRS Standards has been made in various legislation adopted in the Sultanate, including the following:
Capital Market Law (Royal Decree 80/1998) : Article 282 of the Executive Regulation of the Capital Market Law states that every issuer (listed companies) shall prepare financial statements in accordance with IFRS Standards. The Code of Corporate governance also requires companies to prepare financial statements in accordance with IFRS Standards.
The Law of Organising the Accountancy and Auditing Profession (Royal Decree 77/1986): Article 30 states that accountants are bound to apply the International Accounting Standards approved by the Committee on the Unified International Accounting Standards on preparing balance sheets and the final accounts, until a decision is issued by the Minister of Commerce and Industry stating the accounting standards that shall be applied on preparing the balance sheets and the final accounts etc.
Article 79 of the Income Tax Law and Article 61 of Executive Regulations of the Income Tax Law (Royal Decree 47/1981) : These laws make it mandatory to treat finance leases as per International Accounting Standards.