Muscat — Oman’s Financial Services Authority (FSA) has directed Oman Telecommunications Company (Omantel) to restate its audited financial statements for the fiscal year ending December 2024, citing non-compliance with international accounting standards.
The order, issued under Administrative Decision No. (25/2025), follows findings that Omantel’s reporting failed to fully adhere to International Financial Reporting Standards (IFRS), specifically IAS 29 (Financial Reporting in Hyperinflationary Economies) and IAS 21 (The Effects of Changes in Foreign Exchange Rates).
Under the decision, Omantel must submit revised audited financial statements that accurately reflect its financial position within two months. While the company has the right to appeal to the FSA’s Grievances Committee, the directive remains enforceable unless overturned.
The FSA stressed that the action reinforces transparency, ensures stronger disclosure standards, and protects investor interests in line with the Capital Market Law (Royal Decree No. 58/2022) and its executive regulations. Authorities emphasized that compliance with international standards is critical to maintaining stability and integrity in Oman’s capital market.
