Isle of Man: The Accountancy Profession
Generally Accepted Accounting Principles
As a self-governing Crown dependency the Isle of Man has its own legislation (ie the Companies Acts 1931-2004 and 2006,), and UK Companies Acts are not applicable. However, notwithstanding Manx company law, UK accounting and auditing standards are followed and best practice tends to dictate that many UK Companies Acts disclosures are adhered to. The Isle of Man Society of Chartered Accountants has issued a Statement of Recommended Accounting Practices.