Financial Management (UK) articles from July 2008

Financial Management (UK) archives from July 2008

Now more than ever, businesses need CIMA professionals to keep a steady hand on the helm.(in business)(Chartered Institute of Management Accountants)
July 1, 2008... [ILLUSTRATION OMITTED] "May you live in interesting times" is an old Chinese phrase that's actually a curse rather than a blessing. Well, we certainly live in interesting times and it's a fascinating juncture for me to become CIMA's new...

Rigour fortis.(letters)(Letter to the editor)
July 1, 2008... I was surprised to read recently that the Russell Group of "top UK universities" has blacklisted A-level subjects it perceives as "soft", including business studies, ICT, law and accounting. This is perplexing, because some of its members have...

You can take a Norse to water.(letters)(Letter to the editor)
July 1, 2008... Perhaps the reason for Pauline Unwin's lack of opportunities in Finland (Letters, June) was not the locals' lack of recognition of her CIMA qualification, but her lack of awareness of local culture. Finland is part of "Norden" but not part of...

Fusion omission.(letters)(Letter to the editor)
July 1, 2008... [ILLUSTRATION OMITTED] Your informative article on the role that accountants can play in building value in M&As ("Unclear fusion", May) missed one critical point: staff retention within the finance department. My own experience at PA...

Target practice.(letters)(Letter to the editor)
July 1, 2008... I was surprised to see that so much more was written in CIMA's 2007 annual review about the growth in membership compared with student numbers. At 1.2 per cent, student growth in 2007 was the lowest since 2002. Despite this, CIMA is targeting...

Lost in translation.(letters)(Letter to the editor)
July 1, 2008... Bernard Potter asks about members' pensions (Letters, June). I have a pension of 2,400 [pounds sterling] a year, rising by three per cent a year, so am hardly in the lap of luxury when I see the salaries that some members earn and the pensions...

EC boost for smaller firms.(first in...)
July 1, 2008... [ILLUSTRATION OMITTED] The European Commission has issued a "small business act" (SBA) for Europe to support 23 million small and medium-sized enterprises in Europe. Most jobs in the European Union are provided by organisations that...

CIMA launched a report entitled.(first in...)(Chartered Institute of Management Accountants)(Brief article)
July 1, 2008... The Financial Reporting Supply Chain at the CIMA world conference in Colombo, Sri Lanka, via a presentation by former CIMA president Norman Lyle. The report is intended to give FDs worldwide a snapshot of their peers' opinions on how financial...

Two senior CIMA members have been named as members of a new multinational forum on tax.(first in...)(Chartered Institute of Management Accountants)(Brief article)
July 1, 2008... Two senior CIMA members have been named as members of a new multinational forum on tax. The group, to be chaired by Jane Kennedy, UK financial secretary, will include Douglas Flint FCMA, group FD at HSBC, and Hanif Lalani FCMA, group FD at BT,...

Teen tycoons triumph.(first in...)
July 1, 2008... Teams of year-12 students from Eton College (pictured right) and year-13 students from Plymouth College (pictured below) have won CIMA's annual management competition, which recognises entrepreneurial students and aims to develop future...

Money-laundering laggards rapped.(first in...)
July 1, 2008... [ILLUSTRATION OMITTED] The European Commission is pursuing infrinqement procedures against 15 member states for failing to implement the third anti-money-laundering directive into national law. The EC will send formal requests to Belgium,...

Howzat for transatlantic PR?(first in...)
July 1, 2008... The fourth annual CIMA Canada Mayor's Trophy cricket tournament took place on June 28 in Toronto. Despite torrential rain, the event attracted some of Canada's leading business people. Since it started in 2005 the event has grown steadily...

The CIMA qualification is equivalent to a master's degree, according to the independent UK agency responsible for rating immigrants' qualifications.(first in...)
July 1, 2008... The CIMA qualification is equivalent to a master's degree, according to the independent UK agency responsible for rating immigrants' qualifications. The National Recognition Information Centre for the UK (UK Naric) awards 35 points to the...

IFAC's professional accountants in business (PAIB) committee.(first in...)
July 1, 2008... IFAC's professional accountants in business (PAIB) committee has released the following three publications: * Preface to IFAC's International Good Practice Guidance (www.snipurl.com/ 2yveu) sets out the scope, purpose and process of the...

Foreign direct investment (FDI) outflows from OECD countries in 2007 leapt to a record.(first in...)
July 1, 2008... Foreign direct investment (FDI) outflows from OECD countries in 2007 leapt to a record $1.82trn (909bn [pounds sterling] from $1.2trn in 2006, but are projected to fall sharply this year, according to the OECD. If a slowdown in takeover...

CIMA Sri Lanka has published its criteria for the Global Compact Network Sri Lanka CIMA Sustainability Awards 2008-09.(first in...)
July 1, 2008... CIMA Sri Lanka has published its criteria for the Global Compact Network Sri Lanka CIMA Sustainability Awards 2008-09. Organisations planning to enter should submit evidence of a focused project showing a commitment to the bottom line and...

Ian Smith FCMA Chief executive, Pontin's.(ONE2ONE)(Interview)
July 1, 2008... You've recently bought Pontin's. Why? Do you have a deep nostalgia for British holiday camps? I'm one of five investors in Ocean Parcs, which bought Pontin's for 46m [pounds sterling]. I started the job in March and it's been a steep...

Perfect storm: the embarrassing fraud investigation into BAE's Al Yamamah deal has spiralled out to the US Department of Justice and led to the Woolf report. George Brown analyses the implications.(Opinion)
July 1, 2008... The Al Yamamah project, which included the sale of Tornado aircraft and maintenance services to Saudi Arabia, began in 1985 and its total cost is reported to be over 40 [pounds sterling] bn. In 2007 BAE signed a contract (project Salam) worth...

Supermarket sweep: as a downturn affects their home territories, big western retailers are looking to spread their risk overseas. But, as Scott Payton reports, securing a foreign foothold is rare y straightforward.(Company overview)
July 1, 2008... [ILLUSTRATION OMITTED] If you are British, paying a visit to a branch of B&Q in China can be a bewildering experience. The bright orange logo is the same as in the UK, but inside the store things are completely different. British B&Q...

Ride the tiger: India holds huge potent a for retailers, but there are pitfalls for the unwary.(Company overview)
July 1, 2008... As western markets become saturated, global retailers are seeing the developing world as the new frontier. India in particular has become a place to be: Marks and Spencer, Wal-Mart and Carrefour are joining domestic brands Reliance, Bharti...

Power politics: energy costs are soaring. FM invited experts to a round table to discuss their plans.
July 1, 2008... [ILLUSTRATION OMITTED] What are your organisations' main motivations to reduce their carbon dioxide emissions and how are they trying to achieve this? Andrew Wood, managing director, Adnams: Our drivers have changed over time. We've...

Rallying support: Glynn Lowth tells Ruth Prickett about his hopes to welcome CIMA's 75,000th member during his year as president and why he wants more members to help shape the future of the profession.(Chartered Institute of Management Accountants)(Interview)
July 1, 2008... [ILLUSTRATION OMITTED] What's your day job? I work for BASF, the world's largest chemical company, where I've been for 13 years. I'm a senior manager in the IT services subsidiary, responsible for supporting the computer applications...

Big in smalls: Howard Bryant FCMA helped to turn a tiny dot-com into the world's largest online seller of branded underwear. He explains why an SME is a tougher test of professional mettle than a multinational.
July 1, 2008... Far removed from the FT's "Companies and markets" section and its stories about boardroom putsches and, in these difficult times, profit warnings and victims of subprime write-offs, there exists another business world. It's the world of small...

Fahrenheit 2013: five years ago it would have been impossible to predict the impact that global warming has had on business practices today. Ruth Prickett considers the key drivers that will affect the corporate response to climate change over the next five years.(THE GREEN GAMEPLAN)
July 1, 2008... [ILLUSTRATION OMITTED] Publicity about climate change is often negative. If it's not wails of "we're all doomed" from one side, it's screams of outrage about draconian legislation from the other. Environmentalists warn that millions of...

Substance + style = success: appearances matter. Like it or not, you will be judged on more than technical competence. Jane Mather advises on personal branding.(career development)
July 1, 2008... [ILLUSTRATION OMITTED] "Your reputation precedes you." Most of us have heard this expression used about us and we all hope that the implication is positive. But how can you be sure that your reputation--the one aspect of you that clients...

Financial reporting: the financial reports of the future should flow straight from the management accounts, if the responses to an IFAC survey are anything to go by. Richard Young analyses its findings.(technical matters)
July 1, 2008... When Norman Lyle FCMA, former CIMA president and group finance director of Jardine Matheson in Hong Kong, revealed the results of a survey that he conducted last year into the financial reporting supply chain, it became clear why the institute...

Cost reduction: Peter Coote explains how the teachings of William Edwards Deming can help firms to achieve lasting improvements in effectiveness and efficiency.(technical matters)(Viewpoint essay)
July 1, 2008... As western economies enter what appears to be the first significant downturn for some time, there's a collective tightening of belts. Many organisations treat cost reductions as special exercises, often assigning such projects temporary,...

Business ethics: CIMA members are well placed to manage their firms' ethical performance and integrate ethical goals into corporate strategy.(technical matters)
July 1, 2008... From organic food to Fairtrade T-shirts and from hybrid cars to recycled packaging, companies and consumers are becoming more switched on to the impact of business on society and the environment. A new survey of 1,300 finance professionals by...

Student one2one: Caroline Ellis: financial analyst, Hewlett-Packard.(study notes)(Interview)
July 1, 2008... [ILLUSTRATION OMITTED] When did you join Hewlett-Packard? I joined in September 2007, but I had been an intern with the month-end-close team at HP's UK offices in Bracknell before that while I was doing my four-year management science...

Management accounting--business strategy: Jerome Payne focuses on Nike, the world's biggest sportswear manufacturer, to demonstrate some common business strategy models.(study notes: PAPER P6)(Company overview)
July 1, 2008... The strategic models that P6 candidates need to be able to use can initially seem rather dry and difficult. The best way to understand how they work is to apply them to a real business. In this case, let's use Nike. Corporate strategy is...

Management accounting--performance evaluation: Tim Thompson and Vaughn White provide a step-by-step worked example to show how to construct a detailed budget for a business.(study notes: PAPER P1)
July 1, 2008... Planning and budgeting is one of the cornerstones of management accounting. The benefits that can be derived from the process are well established. To exploit them, it's essential that you conduct budgeting in a logical, detailed and integrated...

Exam notice: visit www.cimaglobal.com regularly for updates.(study notes)(Public notice)
July 1, 2008... May 2008 exam results The results for the strategic level and TOPCIMA papers were sent out by first-class post or airmail on July 17. The results for managerial level papers were posted on July 24. The results for all non-UK students were...

Honorary officers.(institute update)(Chartered Institute of Management Accountants)(Glynn Lowth elected as president)(Aubrey Joachim elected deputy president )(George Glass elected vice-president )
July 1, 2008... [ILLUSTRATION OMITTED] Glynn Lowth FCMA was elected president at the AGM on June 14. He has been a member of council for over 18 years and has chaired and served on several committees, including education and training, international and...

Investigation committee.(institute update)(Chartered Institute of Management Accountants)(cases of Steven Moran and Steven Bailey )(Brief article)
July 1, 2008... The committee found a prima facie case for Steven Moran ACMA to answer concerning an alleged failure to remove references to a former client from his company's web site, despite requests for him to do so. Pursuant to members' regulation...

Council member required.(institute update)(Public notice)
July 1, 2008... Casual vacancy, electoral constituency 12. Notice is given that, as the council member in electoral constituency 12 (South East England), George Glass, was elected vice-president at the June 2008 AGM, a new candidate is sought to represent the...

CIMA opens office in Dubai.(institute update)(Chartered Institute of Management Accountants)(Brief article)
July 1, 2008... CIMA has opened its first Middle East office, at Dubai Women's College, in response to increasing demand for international finance professionals across the region. Charles Tilley, CIMA's CEO, and Rick Sturge, director of employer and...

Diary.(Forthcoming local events in the UK)(Diary entry)(Calendar)
July 1, 2008... Visit www.cimaglobal.com/events for updates and a full list of events (all branch events are free, unless otherwise stated). To book places, get in touch with the contact for the relevant area, unless otherwise stated. To book on CPD Technical...

New members toast their success.(DIARY)(Chartered Institute of Management Accountants)(Conference news)(Brief article)
July 1, 2008... The London new members' celebration took place at 1 Wimpole Street, home of the Royal Society of Medicine, on July 2. CIMA's president, Glynn Lowth FCMA, welcomed almost 100 new members, while the guest speaker, Keith Luck FCMA,...

FD, private-equity-backed business: Sarah Hunt explains what you need to work in a demanding strategic and operational role in a fast-growing organisation.(so you want to be...)
July 1, 2008... [ILLUSTRATION OMITTED] The role of finance director in a private-equity-backed business is appealing if you seek breadth and depth in your job and a real say in what the business is doing. The salary level and benefits package will not...

Trevor Hassall.(On the move)
July 1, 2008... Trevor Hassall FCMA, professor of accounting education at Sheffield Hallam University, has been honoured for his contribution to accounting education by the British Accounting Association Education Special Interest Group.

BAE Systems.(On the move)
July 1, 2008... Ian King FCMA is to become CEO of BAE Systems on September 1. He is currently its chief operating officer.

DTZ.(On the move)
July 1, 2008... Hudson Tsui ACMA has been promoted to the post of regional business operations director, Asia Pacific, at DTZ. He was previously financial controller for the region and has been seconded to Hong Kong from London since 2007.

Just press "Send".(... last out)
July 1, 2008... "PayDynamics offers a total solution for a small and medium-sized business. [ILLUSTRATION OMITTED] "Our services allow our customers to focus on their business and grow for the future safe in the knowledge their back office is in safe...

Hello my name is.(... last out)
July 1, 2008... "Bruno Brunskill MA (Oxon), CISSP, FSyl, M.Inst.ISP, Anite Business Consulting, acting as the company secretary for Information Assurance Advisory Council (IAAC)."

Out and proud.(... last out)
July 1, 2008... "I am now on a 'Type B' out of the office until Friday June 20, 2008. Type A: at Unilever sites but in meetings. Will be collecting mails, but probably not able to give an immediate response. Type B: Some or all of the trip will be...

Odd job man.(... last out)
July 1, 2008... "Paul, a businessman with 30 odd years' industry experience, has an interesting perspective on growth companies, having sat on both sides of the fence working in management and in venture." Ballard Associates.

No, really?(... last out)
July 1, 2008... "Dr Robert Phillips, founder of Nomis Solutions, advises lenders to take rational measures in response to the mortgage slump." Nomis Solutions.

FT draws no conclusions.(... last out)
July 1, 2008... "Mr Trichet did not use either of the phrases "heightened alertness" or "strong vigilance", which have heralded past rate increases, though he cautioned against drawing conclusions from this. 'The fact that we have not mentioned heightened...

Mangled metaphors.(... last out)
July 1, 2008... "Liberal Democrat Treasury spokesperson Lord Oakeshott said: 'Gordon Brown let Britain's house party get out of control. Now Alistair Darling has been left with a 5 [pounds sterling] bn stamp-duty hangover. The chancellor had hardly sat down on...