Oman: FSA Implements IFRS for Financial Reporting

The Arabian Stories, 17 February 2025: The FSA has issued Oman Financial Services Authority Decision No. 2/2025, mandating the adoption of International Financial Reporting Standards (IFRS) for preparing and reviewing financial statements across the Sultanate.

The resolution, which is based on the law regulating the accounting and auditing profession and the establishment of the Financial Services Authority (Oman Sultani Decree No. 20/2024), states that all practitioners in the accounting and auditing field must comply to IFRS when preparing financial statements.

However, the decision allows SMEs to opt for the simplified IFRS for SMEs model, as long as it does not conflict with any regulatory requirements.

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Oman: Tightens Citizenship Rules

Gulf News, 10 February 2025: Oman has enacted a more stringent Nationality Law, Oman Sultani Decree No. 17/2025, which specifies the conditions under which Omani citizenship can be lost, revoked, or withdrawn.

This law highlights the Sultanate’s emphasis on loyalty and national integrity, detailing scenarios where citizenship may be automatically forfeited or revoked by the government. According to Article 23 of Oman Sultani Decree No. 17/2025, Omani nationals who unlawfully acquire a foreign nationality will automatically lose their Omani citizenship.

The law also addresses marriage-related nationality issues. A foreigner who gains Omani citizenship through marriage to an Omani woman will lose it if the marriage ends in divorce or desertion within five years. However, the children of such a union will retain their Omani nationality, even if the father loses his.

Similarly, a foreign woman who becomes an Omani citizen through marriage to an Omani man will lose her citizenship if she divorces and remarries a non-Omani, effective from the date of the second marriage. The law also sets forth conditions for the revocation of citizenship.

Under Article 26 of Oman Sultani Decree No. 17/2025, individuals may be stripped of their nationality for insulting the Sultan or the Sultanate, either verbally or through actions.
Membership in organizations or parties that promote ideologies detrimental to Oman’s interests can also lead to revocation.

Furthermore, Omani nationals working for a foreign government in a capacity that conflicts with Oman’s interests, and who refuse to resign despite official requests, may lose their citizenship. This also applies to those working for hostile nations actively opposing Oman. However, the law allows for the reinstatement of citizenship if the circumstances leading to revocation are resolved.

Additionally, Oman has introduced provisions for withdrawing citizenship from individuals who obtained it through fraudulent or illegal means.

Article 27 of Oman Sultani Decree No. 17/2025 states that those convicted of crimes against state security or sentenced for multiple felonies within five years of acquiring nationality may have their citizenship revoked.

Long-term absence from Oman is also a factor; individuals who remain outside the country for more than 24 consecutive months without a valid reason risk losing their nationality.

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