Oman Financial Services Authority discusses phased implementation of IFRS S1 and S2, seeks feedback ahead of 1 January 2029 mandate

The Oman Financial Services Authority held a panel discussion on the phased implementation of IFRS S1 and IFRS S2 and said it has made its phased implementation policy publicly available for feedback. The update is aimed at preparing in-scope entities in Oman’s non-banking financial sector for mandatory adoption from 1 January 2029, while familiarising stakeholders with the standards’ objectives, scope and compliance requirements. The policy sets out the implementation stages and regulatory requirements, with a gradual transition calibrated to market readiness. The discussion also reviewed Oman’s roadmap for adopting the standards and focused on institutions’ readiness, technical capability building for sustainability reporting, and the governance, data management and internal control frameworks needed for sustainability and climate disclosures. The Financial Services Authority indicated that the 2029 start date is intended to give affected entities time to prepare and build the capabilities needed for effective adoption of the international sustainability disclosure standards.