When preparing accounts for Isle of Man companies, you can now select the applicable legislative framework:

• Isle of Man Companies Acts 1931–2004
• Isle of Man Companies Act 2006

This selection determines the legislative references used throughout the accounts, ensuring that all disclosures and wording reflect the correct legal framework for the entity.

This applies to:

• Directors’ Report
• Balance sheet statements
• Accountant’s Report

What’s New

A new configuration option allows you to select the correct Isle of Man legislative regime. Based on your selection:

• All legislative references are updated accordingly
• UK-specific wording is removed where not applicable
• Reports reflect the correct jurisdictional requirements
• Template content aligns with the selected company type and legislation

Isle of Man Legislative Frameworks Explained

The Isle of Man operates two parallel company law regimes:

Companies Acts 1931–2004

• Traditional framework based on older UK legislation
• Requires:
  • Minimum of 2 directors and a company secretary
  • Authorised share capital
• More formal and less flexible structure

Companies Act 2006

• Modern, flexible regime designed for international business
• Key features:
  • Single director permitted
  • No requirement for a company secretary
  • No authorised share capital
  • Allows nil par value shares
  • Requires a licensed Registered Agent

Resolution Summary

This update resolves issues where Isle of Man entities were incorrectly using UK Companies Act references. Templates now dynamically adjust based on the selected Isle of Man legislation, ensuring accurate and compliant financial statements.

If you have existing datasets, we recommend reviewing the legislative selection to ensure it reflects the correct framework for your client.