The
business community in the Isle of Man
is strongly supported by approximately
70 chartered accountancy practices ranging
from the sole practitioner to representatives
of the 'Big Five' accountancy firms. The
Isle of Man Society of Chartered Accountants
represents the interests of approximately
350 members and acts as a voice for the
profession in liaison with government.
The
Isle of Man Society is a branch of the
Liverpool Society of Chartered Accountants
with whom it maintains close links. All
matters in relation to training, regulation
and discipline are handled by the Insitute
of Chartered Accountants in England and
Wales.
Isle of Man Generally Accepted Accounting
Principles
As
a self-governing Crown dependency the
Isle of Man has its own legislation (ie
the Companies Acts 1931-1993, the International
Business Act 1994 and the Limited Liability
Companies Act 1996), 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.
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