Scenario 3 : As the banks and insurance companies in Oman are listed public companies. They are regulated by Capital Market Authorities. The Capital Market Authority has adopted IFRS for financial reporting purpose for the companies listed on Muscat Securities Exchange.

Task 3 Identify and discuss in brief IFRS followed by Banking and Insurance companies in Oman.

9 marks

[ List the IFRS and evaluate its objective with respect to banks and insurance companys financial reporting. 800 words +/- 5%]