Financial Management (UK) articles from October 2006

Financial Management (UK) archives from October 2006

CIMA's scientific activities bridge the gap between management accounting theory and practice.(IN BUSINESS)(Chartered Institute of Management Accountants)
October 1, 2006... CIMA is incorporated by royal charter. Its first objective under the charter is to "promote and develop the science of management accountancy". Investing in the development of management accountancy is, therefore, something we take extremely...

The General Assembly Of The United Nations has approved a financial management reform programme that calls for the adoption of international public-sector accounting standards by the UN.(Brief article)
October 1, 2006... The General Assembly Of The United Nations has approved a financial management reform programme that calls for the adoption of international public-sector accounting standards by the UN. This is seen as critical to maintain and enhance the...

Canada is donating US$1m to the International Public Sector Accounting Standards Board.(Brief article)
October 1, 2006... Canada is donating US$1m to the International Public Sector Accounting Standards Board. The Treasury Board of Canada has agreed to donate US$200,000 a year for five years.

The UK government has agreed to reassess how age discrimination rules will be applied to pension schemes and it will delay implementing the regulations for pensions.(Brief article)
October 1, 2006... The UK government has agreed to reassess how age discrimination rules will be applied to pension schemes and it will delay implementing the regulations for pensions until December 1. Mercer Human Resource Consulting, which has lobbied...

The Office of Fair Trading has investigated criticisms of excessive bank charges and issued a statement of principles on calculations of credit card default charges.(Brief article)
October 1, 2006... The Office of Fair Trading has investigated criticisms of excessive bank charges and issued a statement of principles on calculations of credit card default charges. UK card providers have since cut these charges by up to haft. The OFT is...

"Complacent" US firms slip down must-read list of annual reports.(INVESTOR RELATIONS)(rankings )
October 1, 2006... Canadian firm TELUS, Swedish companies SAS and SCA, and Finnish business Stora Enso have been named as the authors of 2005's best four annual reports. The yearly global rankings have been compiled for the past decade by Report Watch, which...

NHS chief reveals stringent cost-cutting scheme.(FIRST IN ...)(David Nicholson of National Health Service)(Brief article)
October 1, 2006... Key hospital departments across the UK will be closed before the next election, according to David Nicholson, the new chief executive of the NHS. In his first interview since taking up this role, he told the Guardian that there would be up to...

Blair urges the UK to lose its fear of economically vital immigrants.(GLOBALISATION)
October 1, 2006... The UK should welcome migration and not be afraid of globalisation, according to the prime minister, Tony Blair. Addressing the Trades Union Congress (TUC) last month, he warned against a new "mindset of fear" connected both with increasing...

Shortlists for CIMA Financial Management Awards.
October 1, 2006... The annual CIMA Financial Management Awards highlight teams and individuals who have shown exceptional vision and professional dedication in management accountancy. "We were delighted to receive a large number of nominations from around...

The British Chambers of Commerce (BCC) has called for the Small Business Service (SBS) to be axed.(Brief article)
October 1, 2006... The British Chambers of Commerce (BCC) has called for the Small Business Service (SBS) to be axed, arguing that small companies are frustrated with a its history of underperformance. "Since the SBS was set up, 79.3m [pounds sterling] has...

Children's charity Barnardo's is appealing to businesses to support its Make a Difference Day initiative from October 21 to November 4.(Brief article)
October 1, 2006... Children's charity Barnardo's is appealing to businesses to support its Hake a Difference Day initiative from October 21 to November 4. It is asking teams to volunteer to create "story bags" for children's projects or to collect goods for sate...

Elections to CIMA council will be held in all areas, apart from Scotland, in February 2007.
October 1, 2006... Elections to CIMA council will be held in all areas, apart from Scotland, in February 2007. Full details can be found at www.cimagtobal.com/ elections2007. The closing date for nominations is noon on January 8.

The high esteem in which CIMA's late past president Sir Ian Morrow was held was demonstrated by the number of people who attended a thanksgiving service for him at St Paul's Cathedral last month.(Chartered Institute of Management Accountants)(Brief article)
October 1, 2006... The high esteem in which CIMA's late past president Sir Ian Morrow was held was demonstrated by the number of people who attended a thanksgiving service for him at St Paul's Cathedral last month. The institute was represented by the president,...

Charles Allen FCMA Chief executive, ITV.(ITV PLC)(Interview)
October 1, 2006... After 15 years at ITV, you announced your departure in August. High-profile handovers are a hot topic right now. How does a leader know when it's time to go? This job is like politics: it's all played out in public and everyone knows how...

Drag.net: fraudsters--especially the new breed of criminal that's exploiting web technology--have largely kept one step ahead of the UK's antiquated legislation, but it's about to be upgraded. Neil Hodge asks the lawyers whether the fraud bill will close all the loopholes.(Cover story)
October 1, 2006... At the end of 2005 Norwich Union estimated that fraud had cost the UK economy 16bn [pounds sterling] over the year--the equivalent of each adult in the country being 340 [pounds sterling] out of pocket. Compare that figure with the amount of...

Be upstanding: the most ethical businesses tend to be better managed, have happier workforces and perform better financially than their competitors in the long term.
October 1, 2006... A business's approach to ethics depends on the tone set at the top by its chief executive and board of directors. By tone I mean the qualities and style that characterise the organisation's behaviour, from greeting you at reception to honouring...

Commercial breakdown: the WTO's Doha development round of negotiations has been trying with scant success to lower trade barriers between the world's rich and poor countries for the past five years. Sundaraju Srinath analyses its failure this summer to achieve consensus.
October 1, 2006... A declaration by six key members of the World Trade Organisation (WTO) in July signalled the end of the latest series of free-trade talks that started in 2001 in Doha, Qatar. The main reason for this was a deadlock on agricultural subsidies....

Supply-chain accounting: following up FM's July/August article on inter-organisational cost management, John Cullen suggests where else financial managers can offer logistical support.(TECHNICAL MATTERS)
October 1, 2006... Irrespective of their size or sector, organisations are becoming extensively involved in strategic alliances, networks and virtual relationships. As a result, their management accounting information must be capable of identifying costs and...

Securitisation: Richard Senior sheds some light on this ubiquitous, yet oft-misunderstood, term and shows how firms are using securitisation for financing and risk management.(TECHNICAL MATTERS)
October 1, 2006... Securitisation: it's really factoring, isn't it? Only the largest companies can do it, right? Wrong on both counts. Let's start with what securitisation does: it takes pools of illiquid assets and turns them into liquid securities--hence...

Accounting standards: the advance of IFRS threatens to render many national standard-setting bodies obsolete. David Tyrrall considers the UK Accounting Standards Board's options.(international financial reporting standards)
October 1, 2006... UK and international accounting standards have a long and intertwined history, but the success of the International Accounting Standards Board (IASB) at spreading international financial reporting standards (IFRS) has created a problem for the...

Contemporary Management Accounting Practices in UK Manufacturing.(Book review)
October 1, 2006... CONTEMPORARY MANAGEMENT ACCOUNTING PRACTICES IN UK MANUFACTURING Authors: David Dugdale, T Colwyn Jones and Stephen Green Publisher: Elsevier/CIMA Publishing Price: 24.99 [pounds sterling] ISBN: 0 7506 68717 The authors have produced...

The Company Director's Desktop Guide.(Brief article)(Book review)
October 1, 2006... THE COMPANY DIRECTOR'S DESKTOP GUIDE Author: David Martin Publisher: Thorogood Price: 18.99 [pounds sterling] ISBN: 1854183176 There are any number of how-to manuals for directors on the market, but most are either quick guides to the...

Results.(Brief article)(Book review)
October 1, 2006... RESULTS Authors: Gary Neilson and Bruce Pasternack Publisher: Wiley Price: 16.99 [pounds sterling] ISBN: 184112 7140 According to its dust-cover blurb, Results explains why some firms "bob and weave and roll with the punches to...

Interest Rate Risk Management.(Book review)
October 1, 2006... INTEREST RATE RISK MANAGEMENT Authors: Alpa Dhanani, Suzanne Fifield, Christine Helliar and Lorna Stevenson Publisher: Elsevier/CIMA Publishing Price: 29.99 [pounds sterling] ISBN: 0 7506 6598 X This research monograph examines various...

Practical Lean Accounting.(Book review)
October 1, 2006... PRACTICAL LEAN ACCOUNTING Authors: Brian Maskell and Bruce Baggaley Publisher: Productivity Press Price: $50 ISBN: 1 56327 243 1 First, the superlatives: Practical Lean Accounting is the best management accounting book I've read in 20...

Global contact details.(Directory)(Brief article)
October 1, 2006... * CIMA Contact E: cima.eontact@ cimagtobal.com T: +44 (0)20 8849 2251 F: +44 (0)20 8849 2450 * Australia office Level 3, The Plaza Building, Australia Square, 95 Pitt Street, Sydney NSW 2000 E: sydney@ cimaglobal.com T: 1800 679...

Miho Endo, full-time student.(STUDENT ONE2ONE)(Interview)
October 1, 2006... You recently passed all six CIMA managerial level papers in one sitting. How did you manage this rare feat? I hadn't studied since I was at university ten years ago, but I've been a full-time student for the CIMA exams, so it hasn't been...

Test of professional competence in management accounting: Kadgee Clothing is hanging by a thread. Adrian Sims analyses the case study's pre-seen material and considers how the firm might avoid coming unstitched.(PAPER P10)(Company overview)
October 1, 2006... This case describes a depressing situation that's familiar to European manufacturing companies, which are having to fight for business against lower-cost operations in the enlarged European Union and beyond. In the past, Kadgee made profits...

A few words of encouragement.(Paper P10)
October 1, 2006... Many students who are preparing for next month's TOPCIMA paper may be struggling with the idea of having to sit yet another exam, writes Gary Leyshon. Haven't you already proved your abilities by passing the strategic level? Why are you now...

Management accounting--risk and control strategy / business strategy: P3 and P6 approach the key topic of information from different angles. David Laws discusses some issues that candidates might expect to encounter in the two exams.(PAPERS P3 AND P6)
October 1, 2006... Because information strategy (IS), information technology (IT) and information management (IM) appear in both paper P3 and paper P6, you may be hoping that you'll need to study these subjects only once. In fact, although there's an overlap...

The CIMA certificate in business accounting: new 2006 syllabus.(EXAM NOTICE)(Chartered Institute of Management Accountants)(Brief article)
October 1, 2006... This is an entry requirement for the CIMA professional qualification and a recognised qualification in its own right. The new syllabus for it was launched at CIMA's lecturers' conference in March. The institute has refreshed all five...

November 2006 exam entry for the professional qualification.(EXAM NOTICE)
October 1, 2006... November's exams will be held on Tuesday 21, Wednesday 22 and Thursday 23. The deadline for entries was September 21, but in extreme circumstances we will consider very [ate entries. You must have suitable evidence from your employer to...

Old and new certificate syllabuses compared.(EXAM NOTICE)
October 1, 2006... 2000 subjects C1 Management Accounting Fundamentals C2 Financial Accounting Fundamentals C3 Business Mathematics C4 Economics for Business C5 Business Law 2006 subjects C01 Fundamentals of Management...

Exam notice.
October 1, 2006... * Cancellations and changes We do not accept cancellations and will not refund fees. The closing date for requesting changes to papers or exam centres was September 30. * Admission advice letters If you have entered for the exams...

Changes to managerial level papers from May 2007.(Brief article)
October 1, 2006... Changes to section weightings The following three managerial level papers will have new section weightings from the May 2007 diet: P1 Management Accounting--Performance Evaluation; P4 Organisational Management and Information Systems; and...

CIMA opens up in Shanghai.(Chartered Institute of Management Accountants)(Brief article)
October 1, 2006... The institute formally unveiled its China representative office in Shanghai on August 23. CIMA started working in the country two years ago and has since expanded steadily. It now has exam centres in Shanghai, Beijing and Guangzhou. Kathy...

Charity committee seeks candidates.(INSTITUTE UPDATE)(alliances of Charity Commission and the Office of the Scottish Charity Regulator )(Brief article)
October 1, 2006... The Charity Commission and the Office of the Scottish Charity Regulator (OSCR) have formed a joint body for creating a statement of recommended practice (Sorp) for UK charities. They have also guaranteed to restructure the Sorp committee to...

CIMA's 2006 student survey.(INSTITUTE UPDATE)
October 1, 2006... This year the institute will conduct its first student survey. This is your chance to let us know what you think of CIMA and the benefits and services we offer. We need to know that we provide the support you require to undertake your...

Presidential engagements.(INSTITUTE UPDATE)(Calendar)
October 1, 2006... To Oct 5 Visit to Hong Kong and Singapore Oct 6 CIMA honorary officers' meeting, London Oct 7 West of Ireland branch dinner, Galway Oct 11 Area 1 retired members' luncheon, London Oct 12 Judging the CIMA Financial Management ...

Sri Lanka technical symposium.(INSTITUTE UPDATE)
October 1, 2006... The Sri Lanka Division's 2006 technical symposium will be based on the theme "Driving superior performance". It will explore how CIMA members can be the catalysts to help their organisations achieve ever greater results. The event will discuss...

Log on to free infocasts.(INSTITUTE UPDATE)
October 1, 2006... As part of a new relationship, CIMA is developing joint products for members with the American Institute of Certified Public Accountants (AICPA) and Chartered Management Accountants--Canada (CMA--Canada). As part of this, it will be...

Diary.(Calendar)
October 1, 2006... 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 (see panels). To book on a CIMA Biz.Net event,...

Whistle while you work: employers should encourage staff to report possible concerns about malpractice internally. As Cathy James explains, any failure to do so could prove disastrous.(JOBS & CAREERS)
October 1, 2006... Mark is the finance director of a small UK telecoms company, a wholly owned subsidiary of a US group. Mark's new managing director, within six months of taking up his post, starts submitting his expense claims without any receipts. Responsible...

KPMG.(ON THE MOVE)(promotions of Lal Balkaran)(Brief article)
October 1, 2006... Lal Balkaran FCMA has been promoted to the post of senior manager in the internal audit practice of KPMG's risk and resilience section in Toronto. Balkaran, a past president of the Institute of internal Auditors (Toronto), was a manager in the...

Department for Constitutional Affairs.(Nina Barakzai appointed)(Brief article)
October 1, 2006... Nina Barakzai FCMA, a member of CIMA's professional standards committee, has been appointed to the legal services consultative panel of the Department for Constitutional Affairs. Barakzai is a solicitor, a council member of the Internet Service...

School of Administrative Studies at York University.(John Parkinson appointed)(Brief article)
October 1, 2006... John Parkinson FCMA has been appointed director of the School of Administrative Studies at York University, Toronto. He has also been promoted from associate professor to full professor of accounting and finance

Darron Cox ACMA has become deputy commercial director of the Department for Education and Skills and director of its Centre for Procurement Performance (CPP).(ON THE MOVE)(Brief article)
October 1, 2006... Darron Cox ACMA has become deputy commercial director of the Department for Education and Skills and director of its Centre for Procurement Performance (CPP). He was deputy director and head of operations at the CPP. Before that, he was...

Power struggle.(Letters)(Letter to the editor)
October 1, 2006... I read your interview with Phil Bentley, group FD of Centrica (September), with some irritation. The increase in gas prices from 16p to 80p per therm--a 500 per cent increase--in five years is horrifying. Is this a trend that we should expect...

Prudent providence.(Letters)(Letter to the editor)
October 1, 2006... Bernard Potter (Letters, September) raises two good questions about Nick Eyre's feature on the Co-operative Group's pension arrangements. In answer to his first point, under the career-average scheme, pension accrual in any one year is linked...

Sick organisation syndrome?(Letters)(Letter to the editor)
October 1, 2006... When a virus spreads through a population, it doubles and doubles again until it has grown out of all proportion. Stopping one infection saves so much on the cost of having to treat a disease that can spread so quickly. Moreover, sick people...