Oman to Fully Adopt IFRS Sustainability Standards by 2029

Oman’s Financial Services Authority (FSA) has announced that all private sector institutions applying the IFRS accounting framework must fully adopt the IFRS sustainability disclosure standards (IFRS S1 and S2) by 2029. The phased rollout aims to strengthen transparency, enhance sustainability practices, and align Oman’s financial sector with global reporting standards. Issued by the International Sustainability Standards Board (ISSB) in 2023, IFRS S1 covers general sustainability disclosures, while IFRS S2 focuses on climate-related risks and opportunities. Together, they provide consistent, comparable ESG reporting to help investors assess companies’ environmental and social performance. The FSA will collaborate with key entities, including the Oman Investment Authority, Environment Authority, and Oman Net Zero Centre, to ensure effective implementation. It also plans to launch awareness and capacity-building programs to prepare the market for compliance. This initiative supports Oman Vision 2040 and the country’s net-zero transition strategy, reinforcing Oman’s commitment to sustainable finance and responsible corporate governance in line with international standards.