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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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Benefits of outsourcing your accounting and bookkeeping

accounting and bookkeeping / By Bean Focus

The benefits of outsourcing your accounting and bookkeeping services: how hiring a professional firm can save you time, money and hassle, and improve your financial performance and compliance. If you are running a business, you know how important it is to keep track of your finances. Accounting and bookkeeping are essential tasks that help you

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What is new about ISA 315 and how does it impact the audit of your financial statements?

audit / By Bean Focus

ISA 315 is an international standard on auditing that deals with identifying and assessing the risks of material misstatement in financial statements. It was revised in 2019 and became effective for audits of financial statements for periods beginning on or after December 15, 2021. The main changes introduced by the revised ISA 315 are: The

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Xero vs Quickbooks

accounting and bookkeeping / By Bean Focus

If you are looking for a reliable and user-friendly accounting software for your business, you might be wondering which one to choose: Xero or QuickBooks? Both are popular and widely used cloud-based solutions that offer a range of features and benefits for small and medium-sized businesses. But how do they compare in terms of pricing,

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Do Isle of Man companies need to be prepare consolidated financial statements

accounting and bookkeeping, isle of man / By Bean Focus

Consolidated financial statements are financial statements that present the assets, liabilities, equity, income and expenses of a parent company and its subsidiaries as a single economic entity. They are required by some accounting standards and regulations to provide a true and fair view of the financial position and performance of a group of companies. The

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Do Isle of Man companies need to be audited

audit, isle of man / By Bean Focus

If you are a company incorporated in the Isle of Man, you may wonder whether you need to appoint an auditor and have your financial statements audited. The answer depends on several factors, such as the type of company, the size of the company, the nature of the business and whether the company is listed

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UK tax Allowable expenses

tax / By Bean Focus

What are the most effective tax allowable expenses in the UK? If you are self-employed or run a limited company in the UK, you may be wondering what expenses you can claim to reduce your tax bill. Tax allowable expenses are those that are “wholly and exclusively” for the purpose of your trade or profession,

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FRS 102 – Summarised

accounting and bookkeeping / By Bean Focus

This page contains information about FRS 102, which is a financial reporting standard applicable in the UK and Republic of Ireland. It sets out the requirements for preparing financial statements that give a true and fair view of a reporting entity’s financial position and profit or loss. The standard applies to a wide range of

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