Financial Management (UK) articles from November 2005

Financial Management (UK) archives from November 2005

A new CPD policy and code of ethics show our will to preserve CIMA's "qualification of choice" status.(IN BUSINESS)(Continuing Professional Development)(Chartered Institute of Management Accountants)
November 1, 2005... One of the hallmarks of a professional accountant in business is their commitment to lifelong learning and ethical integrity. I see this being demonstrated by CIMA members all the time and, on my recent visits to Canada, Malaysia and Sri Lanka,...

European federation calls for end to ambiguity over IFRS adoption.(ACCOUNTING STANDARDS)(International Financial Reporting Standards)(Brief article)
November 1, 2005... The continuing confusion caused by the existence of different versions of new international financial reporting standards (IFRSs) could lead to uncertainty in the market and damage investors' confidence, a leading European accountancy body has...

FDs should prepare for even more changes to financial reporting requirements.(financial directors )(Brief article)
November 1, 2005... FDs should prepare for even more changes to financial reporting requirements, despite the recent flood of regulations, the chairman of the International Accounting Standards Board (IASB) has warned. Sir David Tweedie said that the changes...

CIMA has responded to consultations on the future role of the Accounting Standards Board; the European Financial Reporting Advisory Group's discussion paper "Achieving consistent application of IFRS in the EU"; and the IASB's proposed policy for technical corrections.(Chartered Institute of Management Accountants)(International Financial Reporting Standards)(International Accounting Standards Board)(Brief article)
November 1, 2005... CIMA has responded to consultations on the future role of the Accounting Standards Board; the European Financial Reporting Advisory Group's discussion paper "Achieving consistent application of IFRS in the EU"; and the IASB's proposed policy...

The IASB has published the first in a series of technical corrections.(International Accounting Standards Board )(Brief article)
November 1, 2005... The IASB has published the first in a series of technical corrections. Its proposed change to IAS21, "The effects of changes in foreign exchange rates", requires an alternative treatment for exchange differences arising from certain intra-group...

The Financial Reporting Council has published an updated version of the Turnbull guidance, which sets out best practice on internal control for UK-listed companies.(Brief article)
November 1, 2005... The Financial Reporting Council has published an updated version of the Turnbull guidance, which sets out best practice on internal control for UK-listed companies. It will take effect for financial years starting on or after January 1, 2006....

Work-experience partnership seeks young business minds.(Brief article)
November 1, 2005... CIMA is building on its aim of helping to develop the financial leaders of the future by joining forces with a leading educational charity. The institute has linked up with the Trident Trust, the largest coordinator of work experience in the...

Trevor Dighton Chief financial officer, Group 4 Securicor.(Interview)
November 1, 2005... You took quite an unconventional route into financial management. I left school at 16 and had about 40 jobs in four years. I even dug graves for a time. Then I decided to go to college to study business and ended up taking CIMA while...

Watchdog watch: financial regulators are imposing increasingly harsh penalties on firms and directors that fail to protect their investors' interests, writes Neil Hodge. But do the punishments always fit the crimes?(Cover story)
November 1, 2005... On July 13 the former chief executive of WorldCom, Bernie Ebbers, was jailed for 25 years for his part in the scandal that brought down his telecoms company. It was a wake-up call for every business leader in the US. Ebbers, once called...

The red and the black: Laurence Yuen examines the implications of China's WTO accession and considers what the nation should do to close its internal economic divide.
November 1, 2005... Economic integration is a dynamic process that increases the interdependence of different countries and produces a degree of unity among them. It's a higher form of economic globalisation--the difference between them is that there are obvious...

Cash management: Nick McLoughlin explains how keeping a tight grasp on the basics of cash management can make the difference between corporate success and failure.
November 1, 2005... In a rapidly changing marketplace, today's corporate success stories can easily become tomorrow's casualties. Globalisation requires businesses, their stakeholders and their advisers to operate in unfamiliar circumstances with few precedents....

Professional development: the institute's new CPD accreditation scheme for employers, CIMA Development, will support organisations that value lifelong learning for their accounting staff.
November 1, 2005... For nearly all of us, CPD of some kind has been around for a long time and we're certainly used to the annual round of performance appraisals and personal development plans. So, come January, when CIMA's new flexible, output-based CPD scheme...

The future of the profession: Hassan Yazdifar explains the findings of his research into the changing roles of management accountants in both independent companies and subsidiary firms.(TECHNICAL MATTERS)(Survey)
November 1, 2005... The days of score-keeping and corporate policing are long gone for professional accountants in business, it seems, and they are being welcomed into consulting roles. That's the main finding of a postal survey in which I sought the views of...

Money-laundering: financial crime and terrorism are global issues. Martin Nimmo discusses the ways in which countries around the world are combating money-laundering.(TECHNICAL MATTERS)
November 1, 2005... Attempts by the European Union, and the UK in particular, to tackle money-laundering have received plenty of attention over the past few years. Recent efforts have culminated (at least for the time being) in the adoption of a third...

Management accounting performance evaluation: not all customers will pay the same for the same product, so how can a seller set prices to maximise revenue? By using "price discrimination".(PAPER P1)
November 1, 2005... The question "what price should be charged for the product?" is one of the most critical that businesses must consider. Most aspects of the process of bringing a product to market take time to change or develop. Modifying the cost structure of...

Global contact details.(Brief article)
November 1, 2005... 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 website, via fax and via telephone, and that we offer information to students, members, organisations and the...

Management accounting--risk and control strategy: candidates must take more than the traditional accounting view of risk, control and internal audit. The examiner for paper P3 uses a case study to explain why.(PAPER P3)
November 1, 2005... ABC is a small listed company in the service sector. Its board of directors takes its responsibilities to shareholders seriously. Over recent years it has tried to improve its corporate governance processes in the light of the Combined Code....

Management accounting--business strategy: Martin Taylor explains how to use Michael Porter's three main strategic models to demonstrate how businesses can develop a long-term competitive advantage.(PAPER P6)
November 1, 2005... "Competitive advantage" is a term closely associated with the work of Michael Porter, the Harvard professor who developed a number of the business models covered in the paper P6 syllabus. Few students are comfortable writing about the...

Exam notice.
November 1, 2005... * November 2005 exam dates Tuesday November 22. Wednesday November 23. Thursday November 24. * Exam closing date Exam entry for November 2005 closed on September 21. * Cancellations and changes We do not accept...

Retirements by rotation.
November 1, 2005... Notice is given that, as the term of office of the council member in each of the electoral areas shown in the panel below expires at the end of the annual general meeting in June 2006, elections will be held in February 2006. Nominations for...

Presidential engagements.(INSTITUTE UPDATE)(Calendar)
November 1, 2005... Nov 2 Meet the president, Birmingham Nov 4 Institute of Chartered Accountants in Ireland annual dinner, Dublin Nov 8 CIMA president's luncheon, Scotland Nov 10 CIMA annual conference, London Nov 12-27 The...

Whistle-blower visits Malaysia.(Brief article)
November 1, 2005... Lynn Brewer, the former Enron executive who exposed the massive fraud at the firm, attracted 250 participants when she spoke at a seminar on "The value of integrity--understanding the hidden value of intangibles" in Kuala Lumpur in September....

CIMA Sri Lanka's president addresses ICMAP conference.(Brief article)
November 1, 2005... Lalith Fonseka, president, CIMA Sri Lanka Division, presented a technical paper on "Management accountants as designers and controllers of performance measurement systems" at the Institute of Cost and Management Accountants of Pakistan's...

Diary.(Chartered Institute of Management Accountants )(Calendar)
November 1, 2005... The following are a selection of this month's branch events. Visit www.cimagtobal.com/events to see the full list (all are free unless otherwise stated). To book places, get in touch with the contact for the relevant area (see panels). To book...

New members revel in Bristol.(INSTITUTE UPDATE)
November 1, 2005... CIMA held its second new members' celebration of the year on September 27 at the Explore@Bristol science centre. The event, sponsored by Hays Accountancy & Finance, attracted about 150 visitors--a record turnout for a new members' celebration...

Combustible matter: most of us face stressful times at work now and again, but what happens when it becomes the norm? Guy Hayward explains the dangers of employee burnout.(JOBS & CAREERS)
November 1, 2005... Few people would deny the importance of maintaining a healthy work-life balance, but many professionals find it hard to make that balance a reality. The result is a worrying increase in stress and severe burnout in the workplace. Burnout...

Nina Barakzai FCMA.(ON THE MOVE)(become member of Legal Deposit Advisory Panel)(Brief article)
November 1, 2005... Nina Barakzai FCMA, group compliance officer at telecoms company NTL, has become a member of the Legal Deposit Advisory Panel. The panel will advise the secretary of state for culture, media and sport on the implementation of the Legal Deposit...

Graham Pottie FCMA has become director of home computing programmes at BT.(ON THE MOVE)
November 1, 2005... Graham Pottie FCMA has become director of home computing programmes at BT. He previously managed BT's mobile and internet-based businesses.

Ahold.(ON THE MOVE)(Koninklijke Ahold N.V. named John Rishton)(Brief article)
November 1, 2005... John Rishton FCMA has been named as the new chief financial officer at Ahold, the Netherlands-based food retailer. He will leave his current post as CFO at British Airways at the end of the year. He joined BA as financial controller in 1994...

Edith Cowan University.(ON THE MOVE)(appointed Malcolm Smith)(Brief article)
November 1, 2005... Malcolm Smith FCMA has been appointed professor of accounting at Edith Cowan University in Perth, Western Australia. He previously held professorial posts at the University of South Australia, Adelaide, and Leicester Business School in the UK.

Piers Pommeroy's suffering from merger mania, but he's not sure which deal will cause more grief: his firm's planned takeover by a major plc or his mother's impending marriage to his former boss.(SECRET DIARY)(Diary entry)
November 1, 2005... Week 1 According to Henry, whose alma maters regularly top the educational league tables and whose erudition, therefore, exceeds even mine, life reserves the heaviest blows for those with the broadest shoulders. If that were true, I'd...