The updates in ISA 315 (Revised 2019) significantly enhance the auditor's approach to risk assessment, leading to improved audit quality. Here's how auditors should approach each of the key updates, along with relevant analytical procedures:
The introduction of IFRS 9 Financial Instruments has significantly transformed how financial assets are classified, measured, and assessed for impairment.
When a business in Oman reaches a point where it needs to cease operations, a formal company liquidation process is required to wind up its affairs legally and systematically.
Oman's Financial Services Authority (FSA) has launched the Capital Market Incentives Program (CMIP), a transformative initiative aimed at invigorating investment and broadening participation in Oman's capital market.
Oman’s Financial Services Authority (FSA) has launched the Capital Market Incentives Program (CMIP) to stimulate economic growth and investment. This new initiative offers businesses significant tax incentives and access to new market opportunities.
Since the adoption of IFRS 15, revenue recognition has undergone a significant transformation, challenging entities across various industries to reassess how they account for their transactions.
The International Financial Reporting Standard (IFRS) 18, issued in April 2024, represents a significant development in the presentation and disclosure requirements of financial statements. Effective for reporting periods beginning on or after 1 January 2027, IFRS 18 supersedes IAS 1, marking a pivotal shift in how entities present their financial information.
Implementing IFRS 16, the accounting standard that governs lease accounting, has proven to be a challenging yet critical task for many organizations.
In today’s rapidly evolving landscape, ESG (Environmental, Social, and Governance) expertise is not just an advantage—it's a necessity. Training in ESG is essential across all industries and job functions.
Oman
