Adoption of International Financial Reporting Standards (IFRS) and Enhancement of Financial Reporting in Oman Higher Education Institutions

Rayan Zahran Al-Naabi, Siham Mohammed Al-Rawahi, Shamia Sulaiman Al-Balushi and Mohammed Babiker Mohammed Ahmed
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Rayan Zahran Al-Naabi: Oman College of Management and Technology
Siham Mohammed Al-Rawahi: Oman College of Management and Technology
Shamia Sulaiman Al-Balushi: Oman College of Management and Technology
Mohammed Babiker Mohammed Ahmed: Oman College of Management and Technology

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 5, 376-383

Abstract: The demand for globally harmonized accounting standards has increased as a result of the globalization of capital markets. The International Accounting Standards Board (IASB), which established IFRS, is thought by regulators to produce harmonized financial reporting. Although several empirical studies have looked at the effects of IFRS adoption, their breadth has been constrained. Therefore, the research explored the adoption of international standards for financial reporting in Omani higher education institutions. Through secondary data, we concluded that there are no colleges or universities listed on the Muscat Stock Exchange except for one, which is Majan University College, adopting and implementing of International Financial Reporting Standards among Omani Higher Education Institutions (HEI’s) will enhance its financial reporting and lead to register these institutions to financial market such Muscat Securities Market (MSM).

Date: 2024
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