Financial Management (UK) articles from February 2006

Financial Management (UK) archives from February 2006

CIMA's creativity, global reach and collaborative instinct are yielding hugely beneficial initiatives.(IN BUSINESS)
February 1, 2006... It's appropriate to start 2006 by staying focused on innovation. CIMA encourages creativity and new ideas, and there have been many examples of the innovative approach we take, both for and with our stakeholders. The institute's bedrock, the...

Two more CIMA members have secured appointments to the board of the International Federation of Accountants (IFAC).
February 1, 2006... Two more CIMA members have secured appointments to the board of the International Federation of Accountants (IFAC). CIMA council member Alfred Ramosedi has joined its professional accountants in business panel (PAIB), while Lalith Fonseka,...

High-performing public-sector accountants wanting to highlight their achievements.
February 1, 2006... High-performing public-sector accountants wanting to highlight their achievements should enter the Public Reporting and Accountability Awards. Run by the Chartered Institute of Public Finance and Accountancy and PwC, they recognise best...

Financial managers with a taste for adventure are being urged to take part in a new corporate fundraising event.
February 1, 2006... Financial managers with a taste for adventure are being urged to take part in a new corporate fundraising event. The FTC Three Peaks Challenge involves climbing the UK's highest mountains--Ben Nevis, Scafell Pike and Snowdon--within 24 hours....

M&S's victory on tax relief fails to open floodgates for UK companies.(COMPANY LAW)
February 1, 2006... The European Court of Justice's recent ruling in favour of Marks and Spencer in its tax relief case has had a mixed reaction from the business community. The court has decided that a British company can claim UK tax relief on losses incurred by...

New IASB trustees shift balance of power to Asia.(International Accounting Standards Board)(Brief article)
February 1, 2006... The International Accounting Standards Board (IASB) is increasing the number of its trustees to reflect the growing importance of Asia in the global economy. The number of trustees has risen from 19 to 22 and the representation has shifted away...

OFR U-turn will send chancellor to court, pledges Friends of the Earth.(operating and financial reviews poised by Friends of the Earth)(Brief article)
February 1, 2006... Environmental pressure group Friends of the Earth (FOE) is poised to challenge the chancellor's surprise decision to scrap mandatory operating and financial reviews (OFRs). It hopes to put its case before the High Court next month. Gordon...

CIMA releases ethics CD.(FIRST IN ...)
February 1, 2006... Members and students can now keep themselves up to date on ethical developments with the help of the free CD-Rom attached to the front of this issue. The disc, containing CIMA's new code of ethics, has a special facility that makes it...

Members to receive CPD disc.(from Chartered Institute of Management Accountants)(Brief article)
February 1, 2006... A free CPD CD-Rom will be available to CIMA members in next month's issue of FM. The online planning tool has been designed to support members in assessing, planning and recording their professional development. The "ideas generator" facility...

Enron's former chief accounting officer.
February 1, 2006... Enron's former chief accounting officer, Richard Causey, has reportedly agreed a deal with US prosecutors that will give him a reduced sentence in return for testifying against his former chief executives, Kenneth Lay and Jeffrey Skilling. ...

The European Parliament is planning to investigate the Equitable Life scandal.(Equitable Life Assurance Society of the United States)(Brief article)
February 1, 2006... The European Parliament is planning to investigate the Equitable Life scandal, which left a million policy-holders facing heavy losses. The life insurer's near collapse also affected 15,000 policy-holders outside the UK, particularly in...

The International Financial Reporting Interpretations Committee has released draft interpretation D18.(Brief article)
February 1, 2006... The International Financial Reporting Interpretations Committee has released draft interpretation D18, "Interim financial reporting and impairment", which is designed to provide guidance on the application of the impairment requirements for...

The CIMA Financial Management Awards London, December 1, 2005 in association with the FT.(FIRST IN ...)
February 1, 2006... 1: Lifetime contribution to management accounting, sponsored by FSS. Winner: Rudy Markham, Unilever. Pictured (l-r): Ian Christison. CIMA president; Richard Putley of FSS; Paul Baumann of Unilever (on Markham's behalf); comedian Fred...

Alison Woodhams FCMA Chief operating officer, BBC World Service.(ONE2ONE)(Cover story)
February 1, 2006... The BBC World Service is going through the biggest shake-up in its 70-year history. At what point did you enter proceedings? It all started in 2004 when the service proposed to expand and set up an Arabic TV channel. Unfortunately, no extra...

Come hell or high water: the Disasters Emergency Committee raised a massive 422m [pounds sterling] from its Asian tsunami appeal--far more than for any other crisis in its 43-year history. A year on, Brendan Gormley explains what it did with the cash.
February 1, 2006... Ismail Ayub vividly remembers the day of the Indian Ocean tsunami. "I was having breakfast when it hit," he says. "It was as high as a coconut tree. It seemed to come towards me from all directions and it was so noisy that it sounded like an...

Traffic jam: India needs to improve its infrastructure to compete with China and attract international trade, but creating a new infrastructure organisation is not the way to do it.
February 1, 2006... India's government recently set up a special-purpose vehicle called the India Infrastructure Finance Company (IIFCL). This has a paid-up capital of Rs100m (1.3m [pounds sterling]), authorised capital of Rs10bn and a guaranteed borrowing limit...

Would you credit it? How would your business cope if one of its biggest clients were to go bust unexpectedly? If your answer is "not at all well", perhaps it's time to consider the services that credit reference agencies offer.
February 1, 2006... Given that credit reference agencies have been operating in the UK for almost a century, it's perhaps surprising that so few companies take advantage of their services. Most people are aware that such organisations exist--after all, it's...

Investment strategy: Gavin Reid and Julia Smith reveal the findings of their latest research into how investors use financial reports to evaluate the prospects of high-tech enterprises.(TECHNICAL MATTERS)
February 1, 2006... In 2004 we reported in FM on the ways in which venture capitalists try to make informed decisions when appraising investments in high-tech firms whose inventions are at an early stage of R&D ("When our chip comes in", May). We have since taken...

Professional standards: CIMA's new code of ethics, which is now in force, is based on principles rather than rules. Danielle Cohen explains why this will make it even more effective.(Chartered Institute of Management Accountants)
February 1, 2006... On January 1 the new CIMA code of ethics for professional accountants took effect, setting out the principles of professional behaviour required of all members and students. In order to support its members and students in their application...

Performance management: Veronica Martinez and Nike Kennerley report on a case study of a utilities firm to determine the pros and cons of modern performance management systems.(TECHNICAL MATTERS)
February 1, 2006... Many organisations strongly favour the use of broad-spectrum performance management systems (PMSs) over that of traditional, financially focused systems. This has partially been driven by the popularity of balanced scorecards--a management fad...

Global contact details.(of Chartered Institute of Management Accountants)(Directory)
February 1, 2006... CIMA Services was relaunched as CIMA Contact from 1 July 2004 to reflect that students and members now contact us via e-mail, from our web site, via fax and via telephone, and that we offer information to students, members, organisations and...

Student ONE2ONE: Geoffrey Aris, head of structured finance, Independent Growth Finance.(Interview)
February 1, 2006... Congratulations on becoming a passed finalist at the age of 56 last year. What took you so long? I used to be a precision engineer at a company that supplied wheels and suspension parts to car manufacturers. But the industry started...

Management accounting--decision management: Tim Thompson presents a sample self-test question that explains what process costing does--and does not--tell us when it comes to evaluating joint products.
February 1, 2006... One of the learning outcomes of paper P2 states that candidates should be able to: "Explain why joint costs must be allocated to final products for financial reporting purposes, but why this is unhelpful when decisions concerning process and...

Certificate level, managerial level, strategic level and TOPCIMA: Julia Brown offers a guide to making the best use of your study time and using the many learning resources that are available on the CIMA web site.(Chartered Institute of Management Accountants)
February 1, 2006... Whether you're attending college, taking a distance-learning course or serf-studying, you'll spend some time learning on your own. It's crucial to consider how to manage this time effectively. So, before you start, take some time to create a...

Exam notice.
February 1, 2006... Visit www.cimaglobal.com regularly for updates. * November 2005 exam results The results were sent by second-class post or airmail on January 26. * Attendance slip receipts You will have received an attendance slip receipt for each...

Your branch needs you.(managing a branch)(Brief article)
February 1, 2006... The aims of a branch are to be a communication channel between the institute's HQ and the membership, and to provide events to help members expand their knowledge and make themselves more employable, while also meeting their CPD needs. ...

Network pilot takes off.(from Chartered Institute of Management Accountants )(Brief article)
February 1, 2006... CIMA has launched a scheme to test whether a different network structure will be more appropriate to members' needs in the 21st century, writes Francis Rowlands. UK areas 6 and 12 will operate on a regional basis for at least a year and be...

Elections to council 2006.(Chartered Institute of Management Accountants)
February 1, 2006... Full-term vacancy and casual vacancy, area 3 (East Midlands and East Anglia) Notice is given that council member Dennis Jacklin will not be seeking re-election on the expiry of his term of office at the end of the AGM in June 2006 and...

Please give generously.(Letter to the editor)
February 1, 2006... As chairman of CIMA's benevolent fund, and on behalf of the committee and the beneficiaries, I thank all those who donated to it last year. The fund was set up to help members and their dependants who are suffering financial hardship. These...

Adding value.(Letters)(Letter to the editor)
February 1, 2006... The article "Back to school" (October 2005) focused on how employers can teach UK teenagers entrepreneurship, but drew attention to the more fundamental issues of numeracy and financial literacy. Employers in schools should seek to address...

Presidential engagements.(Calendar)
February 1, 2006... Feb 4 North-west student conference, Warrington Feb 8 "Meet the president", central London and central government branch Feb 9 Honorary officers' meeting, London Feb 18 Area 4 student conference...

Obituary.(Colin Pinder of Chartered Institute of Management Accountants passes away)(Obituary)(Brief article)
February 1, 2006... Colin Pinder FCMA FCA JDipMA, a CIMA silver medallist and council member 1987-2002, died on November 15, 2005 after a long illness. He made an outstanding contribution to the institute and was an active member on many committees, including...

Election result.
February 1, 2006... Casual vacancy--area 4 (West Midlands) Derek Gordon Barnes has been elected to council for his first term as a member of council, to serve until the dose of the 2007 annual general meeting.

Cranfield-CIMA scholarship.(Chartered Institute of Management Accountants announces scholarship)(Brief article)
February 1, 2006... At the CIMA technical symposium organised by CIMA Sri Lanka Division, Sri Srikanthan of Cranfield University announced that a Cranfield-CIMA scholarship would be offered to a CIMA Sri Lanka Division member from this year. It will be awarded...

Diary.(Calendar)
February 1, 2006... Visit www.cimaglobal.com/events for updates and a full list of events (all are free unless otherwise stated). To book places, get in touch with the contact for the relevant area (see panels). To book on a CIMA Biz.Net event, call 020 8849 2244...

Mature victors? Age discrimination in the workplace will be outlawed under new legislation that's scheduled for enactment in the autumn. Camilla Berens explains its implications.(JOBS & CAREERS)
February 1, 2006... Anyone who has been listening to The Archers on BBC Radio 4 lately can't help but feel pity for poor old Jack Woolley. The rural soap opera's octogenarian entrepreneur cuts a sorry figure these days as his mind becomes clouded by dementia and...

Woodside Energy.(ON THE MOVE)
February 1, 2006... Peter Coulson ACMA has joined Woodside Energy in Perth, Western Australia, as head of finance and planning for its African division. He was previously a finance manager at BHP Billiton Petroleum.

Swedish Tax Agency.(ON THE MOVE)
February 1, 2006... Darragh Hayden ACMA has joined the Swedish Tax Agency as tax auditor at the International Unit in Malmo. He was previously financial controller with Ticketmaster Ireland in Dublin.

Oracle.(ON THE MOVE)
February 1, 2006... George McDevitt ACMA has been appointed vice-president of finance for Oracle UK, Ireland and South Africa. He has worked at the firm for over 13 years, most recently as vice-president of finance for Oracle Consulting in Europe, the Middle East...

Secret diary: it has been propounded that two out of three "ain't bad". But does this theorem apply to losing jobs? Piers Pommeroy would surely concur, as he's dearly not the best man for certain tasks.(Diary entry)
February 1, 2006... Week 1 There's an odd atmosphere round here. It's like one of those sultry summer evenings when there's a storm brewing and the sun is shining on one side of the sky but there's a huge black cloud on the other. People don't know whether to...