Financial Management (UK) articles from September 2006

Financial Management (UK) archives from September 2006

We need to show outsiders that value creation is more important to us than reporting compliance.(IN BUSINESS)
September 1, 2006... When non-financial people think of the role of the finance professional in business, what is their perception? Is it that of a scorekeeper--or, worse, a bean-counter? Or is it that of a dynamic driver of business performance? Finance...

A CIMA technical article published in Financial Management has been selected for inclusion in the international Federation of Accountants' 2006 Articles of Merit booklet.(Chartered Institute of Management Accountants)(Brief article)
September 1, 2006... A CIMA technical article published in Financial Management has been selected for inclusion in the international Federation of Accountants' 2006 Articles of Merit booklet. The two-part feature entitled "The future of finance", by Stathis Gould...

Four FCMAs have been included on a list of Europe's 88 best chief financial officers, compiled by Institutional Investor magazine.(Fellow Chartered Management Accountant )(Brief article)
September 1, 2006... Four FCMAs have been included on a list of Europe's 88 best chief financial officers, compiled by Institutional Investor magazine. George Rose of BAE Systems, Douglas Flint of HSBC, Andrew Higginson of Tesco and David Tyler of GUS were selected...

CIMA is offering up to 2,000 [pounds sterling] of funding to researchers whose projects fit the requirements of the institute's research strategy.(Chartered Institute of Management Accountants)(Brief article)
September 1, 2006... CIMA is offering up to 2,000 [pounds sterling] of funding to researchers whose projects fit the requirements of the institute's research strategy. The seedcorn funding initiative is aimed at researchers looking to develop new finance-based...

Boards suffer no-confidence vote over their ability to deal with risk.(RISK MANAGEMENT)(Survey)(Brief article)
September 1, 2006... Well under half of senior managers working in large companies trust their boards to promote effective risk management strategies, a new survey has revealed. Only 34 of the 90 executives interviewed by risk consultancy Protiviti felt that...

Companies urged to review healthcare premiums.(FIRST IN ...)
September 1, 2006... Health insurers are failing to pass on cost savings to their corporate clients, according to a study by Mercer Human Resource Consulting. The insurers' costs rose by an average of three per cent last year--the lowest increase for more than...

"Exceptional" part-qualified makes short work of advanced diploma.(EXAMS)(Interview)(Brief article)
September 1, 2006... A Japanese student has passed all six CIMA managerial level exams in one go. Miho Endo, a former investment manager, sat the papers over three days in May. She managed to achieve marks of 78 per cent and 73 per cent in two of the exams, despite...

CIMA annual conference to cover all the bases.(FIRST IN ...)
September 1, 2006... Pensions, ethics and risk management will be among the key topics at this year's CIMA annual conference. Speakers at the event will include Philippa Foster Back, director of the Institute of Business Ethics; and Barbara Moorhouse, FCMA,...

Companies are being urged to check their risk rating to ensure that they are not contributing too much to the new pension protection fund (PPF).(Brief article)
September 1, 2006... Companies are being urged to check their risk rating to ensure that they are not contributing too much to the new pension protection fund (PPF). The annual risk levy is based on a "risk of failure" score, according to pension consultancy...

The European Federation of Accountants is holding a joint conference with the European Commission on accrual accounting in the public sector.
September 1, 2006... The European Federation of Accountants is holding a joint conference with the European Commission on accrual accounting in the public sector. The event aims to identify how member states are implementing the technique and to discuss the issues...

Half of UK firms do not know how to calculate late-payment interest, according to research by the Better Payment Practice Group (BPPG).(Brief article)
September 1, 2006... Half of UK firms do not know how to calculate late-payment interest, according to research by the Better Payment Practice Group (BPPG). The BPPG believes that too many companies are still unclear about their rights when it comes to chasing...

The Charities Aid Foundation is holding its third annual Companies and Communities Awards to recognise best practice in corporate community investment.
September 1, 2006... The Charities Aid Foundation is holding its third annual Companies and Communities Awards to recognise best practice in corporate community investment. The competition is open to companies of all sizes and the awards fall into two categories:...

Phil Bentley FCMA Managing director, Centrica Europe, and group finance director, Centrica.(ONE2ONE)(Interview)
September 1, 2006... You joined Centrica just as the energy industry was entering a particularly volatile period. Has it been a bumpy ride? I spent a lot of time in my first three or four years at Centrica developing a strategy to compete in the changing market...

Package tour: for talented CIMA members with lots of ambition and a little luck the potential rewards are handsome. Camilla Berens checks out what kind of money you can earn at the upper reaches of the profession.(Chartered Institute of Management Accountants )
September 1, 2006... Where will you be in five years' time? Crystal ball gazing isn't currently on the list of CIMA's guidelines for CPD, but there's no harm in looking into the future every so often. Even the most talented executives can get so caught up with...

Swot analysis: why stop studying once you've got an ACMA after your name? Ruth Prickett hears from members who've gained other professional qualifications and finds out what this has done for their careers.(Associate Member of Chartered Institute of Management Accountants )
September 1, 2006... DAVID CAFFERTY ACMA Senior internal auditor, Zadco, United Arab Emirates. Other qualification: member of the Association of Certified Fraud Examiners (ACFE). I got into forensic accountancy when the organisation I was working for...

Lean management: in their second article on the subject, Peter Coote and Stathis Gould report on how finance teams are delivering customer vaLue without waste for their firms.(TECHNICAL MATTERS)
September 1, 2006... Our first article on lean management in the March issue described how lean thinking can apply to the finance function, broadening the cliched perception of leanness to the following definition: delivering customer value without waste. Here we...

Accounting for unsystematic risk: diversifying your portfolio is a sound equity investment practice, but that alone is unlikely to maximise your returns. Malcolm Howard offers some other ideas.(TECHNICAL MATTERS)
September 1, 2006... According to finance theory, the risk associated with securities can be divided into two categories: systematic (market) risk and unsystematic (non-market or specific) risk. Unsystematic risk is unique to a security and will often relate to...

Professional development: the institute's web-based CPD planning tool has been up and running for a year. Ruth Prickett finds out how CIMA members have been making the most of it.(Continuing Professional Development, Continuing Professional Development )
September 1, 2006... In theory, most professionals support the concept of CPD. In practice, it can be more arduous, so anything that makes the process easier to structure should be welcome. The CIMA Professional Development Planner is an online tool, available free...

Global contact details.(STUDY NOTES)
September 1, 2006... CIMA Services was relaunched as CIMA Contact from July 1, 2004 to reflect that students and members now contact us via e-mail, from our web site, via fax and via telephone, and that we offer information to students, members, organisations and...

Nedum Onuoha, Manchester City and England under-21 footballer.(STUDENT ONE2ONE)
September 1, 2006... Which interest came first: football or figures? It's hard to say. I was into sports from a young age, but I've always enjoyed maths, too. I suppose it would have to be the figures, but not by very much. You've been involved with...

Test of professional competence in management accounting: the lead examiner and case writer for TOPCIMA offers some hints and tips to help students facing the final test to improve their performance on exam day.(PAPER P10)
September 1, 2006... TOPCIMA is based on a case-study scenario for which pre-seen material is available on the institute's web site for about eight weeks before the exam. On exam day further unseen material relevant to the case is provided, together with one...

Correction.(Paper 10)(Correction notice)
September 1, 2006... The "Study notes" article on page 46 of the July/August issue stated in error that it was referring to a question in November 2005's paper P9 Management Accounting--Financial Strategy exam. It was in fact referring to a question in that paper's...

Papers in the management accounting pillar: although it's hard for investors to calculate it reliably from a company's published accounts, operational gearing is a useful measure of risk.(PAPERS P1, P2 AND P3)
September 1, 2006... Much of the risk that a company faces is determined by its external environment, but risk is also affected by its own decisions, including those on how to finance the business and the cost structure to adopt. Although students who have studied...

Exam notice.
September 1, 2006... * November 2006 exam entry The exams will be held on November 21, 22 and 23. Students have been able to log into their "My CIMA" accounts and enter for these exams since August 2. The standard closing date for entries is midnight...

Disciplinary committee: Mr Andrew James Couter ACMA.(INSTITUTE UPDATE)
September 1, 2006... The disciplinary committee considered allegations of misconduct against Andrew Couter in that he failed to comply with the laws of the institute by failing to exercise professional competence and/or due care and/or act in accordance with his...

CIMA's 2006 student survey.(INSTITUTE UPDATE)
September 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 to comment on the benefits and services we offer. We need to know that we provide the support you require to undertake...

Presidential engagements.(INSTITUTE UPDATE)(Calendar)
September 1, 2006... Sept 2 Area 3 annual student conference Sept 6 Sir Ian Morrow's memorial service, London Sept 11 Honorary officers' meeting Sept 20 Executive committee dinner Sept 21 Executive committee meeting Sept 23 Area 4 annual...

CIMA seeks interventionist studies.(INSTITUTE UPDATE)
September 1, 2006... The institute is inviting proposals for interventionist research projects--ie, those in which the researcher is an active participant. Projects should involve co-operation between academics and practitioners to find solutions to real management...

Diary.(Calendar)
September 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,...

Student conferences.(Calendar)
September 1, 2006... September 16 Central Southern England (presented in association with FTC Kaplan and Robert Half Finance and Accounting, and sponsored by FSS and totallyfinancial.com) Time: 9.15am to 5.30pm Venue: FTC Kaplan, Thames Tower, Station...

Despot check: macho managers may claim to be effective, but the only thing they're good at is creating fear and alienation. Cindy Mahoney reports on a study of belligerence.(JOBS & CAREERS)
September 1, 2006... "Tough-talking", "no-nonsense" and "gets the job done" are euphemisms that are often associated with a forceful leader. But where does strong leadership stop and bullying begin? How many managers get the job done but leave staff quivering in...

Secret services?(Letters)(Letter to the editor)
September 1, 2006... Your news article on the UK Shareholders' Association (June) mentioned that private investors in companies linked to controversial issues such as animal testing should consider protecting their identities by using nominee accounts. Such an...

More than a feeling.(Letters)(Letter to the editor)
September 1, 2006... Having been heavily involved in forward currency transactions in the eighties and nineties, I read the exam-question analysis of fixed forward and option contracts in the July/August issue with interest. It was a well-presented article and the...

Co-operative movement.(Letters)(Letter to the editor)
September 1, 2006... As secretary of the Royal Ordnance Pensioners' Association and treasurer of the Occupational Pensioners' Alliance, I found the feature on the Co-op's pension changes ("Redefined providence", July/ August) of great interest. But there are two...

Combination knocks.(Letters)(Letter to the editor)
September 1, 2006... I read your feature on corporate sponsorship ("Logos a-gogo", July/August) with interest. Having worked on community sponsorship projects for a major financial services provider, I know that the fit between the core values as well as the brands...

Ethics man.(Letters)(Letter to the editor)
September 1, 2006... I treasure Peter Drucker's book Management: Tasks, Responsibilities, Practices (HarperCollins, 1973) for its simple clarity. It points out that the first duty of a professional was spelled out 2,500 years ago in the Hipprocratic oath: "Above...