Muscat – The Financial Services Authority (FSA) has directed Oman Telecommunications Company (Omantel) to revise its audited financial statements for the year ended December 2024, after finding violations of financial reporting standards.

In an administrative decision, the regulator said Omantel failed to comply with International Financial Reporting Standards (IFRS) as required under Oman’s Capital Market Law. Specifically, the company did not apply the requirements of International Accounting Standard (IAS29) ‘Financial Reporting in Hyperinflationary Economies’ and IAS21 ‘The Effects of Changes in Foreign Exchange Rates’.

The decision, issued under Article 58/c of the Securities Law of Oman promulgated by Royal Decree No 46/2022, obliges Omantel to resubmit revised statements reflecting its true financial position within two months.

FSA stated that Omantel had filed an appeal against the directive before the Appeals Committee. However, the appeal was dismissed on September 28, 2025, confirming the company must implement the ruling.

According to the FSA, the corrective measure is necessary to ensure full compliance with the Executive Regulations of the Capital Market Law, which require accurate and transparent financial reporting in line with IFRS.