accounting and bookkeeping

IFRS 19: Streamlining Financial Disclosures for Non-Public Subsidiaries

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?

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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tax-consulting

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

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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tax-consulting

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

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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audit-assurance

Benefits of outsourcing your accounting and bookkeeping

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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accounting-bookkeeping

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

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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