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Accounting and accounting rules in Oman

Accounting Rules

Tax Year
The tax year is the calendar year; however, a different accounting year can also be accepted if followed consistently. Newly established companies can choose to have an opening period of 12 months or a maximum period up to 18 months.
Accounting Standards
International Financial Reporting Standards (IFRS) are required to be applied by all companies in Oman. IFRS are applied as promulgated by the International Accounting Standards Board without any amendment.
Accounting Regulation Bodies
Accounting Reports
The main financial documents in Oman are statement of financial position, statement of income, statement of changes in equity, statement of cash flows and notes to the financial statements.
Publication Requirements
Companies offering Securities for Public Subscription must submit to the CMA annual, half year and quarterly reports on its activities and the results of its business, that include statements with regard to the sound financial position of the company. Companies are also required to publish a comprehensive summary of these reports in two daily newspapers, one of which, at least, must be in Arabic.
Licensed banks are required to submit an annual report to the Central Bank of Oman in accordance with IFRS.
Professional Accountancy Bodies
OACPA , Omani Society of Certified Public Accountants
Certification and Auditing
According to the Law Organising the Accountancy and Auditing Profession, accountants must obtain a license from the Ministry of Commerce and Industry. Foreign accounting and auditing companies must establish a partnership with an Omani company to practice auditing.
Accounting News

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Latest Update: May 2024