Muscat: The Financial Services Authority has issued administrative decision No. E/6/2024 warning the Omani Qatari Insurance Company for delaying disclosure of its financial statements forthwith being approved by the board of directors and breaching the International Financial Reporting Standards (IFRS) in preparing the financial statements, whereby violating Articles 279 and 282 of the Executive Regulation of the Capital Market Law issued vide decision No. 1/2009.

Article 279 obligates the issuers to prepare unaudited quarterly financial statements for the first, second and fourth quarters of the financial year and discloses them immediately after being approved by the board of directors within not more than 30 days from the end of the respective quarter. Article 282 obligates the issuers to prepare their financial statement in accordance with the Standards of the International Accounting Standards Committee (IASC) and include all information and data that show the financial position of the company and its performance during the accounting period.

FSA is keen to oblige all issuers to disclose their periodical financial statements in accordance with the international accounting standards as a means to monitor their financial position and to ensure compliance with all legal and technical requirements to ensure timely and accurate provision of the periodical statements of the issuers of securities to all the participants of the stock exchange.

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