The Financial Services Authority published in this week’s issue of the Official Gazette Decision E/7/2026 adopting IFRS S1 and IFRS S2, the international sustainability disclosure standards, for listed public joint-stock companies and financial institutions in Oman.
This decision is the latest in a series of moves by the FSA to align Oman’s financial sector with internationally recognised standards. Earlier last year, the FSA issued Decision E/2/2025, which made IFRS the mandatory model for preparing and auditing financial statements in Oman. The latest decision extends that same approach to sustainability, requiring companies to disclose how climate and sustainability-related risks affect their business.
Both standards must be fully applied from 1 January 2029, with the exception of scope 3 under IFRS S2, which covers indirect greenhouse gas emissions, and which must be applied from 1 January 2030. The FSA will also issue forms to guide companies through implementation. Failure to comply can result in penalties ranging from a warning to being struck off the Accountants and Auditors Register.
This decision comes into force as of tomorrow. You can read the text of the decision in full on the link below: