Oman has added “more than 100” newly qualified finance professionals to its workforce after the Association of Chartered Certified Accountants (ACCA) welcomed its newest members at a ceremony in Muscat.

The event recognised members who completed their qualification during 2024 and 2025.

The new members add to the pool of internationally trained finance talent that is supporting economic diversification and Oman Vision 2040, according to press outlet  Zawya.  

Oman Association of Chartered Public Accountants CEO Ahmed Abdul Rahman said: “The development of highly qualified finance professionals is fundamental to building a resilient and competitive economy.

“Strengthening professional capabilities supports not only businesses and investors but also the wider national agenda by enhancing governance, transparency and financial excellence across the public and private sectors.

“We are proud to work alongside organisations such as ACCA to support the next generation of finance professionals and congratulate all of today’s new members on reaching this important milestone in their careers.”

The ACCA said demand for skilled finance professionals in Oman is rising as the country seeks to diversify its economy and strengthen its role as a regional investment and business hub.

The organisation added that globally recognised accountancy qualifications are seen as important in providing companies with expertise in governance, sustainable growth and economic resilience.

ACCA Eurasia and Middle East head Kush Ahuja said: “Behind every successful economy is a strong pipeline of skilled finance professionals.

“Today’s new ACCA members have demonstrated exceptional commitment and resilience in achieving a globally recognised qualification, and they now have an important role to play in helping shape Oman’s future economy.

“We are proud to support the development of talent that will contribute to Oman’s long-term prosperity and the ambitions set out in Oman Vision 2040.”

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has set up a new CA Leadership Academy and released several governance-focused publications aimed at raising boardroom effectiveness and professional standards in the country.

The academy was officially launched by CA Sri Lanka president Tishan Subasinghe, together with vice-president Anoji de Silva.

The new platform will initially run two separate training tracks.

The CA Director and Corporate Leadership Programme for the Private Sector is structured over eight weeks. It spans core board duties as well as emerging issues such as digital oversight and AI-related governance.

The second course, the Board Leadership Programme for State-owned Enterprises Directors, is a six‑week offering. It concentrates on governance frameworks in the state sector and on enhancing public value delivery.

Speaking at the event, Subasinghe underlined that board roles require capabilities beyond technical know-how.

Subasinghe said: “The CA Leadership Academy is our investment in developing leaders who think like directors, who can challenge assumptions, assess performance and uphold accountability.”

He also encouraged members to see participation as part of their duty to the wider system.

Subasinghe added: “Strong governance is shaped by people with the knowledge, judgement and integrity to act responsibly. This is an investment in building those leaders.”

In parallel with the academy, CA Sri Lanka introduced four governance publications to support boards, finance professionals and public institutions.

They are Guidelines on AI for Finance Professionals; the Guideline on IT Governance for Directors; Sustainability Governance Code; and the Action Plan for Combating Fraud in Public Sector Entities.

The Institute of Chartered Accountants of India (ICAI) and CPA Australia have extended their Mutual Recognition Agreement (MRA) for another five years.

The MRA sets out a formal framework for mutually recognising the professional qualifications of eligible members of both bodies.

It is aimed at supporting cross-border career mobility while maintaining professional, ethical and competency standards.

The renewal was signed at the ICAI’s headquarters in New Delhi, India.

ICAI president Prasanna Kumar D said: “The renewal of this MRA marks a significant milestone in the long-standing relationship between ICAI and CPA Australia.

“It reflects the confidence that both institutions have in each other’s professional standards and our commitment towards advancing excellence, ethics and innovation in the global accountancy profession.

“As the profession continues to evolve, this partnership will create greater opportunities for our members and contribute meaningfully to strengthening the global financial ecosystem.”

At the event, CPA Australia chief Chris Freeland acknowledged the “significant contribution” of Indian financial professionals to the global accounting sector.

He expressed confidence that the renewed agreement would drive deeper cooperation in professional growth, capability development and international talent mobility.

After the signing, the visiting CPA Australia delegation held an interactive session with members of the ICAI Central Council.

Participants discussed trends shaping the accounting profession, including technological change, sustainability reporting, capacity building and future areas for closer cooperation.

ICAI vice-president Mangesh Kinare stated: “ICAI’s Chapters in Sydney, Melbourne, Brisbane and Adelaide work closely with CPA Australia through joint professional initiatives, technical programmes and knowledge-sharing activities, further strengthening the partnership between the two organisations.”

The UK’s Financial Reporting Council (FRC) has confirmed that 191 organisations have met the requirements to become signatories to the UK Stewardship Code 2026, including six newly accepted asset managers.

With the latest approvals, the code now comprises 290 signatories in total.

This figure includes organisations that retained their status following their last successful application under the UK Stewardship Code 2020.

The current signatory base is made up of 197 asset managers, 74 asset owners and 19 service providers.

The UK Stewardship Code aims to enforce high transparency, accountability and governance standards among institutional investors.

The 2026 version of the code is intended to sustain high standards of stewardship while simplifying the reporting process and easing what the FRC describes as unnecessary reporting burdens.

Initial submissions under the revised framework indicate that organisations are adjusting their reporting to reflect these changes.

Around 70% of signatories have cut the length of their stewardship reports, with an average reduction of around 20%, according to the FRC.

Roughly a quarter of organisations chose to file separate documents for their Activities and Outcomes Report and their Policy and Context Disclosure.

Many others opted to submit a single report but structured it to draw a clear line between these two sections.

Over the summer, the FRC will provide feedback to signatories on their reporting, it said in a statement.

This is aimed at helping organisations navigate the updated framework and identify ways to enhance the clarity and usefulness of their disclosures.

FRC Stewardship head Andrea Tweedie said: “The UK Stewardship Code continues to play an important role in supporting high-quality stewardship and providing transparency to investors and other stakeholders.

“The transition to the 2026 Code is helping signatories focus their reporting on the stewardship activities and outcomes that matter most.

“It is encouraging to see many signatories producing shorter, more focused reports while continuing to demonstrate the quality of their stewardship practices.”

Additionally, the FRC plans to issue further commentary on the quality of reporting received and on effective approaches to reporting under the 2026 Code later this year.

The US Internal Revenue Service (IRS) is rolling out a new automatic process that will grant penalty relief to taxpayers with a strong record of filing and paying on time.

The IRS said the new Automatic Exemption from Penalty (AEP) will replace the long-running First Time Abate programme.

It added that the new AEP aims to simplify procedures and ease the burden on taxpayers who have demonstrated timely compliance.

According to the agency, the move is aimed at promoting “fairness and consistency in the application of penalty relief” while encouraging taxpayers to continue meeting their obligations voluntarily.

IRS CEO Frank J. Bisignano said: “Automatic Exemption from Penalty reflects the IRS’ commitment to making the payment of taxes owed simpler and more consistent.

“By automatically applying penalty relief, the IRS recognises that taxpayers who historically pay on time should not have to make a formal request for relief that is routinely granted.”

The AEP will apply to eligible original returns beginning with tax year 2025 and to 2026 quarterly returns. It will also extend to later tax periods.

To be eligible, taxpayers must have filed on time and paid any tax due for the previous three years, or for 12 consecutive quarters in the case of quarterly filings.

Taxpayers will not need to apply for the AEP. If they qualify, the IRS will automatically grant the relief and send a notice confirming that it has been applied.

The IRS noted that some types of returns, such as information returns and those submitted only for specific transactions or infrequent events, will not fall under the AEP.

The agency plans to begin phasing out First Time Abate and moving to the AEP from the “summer of 2026”.

During this transition, some taxpayers who would meet the AEP criteria may still receive penalty notices for tax year 2025 and 2026 quarterly returns.

In those cases, taxpayers who believe they qualify may contact the IRS to request First Time Abate.

The AEP will fully replace First Time Abate for eligible returns with original due dates on or after 1 January 2027. Taxpayers who do not qualify for the AEP will still be able to seek penalty relief based on reasonable cause.

The Australian Securities and Investments Commission (ASIC) has launched a review into how the ‘Big Four’ audit companies handle complaints about audit conduct, intensifying regulatory scrutiny of the sector.

The move follows allegations that KPMG staff misused confidential information to secure contracts and comes as the federal government weighs tougher controls on large accounting, audit and consulting partnerships.

The ASIC’s review will focus on internal and whistleblower complaints related to audit practices including the handling, use and sharing of confidential information.

This work will proceed alongside a separate, ongoing investigation into specific allegations involving KPMG.

ASIC chair Sarah Court said: “The allegations concerning KPMG are serious.

“ASIC will use the existing suite of limited powers available to us, while continuing to engage constructively with the government’s reform process.”

The review is being launched as Australia’s Treasury consults on reforms that could strengthen oversight of major professional services companies and potentially extend ASIC’s role.

The government has also indicated it is considering structural options, including “breaking up the Big Four”, following a series of high-profile controversies.

KPMG Australia has been accused by a whistleblower of using confidential client information to win lucrative work.

PwC Australia was involved in a scandal around three years ago involving the sharing of confidential government tax data with prospective clients.

The ASIC said it would continue its “significant investigation into specific allegations of misuse of client confidential information at KPMG”.

The regulator also highlighted constraints in its current legal powers over partnership-structured audit practices, noting that these differ from its wider authority over corporations, including listed entities.