|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||Required.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS 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 Standard is required or permitted||No. Full IFRS Standards are required.|
|The IFRS for SMEs Standard is under consideration|
Role of the organisation
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:
- regulates, licenses, and monitors the issuance of securities.
- supervises public shareholding companies.
- supervises audit firms accredited to audit the accounts of the companies regulated by CMA.
- develops and reviews legislation relating to capital markets and insurance.
- enforces laws under its jurisdiction, including the Capital Market Law which requires the use of IFRS Standards.
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
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.