Bean Focus

Isle of Man Business Update: Key Regulatory Changes and Opportunities in May 2025

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As we move into May 2025, Isle of Man businesses face several significant regulatory changes and new opportunities. From corporate governance requirements to tax reforms and employment legislation, these developments will impact how companies operate on the Island. Companies Act 2006: New Director Notification Requirements Now in Effect As of 1 April 2025, companies operating

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IFRS 19: Streamlining Financial Disclosures for Non-Public Subsidiaries

accounting and bookkeeping / By

Introduction In the dynamic world of financial reporting, ensuring that standards align with the complexity and size of businesses is crucial. Enter IFRS 19, a groundbreaking accounting standard specifically designed to streamline financial disclosures for subsidiaries that do not have public accountability. This blog will explore the significance of IFRS 19, focusing on how it

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Do Isle of Man Companies Need to File Financial Statements?

accounting and bookkeeping, isle of man / By

When it comes to regulatory compliance, one of the most common questions we encounter at Bean Focus is whether companies incorporated in the Isle of Man are required to file financial statements. Usually Isle of Man companies are not required to file their financial statements, however as with many things involving financial statements, the answer

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How to Acquire an Isle of Man Gambling Supervision Commission Licence?

isle of man / By

If you are looking for a reputable and reliable jurisdiction to operate your online gambling business, you may want to consider the Isle of Man. The Isle of Man is a self-governing British Crown dependency located in the Irish Sea, with a population of about 85,000 people. The island has a robust and diverse economy,

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tax-consulting

Isle of Man Audit Working Papers Regulations 2023 – What are they and when do they come into force

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Audit working papers are the documents and records that auditors prepare and retain to support their audit opinions and conclusions. They include planning documents, risk assessments, audit programs, evidence of audit procedures, audit findings, audit reports and communication with management and those charged with governance. The Audit Working Papers Regulations 2023 are a set of

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tax-consulting

Investment Property vs. PPE FRS 102: Key Differences & Accounting Treatment

accounting and bookkeeping / By

In this article we will discuss the differences between investment property and property, plant and equipment (PPE) under FRS 102, the UK accounting standard for financial reporting. We will also explain how to account for transfers between these categories of property and the implications for fair value measurement. What is the difference between investment properties

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