Financial Management (UK) articles from May 2008

Financial Management (UK) archives from May 2008

CIMA's successes over the past year have only fuelled its ambitions for further expansion.(in business)
May 1, 2008... I am delighted to note that CIMA's recently published annual review reveals our largest ever growth in the number of new members. We achieved 4.8 per cent net membership growth in 2007 against an ambitious target of 4.5 per cent, increasing the...

Crunch points.(letters)(Letter to the editor)
May 1, 2008... It was a pleasure and very helpful to read the article entitled "APB audit warning" (First in, February). This piece was ideal for organisations operating in developing countries, where the impact of the credit crunch is far greater than many...

Funds manager.(letters)(Letter to the editor)
May 1, 2008... I am surprised that you quoted Sir John Bourn's comment on fraud (First in, March). Perhaps you should have been aware that he was subjected to parliamentary pressure over his use of public funds, which resulted in his resignation in January....

Mind your Ps and Qs.(letters)(Letter to the editor)
May 1, 2008... Peter Weeks' comments regarding the meaning of the phrase "one of the only" were apt (Letters, March). Other common errors are the use of "the latter" when referring to the last item in a list and "alternative" when there are three options. ...

On site and out of mind.(letters)(Letter to the editor)
May 1, 2008... Thank you for highlighting the impact that alcohol and drugs can have on employees ("Friends in high places", March). As the article pointed out, alcohol is often used by workers to cope with stress and it has a negative impact on their ability...

Profile view.(letters)(Letter to the editor)
May 1, 2008... I refer to the informative article "Know your enemy" (November 2006), which described the role of profiling in preventing and detecting fraud. The value of this technique was highlighted recently with the discovery of massive losses incurred by...

Tilley slams average-price idea.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... Charles Tilley, CIMA's chief executive, has spoken out against proposals by business leaders in Europe and the US to suspend the use of point-in-time market prices to determine fair value. [ILLUSTRATION OMITTED] The main focus of the...

CFOs' responsibilities have expanded.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... [ILLUSTRATION OMITTED] CFOs' responsibilities have expanded widely, from traditional cost control roles to more strategic advisory positions, according to research into more than 2,100 finance executives worldwide by the Economist...

In the first ten months of 2007 the European Commission received 56 per cent more consumer safety alerts from EU member.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... In the first ten months of 2007 the European Commission received 56 per cent more consumer safety alerts from EU member states than it did over the same period in 2006. Research by Freshfields Bruckhaus Deringer and lpsos Mori recently...

The OECD Factbook 2008, containing economic, environmental and social statistics for OECD countries and other big economies, was published on April 8.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... The OECD Factbook 2008, containing economic, environmental and social statistics for OECD countries and other big economies, was published on April 8. This new edition has a special focus on national productivity. It is available free at...

Clinical excellence.(first in ... All the latest news affecting accountants in business, including regulations updates)(Brief article)
May 1, 2008... Three students have been honoured in the CIMA NHS Student Excellence Awards for exceptional performances in the November 2007 exams. Jennifer Kirkham, a financial management trainee at Gloucester Primary Care Trust, achieved the highest...

Indian firms in M&A spree.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... Businesses in India are ignoring concerns about the credit crunch and taking the opportunity to acquire companies in developed economies while other potential buyers hang back. [ILLUSTRATION OMITTED] According to research by KPMG...

The international federation of Accountants (IFAC) is seeking comments from members.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... The international federation of Accountants (IFAC) is seeking comments from members, associates and other interested parties on its proposed new translations policy. The policy, which is set out in a consultation paper, "Translation of...

IFAC's International Public Sector.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... IFAC's International Public Sector Accounting Standards Board (IPSASB) is developing a framework to help public-sector entities report on the long-term fiscal sustainability of government social benefit programmes. The IPSASB has released...

Correction.(first in ... All the latest news affecting accountants in business, including regulations updates)(Correction notice)
May 1, 2008... In our feature on the London Borough of Croydon ("Thorough counsel", April) we stated that the local authority was the first London borough to gain CIMA Training Partner status. It was in fact the first to become a CIMA Training Quality...

Etrepreneur challenge.(first in ... All the latest news affecting accountants in business, including regulations updates)
May 1, 2008... UK entrepreneurs are invited to submit their applications for a slice of a 35m [pounds sterling] interest-free investment in the 2008 Bank of Scotland Corporate 35 Million [pounds sterling] Entrepreneur Challenge. Seven winners from regions...

One 2 one: Tariq Moghal ACMA CFO, outsourcing, Europe, Capgemini.(Interview)
May 1, 2008... What does your job entail? At its simplest, it involves managing the European side of our 3bn [euro] outsourcing business. What makes this role exciting is the variety--in terms of cultures and the range of businesses at different stages...

What s your poison? The UK government is constantly issuing warnings about the evils of booze, fags, fat, sugar, salt etc. Ruth Prickett is all for public information and safety, but this obsessive, nanny-state behaviour has created a weird and wasteful vicious circle.(opinion)
May 1, 2008... It's all your fault. That's official. Slapped wrists all round, do not pass Go, do not collect 200 [pounds sterling]. Hardly a day goes by without a government minister announcing that some firm or other is harming the general public. ...

Unclear fusion: there's an increasing body of anecdotal evidence to suggest that most takeovers fail to deliver their promised benefits, It's time for management accountants to bring a modicum of clarity to the murky world of M&As.(opinion)
May 1, 2008... Many of the big stories in the newpapers' business sections concern takeovers. You can hardly imagine the editors of even the most respected papers running an article about an intriguing takeover battle below an item on increased gross margins...

Sociable climbing: although damp mountain hikes in the Lake District remain as popular as ever--at least with employers--there's a whole raft of other team-building events to choose from, Charles Orton-Jones investigates whether such bonding experiences are worth the investment.
May 1, 2008... [ILLUSTRATION OMITTED] Team-building is the fad that never actually went away. Or, more precisely, outdoor, mud-spattered team-building-the sort involving hiking boots, cagoules and bobble hats--remains an immovable object in the corporate...

Uplift and support: corporate social responsibility is not an attribute that most people would associate with the garment industry supply chain, but Sri Lankan company MAS Intimates is working hard to change preconceptions. Ruth Prickett reports on the CIMA award-winning firm's trailblazing CSR investments.(Company overview)
May 1, 2008... Mention the textile industry, and the excesses of the "rag trade" tend to spring to mind. While western consumers demand cheap T-shirts and expect affordable versions of catwalk designs to hit the hangers a week after the first glitzy images...

Beyond measure? Managers' productivity is rarely assessed because it's harder to gauge than that of front-line workers. Scott Payton asks what CIMA members could do to change this.(Northern Rock PLC)(Company overview)
May 1, 2008... The Northern Rock saga, which began with queues of anxious customers last autumn, descended into a new controversy at the end of March when the bank announced that Adam Applegarth, its former chief executive, had received 760,000 [pounds...

Total recall: Jane Allan asks whether you are a right-brainer or a left-brainer--and what this means for the way you win friends and influence people.(career development)(Personal account)
May 1, 2008... On your desk there is a computer. It is possibly very efficient, but sometimes it lets you down. Ask it to print, do a spreadsheet calculation, search for e-mails, tidy up a PowerPoint presentation and sort some data all at the same time and...

Pension risk management: David Blake and John Pickles report on their research into aggregate longevity risk and its effect on defined-benefit schemes.(technical matters)
May 1, 2008... How reliable are forecasts of future life expectancy? And how great a risk does increasing life expectancy pose to the viability of your organisation's defined-benefit pension scheme? To give its members some answers to these questions, CIMA...

Pensions strategy: Charles Cowling asks why more firms don't encourage members of their pension schemes to transfer out to new ones.(technical matters)
May 1, 2008... Whatever the state of the economy, issues surrounding the management and funding of pension schemes persist unabated. The Pensions Regulator's consultation on mortality assumptions as a funding-plan trigger represents another shot across the...

Environmental responsibility: Paul Dickinson explains why the Carbon Disclosure Project has widened in scope to cover greenhouse gas emissions in companies' supply chains.(technical matters)
May 1, 2008... The Carbon Disclosure Project (CDP), a collaboration of more than 385 institutional investors managing assets totalling 29trn [pounds sterling], has been working for the past eight years to encourage companies in the members' equities...

Enterprise risk management: Artie Ng traces the steady globalisation of enterprise risk management and considers its main implications for companies in East Asia.(technical matters)
May 1, 2008... [ILLUSTRATION OMITTED] The private sector is becoming increasingly aware of the need to implement enterprise risk management (ERM). A recent global survey by the International Federation of Accountants (IFAC) among its member bodies...

Student one 2 one: Ghulam Murtaza Cheema, Trainee Management Accountant, Raco, Lahore, Pakistan.(study notes)(Interview)
May 1, 2008... [ILLUSTRATION OMITTED] What do you do and where do you do it? I'm currently working in the consultancy department of RACO, which is based in Lahore. I report directly to the executive directors and my responsibilities include preparing...

Correction.(study notes)(Correction notice)
May 1, 2008... In Grahame Steven's March article on paper P2, the commentary in table 2 (page 50) should have ended with "ie, cash flows are reinvested at the project's IRR of 15 per cent and discounted at ten per cent"--not 12 per cent, as was printed.

Management accounting--financial strategy: eurobonds are a key source of finance, but many P9 students find it hard to get to grips with them, Doug Haste answers some common questions.(study notes: PAPER P9)(Interview)
May 1, 2008... What are eurobonds? They are defined as bonds that are outside the control of the country in whose currency they are denominated. The eurobond market is global and involves a range of currencies, although dollars and euros are the most...

Integrated management: is globalisation truly leading to a convergence in consumer tastes around the world? Alan Marsden investigates the strategy of "glocalisation".(study notes: PAPER P5)(Company overview)
May 1, 2008... One of the learning outcomes of the Integrated Management syllabus is to be able to "explain the process of strategy formulation". There are numerous approaches to strategy formulation, but all of them to varying degrees require you to pay...

Management accounting performance evaluation: Ian Herbert analyses two "soft" management techniques used in manufacturing' quality management and just-in-time production.(study notes: PAPER P1)
May 1, 2008... In a traditional manufacturing environment, quality control was chiefly the responsibility of a separate department that was usually located (both physically and mentally) at the end of the production process, supplemented by roving inspectors....

Exam notice.(study notes)
May 1, 2008... Visit www.cimaglobal.com regularly for updates May 2008 exams The May exams will take place on Tuesday 20, Wednesday 21 and Thursday 22. Online entry for these exams closed on March 21. Exam entry cancellations and changes ...

CIMA benevolent fund.(institute update)(Chartered Institute of Management Accountants)(Brief article)
May 1, 2008... In 2007 the CIMA Benevolent Fund paid 90,000 [pounds sterling] in grants to 48 people (and their families) in financial difficulties. Most beneficiaries were of working age. Often they were members who were unable to work because of long-term...

CIMA South Africa office move.(institute update)
May 1, 2008... The CIMA South Africa office will move in May. The new address is: CIMA South Africa, First Floor, South West Wing, 198 Oxford Road, Illovo, Johannesburg 2196. The postal address will not change. The office will close on May 28 and re-open on...

Disciplinary committee.(institute update)
May 1, 2008... The disciplinary committee considered a complaint of misconduct against registered student Piyush Dosa that he had failed to comply with the laws of the institute by cheating in the Financial Analysis exam at the Maputo exam centre in...

How do you rate your institute?(institute update)
May 1, 2008... The 2008 CIMA member survey is your chance to let the institute know what you think of it and to comment on the benefits and services it offers. Member feedback is essential to CIMA, so please take time to comment if you receive an...

Presidential engagements.(institute update)
May 1, 2008... May 1 Honorary officers' meeting, London. May I CIMA fellowship presentation at Ford, Dagenham. May 7 ACCA, London. May 14 CIMA executive committee dinner. May 15 CIMA executive committee meeting. May 15 Area 2 AGM,...

Diary: forthcoming local events in the UK.(Calendar)
May 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 CIMA CPD...

Turner & Townsend.(On the move)
May 1, 2008... Dave Belmont FCMA has been appointed by Turner & Townsend as its first company secretary. Belmont, who was named ICSA company secretary of the year in 2006, joins from Coda.

Rentokil.(On the move)
May 1, 2008... Alan Brown FCMA, former chief financial officer of ICI and chairman of Unilever China (see One2one, June 2005), has become the new chief executive of Rentokil.

InforSense.(On the move)
May 1, 2008... Martin Naugthaly FCMA has joined InforSense as chief financial officer. Previously he held roles as vice-president of finance, Europe, at McAfee and VP of finance and business systems at Fujitsu Technology Solutions International.

Connection Seating.(On the move)
May 1, 2008... Timothy O'Sullivan ACMA has been promoted to the post of finance director at Connection Seating. He was previously financial controller.

SunsGard.(On the move)
May 1, 2008... Mark Payne ACMA has been appointed vice-president of SunGard's global shared service operations, having been director of European shared services. He was previously with Honeywell, working in various shared services roles.

Business analyst: explains the qualities you need in order to be a business analyst in a blue-chip organisation.(So you want to be ...)(Job qualifications)
May 1, 2008... Role: business analyst at a large blue-chip company. Salary: 60k [pounds sterling] plus pension, private health insurance, car allowance and bonus scheme. We are looking for a motivated, financially minded business analyst to work in...

Mangled metaphors.(... last out)(social networking )(Brief article)
May 1, 2008... [ILLUSTRATION OMITTED] "Commodity prices are likely to correct under their own weight... At the start of the latest economic expansion, commodities followed the usual script. But, now that many economic and financial markets indicators...

No, really?(... last out)
May 1, 2008... "Businesses should reduce their exposure to potential bad debts and late payments as the credit crunch forces high-street banks to rein in on their lending policies," E-BCM. "Cash keeps business in business--and without it businesses...

Part-qualified; total conviction.(... last out)(Malcolm Hodges has been jailed for urgeing Muslims to launch terror attacks on professional accountancy bodies)(Brief article)
May 1, 2008... "A man who urged Muslims to launch terror attacks on professional accountancy bodies because he held a 'festering grudge' against them has been jailed for two years. Malcolm Hodges nursed his brooding resentment against accountancy...

April fool?(... last out)(housing markets)(Brief article)
May 1, 2008... "Homeowners have been watching nervously amid claims that around three million families could be trapped by negative equity within a year. Around a quarter of households face having the value of their property sink below the level of their...