Financial Management (UK) articles from March 2001

Financial Management (UK) archives from March 2001

Editor's letter.
March 1, 2001... The role of the finance professional is changing rapidly. Where once financial and accounting skills were the main prerequisites for a career in finance, now strategic skills, people management, business development and brand management can all...

Digita backs self-assessment.
March 1, 2001... An initiative to kick-start the Inland Revenue self-assessment on-line filing service has been launched by Digita, following a disappointing take-up. "All government agencies suffer from gaps in knowledge and understanding, and the inability to...

Duplicates cost firms millions.(fraudulent invoices costly says Deloitte & Touche report)(Brief Article)
March 1, 2001... About 1 per cent of the total value of a company's invoice costs are for duplicate payments, according to research by Deloitte & Touche. "When multiplied across UK companies, we're talking about a loss of millions to business," warned Mark...

Call for consistent policy on LPG.(Brief Article)
March 1, 2001... The lack of a co-ordinated approach to alternative fuels is wasting a golden opportunity to cut car-running costs and reduce pollution. "Wide variations in the standard of conversion are putting the take-up of liquid petroleum gas (LPG) at...

Merger financing for IT sector.(Brief Article)
March 1, 2001... IBM Global Financing and Regent Associates are offering the first specialist merger and acquisition financing service aimed specifically at the technology sector. The new service will provide both debt and equity funding options.

CFOs call for banking transparency.
March 1, 2001... Four out of five chief financial officers working for multinational organisations would like to see greater transparency over the expertise of banks and financial advisers, according to research by the Global CFO Corporate Finance Network....

Firms advised to cut climate change levy by going green.(Brief Article)
March 1, 2001... The jury is still out on the effects of the climate change levy, according to Bruce Epsley, deputy president of CIMA. Speaking at a climate change levy seminar held by CIMA and the Energy Efficiency Best Practice Programme, he warned that it...

A global quality standard for firms conducting transnational audits.(Brief Article)
March 1, 2001... A global quality standard for firms conducting transnational audits is being developed by 23 international accountancy firms and the International Federation of Accountants (IFAC). "The initiative will strongly serve the interests of the users...

The Accounting Standards Board (ASB) is seeking comments on the recommendations made in the Convergence Handbook.(Brief Article)
March 1, 2001... The Accounting Standards Board (ASB) is seeking comments on the recommendations made in the Convergence Handbook, a detailed comparison of international accounting standards (IASs) and UK financial reporting requirements. The ASB decided to...

The International Accounting Standards Committee (IASC) has published IAS 41, Agriculture.
March 1, 2001... The International Accounting Standards Committee (IASC) has published IAS 41, Agriculture. IAS 41 prescribes the accounting treatment, financial statement presentation, and disclosures relating to agricultural activity. It requires measurement...

BarterTrust shifts base to London in bid for European barter market.
March 1, 2001... A major US barter exchange conglomerate has opened a new head office in London, with a view to expanding throughout Europe. Bartering, the oldest form of trade in the world, has come full circle and is offering an alternative way forward...

Incompatible IT scuppers mergers.(Brief Article)
March 1, 2001... Although organisations embark on mergers and acquisitions hoping for greater economies of scale, a larger market share and access to new technologies, products or staff, most do not create shareholder value, according to Sir John Shaw, governor...

New guidance for charities.(Brief Article)
March 1, 2001... Concerns about fundraising and maintaining records have led to charities coming under increasing scrutiny from the Inland Revenue and the Charity Commission. A new report, Charity Investigations, aims to help trustees and representatives to...

Website crashes set to double.(costly to business' reputations, costly financially)(Brief Article)
March 1, 2001... Website crashes cost UK businesses $187 million last year, and this figure is set to double in 2001, according to Bruno d'Avanzo, chief executive of web services provider Hostmark. "The biggest risk is the damage to a firm's reputation,"...

EC proposes new mechanism.(accountancy standards)(Brief Article)
March 1, 2001... The European Commission has proposed a tough new review mechanism for accountancy standards, but national regulators fear this could frustrate efforts to create global accounting rules. The proposed regulation, which requires European...

Rise in local council fraud.(Audit Commission report)(Brief Article)(Statistical Data Included)
March 1, 2001... The value of fraudulent payments to suppliers by local councils rose by 40 per cent last year, according to the Audit Commission's annual report. Protecting the Public Purse: Ensuring Financial Probity in Local Government shows a rise in fraud...

Letters.
March 1, 2001... Financial Management, 63 Portland Place, London W1B 1AB; financialmanagement@cimaglobal.com Public disagreement Ian Elrick's argument (Letters, FM February 2001) that the NAO and PAC are to blame for continuing risk aversion in the...

No place like Dome?(Brief Article)
March 1, 2001... Lots of managers have great ideas but, argues Mike Brown, if firms are to avoid creating another Dome, they need to hire managers who can turn these ideas into increased profits Successful businesses depend on managers who can deliver. All...

Wage slips.(Brief Article)
March 1, 2001... If anyone in your firm can prove they have been paid less than someone else in a comparable job, they now have considerably longer to claim compensation. Sue Nickson asks whether time heals old wounds Section 2(4) Equal Pay Act 1970 (EPA)...

Easy com, easy go.(Brief Article)
March 1, 2001... Firms spending millions on websites are finding that just 5 per cent of on-line transactions are completed. Companies spend vast sums -- often hundreds of thousands of pounds -- on website design and implementation. Few realise, however,...

Lock and learn.(Brief Article)
March 1, 2001... This is a time of unprecedented change... or is it? Conventional wisdom has it that we are experiencing an unprecedented rate of change. I have followed this line in previous articles and have drawn attention to fatal weaknesses in...

Causes and effects.(Brief Article)
March 1, 2001... Poor press and an increasingly wary public are prompting charities to adopt ever more sophisticated fundraising and publicity techniques. The British public has long had a reputation for giving generously to charities, but this image is now...

Give and make.
March 1, 2001... The nature of much charitable work makes it hard to account rigorously for outcomes. It is notoriously difficult to assess the performance of any not-for-profit organisation because traditional financial statements do not reveal the value...

Cut and thrust.(How will firms cope if the UK economy goes into recession)(Brief Article)
March 1, 2001... Prices have come under increasing pressure in the past few years, but how will firms cope if the economy goes into recession? Peter Bartram suggests 10 ways to fight a price war One consequence of the low inflation in Britain's economy over...

Bridging the Gaap.
March 1, 2001... As the world moves towards a global capital market, the accounting and investment community has paid increasing attention to comparing financial statements between countries. In May 2000, accounting standard setters reached a milestone on the...

Culture vultures.
March 1, 2001... If management accounting change conflicts with corporate culture, the best plans go awry. If businesses are to survive the complexities and uncertainties of the current marketplace, it is increasingly important that they align their...

Tricks or treats?
March 1, 2001... The role of management accountants is changing. John Burns and Hassan Yazdifar use the latest research findings to examine the threats and the opportunities these changes pose The debate about the future of management accountancy rages on....

Opt in.(Brief Article)
March 1, 2001... Traditional financial tools fail to link complex and changing strategic aims with financial reality. Greg Parrish explains how the real options approach can help to improve your decision-making In order to grow in today's increasingly...

Climb every mountain.(Brief Article)
March 1, 2001... Want a team-building exercise that is tough, challenging and guaranteed to win you lots of brownie points? The Invesco 24 Peaks Challenge, in aid of international aid agency Children's Aid Direct, is looking for investment, finance, accountancy...

UK non-executive directors burdened by new workloads.(Brief Article)
March 1, 2001... Corporate governance is piling more responsibility and increasing work pressures on non-executive directors (NEDs), according to a new report, which suggests that this is leading to growing tension. The gap between the traditional NED's...

Older, wiser -- and less employable?(employment prospects of people over 50 years)(Brief Article)
March 1, 2001... People over 50 years old regard themselves as being on top of the jobs scrap heap, according to research which found that the vast pool of knowledge and experience in this section of the workforce is largely untapped. The Open University...

UK TEAMS START PUTTING THEMSELVES FORWARD IN THE OFFICE GOLF CHALLENGE.(Brief Article)
March 1, 2001... If this year's resolutions included taking up sport and supporting charity, but you don't like gyms and the idea of kicking a ball around a muddy pitch in the pouring rain leaves you cold, why not take up The Glenlivet office putting...

10 rules for naming or renaming products, services or companies.(Brief Article)
March 1, 2001... 1. Think long-term, plan ahead and allow enough time from briefing to registration. 2. Develop a comprehensive brief -- and ensure that the creative team understands it. 3. Consider strategically any future brand extensions and...

Find a partner.(specialist careers website Qcareers)(Brief Article)
March 1, 2001... A specialist careers website aimed at partner-level opportunities has been launched by Qcareers following widespread interest from professional firms. It is an employer-only site which enables interested parties to make contact on an informal...

Currency exchange.(Brief Article)
March 1, 2001... Active Travel is a new agency that offers businesses a way of paying for their travel arrangements using underperforming assets. A partnership between corporate travel agency Phoenix Travel and barter trading company Active International, the...

BA top fares come down to earth.(British Airways)(Brief Article)
March 1, 2001... From April, first class, club world and many other customers will pay lower fares for British Airways flights. The airline is adjusting prices to reflect changes in payments to agents, following the introduction of its new agents' remuneration...

Hire fidelity.(accounting and finance professionals' employment forecast)(Brief Article)
March 1, 2001... Chief financial officers (CFOs) expect to increase the number of accounting and finance professionals they hire by 8 per cent in the first quarter of 2001, according to the new Robert Half International Financial Hiring Index. Of the CFOs...

NSPCC invites adventurous walkers to trek for charity.(Brief Article)
March 1, 2001... If you're tough, fit, love travelling, and hate the idea of an organised tour where you are ferried from luxury hotel to luxury hotel by air-conditioned bus, why not join one of the treks organised by the NSPCC -- and raise money to stop...

Return of the natives.(Management Accounting for Non-Governmental Organisations recruits accountants for non-governmental organizations serving developing countries)(in developing countries)(Brief Article)
March 1, 2001... If you're suffering from winter blues and are keen to escape endless rain and grey skies, working abroad may appeal; but all too often the worry of returning home to no job puts people off. This is why Management Accounting for Non-Governmental...

IT AINT WHAT YOU DO, IT'S THE WAY THAT YOU SELL IT.(accountants' sex lives)(Brief Article)
March 1, 2001... Valentines day may have been and gone, but if you are looking for love, telling people that you are a management consultant is likely to attract many more people than admitting to being an accountant. According to research from introduction...

Visible panty line-up.(Brief Article)
March 1, 2001... If you are keen to raise money for charity and are not too concerned about making a fool of yourself, Red Nose Day is coming up again (16 March 2001) and the organisers are looking for your support. Their suggestions for fun-filled fundraising...

Car perks.(car insurance for accountants)(Brief Article)
March 1, 2001... Looking for car insurance? If so, you should be able to get a lower rate than those in more reckless professions. Accountants have one of the safest driving records of any occupation according to research from Bell Direct. "We like to insure...

New recruitment.(job offers in accountancy and finance)(Brief Article)
March 1, 2001... Accountancy and finance is the place to be and increasing numbers of candidates in industry and commerce are securing high quality job offers as the sector continues to be buoyant. "Today's candidates are more selective in their job hunt, which...

Stressed up, nowhere to go?(tips for self-employed accountants)(Brief Article)
March 1, 2001... If you are self-employed, you are your company's most valuable -- and indispensable -- asset, so you can't afford to go under. If anyone knows about stress, it's the self-employed. Whatever the causes of stress in the workplace, you can bet...

Council welcomes strong membership.(Brief Article)
March 1, 2001... At a packed meeting last month, council congratulated Alderman Sir Clive Martin on being appointed a Knight Bachelor and Tim Cooper-Jones on being awarded an OBE in the New Year's honours list. It also thanked William Garder for his...

Quiznight for the presidential and management teams.(Chartered Institute of Management Accountants' meeting)(Brief Article)
March 1, 2001... A landmark opportunity to quiz top CIMA personnel about major recent initiatives attracted 100 members and students to the Cockpit Theatre in London on 23 January. Interest in the institute's most important initiatives prompted frank questions...

Are you on the FRS mailing list?(Brief Article)
March 1, 2001... CIMA members and students can request free copies of individual financial reporting standards (FRSs) when they are published by the Financial Reporting Council. CIMA prints these once the FRS is issued -- anyone who has asked to be on the...

Subscription notice reminder.(Brief Article)
March 1, 2001... Your subscription was due on 1 January and payment must be received by 31 March. When paying your subscription, please do not send cash. CIMA accepts: * a money order, UK postal order, or cheque (sterling only), crossed and made payable to...

Learn the secrets of business success with CIMA Biz.Net.(Chartered Institute of Management Accountants)
March 1, 2001... CIMA Biz.Net, an exciting new initiative from the institute is being launched this month. Designed to build on the success of events held by local branches and to complement existing locally generated events, it will provide a range of...

CPC Stroud Flexibles.(appoints Mark Turner commercial director)(Brief Article)
March 1, 2001... Mark Turner FCMA has been appointed commercial director at CPC Stroud Flexibles, part of Groupe CPC. Turner joined the company in 1997 as site accountant, and was promoted to finance and commercial manager in 1998. Prior to this, he held...

ICI.(appoints Tim Scott chief financial officer)(Brief Article)
March 1, 2001... ICI has appointed Tim Scott ACMA as chief financial officer(designate). He will be appointed an executive director of the company with effect from 23 May, the date of the ICI AGM. He is currently the group's vice-president, strategy and...

Plexian.(Ian Smith joins business consultancy)(Brief Article)
March 1, 2001... Ian Smith has joined Plexian with the brief of further strengthening the company's financial and commercial skills. Plexian was launched in November following the merger between Plexus and Olympian Consultancy. Smith joins from Capita, where he...

PricewaterhouseCoopers.(partner Mary Keegan appointed to Accounting Standards Board)(Brief Article)
March 1, 2001... Mary Keegan, a senior partner at PricewaterhouseCoopers, has been appointed chairman of the Accounting Standards Board (ASB). Keegan will be working both as ASB chairman and at PricewaterhouseCoopers until she leaves PwC in the spring.

Baan UK.(appointed Richard Jones as customer service, risk and quality assurance manager )(Brief Article)
March 1, 2001... Baan UK has appointed Richard Jones as customer service, risk and quality assurance manager for its UK, Eire and Middle East markets. Before this, Jones worked for Unilever and Dairy Crest.

Bellis-Jones, Hill & Prodacapo.(Brief Article)
March 1, 2001... Tony Hodgson has taken up the position of commercial director at Bellis-Jones, Hill & Prodacapo. Before this, Hodgson worked for DHL.

Land Lease IT.(Brief Article)
March 1, 2001... Fabian Swampillai FCMA has joined Land Lease IT division, Europe, as financial controller. He was previously a European accounting manager at an American Biotech company.

Worldlink.(appoints Paul Bosson as managing director)(Brief Article)
March 1, 2001... Worldlink, a wireless data provider, has appointed Paul Bosson as its managing director. Worldlink recently attracted a multi-million-pound investment from BT Cellnet through a strategic partnership. Bosson was previously chief financial...

Oracle Corporation.(Brief Article)
March 1, 2001... Geof Lewis has joined web-application management specialists Aptegrity as finance director at the company's European centre of operations. Before this, Lewis worked for Oracle Corporation as business finance manager for UK consulting.

TXU Europe.(Brief Article)
March 1, 2001... Roland Stringer Consulting is the new freelance venture of Roland Stringer FCMA, formerly vice-president of resources at TXU Europe. The business will focus on performance measurement for 21st century companies.

Arthur Andersen's professional standards group.(Robert Hodgkinson to serve on council of Federation des Experts Comptables Europeens)(Brief Article)
March 1, 2001... UK members of the Consultative Committee of Accountancy Bodies (CCAB) have appointed Robert Hodgkinson, a partner in Arthur Andersen's professional standards group, to represent the UK profession on the council of the Federation des Experts...

Leeds Community and Mental Health Services Teaching NHS Trust.(Brief Article)
March 1, 2001... Rick Tompkins has been appointed by Leeds Community and Mental Health Services Teaching NHS Trust as a non-executive director to the board