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From Compliance to Excellence: Maximizing Value with IFRS Advisory
IFRS Implementation stands for International Financial Reporting Standards adoption. These standards are used globally to maintain transparency and consistency in financial reporting. AL MAWALEH helps local businesses understand and adopt the standards in a practical, efficient, and compliant way.
The implementation of International Financial Reporting Standards (IFRS) in Oman marks a significant step towards aligning the country’s financial practices with global standards. Overseen by the Capital Market Authority (CMA), IFRS adoption is mandatory for listed companies.
AL MAWALEH Ensuring transparency, consistency, and comparability in financial reporting. Our transition supports attracting foreign investment and fostering trust among stakeholders. By ensuring compliance to IFRS, businesses in Oman can enhance their financial credibility.
Understanding the main standards under IFRS is crucial for accurate reporting. Each has its own scope and impact.
IFRS 16: Leases
This standard changes how companies account for leases. Businesses now need to record most leases on the balance sheet as a lease liability and right-of-use asset. This applies to both finance leases and operating leases.
IFRS 9: Financial Instruments
This includes detailed rules for classifying, measuring, and impairing financial instruments. Companies must evaluate expected credit losses instead of actual losses. Our team offers IFRS 9 implementation guidance tailored to your sector.
IFRS 15: Revenue from Contracts with Customers
This standard guides how a business recognizes revenue. Key steps include identifying contracts, performance obligations, and how to determine the transaction price.
IFRS 8: Operating Segments
Requires companies to report financial information by segments for improved transparency. This is especially important for businesses with multiple revenue lines.
IFRS 17: Insurance Contracts
It focuses on insurance firms and changes how they measure and present their obligations. It requires accurate valuation of insurance liabilities and impacts financial disclosures.
We help companies manage the full implementation cycle — from planning to reporting.
IFRS Certification and Training
We provide access to IFRS certification programs so your team stays up to date.
Support from the IFRS Community
Being part of the IFRS community allows businesses to stay updated and network with finance professionals.
Preparing IFRS Financial Statements
We guide businesses in preparing accurate IFRS financial statements, including the statement of cash flows and comprehensive income reporting.
Understanding the IFRS Regulatory Framework
Navigating the IFRS regulatory framework is essential for compliance. Our team simplifies this process for your business.
In Oman, IFRS 9 implementation is guided by the Central Bank of Oman. Emphasizing the classification and measurement of financial instruments. Expected credit loss models, and hedge accounting. Financial institutions are required to align their business models with IFRS 9 principles while ensuring compliance with local regulatory frameworks.
Best practices include robust project management and learning from case studies that highlight effective strategies for transparency and risk management. Regulatory compliance is critical, with a focus on accurate application of ECL models and timely provisioning for credit risks
At AL MAWALEH, we work with small businesses, large corporations, and financial institutions across Oman. Our approach is practical and focuses on smooth adaptation.
We also help businesses present accurate IFRS cash flow statement data and meet compliance requirements. Choose AL MAWALEH for IFRS Implementation, We Offer:
Ready to take your finances to the next level? Book an appointment with Al Mawaleh today! Our professional team is here to provide personalized solutions that clarify finances and build trust. Let’s work together to ensure your business’s financial success.
All companies that aim to grow internationally or want to follow best practices in accounting.
This depends on your business size and existing financial systems. Our team will assess and give you a timeline.
You need accurate financial data and a willingness to update your systems. We handle the rest.
Not always. We can check your system and recommend necessary changes if required.
No. But IFRS adds an international layer of clarity and reporting quality. And helps to improve financial clarity of reports.
Al Mawaleh is a leading financial consultant company in Oman, delivering expert accounting services, professional auditors, and trusted financial solutions advisor support for businesses through top financial consulting firms expertise.