Model accountants that comply with FRS102 have been produced specifically for Isle of Man companies for the first time by ACCA (the Association of Chartered Certified Accountants). When followed the model accounts will not only vastly improve transparency but also prove valuable to potential investors, opening up new avenues of investment for Manx businesses.

FRS 102 is a reporting standard that all companies in the UK and Ireland must adhere to when producing financial statements. The same rules do not apply to the Isle of Man, and this makes comparisons extremely difficult for investors. The use of the reporting standards will help Isle of Man companies compete with those in the UK and Ireland for investment.

Eddie Teare, Treasury Minister, said: “Manx companies can’t operate in a vacuum, attracting overseas investment is a competitive market and the easier it is for investors to make a decision the more likely they are to invest. ACCA’s members have worked tremendously hard to produce the first set of model accounts that comply with Isle of Man company law and UK and Ireland standards.

“Financial Transparency is vitally important for businesses reputation and public image. Businesses realise the importance of reputation and there is an ever growing pool of ethical investors and it’s important that companies who want to have the broadest possible appeal do all they can to make themselves appealing."

Sandra Skuszka, Chair ACCA Isle of Man members’ network panel, said: “The panel would like to thank Glenn Collins head of ACCA’s technical advisory team for his help and guidance in pulling these model accounts together and his continued support for ACCA members based here on the Isle of Man.”

FRS 102 was produced by the FRC (Financial Reporting Council) and was published in 2010. Visit www.frc.org.uk for more details.