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IFRS 19: Streamlining Financial Disclosures for Non-Public Subsidiaries

accounting and bookkeeping / By Bean Focus

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 Bean Focus

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 Bean Focus

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

audit, isle of man / By Bean Focus

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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Best Isle of Man auditor

audit, isle of man / By Bean Focus

If you are looking for an Isle of Man auditor, you might be wondering how to choose the best one for your needs. There are many factors to consider, such as the size and scope of your business, the industry you operate in, the regulatory requirements you have to comply with, and the budget you

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

accounting and bookkeeping / By Bean Focus

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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Isle of Man 2006 Act Company vs 1931 to 2004 Act Company

isle of man / By Bean Focus

If you are looking for a jurisdiction to incorporate your company, you may have come across the Isle of Man, a self-governing British Crown dependency in the Irish Sea. The Isle of Man offers a range of benefits for businesses, such as low taxation, political stability, robust legal system, and access to the UK and

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Isle of Man GSC Licence Requirements

isle of man / By Bean Focus

If you are interested in operating an online gambling business in the Isle of Man, you need to be aware of the licence requirements and financial reporting obligations that apply to this sector. The Isle of Man Gambling Supervision Commission (IOM GSC) is the independent statutory board that regulates all forms of gambling on the

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The most common accounting mistakes and how to avoid them

accounting and bookkeeping / By Bean Focus

Accounting is a vital part of any business, but it can also be a source of errors and headaches if not done properly. In this blog post, we will discuss some of the most common accounting mistakes and how to avoid them. Mixing personal and business expenses This is a common mistake that can lead

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What is the difference between IFRS EU, IFRS INT and IFRS UK?

accounting and bookkeeping / By Bean Focus

In this post, we will explain the difference between IFRS EU and IFRS international and IFRS UK. These are three different sets of accounting standards that companies may use to prepare their financial statements. IFRS international refers to the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These are

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