Oman Financial Services Authority Decision No. 2/2025

On the Adoption of the International Financial Reporting Standards (IFRS) Templates

Copyright © 2025 LexisNexis. All rights reserved.

After perusal of Law on the Regulation of the Profession of Accounting and Auditing promulgated by Oman Sultani Decree No. 77/1986;

Oman Sultani Decree No. 20/2024 on the Establishment of the Financial Services Authority and the Issuance of its Statute; and

Based on the public interest requirements;

The following has been decided:

Article 1

Accountants and auditors are required to adopt the International Financial Reporting Standards (IFRS) template when preparing and auditing financial statements (IFRS).

The Simplified International Financial Reporting Standards template may be adopted, (IFRS for SME) provided that it does not conflict with any regulatory or supervisory requirements and financial reports must include the reasons and justifications for adopting either of the aforementioned templates, along with the financial implications of such adoption.

Article 2

Any provision deemed contrary to or inconsistent with this Decision shall be abrogated.

Article 3

This Decision shall be published in the Official Gazette and shall come into force from the day following the date of its publication.

Issued on: 11/08/1446 H.