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 […]
Do Isle of Man Companies Need to File Financial Statements? Read More »
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
Investment Property vs. PPE FRS 102: Key Differences & Accounting Treatment Read More »
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
The most common accounting mistakes and how to avoid them Read More »
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
What is the difference between IFRS EU, IFRS INT and IFRS UK? Read More »
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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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,
Xero vs Quickbooks Read More »
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
Do Isle of Man companies need to be prepare consolidated financial statements Read More »
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
FRS 102 – Summarised Read More »