The Oman Financial Services Authority issued an administrative decision requiring Oman Telecommunications Company (Omantel) to revise its audited financial statements for the fiscal year ended 2024 after finding they did not comply with International Financial Reporting Standards. The identified deficiencies related to IAS 29 and IAS 21, and the company was ordered to file revised statements within two months. Omantel appealed, but the Financial Services Authority’s Appeals Committee dismissed the appeal and upheld the directive.
Oman Financial Services Authority 2025-10-01
Oman Financial Services Authority orders Omantel to restate its 2024 audited financial statements for IFRS non-compliance
The Oman Financial Services Authority mandated Oman Telecommunications Company (Omantel) to amend its 2024 financial statements due to non-compliance with International Financial Reporting Standards, specifically IAS 29 and IAS 21. Omantel's appeal against this decision was dismissed by the Financial Services Authority’s Appeals Committee.