Recently, financial report by Middle East official was setting out principles on the significant developments and key changes to keep up with the standards of International Financial Reporting Standards (IFRS).
The importance of capitalizing on the value of small and medium enterprises (SMEs) bring to the markets in Oman and the greater focus on their growth and the development in the country over the past few years.
The official restated the IFRS standards with respect to small and medium enterprises, which will contribute around 16% to Oman’s gross domestic product (GDP).
International Accounting Standard Board (IASB) is currently undertaking a significant review of several accounting standards. Many of these changes are driven by joint projects between the IASB and the Financial Accounting Standard Board (FASB) to achieve the goal. The IASB continues with a high level of activity that is only expected to increase in the months ahead.
