To enhance transparency and strengthen sustainable disclosure practices in financial markets, the Financial Services Authority (FSA), organised on Wednesday a workshop titled ‘The Policy for Implementing IFRS S1 and IFRS S2: A Step Toward Sustainable Disclosure.’

The workshop brought together representatives from listed companies on the Muscat Stock Exchange, companies of the Oman Investment Authority, a number of state-owned enterprises, banks and private sector companies with revenues exceeding OMR 50 million.

This initiative reflects the FSA’s commitment to promoting the principle of community participation and consultation with relevant stakeholders prior to adopting new policies and regulations. The purpose of the workshop was to present and discuss the draft policy for the phased implementation of the IFRS S1 and IFRS S2 sustainability disclosure standards, as well as to gather participants’ views and comments prior to final approval.

The workshop reviewed the key requirements of the IFRS S1 and IFRS S2, issued by the International Financial Reporting Standards Foundation, which represent a significant step toward global harmonisation of sustainability-related disclosures. A detailed presentation was also delivered on the FSA’s draft policy for the gradual adoption of these standards in the Sultanate of Oman, taking into account the characteristics of the local market and the readiness level of national companies.

An open discussion session was held, during which participants exchanged views and shared feedback on the implementation mechanism of the two standards, the potential challenges in the disclosure process, and their suggestions regarding timelines and the technical support required. The insights gathered will inform the preparation of the final version of the policy.

During the workshop, the FSA emphasised that implementing these standards marks a crucial step toward strengthening the principles of governance and sustainability in financial reporting, enhancing investor confidence and improving the efficiency of the financial markets in the Sultanate of Oman. The FSA also reaffirmed its commitment to maintaining continuous coordination and engagement with relevant entities to ensure a smooth transition to sustainable disclosure standards in line with international best practices.