The significance of the Study of Oman Chamber of Commerce

        This research study is a good contribution to the literature. The proper presentation of International Accounting Standards and International Financial Reporting Standards is very essential to support the investors & other stakeholders trust of different organizations of Omani. The securities ultimately of tradeoff in Market Muscat Security do not just relate by forces of market however moreover develop an impact greatly of the economic applications, appropriate practices, execution of procedures also clarification of Standards International Financial Reporting.

        It’s a statement that Commerce Oman Chamber accounts preparation for their agreement by International Accountings standards and International Financial Standards delivered by Board of Accounting Standard. The accountants professionally in Oman are acquainted with following local commercial law of the Oman Sultanate and clarifications distributed by the Standing Interpretation Committee of Accounting Standard Board. The statements financially of companies locally survey the requirements disclosure set off for right disclosure in the rule book delivered by Authority by Capital Market of the Oman Sultanate. So it can be said that the results of this study are reliable and authentic.

Objectives of the Study of Oman Chamber of Commerce

            The main objective of this research to make in an investigation regarding the application of Practices of International Financial Reporting Standard in the environment professionally of Oman for the Oman economy development, in the Commerce Oman Chamber. Profile Jurisdiction of Oman talk over altered jurisdiction’s context of the status of IFRS adoption in Oman. Mainly, Oman has approved at all levels of International Financial Reporting Standards. This displays the commitment on the public base of jurisdiction in the maintenance of affecting concerning a unique set of global accounting on high-quality standards. By the concerned authority Explanation working management financially in a corporate specifically by an essential necessity; yet, if the authority has not prepared a statement of public associate the towards move Standards International Financial Reporting formerly by its jurisdictions own are functional. Commonly, professionally based on financial and accounting sidesteps complications also in different sectors of economy companies of Oman safekeeping are transacted in Market Muscat Security existing their financial records rendering to Standards of International Financial Reporting.

             The aim of this study is to adopt IFRS in order both in the separate financial statement of Commerce of Oman Chamber also in statements consolidated financially. In Oman, no applicability is there to practice or to avoid the IFRS adoption because of environment controlled & at profiled highly professionalism. The laws locally in Oman offer support strongly to the Oman economy. Still, companies foreign are not permitted in Oman to securities trade. Standards of International Financial Reporting are very abundantly in the provision to the stakeholder entirely, all up to the world. By this linked the authorities concerned many efforts have made, from the English language to language Arabic the translation process is about one of them of IFRS.

The scope of the Study of Oman Chamber of Commerce

            This study has a good scope in providing help the future researchers and publishers. Interpretations as well as IASs (All International Accounting Standards) issued by the earlier IASC also SIC carry on to be applicable until and except they are withdrawn or amended. to the general purpose the IFRSs apply for financial statements also the other reporting financial through entities of profit-oriented– those involved in industrial, financial, commercial, also the activities similar, according to their legal form. Objects business other than profit-oriented entities might too search IFRSs appropriately (Service, 2016). 

            The common purpose of statements financially is proposed to come across the needs commonly of employees, creditors, public, and shareholders for information on a large about an object's position financial, cash flows and performance. Other reporting financially involves the information delivered outside statements of financial that helps in the clarification of a set completely of statements financially or users' ability to improve also to make well-organized profitable decisions. to an individual company, IFRS apply also to consolidated statements financially. By this study includes the financial statements set that involve statement position of financial, a comprehensive income statement, cash flows statement, a changes statement in parity, a policy of accounting summary, as well as the notes explanatory (Peace, et al., 2016)

References of The significance of the Study of Oman Chamber of Commerce

ALJAAIDI, K. S. Y., 2013. CORPORATE GOVERNANCE AND AUDITOR CHOICE AMONG COMPANIES IN GCC COUNTRIES, MALAYSIA: UNIVERSITI UTARA MALAYSIA.

Peace, 1. M. et al., 2016. INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR SMALL AND MEDIUM ENTERPRISE (IFRS FOR SMES) AND THE STATEMENT OF ACCOUNTING STANDARDS (SAS): A COMPARATIVE STUDY. International Journal of Finance and Accounting, pp. 79 - 94.

Service, T. N., 2016. Adoption of new accounting standards to pose challenges for local companies. [Online]
Available at: https://timesofoman.com/article/98504