Oman Mandates Full Adoption of IFRS Sustainability Standards by 2029Muscat, 20 Sep (ONA) —- Abdullah Al Salmi, Executive President of the Financial Services Authority (FSA), announced the Authority’s plan to adopt a phased implementation of the International Financial Reporting Standards for sustainability-related disclosures (IFRS S1 and IFRS S2) in the Sultanate of Oman.These standards, issued by the International Sustainability Standards Board (ISSB) in June 2023, are among the first global frameworks for sustainability-related financial disclosures.He confirmed that the Authority has set 2029 as the final deadline for full mandatory implementation of these standards across all private sector institutions in Oman that apply the full IFRS accounting framework.Speaking exclusively to Oman News Agency, Al Salmi explained that this step comes as part of the efforts of the Financial Services Authority (FSA) to strengthen transparency, advance sustainability practices among private sector institutions operating in Oman, and align them with international standards and climate accountability requirements.He added that the Authority’s development of a comprehensive roadmap for implementing the two standards is part of the national strategy to align the non-banking financial sector with the requirements of green and sustainable finance, in addition to its mandate of regulating the accounting and auditing profession in line with Royal Decree No. 20/2024.Al Salmi emphasised that this initiative also supports the achievement of Oman Vision 2040 targets and the National Strategy for an orderly and gradual transition to net zero, while contributing to the development of a legislative and regulatory framework that supports sustainability.He explained that IFRS S1 and IFRS S2 are the first two global sustainability disclosure standards. IFRS S1 sets out the general requirements for disclosures of sustainability-related risks and opportunities, while IFRS S2 focuses specifically on climate-related risks and opportunities. Together, they aim to enhance transparency and provide investors with consistent and comparable information on companies’ performance in environmental, social, and governance (ESG) areas.He further stated that in the coming period, the Authority will conduct consultations with key stakeholders, including Ministry of Commerce, Industry and Investment Promotion, Oman Investment Authority, Environment Authority, Oman Net Zero Centre, as well as other regulatory bodies, professional associations and institutions covered by the standards in the initial stages.Al Salmi highlighted that under the phased implementation plan, the FSA will launch specialised awareness and capacity-building programmes across the sectors it regulates, ensuring market readiness for the gradual transition leading to full adoption by 2029. This reflects the Authority’s regulatory and supervisory role in developing Oman’s non-banking financial markets and in establishing a legislative framework that supports sustainability in line with global trends and Oman’s environmental and economic commitments.—- Ends/Khalid