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

Author

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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)

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).

Suggested Citation

  • Rayan Zahran Al-Naabi & Siham Mohammed Al-Rawahi & Shamia Sulaiman Al-Balushi & Mohammed Babiker Mohammed Ahmed, 2024. "Adoption of International Financial Reporting Standards (IFRS) and Enhancement of Financial Reporting in Oman Higher Education Institutions," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(5), pages 376-383, May.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:5:p:376-383
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    References listed on IDEAS

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    1. Mohammad Nurunnabi, 2017. "Auditors’ perceptions of the implementation of International Financial Reporting Standards (IFRS) in a developing country," Journal of Accounting in Emerging Economies, Emerald Group Publishing Limited, vol. 7(1), pages 108-133, February.
    2. Karthik Ramanna & Ewa Sletten, 2009. "Why do countries adopt International Financial Reporting Standards?," Harvard Business School Working Papers 09-102, Harvard Business School, revised Mar 2009.
    3. Devrimi Kaya & Maximilian Koch, 2015. "Countries' adoption of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) - early empirical evidence," Accounting and Business Research, Taylor & Francis Journals, vol. 45(1), pages 93-120, January.
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