Financial Management (UK) articles from November 2008

Financial Management (UK) archives from November 2008

CIMA is working hard to ensure that its members can guide their organisations through the crisis.(in business)(Chartered Institute of Management Accountants)
November 1, 2008... [ILLUSTRATION OMITTED] These are exceptional times. As the global financial crisis unfolds, each day reveals ever more complex challenges while we wait to see the impact of the unprecedented government intervention in markets and...

Zone defence.(letters)(Letter to the editor)
November 1, 2008... [ILLUSTRATION OMITTED] The time is coming, if not already here, for professional bodies and academic institutions with worldwide operations to consider the impact of globalisation and advances in telecommunications on how they conduct...

Automatic for the people?(letters)(Letter to the editor)
November 1, 2008... What the author of your feature on call centres ("Hanging on the telephone", October) and many other people do not appreciate is that customer service requires people, not technology. If you were to approach an organisation with a simple...

A power of good.(letters)(Letter to the editor)
November 1, 2008... Adrian Sims (Study notes, October) interestingly coupled a guide to the assessment matrix with the common errors that candidates make in the TOPCIMA exam and also produced a comprehensive analysis on how to surmount the final hurdle. I thank...

FDs plan job cuts in bid to beat recession.(first in ... All the latest news affecting accountants in business, including regulations updates)
November 1, 2008... [ILLUSTRATION OMITTED] UK finance directors plan to cut back on temporary staff, but are confident that their expertise and experience will help their organisations to survive the ongoing financial crisis, according to CIMA's economic...

Don't be a Noel coward.(first in ... All the latest news affecting accountants in business, including regulations updates)(small and medium sized companies to spend more christmas business)(Brief article)
November 1, 2008... [ILLUSTRATION OMITTED] Small and medium-sized enterprises will spend over 94m [pounds sterling] on Christmas cards, stamps and working time wasted signing them, according to Envirowise. The cost is on top of the environmental damage of...

Revamp for charity list.(first in ... All the latest news affecting accountants in business, including regulations updates)
November 1, 2008... The Charity Commission has launched a new version of its online register in a bid to make information about charities more accessible. The regulator's register at www.charitycommission.gov.uk now provides details on charities' activities,...

Credit reference agency criticises safety laws.(first in ... All the latest news affecting accountants in business, including regulations updates)
November 1, 2008... New EU regulations on health and the environment could combine with UK legislation to erode the quality and quantity of information available to firms seeking customer credit scores based on information filed at Companies House, according to...

Tilley urges US to embrace IFRS.(first in ... All the latest news affecting accountants in business, including regulations updates)
November 1, 2008... CIMA's chief executive, Charles Tilley, has told US business leaders that moving from US Gaap to international financial reporting standards is a crucial step forward for global reporting. [ILLUSTRATION OMITTED] Speaking at the...

IFRS conference.(first in ... All the latest news affecting accountants in business, including regulations updates)(Conference news)
November 1, 2008... The main players in the fair value debate will be speaking at a conference on international financial reporting standards on November 12 in London. Sir David Tweedie, chairman of the International Accounting Standards Board, will discuss...

China considers CSR legislation.(first in ... All the latest news affecting accountants in business, including regulations updates)
November 1, 2008... A division of the Chinese Ministry of Commerce has released draft guidelines with potentially far-reaching ramifications for foreign investors' corporate social responsibility (CSR) activities. They raise the possibility that non-Chinese...

Nigel Turner FCMA Chief executive, BMI.(ONE2ONE)(Interview)(Cover story)
November 1, 2008... Your industry is hugely competitive and recent fuel price hikes and green taxes have put some airlines out of business, How is BMI coping? BMI is the oldest purely commercial airline in existence--others may be older, but they've been in...

Insecurities market: risk management is rightly high on the corporate agenda, but many organisations are still failing to approach the task in a sufficiently systematic and rigorous way.(opinion)
November 1, 2008... Risk management is a concept whose time has well and truly come. For most organisations--not only commercial and industrial enterprises, but also a whole raft of public-sector bodies--the identification and management of risk has become a big...

Where there's blame, there's a claim: as more and more firms get crunched, the legal system will have its work cut out when creditors start fighting for their share of the scraps and pursuing negligence cases.(legal briefing)
November 1, 2008... It is a truth universally acknowledged that the amount of commercial litigation increases during a recession. Recently the former lord chancellor, Lord Falconer, predicted that the credit crunch would start a new era of mass litigation. Indeed,...

Adjust 17: two different actuaries could legitimately derive wildly varying figures for your company's pension scheme deficit under FRS17. David Davison urges FDs to question actuarial assumptions.(opinion)
November 1, 2008... Although FRS17 has undoubtedly gained acceptance in recent years, there is still a significant divergence of opinion about the audit standard. Some people believe that it provides a useful measure of a potential liability and some treat it more...

What next? It's easy to blame the bankers for the economic crisis and to ask why taxpayers should support the people who reaped huge rewards for taking risks, but what's the alternative? As governments around the world stump up cash and demand curbs on bonuses, we ask the experts what can be done to regulate rewards in the City without killing the goose that once a d the go den eggs.
November 1, 2008... The UK government [ILLUSTRATION OMITTED] Gordon Brown's speech on the global economy at the Reuters building, October 14. ... The only way forward is to maintain--indeed, extend--our tradition of openness: an open trading economy...

Capitol gains: new research shows that firms' political connections directly affect their share prices--even in nations as highly regulated as the US. Jorg Rocholl explains the implications.
November 1, 2008... As Barack Obama and John McCain fight the final rounds of their battle for the Oval Office, there is growing interest in what the victor's policies will mean for the US and the rest of the world. What we may not have considered yet is the...

Green growth: the future of environmental policies, products and CSR reporting were the focus of a round-table debate hosted by FM.(THE GREEN GAMEPLAN in association with the Carbon Trust)
November 1, 2008... [ILLUSTRATIONS OMITTED] What are your roles and how do your organizations deal with green issues? Bruno Zago, environmental manager, UK and Ireland, Hewlett-Packard: We have reported on our environmental performance for about four...

Credit where it's due: who benefits from your accountancy skills? Martyn Trotman describes his experiences of setting up a micro-credit programme in rural west Africa.
November 1, 2008... [ILLUSTRATION OMITTED] During World War II, when most children from British cities were being evacuated to the countryside to escape German bombs, my father moved our family to Nigeria. My parents insisted that we must integrate into local...

Should I stay or should I go? Ambitious managers need to be objective when reviewing their prospects, warns Anthony McAlister, who extols the virtues of benchmarking.(career development)
November 1, 2008... Middle managers who are looking to progress should always keep one eye on their next job opportunity, but they may feel that the current economic conditions give them even more cause to be vigilant. The Bank of England is forecasting...

Cost allocation: Hugh Evans and Deborah Wall offer their guide to developing an accurate, yet simple and pragmatic, approach to cost allocation that's most appropriate for your organisation.(technical matters)
November 1, 2008... Cost allocation arrangements tend to influence an organisation's behaviour significantly if, as the saying goes, "what gets measured gets done"--providing that it's recognised and rewarded. If a company's chosen approach to allocation elicits...

Accounting in the hospitality sector: Ruth Mattimoe and Will Seal tell Louise Ross that their study of UK restaurants and hotels won't produce a dry academic treatise.(technical matters)(Interview)
November 1, 2008... [ILLUSTRATIONS OMITTED] Why study hotels and restaurants? It's not an industry I've read much about. Ruth Mattimoe: You've just answered your own question. The hospitality industry is economically important to the UK and many other...

Performance measurement and manipulation: Colin Fisher and Bernadette Downes discuss their research into the ways in which metrics are massaged in the public sector.(technical matters)
November 1, 2008... [ILLUSTRATION OMITTED] Public-sector organisations commonly use performance measures (or metrics), league tables, star systems and targets for performance management purposes. Occasional newspaper reports and informal discussions with...

Financial risk management: Alexa Michael sets out the tools and techniques available for firms to mitigate the worst effects of the credit crunch and impending recession.(technical matters)
November 1, 2008... Some of the world's leading financial institutions have suffered huge losses over the past few years. Many of them should really have been better at managing their financial risks effectively. Financial risk can be split into three...

Report writing: you don't have to be a desktop publishing guru to illustrate facts and figures effectively. Jon Moon offers his guide to providing information with impact.(technical matters)
November 1, 2008... Imagine that you produce information packs and reports that people praise and envy--documents that influence, impress and set the benchmark for all others in your organisation. Imagine the impact of this on your working life. The reality...

Aneeb Farrukh: student, Lahore, Pakistan.(student ONE2ONE)(Chartered Institute of Management Accountants)(Interview)
November 1, 2008... [ILLUSTRATION OMITTED] You passed all six managerial level papers at the first attempt in May. What's the secret of your success? Practice and concentration. I always try to apply my knowledge in my family's business, which makes and...

Integrated management: an effective organisation will clearly link its mission, objectives, CSFs and KPIs. But Daniel Clark finds that the connections aren't always obvious.(study notes)(Company overview)
November 1, 2008... Mission, objectives, critical success factors (CSFs) and key performance indicators (KPIs) are significant concepts in organisational strategy. Judging from my experience as a tutor they're often not well understood by students--and from my...

Management accounting--performance evaluation: Grahame Steven explains why it's tempting to manipulate transfer prices when moving products between a group's subsidiaries in different nations.(study notes: PAPER P1)
November 1, 2008... DuPont was the first company to recognise the need for transfer pricing when, in the early 20th century, some of its divisions started generating by-products from their manufacturing processes that other divisions could use as raw materials to...

Exam notice: visit www.cimaglobal.com regularly for updates.(study notes)
November 1, 2008... November 2008 exams The November exams will be held on Tuesday 18, Wednesday 19 and Thursday 20. CIMA does not accept cancellations or refund fees. The deadline for requesting changes to papers or exam centres was September 22. ...

The CIMA member survey results.(institute update)(Chartered Institute of Management Accountants)(Survey)
November 1, 2008... In June CIMA asked members across the world for their views about the organisation, writes Simon Davies. The survey asked them how important membership was to them and to what extent they were aware of, had used and were satisfied with, CIMA's...

Money-laundering help.(institute update)
November 1, 2008... Not how to do it, but how to prevent it--or what to do if you encounter it. The first two CIMA money-laundering workshops took place on October 22 at CIMA's headquarters in London and on October 30 near Edinburgh Airport. A third will be held...

Take-off for CIMA's business flight simulator.(institute update)
November 1, 2008... [GRAPHIC OMITTED] CIMA has launched a business flight simulation certificate course based on the visual technology of aircraft flight simulators to help educate non-financial employees about the financial and business goals of their...

Elections to council 2009.(institute update)
November 1, 2008... As the terms of the council members in electoral constituencies 1, 2, 3, 4, 5, 6, 7 and 11 expire at the end of CIMA's annual general meeting in June 2009, elections will be held in February. Nomination forms for candidates may be...

Presidential engagements.(institute update)(Calendar)
November 1, 2008... PRESIDENTIAL ENGAGEMENTS Nov 1 CIMA North West dinner and dance, Liverpool Nov 11-13 iFAC council meeting, Rome Nov 14 Honorary officers' meeting Nov 19 The CIMA ethics debate event, 1 Birdcage Walk, London Nov...

CIMA global events: CIMA Ireland conference.(Past events)(Chartered Institute of Management Accountants)(Conference news)
November 1, 2008... [ILLUSTRATION OMITTED] CIMA Ireland held its annual conference, entitled "Excellence in international markets", in Dublin on October 2. Speakers at the conference explored the prerequisites for Irish companies to succeed in competitive...

Coming events.
November 1, 2008... Bahrain World Islamic banking conference November 23-25 CIMA sponsors this event and will be present in the UK Trade and Industry pavilion. Belgium Sixth conference on new directions in management accounting December...

Part-time finance director: Colin Mills explains the demands and benefits of stepping away from a full-time role and pursuing a "portfolio career".(so you want to be ...)
November 1, 2008... Many finance directors of big companies have days when the politics and regulatory requirements of the role start to get them down. There is an alternative that provides a relief from the daily grind. It's a role where each day is different:...

CapGemini.(On the move)
November 1, 2008... [ILLUSTRATION OMITTED] Noel Cullen FCMA (pictured) is joining CapGemini's finance and employee transformation team as a managing consultant. Cullen, a former principal consultant at the PA Consulting Group, has contributed a number of...

Jefferson Wells.(On the move)
November 1, 2008... Ken Davey FCMA has become a business development manager at professional services provider Jefferson Wells. He was an account director with KPMG.

National Express.(On the move)
November 1, 2008... National Express has appointed Jeremy Maiden FCMA as finance director. He moves from his position as CFO at Northern Foods.

McKinney Rogers.(On the move)
November 1, 2008... Business performance consultancy McKinney Rogers has appointed Steven Lindsay ACMA as its financial controller. He was previously a financial consultant at TUI Travel UK.

No, really?(... last out)
November 1, 2008... "Lehman Brothers' collapse 'suggests' continuing crunch. The collapse of Lehman Brothers has demonstrated that the credit crunch is continuing, according to one independent research firm Defaqto."

Animal husbandry?(... last out)
November 1, 2008... "Masculinities and Management in Agricultural Organisations Worldwide: Barbara Pini, Curtin University of Technology, Australia. Using contemporary gender theory to examine gender and rurality beyond that of simply women/femininities, this...

Why didn't we think of that?(... last out)
November 1, 2008... "MEGA is first to unite application design with business requirements."

Laissez-faire value.(... last out)
November 1, 2008... "The UK prime minister, Gordon Brown, recently told the UN general assembly that new international accounting standards are needed to end the 'age of responsibility'." The chairman of PwC, (mis)quoted on a feed from the Adfero news agency....

Chills multiplying.(... last out)
November 1, 2008... "These survey results show it's the cost of keeping warm that is most likely to bring us out in a cold sweat." Neil Armitage, Forester's Friendly Society. [ILLUSTRATION OMITTED]

Shock treatment?(... last out)
November 1, 2008... "I think people are nervous,' said Robert Elliott, senior managing director at Bessemer Trust, a New York asset manager that advises clients with at least $10m in assets. 'They have seen noteworthy blow-ups and don't understand them,' he told...

Unfortunate headline of the year.(... last out)
November 1, 2008... NEWS ROUND-UP: TEACHERS SHOULD NOT BE CHARGED FOR SEX WITH PUPILS www.communitycare.co.uk, October 6.

Twisted blister.(... last out)
November 1, 2008... "At home, a vast housing bubble is unwinding." Martin Wolf, FT online September 17.

Overstretched simile of the month.(... last out)
November 1, 2008... "Like the ebbing tide across the beach, the liquidity of the markets seems to have disappeared over the horizon, leaving rental as the only solution for all those many unsold flats n recently completed development projects" Paul Windsor...