Muscat: The Financial Services Authority has issued Administrative Decision No. E/6/2024, cautioning the Omani Qatari Insurance Company for its delay in the submission of its financial statements. This delay, which has not been approved by the Board of Directors, is in violation of the International Financial Reporting Standards (IFRS) and contravenes Articles 279 and 282 of the Executive Regulation of the Capital Market Law, as per Decision No. 1/2009.
Article 279 mandates that issuers are required to compile unaudited financial statements for the first, second, and fourth quarters of the fiscal year. These statements must be disclosed immediately following their approval by the Board of Directors, with a maximum delay of 30 days from the end of each respective quarter. Article 282 mandates that issuers adhere to the Standards set by the International Accounting Standards Committee (IASC), ensuring the inclusion of all relevant information and data that accurately reflects the company's financial position and performance during the accounting period.
The Financial Services Authority is committed to ensuring that all issuers comply with international accounting standards. This initiative is aimed at enhancing the monitoring of financial positions and ensuring adherence to legal and technical requirements, thereby facilitating the timely and accurate provision of financial statements by issuers of securities to all participants in the stock exchange.
