Oman's Capital Market Authority (CMA) has urged small and medium businesses (SMEs) to adopt the International Financial Reporting Standards (IFRS) to simplify financial reporting and auditing processes and reduce their compliance costs, Muscat Daily has reported. "Transparent financial reporting is the backbone of capital markets, where investors rely on numbers in the published financial statements," said president of the CMA, Sheikh Abdullah Salem al Salmi. "It would be prudent to allow SMEs to produce a truncated version of their detailed accounts. It would also make it easier for auditors. I think it is going to happen soon, as we are in the process of getting everybody aligned on developments over the issue," said al Salmi.