Accountancy Age articles from April 2008

Accountancy Age archives from April 2008

True gritz.(Interview)
April 1, 2008... Byline: Kevin Reed True gritz As global CFO of DHL Express, oliver gritz knows it's more about delivering financial efficiency than how you get there, writes kevin reed Regular readers of Accountancy Age interviews will know...

certain style.
April 3, 2008... Byline: Michelle Perry certain style If the holy grail of finance directors is continuous double-digit growth, a hefty cash pile and zero debt then that explains the relaxed demeanour of Jon Kamaluddin, finance director of internet...

People and moves...
April 3, 2008... Byline: Rachael Singh People and moves... Job to die for: capital & regional chief exec Hugh Scott-Barrett has bagged the job of chief executive at Capital & Regional, the property asset manager. Scott-Barrett was previously the...

Behind the numbers: techie tactics.(Here Comes Everybody: The Power of Organising Without Organisations)(Book review)
April 3, 2008... Byline: Damian Wild behind the numbers: techie tactics Tech-savvy readers will know of Clay Shirky. Those of you who don't will be hearing a lot more of the US writer, consultant and all-round expert on the social and...

Final countdown.(United Kingdom's Her Majesty's Revenue and Customs' tax policy)
April 3, 2008... Byline: john cullinane Final countdown In all the furore over non-doms, attention has moved away from 'residence'. But what makes you a tax resident in the UK in any given tax year? Disputed cases on this issue continue to clog...

Pick of the bunch.(on private equity ownership)
April 3, 2008... Byline: Mike O'Brien Pick of the bunch Although difficult to separate, the economic slowdown and the credit crunch are impacting the private equity sector in very different ways, and it's not all doom and gloom for FDs on the search...

Liability crunch.
April 3, 2008... Byline: Andrew howell Liability crunch Against the background of considerable uncertainty in the financial markets and a deepening economic gloom, there are some very real risks for accountants in the work lying ahead of them. ...

Tweedie calls on critics to help reform hated standard.
April 3, 2008... Byline: Penny Sukhraj Tweedie calls on critics to help reform hated standard standards Penny Sukhraj Finance directors have moaned about it, auditors have spent hour upon hour trying to figure it out and even former French...

Confident approach.(Institute of Chartered Accountants in England and Wales)
April 3, 2008... Byline: Iain Coke Confident approach Confidence is an important commodity A- especially at the moment during the ups and downs of the credit crunch and as the successive waves of bad-then-good-then-bad news fill the pages of the...

wind swept.
April 3, 2008... Byline: Kevin Reed wind swept Eating your own dog food is very important for any business, especially if you're a business that provides corporate social responsibility expertise. Csrnetwork has committed to supporting a wind farm in...

on the money with Gavin Hinks.(on financial crises and economic conditions)(Brief article)
April 3, 2008... Byline: Gavin Hinks on the money with Gavin Hinks So the International Accounting Standards Board has begun its review of IAS39, fair value/marking to market accounting. But if you thought chairman Sir David Tweedie...

Taxman clears up PAYE confusion.
April 3, 2008... Byline: Nicholas Neveling Taxman clears up PAYE confusion tax Nicholas Neveling Employers who have not paid PAYE to HM Revenue & Customs because an employee has already paid the tax via self-assessment will not incur...

the rat pack.
April 3, 2008... Byline: Rachael singh the rat pack Former chief financial officer for ICI, Alan Brown is to take on the role of chief exec- utive at commercial and domestic pest controllers Rentokil Initial. Having recently been pivotal in...

Business Finance Team of the Year.
April 3, 2008... Byline: Accountancy Age Business Finance Team of the Year One of the most important assets to any finance director is their team. With this in mind, the Business Finance Team of the Year award is one of the most sort after prizes...

Cambriani?1/2s a rich seam for Big Four pair.
April 3, 2008... Byline: David Jetuah Cambrian's a rich seam for Big Four pair David Jetuah Cambrian Mining's recent troubles have generated a massive pay day for two Big Four firms. Auditors Deloitte racked up nearly [pounds sterling]700,000...

COMPANY REPORTS.
April 3, 2008... Byline: STAFF COMPANY REPORTS AIG targets ex-CFO American International Group has launched a legal battle against its former chief financial officer, Howard Smith and ex- chief executive Maurice 'Hank' Greenberg over the alleged...

should companies be economically friendly? Should corporate and social responsibility extend to the payment terms big business imposes on it suppliers? If a company is concerned about its impact on the environment and society, it should also consider the.
April 3, 2008... Byline: Gavin Hinks should companies be economically friendly? Should corporate and social responsibility extend to the payment terms big business imposes on it suppliers? If a company is concerned about its impact on the environment...

Shed Heads.(Brief article)
April 3, 2008... Byline: TS It seems like there's no end to the talents of E& Y staff. Alan Wallis was drafted in by the gnarled knight of the realm better known as Sir Paul McCartney to tot up his fortune, but that's by no means the only string to his bow...

FRC's mock shock.(Financial Reporting Council)(Brief article)
April 3, 2008... Byline: ts The Financial Reporting Council likes to feign shock when folks hint that it may be doing too much, and regulating everything in sight. 'What part of the FRC could we cut exactly, and still offer the same service?' it moans....

Coda's rock connection.(Conference notes)
April 3, 2008... Byline: ts Coda's rock connection It's not everyday that mild-mannered chief executives of accounting software companies are able to mix with the rock 'n' roll elite, but Coda boss Jeremy Roche is going to do just that. Roche is...

More War and Peace than Potter.(on Alistair Darling's release of financial statements)(Brief article)
April 3, 2008... Byline: TS More War and Peace than Potter When people said that Alistair Darling had plenty of explaining to do, they weren't joking. Last week, as the chancellor released the finance bill, he also hit advisers with 1,148 pages of...

E&Y in shoot out victory.
April 3, 2008... Byline: TS E&Y in shoot out victory The latest bloodthirsty game in the London Accountants Football League took place at the weekend, as the plucky heroes of Ernst & Young took on bitter adversaries Deloitte in the cup final. The...

Regulators call for end to self-appointed trustees.(European Federation of Accountants, the European Financial Reporting Advisory Group and the European Banking Federation)(Brief article)
April 3, 2008... Byline: Penny Sukhraj Regulators call for end to self-appointed trustees Penny Sukhraj Trustees of the International Accounting Standards Board should be stripped of the power to appoint their own successors, regulators have...

FTI targets Big Four position.(FTI Consulting Inc.)
April 3, 2008... Byline: Barbara Buchanan FTI targets Big Four position Barbara Buchanan US business advisory group FTI wants to be considered alongside the Big Four, it said after announcing the purchase of Forensic Accounting in the UK. ...

CCH to leave MYOB intact.
April 3, 2008... Byline: Rachael Singh CCH to leave MYOB intact Rachael Singh Wolters Kluwer has pledged to run MYOB's accountancy software arm, as it is after the media group bought the niche software provider. Wolters Kluwer announced it had...

Ernst & Young unveils new i?1/2visual identityi?1/2.
April 3, 2008... Byline: Nicholas Neveling Ernst & Young unveils new 'visual identity' Nicholas Neveling A new 'visual identity' for Ernst & Young was unveiled this week as the firm introduced a grey and yellow 'beam' motif to freshen up its...

SMEs rules to go private.
April 3, 2008... Byline: Penny Sukhraj SMEs rules to go private Penny Sukhraj The international accounting standard for SMEs is set to be rebranded as a standard for private companies. The standard, which has caused confusion for...

Waterman fine tunes counter-claim.
April 3, 2008... Byline: David Jetuah Waterman fine tunes counter-claim David Jetuah Pete Waterman's lawyers are working against the clock to draw up the music mogul's counterclaim in BDO Stoy Hayward's [pounds sterling]525,000 fee dispute. ...

Credit crunch sparks fair value revolt.
April 3, 2008... Byline: Penny Sukhraj Credit crunch sparks fair value revolt Penny Sukhraj UK companies and investors are turning against fair value accounting, as US criticisms of the method cross the Atlantic and add to calls for its suspension...

Lawyers are predicting a flood of claims.
April 3, 2008... Byline: Kevin Reed Lawyers are predicting a flood of claims Kevin Reed Lawyers gearing up to handle credit crunch claims against accountants say the issue is now a matter of 'how many' and not 'if' claims will come. Writing...

Rock shareholders blast bank on aggressive writedowns.
April 3, 2008... Byline: Nicholas Neveling Rock shareholders blast bank on aggressive writedowns Nicholas Neveling and David Jetuah Aggrieved Northern Rock shareholders have questioned the bank's aggressive writedowns on unsecured loans, claiming...

NHS FDs forced into i?1/2tricksi?1/2.
April 3, 2008... Byline: Barbara Buchanan NHS FDs forced into 'tricks' Barbara Buchanan The pressure on NHS finance directors to break even could lead to accounting 'tricks', claim senior figures within the sector. The sentencing last week of...

Advisers in crisis talks over non-dom fees.
April 3, 2008... Byline: Nicholas Neveling Advisers in crisis talks over non-dom fees Nicholas Neveling Advisers were set to hold a crunch meeting with HM Revenue & Customs this week in an attempt to change legislation that could see UK fund...

Non-dom arts donor quits UK.(non-domiciled tax status)(Brief article)
April 3, 2008... Byline: Nicholas Neveling non-dom arts donor quits UK A US non-dom, who has given more than [pounds sterling]20m to organisations such as the London Philharmonic (above) and the National Galleries of Scotland, has returned to America...

Sainsbury cashes in his CGT Labour peer Lord Sainsbury has transferred i?1/2340m worth of shares that he personally owned to a company that he controls, saving him more than i?1/227m in tax. The peer transferred 92 million of his shares yesterday to Innotech Adv.
April 3, 2008... Byline: staff Sainsbury cashes in his CGT Labour peer Lord Sainsbury has transferred [pounds sterling]340m worth of shares that he personally owned to a company that he controls, saving him more than [pounds sterling]27m in tax. The...

Creating value.(Brief article)
April 3, 2008... Creating value The role of the finance team over the last few years has changed dramatically, moving from its traditional role as a scorekeeper, to one centred on it becoming a more proactive business driver within an organisation. As...

dressed for success.
April 3, 2008... dressed for success The UK clothing industry is an incredibly aggressive marketplace dominated by only a handful of brands. It is worth [pounds sterling]45bn and is growing annually at an average rate of between 30% and 40%. Despite...

LOw down on mid-range deals.(Brief article)
April 3, 2008... LOw down on mid-range deals The number and value of UK PE deals plummeted in the fourth quarter with the slowdown expected to continue into 2008, KPMG has found. UK buyouts valued at more than [pounds sterling]10m fell to 25 in the...

Cooking with gas.
April 10, 2008... Byline: David Jetuah Cooking with gas If his life had taken a different course, NCC Group's FD could have been the next Gordon Ramsay. But instead of terrorising hapless restaurateurs and extinguishing kitchen blazes, Paul Edwards...

Go global.(BDO Binder B.V., Grant Thornton L.L.P., GTI Corp. plans on going global)
April 10, 2008... Byline: Sarah Perrin Go global Six international accounting networks could currently be considered to have global reach. What does the future hold for them? The international networks created by the Big Four firms, plus BDO...

Taxing times.
April 10, 2008... Byline: Peter Williams Taxing times The last time anyone really reformed the UK business tax system was when Tory chancellor Nigel Lawson scrapped generous capital allowances in return for moving the rate of corporation tax down from...

Please re-lease me.(on lease financing)
April 10, 2008... Byline: Stephen Clarke Please re-lease me Companies should be looking closely at the role of real estate given the current worrying market conditions, because too much corporate capital is tied up in property. Back in 2007 real...

Photo-me FD exits after one month.(finance director Simon Poulton of Photo-Me International)(Brief article)
April 10, 2008... Byline: David Jetuah Photo-me FD exits after one month David Jetuah Simon Poulton has quit his interim finance director role at the world's biggest photo booth operator after only a month. Photo-Me International has now turned...

Pre-CGT fire sale hysteria fails to materialise.
April 10, 2008... Byline: Nicholas Neveling Pre-CGT fire sale hysteria fails to materialise tax Nicholas Neveling A deluge of stock and business deals were predicted when Alistair Darling announced that capital gains tax would be...

People and moves...(Ernest & Young)(Brief article)
April 10, 2008... Byline: Rachael Singh People and moves... Job to die for: S&W retail restructuring director The top job this week goes to retail turnaround specialist Barry Knight. He takes on the role of retail advisory and restructuring...

can the uk hang on to audit?(United Kingdom)(Brief article)
April 10, 2008... Byline: Nicholas Neveling can the uk hang on to audit? KPMG Europe boss John Griffith-Jones caught the attention of the profession last week when he called for an audit 'kitemark' in a speech delivered to ICAS members. But such...

car crash.
April 10, 2008... Byline: Kevin Reed car crash A failure to understand the link between car emissions and tax banding could hit your bottom line, according to Fleet specialist Alphabet. Its survey found that just 17% of drivers believe they will save...

Doni?1/2t blame the messenger.
April 10, 2008... Byline: David Damant Don't blame the messenger Those who criticise fair value accounting should recall that the alternative is not historic cost, but the lower of cost and market. This rule is long standing and reflects the...

Accountant of the Year.(Brief article)
April 10, 2008... Byline: Accountancy Age Accountant of the Year When you examine the value of an accountancy firm or a finance function, you are essentially valuing the people who work there. It is their knowledge and skills make the firm or department...

Acquisition duo provoke uncertainty.
April 10, 2008... Byline: Nicholas Neveling Acquisition duo provoke uncertainty technology Rachael Singh Two large acquisitions of accounting software groups by what are predominantly publishing companies have fired debate over whether end...

View from the board: equity sums still add up.
April 10, 2008... Byline: Mark Freebairn View from the board: equity sums still add up Who are the famous FDs out there? Whose names do people speak of in hushed and hallowed tones? Ian Livingstone at BT, Byron Grote at BP and Ian Dyson at M&S, for...

All the fun of the fair!(fair value accounting)
April 10, 2008... Byline: Stella Fearnley All the fun of the fair! Fair value accounting is criticised for not reflecting economic substance, particularly in financial institutions stressed by the credit crunch. IFRS has been disparagingly referred...

Standard scapegoat.(on fair value accounting)
April 10, 2008... Byline: Alex Hawkes Standard scapegoat As mortgage rates climb, banks cut back on their lending, once mighty Wall Street institutions collapse before our eyes and the world's major economies head for a nosedive, many are starting to...

PWC election sham.(PricewaterhouseCoopers L.L.P.)(Brief article)
April 10, 2008... Byline: TS Some have suggested PwC has done well in getting such breadth and depth with its choice of candidates to replace Kieran Poynter. TS isn't so sure. Striking a blow for diversity and equality activists across the globe, the...

Ts rides the tube with BoJo.(Boris Johnson)(Brief article)
April 10, 2008... Byline: TS TS rides the tube with BoJo TS was bursting with pride on a recent tube journey home after bumping into Boris Johnson. TS' old mucker, the would-be London Mayor and hair model to thousands of ill-groomed men was was on...

Beam me up Otty!
April 10, 2008... Byline: TS Beam me up Otty! TS has spent the last week pondering Ernst & Young's 'rebranding', which saw the firm unveil a triangular-like 'beam' that will feature on letterheads and business cards. The 'beam', however, is...

Mistress shifting.(on income shifting)(Brief article)
April 10, 2008... Byline: TS There are many reasons to dislike the government's attitude to husband and wife businesses, or so-called income shifting. Liberal Democrat MP John Thurso has come up with another one. During a treasury committee hearing on...

Crunch time.(on credit downturns)(Brief article)
April 10, 2008... Crunch time The capital markets are still in the grip of the credit crunch, but there are no such problems for NCC. In fact it's almost the complete opposite. 'A lot of what we do now is non-discretionary spend. There's fear and doubt...

Big four vs Mid-tier auditors.(KPMG International and NCC Group's swapping of auditors)(Brief article)
April 10, 2008... Big four vs Mid-tier auditors Just before the business took off in 2000, NCC swapped GT for KPMG because, in Edwards' words, 'you've got to walk the walk. It's important to have the best advisors. In terms of audit you've got to have a...

Pole tax stripped away.(taxation on dancing clubs)(Brief article)
April 10, 2008... Byline: TS Pole tax stripped away It brought a tear to TS' eye after a Texas judge struck a blow for good old-fashioned common sense when he declared a $5([pounds sterling]2.51)-per-customer top-up fee on strip club patrons was...

COMPANY REPORTS.
April 10, 2008... Byline: Staff COMPANY REPORTS Reed wins [pounds sterling]1.3m payoff Alison Reed has won more than [pounds sterling]1.3m from her former employers at Standard Life after her surprise exit in 2006.The former finance director of the...

One-click bankruptcy sparks concern.
April 10, 2008... Byline: Rachael Singh One-click bankruptcy sparks concern Rachael Singh Fears are growing over new bankruptcy procedures that could allow those in debt to write off their obligations with a click of a mouse. Moves to open up...

Dodgy directors will slip through the net, warns IPC.(Insolvency Practices Council)(Brief article)
April 10, 2008... Byline: David Jetuah Dodgy directors will slip through the net, warns IPC David Jetuah More cash has been demanded from government by the Insolvency Practices Council to help bring crooked company directors to account. The...

Institute hits PKF with i?1/2100k fine and costs for audit i?1/2failuresi?1/2.(Prudential Financial Inc.)(Brief article)
April 10, 2008... Byline: Nicholas Neveling Institute hits PKF with [pounds sterling]100k fine and costs for audit 'failures' Nicholas Neveling PKF has been left to pick up a [pounds sterling]102,000 bill after it was fined and severely reprimanded...

Iris's stellar performance impresses LAMDA.(London Academy of Music and Dramatic Art)(I.R.I.S. Inc.)(Brief article)
April 10, 2008... Byline: Nicholas Neveling Iris's Stellar performance Impresses Lamda Iris, the business software group, has won a deal with the London Academy of Music and Dramatic Art to supply it with a full financial management system. ...

Whitehall PFI confusion is deepened by standards delay.
April 10, 2008... Byline: Our Parliamentary correspondent Whitehall PFI confusion is deepened by standards delay By our parliamentary correspondent Delays to the implementation of international accounting standards have left government officials...

BT calls in Livingston as chief executive.(Ian Livingston has been named new chief executive of British Telecommunications PLC)(Brief article)
April 10, 2008... Byline: David Jetuah BT calls in Livingston as chief executive David Jetuah Former FD Ian Livingston has been named BT's new chief executive. Livingston was FD at the group from 2002 to 2005, but for the past three years he...

Smoothed assets dismissed as a i?1/2worse answeri?1/2 to fair value.(Brief article)
April 10, 2008... Byline: Penny Sukhraj Smoothed assets dismissed as a 'worse answer' to fair value Alex Hawkes and Penny Sukhraj Smoothing asset values isn't the answer to challenges posed by fair value, a standards expert has warned. Banks,...

Tesco rolls out big guns in Guardian tax libel case.
April 10, 2008... Byline: Nicholas Neveling Tesco rolls out big guns in Guardian tax libel case Nicholas Neveling Tesco has hired heavyweight libel lawyers Carter Ruck and barrister Adrienne Page QC to fight its groundbreaking tax libel case against...

Government may have to revisit liability.
April 10, 2008... Byline: Penny Sukhraj Government may have to revisit liability Penny Sukhraj The government's new auditor liability limitation regime was lurching towards crisis this week, as one auditor suggested the government may have to...

FD Summit.
April 10, 2008... Byline: Accountancy age Web Sight: FD summit Tesco FD and BT chairman Sir Mike Rake are the keynote speakers at this year's FD Summit, being staged by our sister title Financial Director. The two-day event, which takes place on 25 and...

Truly european.(Brief article)
April 10, 2008... Truly european KPMG became the first of the big firms to set formal ties between its firms when it created KPMG Europe, an entity containing 18,000 partners across the UK, Germany and Switzerland.However the strategy to create a...

THE CBI's IDEAS.
April 10, 2008... Byline: Peter Williams THE CBI's IDEAS l A headline corporation tax rate of 18% within eight years. The CBI says the cut will pay for itself over time through increased economic activity. l Tax calculated on the basis of ...

on the money with Gavin Hinks.
April 11, 2008... Byline: Gavin Hinks on the money with Gavin Hinks Warning A- being an audit committee chairman could seriously damage your health. That's one of the conclusions that could be drawn from the increasing attacks...

Standard evangelist.
April 17, 2008... Byline: Andrew Sawers Standard evangelist The man who was once branded 'the most hated accountant in Britain' by The Scotsman newspaper is now poised to take over the world. Sir David Tweedie, who turned UK accounting standards on...

ready for revival.
April 17, 2008... ready for revival Defined benefit pension schemes appear to be on the verge of extinction A- but with clever strategy finance directors can keep them alive and make employers and investors happy at the same time. What goes up, must...

Moving forward: working smarter, not harder.
April 17, 2008... Byline: john Lees moving forward: work smarter not harder You have a finite amount of energy, so working longer hours and harder can only produce limited results. If you really want to work smarter, not harder, focus on...

People and moves...
April 17, 2008... Byline: Rachael Singh People and moves... Job to die for: ebtm finance director Job of the week goes to Ian Collins, who has retained his musical links by joining online music fashion retailer EBTM as group finance director. The...

Helping the helpless?
April 17, 2008... Byline: Melanie Giles Helping the helpless? For a long time now, it has been a common perception that bankruptcy proceedings are a better option for individuals who find themselves in a position where they cannot repay their debts. ...

Employer of the Year.
April 17, 2008... Byline: Accountancy Age Employer of the Year Most of us spend more time at work than we do at home with our families. That makes it vital that work is a place we want to be. So, if you're an employer wanting to retain your best staff...

Father figures.
April 17, 2008... Byline: various Father figures The firm's view The responsibility for childcare is changing and this is causing organisations to ensure flexible working policies support men and women. This means creating environments where...

what lies beneath?(fair value accounting)(Brief article)
April 17, 2008... Byline: Alex Hawkes what lies beneath? Are critics of fair value jumping the gun? There's no doubt we are in a fairly dramatic crisis. Financial News, the investment banking publication, says banks have declared a total of $140bn...

worried?(financial websites)(Brief article)
April 17, 2008... Byline: Kevin Reed worried? Uncertainty in the finance and business services sector has led to the most cautious Q2 employer hiring plans in over a decade, according to Manpower Professional. Only 9% of employers in the sector are...

Lavellei?1/2s best efforts fail to save Erinaceous.(Dominic Lavelle )
April 17, 2008... Byline: David Jetuah Lavelle's best efforts fail to save Erinaceous David Jetuah Erinaceous has gone into administration only days after its finance director Dominic Lavelle appeared to have secured the troubled company a stay of...