IFRS compliance in accounting is vital: CMA chief [Times of Oman]
(Times of Oman Via Acquire Media NewsEdge) Muscat: "The issue of compliance with international standards has become more important and relevant as transparent financial reporting is the backbone of capital market. It is thus imperative to use International Financial Reporting Standards (IFRS) to prepare financial statements for the small and medium enterprises (SMEs)," said Sheikh Abdullah Salem Al Salmi, the executive president of the Capital Market Authority (CMA).
Inaugurating a seminar titled 'IFRS update and IFRS for SMEs' held here yesterday, he said, "Selection of prudent accounting policies and applying them consistently considering the substance over form is highly recommended. The auditors have also to be diligent, objective, and independent and use their independent professional judgment ensuring that the financial reporting complies with Omani regulations and IFRS framework before they sign off on the financial statements and related disclosures."
"I am glad to know that this seminar will include a discussion on the SMEs keeping in view the government's initiatives to promote the SMEs in the country. I also call upon the business community to supplement the government initiatives and support the SMEs. I believe that this will promote entrepreneurship amongst the Omani youth that will help generate further employment opportunities for national manpower. I am convinced that our enthusiastic Omani youth can be groomed to be the best businessmen of the future under the best guidance and patronage of His Majesty," he added.
Saud bin Nassir Al Shukaili, the secretary-general for taxation and Hamoud Sangour Al Zadjali, the executive president of Central Bank of Oman, also graced the occasion.
Alfred Strolla, managing partner of Deloitte Oman, endorsed the views of Salmi on the need for transparent financial reporting and suggested that if the IFRS for SMEs is adopted in Oman, it would simplify the financial reporting for emerging small businesses, thus lowering the compliance cost for them.
"The business community has an obligation to initiate and encourage the enthusiastic Omani youth to start businesses and must support them by procuring a reasonable percentage of goods and services from SMEs established by promising young Omani entrepreneurs," added Strolla.
Making a presentation, Bruce Mackenzie said, "Over 80 countries have announced to adopt the use of IFRS, including Saudi Arabia, Qatar, Palestine, Lebanon, and Jordan in the region." The Deloitte seminar included a special session on the SMEs. Technical sessions were attended by more than 150 participants, including chief financial officers, finance managers and other finance professionals representing different industrial sectors in Oman.
At the seminar, the International Accounting Standard Board's significant review of several accounting standards was discussed.
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