Academy of Accounting and Financial Studies Journal (Print ISSN: 1096-3685; Online ISSN: 1528-2635)


Shepherding Into the Epoch of Communicating With Stakeholders: Need to Embrace the Adoption of IFRs in Oman

Author(s): Sandeep Ojha, Al Amir Al Alawi, Vibha

Although the sway of cross-border trading activities and flow of capital is currently being countersigned around the globe, and the supplication for the espousal of International Financial Reporting Standards (IFRSs) is becoming increasingly evident, IFRS refers to a single set of accounting standards to assist corporates to communicate, and various stakeholders to compare financial and accounting information across the globe. In accordance with directives from Capital Market Authority of Oman, Central Bank of Oman and Tax Authority of Oman, IFRS are required to be applied by all corporates in Oman. This paper aims to provide an explanation and emphasizing the essential to adopt International Financial Reporting Standards in selected jurisdictions which guide the corporates to disseminate accounting and financial information to the various users and stakeholders around the world. The main purpose is to ease the comparability analysis amongst the corporates. The concluding observation is premeditated in such an approach which contributes and impart hypothetical knowledge to professional practice and provides future prospects for further research.

Get the App