Accountancy Age articles from August 2005

Accountancy Age archives from August 2005

Consultancy - Big Four burst back into market. Big Four consulting revenues set to rise by up to 50% in next set of year-end figures, writes James Bennett.
August 4, 2005... The Big Four's consulting and advisory services revenues could be between 30% and 50% higher than in 2004 when they reveal their next year-end results, according to industry experts and observers. Kevin Narain, MD of Parson Consulting, said...

Consultancy - Capgemini chops Japan arm.(NTT Data acquisition)(Brief Article)
August 4, 2005... Capgemini has announced it is to sell 95% of its Japanese subsidiary to NTT Data for around EUR31.7m ([pounds sterling]21.8m). The deal includes a strategic alliance where NTT will become the firm's preferred partner in Japan, while Capgemini...

Consultancy - Summer gloom, industry boom.
August 4, 2005... Byline: James Bennett, editor of Management Consultancy. Despite the typical gloomy summer skies and persistent drizzle, an Ashes defeat to the Ozzies looking ominous,and the Home Office admitting that it is perilously close to blowing its...

Technology - HMRC merger tops government IT spending. Revenue & Customs consolidation drives up government's IT budget, writes Sarah Arnott and Gavin Hinks.
August 4, 2005... A massive chunk of government IT spending over the next three years will come from the newly merged HM Revenue & Customs as the two departments are consolidated into one. According to figures from the research group Kable, central...

Technology - CRM fails to improve service.(customer relationship management)(Brief Article)
August 4, 2005... Widespread and costly investment in customer relationship management tools has not resulted in a better service, according to consulting firm Accenture, writes Iain Thomson. A survey of 1,000 UK consumers found that over two thirds thought...

The Debate - Royals must be subject to tax. Ancient laws protecting royals from tax must be overhauled, says Graham Smith. The lack of support for the status quo suggests they will be, writes Rachel Fielding.
August 4, 2005... Should the royals be subjected to the same tax as the rest of us? Of course they should - it almost seems bizarre to ask the question. The Queen, Prince Charles and other royals who benefit from our tax money operate in the same economy as...

Opinion - Audit failure? Don't blame us.(media coverage of audit scandals)(Brief Article)
August 4, 2005... 'The overwhelming majority of audits conducted by the major accounting firms are highly professional, effective and valuable,' writes the new website, Valueyouraudit.com. 'However, media commentary tends to focus on the few, high-profile audit...

Opinion - A game of two halves.(Leeds United)(Brief Article)
August 4, 2005... It was, it has to be said, a victory snatched from the jaws of defeat. The football business has been through the mill over the last few seasons and if any club symbolised the way that many clubs gambled on success and failed it has to be Leeds...

The corridors of power ...(Public Accounts Committee)(Brief Article)
August 4, 2005... Byline: Jon Ashworth, business features editor at The Times. One of my great wishes in life is never to be called before the Public Accounts Committee (PAC). MPs in this group go in for a particular line in sarcasm, as officials from the...

Letter - Bunch of splitters.(Letter to the Editor)
August 4, 2005... Every time I read the letters squabbling about the proposed mergers of the accountancy bodies, I can't help thinking about a certain Monty Python sketch: 'Are you the Institute of Charted Accountants for England and Wales?' '*&#K off!...

Letter - That don't impress me much.(Letter to the Editor)
August 4, 2005... You were very keen to report 'impressive results' for Vantis (21 July, page 2). Of course it's obvious that the Numerica addition will increase turnover. But why are you so impressed by non-organic growth? Numerica was a disaster anyway,...

Letter - Let me out!(Letter to the Editor)
August 4, 2005... Over the past few months, your letter writers have suffered from problems with the administrators of the major institutes. While one reader had a problem with the ICAEW's administration, he was lucky he did not attempt resignation. This process...

Letter - Go straight to the source.(Letter to the Editor)
August 4, 2005... I read with interest your article Pru sparks outsourcing backlash (14 July, page 9). Given a landscape littered with failed contracts and organisations left significantly under-performing, wholesale outsourcing is rightly out of favour. If...

Letter - Off the rails: TS confuses railways and taxes - or does it?(Letter to the Editor)
August 4, 2005... Methinks that TS is telling porky pies about its hidden anoraks - model railways (28 July, page 36). As anyone who has tried to visit HM Revenue & Customs website will be able to tell you, any variation on www.hmrc.org in the form or.co.uk,...

Insider - Summer of opportunity. If you thought August was a time to relax while the boss is on holiday, think again. It's a chance to get your house in order, says Luke Ahern.
August 4, 2005... Byline: Luke Ahern, director of broking at AIM-specialist stockbroker Corporate Synergy Plc. It's August. A time to shift down a gear and, if you are a finance director, take advantage of the fact your MD or CEO is probably either on...

Insider - Profile: Martin Coombs, finance chief of consultancy giant CSC - Tour De Force. A business professional first, a consultant second and an accountant third is how Martin Coombs views himself. Perhaps that's why he rides the ups and downs as easily as CSC's Tour de France team. Just don't ask him about Sarbox, writes James Bennett.(Sarbanes-Oxley Act)(Interview)
August 4, 2005... In many ways, the highs and lows of the Computer Sciences Corporation cycling team over the various stages of the Tour De France mirror that of the dotcom, IT and consulting industries over the past seven years. Think back to the initial...

Insider - Overview - Royalty check. On the frontline: Prince Charles' treasurer is in for an uncomfortable time, writes Karen Day.(management of Leslie Ferrar)
August 4, 2005... For those delving into the accounts of Prince Charles it should come as no surprise to find that he has hired a tax expert to manage his finances. Leslie Ferrar, 49, joined Charles's Duchy of Cornwall in January as Treasurer, precisely as...

Insider - Overview - Three steps to ... Delivering bad news.(Brief Article)
August 4, 2005... Step 1. Don't beat about the bush In business, bad news should almost always be direct. Come right to the point, and don't delay by making small talk - it only makes things more difficult for the recipient. Never, under any circumstances,...

Insider - Overview - Buzzwords - HEIDIs. (noun). highly educated, intelligent, degree-carrying individuals.(Brief Article)
August 4, 2005... They work and play hard, love spending money and are supremely confident - but while HEIDIs also make a huge contribution to the economy and wield considerable influence, work is not an end in itself for these women. Some 40% of...

Insider - Overview - FD's view: take responsibility.(financial director)(surveys about corporate social responsibility)
August 4, 2005... Byline: Norman Green, vice president of finance at Oracle UK, Ireland and South Africa. Last month's Business in the Community awards will have made many companies reassess their attitudes towards corporate social responsibility (CSR). The...

Results: CIoT 2005 - CIoT results round-up 2005. Candidates who successfully passed the Chartered Tax Adviser Examination held in May 2005.(Chartered Institute Of Taxation)
August 4, 2005... A Abbott J (Bedford): Alder T H (Abingdon): Allen T C (Carnforth): Anderson R L (Lincoln): Ashton K A R (London): Atherton R A (Prescot): Athwall S K (Epping): Au-Yeung M M C (London) B Baker J E (Aberdeen): Bamford C J...

Football crazy: VAT hitch for companies investing in Germany 2006.(value added tax)(Brief Article)
August 4, 2005... Companies are set to miss out on hundreds of millions of pounds in unclaimed VAT next year, as multinationals pour money into the 2006 World Cup in Germany, writes Alex Hawkes. The tournament will highlight a longstanding problem for companies,...

UK plc takes on Treasury in avoidance battle. FTSE100 finance directors and PwC join forces in an attempt to seize initiative in heated debate over business tax avoidance, writes Alex Hawkes.(PricewaterhouseCoopers L.L.P.'s alliance with Hundred Group)(Financial Times Stock Exchange Index)
August 4, 2005... PricewaterhouseCoopers is working with the body representing FTSE100 finance directors in an apparent attempt to wrest the initiative from chancellor Gordon Brown in the continuing battle over tax avoidance, Accountancy Age has learned. In...

London Underground slams PPP groups over accounts.(public-private partnership)(accounting of Metronet and Tube Lines Ltd.)(Brief Article)
August 4, 2005... Byline: Nicholas Neveling. The two groups involved in a [pounds sterling]15bn public-private partnership to upgrade the capital's tube network have been told to reform their accounting procedures to make comparisons of their work possible....

Convergence goes awry. First combined IASB and FASB standard criticised for failing to provide an improvement on the existing reporting rules, writes Nicholas Neveling.(beliefs of Accounting Standards Board)(International Accounting Standards Board, Financial Accounting Standards Board)(Brief Article)
August 4, 2005... Concerns raised by the Accounting Standards Board on the first-ever accounting standard compiled by both international standards setter IASB and the US equivalent FASB could force the two bodies into overhauling the converged new rule. The...

Partners to foot [pounds sterling]58m pension bill.(pensioners' case against KPMG L.L.P.)(Brief Article)
August 4, 2005... KPMG defended its legal battle over pension contributions this week, after the Court of Appeal rejected its case and effectively passed on an estimated [pounds sterling]58m fund deficit to the firm's 553 partners, writes Karen Day. The...

Deloitte cashes in on Sarbox.(Sarbanes-Oxley Act of 2002)(Deloitte & Touche Consulting Group's financial results)(Brief Article)
August 4, 2005... Byline: Nicholas Neveling. A 15.7% increase in 'audit' fees was the major contributor to revenue growth of 8.8% in 2005 at Deloitte, due to the Big Four firm cashing in on a tighter regulatory environment and new accounting standards. ...

News in brief.(science and technology policy of European Union. European Commission)(beliefs of accounting services)(beliefs of Martin Coombs)
August 4, 2005... Business, firms and individuals looking to enter this year's Accountancy Age Awards have just a few more days to do so. The awards, now in their 11th year, recognise the contribution of individuals, teams and organisations, their performance...

'Dextra' will cost [pounds sterling]100m. Small companies could face huge bill for IHT even where no inheritance exists, writes Alex Hawkes.(inheritance tax)(tax policy of United Kingdom. HM Revenue & Customs)(Brief Article)
August 4, 2005... Small companies face paying a [pounds sterling]100m inheritance tax charge on benefits paid to employees - when no one has died and there is no inheritance to collect. The bill emerged as the consequences of the recent 'Dextra' case became...

Red Letter Days passed around Dragons' Den.(acquisition by Theo Paphitis and Peter Jones)(Brief Article)
August 4, 2005... Administrators from business recovery specialists Kroll have arranged the sale of activity gifts company Red Letter Days, the company substantially owned by Rachel Elnaugh, the businesswoman famous for appearing on the BBC's programme for...

Tweedie's judgement call.(beliefs of David Tweedie)(Brief Article)
August 4, 2005... Byline: Nicholas Neveling. Sir David Tweedie has called on auditors and FDs to use their judgement when faced with complex accounting situations - and stop relying on standard setters to make their decisions. Speaking at a London...

It's big, it's turquoise - but does anyone notice? Firm's lavish new audit ad campaign is big and bold, but is the message reaching the public? asks Nicholas Neveling.(advertising by PricewaterhouseCoopers L.L.P.)(Brief Article)
August 4, 2005... Concerned with negative media commentary on the standard of auditing in the UK, the country's biggest firm, PricewaterhouseCoopers, has splashed out on a multi-media advertising campaign entitled 'Value Your Audit'. Described by a PwC...

ACCA case sets precedent.(Association of Chartered Certified Accountants's case against David Mond of Hodgsons)(Brief Article)
August 4, 2005... Byline: Alex Hawkes. A senior insolvency partner has successfully challenged disciplinary proceedings brought against him by his institute, in what is thought to be a case with no precedents. A High Court judge ruled last week that...

Analysis - Three years in the making. As WorldCom's chairman faces the prospect of a quarter of a century behind bars, the legislation his actions helped spark marks its third anniversary, writes Karen Day.(Sarbanes-Oxley Act of 2002)
August 4, 2005... It seems strangely fitting that in the same month as the Sarbanes-Oxley Act celebrates its third anniversary, one of the men whose actions spawned this monumental piece of legislation was jailed for 25 years. Bernie Ebbers, the colourful...

Finance week - Royal & Sun acts to plug pension hole. Insurer moves from final salary to average salary scheme in series of measures to slice pension deficit, writes Nicholas Neveling.(human resource management of Royal and Sun Alliance PLC)
August 4, 2005... The announcement from Royal & Sun Alliance that it is reshaping its group pension scheme to slice its pension deficit by [pounds sterling]126m, revealed the latest strategy used by UK plc in the ongoing struggle to manage pension schemes. ...

Finance week - Company Reports. AstraZeneca's FD considers future at company, while Table Mountain Minerals discusses reverse takeover.(finance director)(shares of Rolls-Royce PLC)(Jon Symonds to resign)(Brief Article)
August 4, 2005... Rolls Royce, which reported a 14% increase in sales to [pounds sterling]3.1bn, said it was continuing the practice of making payments to shareholders in the form of 'B' shares rather than dividends. The shares can then be redeemed for the same...

Taking Stock - State of bewilderment.(written correspondence of PricewaterhouseCoopers L.L.P.)(Brief Article)
August 4, 2005... TS' usual state of bewilderment on IFRS was exacerbated last week when it received the latest news from PwC on the convergence project between the IASB and FASB. Quoting FASB chairman Bob Herz on the joint M&A standard, the letter read: 'The...

Taking Stock - Money doesn't grow on trees.(BE Studios's case against United Kingdom. Her Majesty's Revenue and Customs)
August 4, 2005... 'Will BE Studios, the company slated by a High Court judge for its "grossly exaggerated" R&D tax credit claims, be able to pay the money back to HMRC?' experts are asking. BE was paid [pounds sterling]150,000 in R&D tax credits, erroneously,...

Taking Stock - Double take for Tweedie.(speeches of David Tweedie)(Brief Article)
August 4, 2005... As a high flyer in the fast, glamorous world of accountancy journalism, TS is not afraid of reheating a story to save a bit of labour and free up some time for a session in the pub. After listening to Sir David Tweedie's latest address, it...

Taking Stock - Equitable Life trial.(Tony McGarahan to speak at PR Week conference)(Brief Article)
August 4, 2005... The Equitable Life trial at the High Court is currently in its summer break. Time to relax, sit back and think about how it's going. For one participant, however, it's time to offer the benefit of his own vast experience, explaining how to...

Taking Stock - By unroyal appointment.(reports of United Kingdom. Parliament. House of Commons. Select Committee on Public Accounts)(Brief Article)
August 4, 2005... The Public Accounts Committee wants the Royal Duchies to be scrutinised by the National Audit Office, like all good public sector bodies. The PAC also wants the Royal Duchies to be taxed on their capital gains and profits, like a private...

Capgemini chops Japan arm.(Capgemini Japan to NTT Data Corp.)(Brief article)
August 4, 2005... Byline: James Bennett Capgemini chops Japan arm Capgemini has announced it is to sell 95% of its Japanese subsidiary to NTT Data for around A[currency]31.7m ([pounds sterling]21.8m). The deal includes a strategic alliance where...

Summer of opportunity.(Financial directors)
August 4, 2005... Byline: Luke Ahern Summer of opportunity It's August. A time to shift down a gear and, if you are a finance director, take advantage of the fact your MD or CEO is probably either on holiday or enjoying business life at a slightly less...

Tour de force.
August 4, 2005... Byline: James Bennett Tour De Force In many ways, the highs and lows of the Computer Sciences Corporation cycling team over the various stages of the Tour De France mirror that of the dotcom, IT and consulting industries over the past...

Three steps to . . .(Delivering bad news)(Brief article)
August 4, 2005... Byline: Rachel Fielding Three steps to... Delivering bad news Step 1 Don't beat about the bush In business, bad news should almost always be direct. Come right to the point, and don't delay by making small talk -- it only...

Corridors of power.(review the Duchy's finances)(Brief article)
August 4, 2005... Byline: Jon Ashworth One of my great wishes in life is never to be called before the Public Accounts Committee (PAC). MPs in this group go in for a particular line in sarcasm, as officials from the Duchy of Cornwall discovered recently....

Crisis.(Brief article)
August 4, 2005... Byline: Accountancy Age The Equitable Life trial at the High Court is currently in its summer break. Time to relax, sit back and think about how it's going. For one participant, however, it's time to offer the benefit of his own vast...

Black letters.(Financial Accounting Standards Board and International Accounting Standards Board plans for convergence project )(Brief article)
August 4, 2005... Byline: Accountancy Age TS' usual state of bewilderment on IFRS was exacerbated last week when it received the latest news from PwC on the convergence project between the IASB and FASB. Quoting FASB chairman Bob Herz on the joint M&A...

Football crazy.
August 4, 2005... Byline: Alex Hawkes Companies are set to miss out on hundreds of millions of pounds in unclaimed VAT next year, as multinationals pour money into the 2006 World Cup in Germany, writes Alex Hawkes. The tournament will highlight a...

In brief.(Accountancy Age Awards)(European Commission has proposed law enforcement on electronic bank transfers)(KPMG has launched a [pounds sterling]1.4m damages claim against Equity Trust (Jersey) over the sale of two shopping centres)
August 4, 2005... Byline: Gavin Hinks Business, firms and individuals looking to enter this year's Accountancy Age Awards have just a few more days to do so. The awards, now in their 11th year, recognise the contribution of individuals, teams and...

It's big, it's turquoise but does anyone notice?(PricewaterhouseCoopers L.L.P. splashed out on a multi-media advertising campaign ''Value Your Audit')(Brief article)
August 4, 2005... Byline: Nicholas Neveling It's big, it's turquoise -- but does anyone notice? Concerned with negative media commentary on the standard of auditing in the UK, the country's biggest firm, Pricewaterhouse-Coopers, has splashed out on...

Summer gloom, industry boom.
August 4, 2005... Byline: James Bennett Summer gloom, industry boom Despite the typical gloomy summer skies and persistent drizzle, an Ashes defeat to the Ozzies looking ominous,and the Home Office admitting that it is perilously close to blowing its ID...

talking japanese After 17 years of working with Japanese company Fujitsu services, the third-largest IT company in the world, the firm asked Martin Coombs to move over to the land of the rising sun, but he declined because his young family was based in t.(Brief article)
August 4, 2005... talking japanese After 17 years of working with Japanese company Fujitsu services, the third-largest IT company in the world, the firm asked Martin Coombs to move over to the land of the rising sun, but he declined because his young family...

gone to seed.
August 4, 2005... Byline: Jake Claret gone to seed Wanted: qualified accountant with thirty years' experience. Have you ever seen such an advertisement? Given the intensity of the current regulatory burden and the growing skills shortage,...

LEGISLATIve teeth DTI secretary Alan Johnson has announced that over 65s will get the same rights to unfair treatment and redundancy payments as younger workers. The new measures -- published in draft last month -- are the final stage of implementing the.
August 4, 2005... LEGISLATIve teeth DTI secretary Alan Johnson has announced that over 65s will get the same rights to unfair treatment and redundancy payments as younger workers. The new measures -- published in draft last month -- are the final stage...

CRM fails to improve service.
August 4, 2005... Byline: Iain Thompson CRM fails to improve service Widespread and costly investment in customer relationship management tools has not resulted in a better service, according to consulting firm Accenture, writes Iain Thomson. A...

HMRC merger tops government IT spending.(UK Her Majesty's Revenue and Customs)
August 4, 2005... Byline: Sarah Arnott and Gavin Hinks HMRC merger tops government IT spending A massive chunk of government IT spending over the next three years will come from the newly merged HM Revenue & Customs as the two departments are...

FD's view: take responsibility.
August 4, 2005... Byline: Norman Green FD's view: take responsibility Last month's Business in the Community awards will have made many companies reassess their attitudes towards corporate social responsibility (CSR). The pressure to act frequently...

HEIDIs.(highly educated, intelligent, degree-carrying individuals)(Brief article)
August 4, 2005... Byline: damian wild HEIDIs [noun]. highly educated, intelligent, degree-carrying individuals They work and play hard, love spending money and are supremely confident -- but while HEIDIs also make a huge contribution to the...

Royalty check.(Prince Charles's Duchy of Cornwall appointed Leslie Ferrar)
August 4, 2005... Byline: Karen Day Royalty check For those delving into the accounts of Prince Charles it should come as no surprise to find that he has hired a tax expert to manage his finances. Leslie Ferrar, 49, joined Charles's Duchy of...

We are not amused.
August 4, 2005... Byline: Rachel Fielding We are not amused The publication, last week, of the Public Accounts Committee report into the Duchy of Cornwall and Lancaster estates could well result in changes to accounting arrangements that stem back...

Royals must be subject to tax.
August 4, 2005... Byline: Graham Smith Royals must be subject to tax Should the royals be subjected to the same tax as the rest of us? Of course they should -- it almost seems bizarre to ask the question. The Queen, Prince Charles and other...

Three years in the making.
August 4, 2005... Byline: Karen Day Three years in the making It seems strangely fitting that in the same month as the Sarbanes-Oxley Act celebrates its third anniversary, one of the men whose actions spawned this monumental piece of legislation was...

Double take for Tweedie.(David Tweedie)(Brief article)
August 4, 2005... Byline: Accountancy Age Double take for Tweedie As a high flyer in the fast, glamorous world of accountancy journalism, TS is not afraid of reheating a story to save a bit of labour and free up some time for a session in the pub. ...

Money doesn't grow on trees.(BE Studios claims for research and development tax credits)(Brief article)
August 4, 2005... Byline: Accountancy Age Money doesn't grow on trees 'Will BE Studios, the company slated by a High Court judge for its "grossly exaggerated" R&D tax credit claims, be able to pay the money back to HMRC?' experts are asking. BE was paid...

By unroyal appointment.(Royal Duchies to be scrutinised by the National Audit Office)(Brief article)
August 4, 2005... Byline: Accountancy Age By unroyal appointment The Public Accounts Committee wants the Royal Duchies to be scrutinised by the National Audit Office, like all good public sector bodies. The PAC also wants the Royal Duchies to...

Company Report.
August 4, 2005... Byline: Nicholas Neveling COMPANY REPORTS AstraZeneca's FD considers future at company, while Table Mountain Minerals discusses reverse takeover Rolls Royce, which reported a 14% increase in sales to [pounds sterling]3.1bn, said...

Royal & Sun acts to plug pension hole.
August 4, 2005... Byline: Nicholas Neveling Royal & Sun acts to plug pension hole The announce-ment from Royal & Sun Alliance that it is reshaping its group pension scheme to slice its pension deficit by [pounds sterling]126m, revealed the latest...

Deloitte cashes in on Sarbox.
August 4, 2005... Byline: Nicholas Neveling Deloitte cashes in on Sarbox By Nicholas Neveling A 15.7% increase in 'audit' fees was the major contributor to revenue growth of 8.8% in 2005 at Deloitte, due to the Big Four firm cashing in on a tighter...

Partners to foot [pounds sterling]58m pension bill.
August 4, 2005... Byline: Karen Day Partners to foot [pounds sterling]58m pension bill KPMG defended its legal battle over pension contributions this week, after the Court of Appeal rejected its case and effectively passed on an estimated [pounds...

'Dextra' will cost [pounds sterling]100m.
August 4, 2005... Byline: Alex Hawkes 'Dextra' will cost [pounds sterling]100m Small companies face paying a [pounds sterling]100m inheritance tax charge on benefits paid to employees -- when no one has died and there is no inheritance to collect. ...

ACCA case sets precedent.
August 4, 2005... Byline: Alex Hawkes ACCA case sets precedent By Alex Hawkes A senior insolvency partner has successfully challenged disciplinary proceedings brought against him by his institute, in what is thought to be a case with no...

Tweedie's judgement call.
August 4, 2005... Byline: Nicholas Neveling Tweedie's judgement call By Nicholas Neveling Sir David Tweedie has called on auditors and FDs to use their judgement when faced with complex accounting situations -- and stop relying on standard setters...

Big Four burst back into market.
August 4, 2005... Byline: James Bennett Big Four burst back into market The Big Four's consulting and advisory services revenues could be between 30% and 50% higher than in 2004 when they reveal their next year- end results, according to industry...

Another auditor quits Easier. Troubled cash shell Easier has lost a second auditor in under a year, and could face another emergency general meeting, writes Kevin Reed.(Brief Article)
August 11, 2005... Brebner, Allen & Trapp has become the second firm to resign from the audit of cash shell Easier, following the withdrawal of Big Four firm Deloitte as auditor in October 2004. Accountancy Age has learned that Brebner quit as auditor on the...

Football FD writes off wage cap.(Brief Article)
August 11, 2005... The most senior finance professional in the world's richest football league has told Accountancy Age that a cap on footballers' wages is a 'complete non-starter', writes James Bennett. His comments were made just days before Manchester...

Judges revealed for Accountancy Age Awards.
August 11, 2005... The chairman of HM Revenue & Customs, a BBC business journalist and finance directors of some of the UK's highest-profile businesses are among the judges of this year's Accountancy Age Awards. Once again we have split the judging panel...

Speak easy. The Treasury opened talks with CCAB after the profession's umbrella body wrote to Gordon Brown concerning the now-notorious Abstract 40.(Consultative Committee of Accountancy Bodies)(Brief Article)
August 11, 2005... Accounting firms facing a potentially crippling tax hit due to new accounting rules could be thrown a lifeline by the Treasury, writes Kevin Reed, with talks between the government and the profession's umbrella body underway over the...

'Philosophical' fears over aggressive consolidators. Smaller firms' concerns over acquisition strategy of large consolidators leads to accusations of rising audit fees and declining service, writes Nicholas Neveling.(Brief Article)
August 11, 2005... Tension between small accounting practices and publicly quoted consolidators is building as smaller firms grow increasingly worried that the aggressive acquisition strategy of consolidators may drive-up audit fees and reduce service quality....

Watchdog finds its 'proactive' teeth.(Financial Reporting Review Panel)(Brief Article)
August 11, 2005... The Financial Reporting Review Panel considered 226 sets of accounts last year as part of its new 'proactive' approach, the watchdog has said, writes Alex Hawkes. Of those, only three problems were considered worthy of public reprimand,...

Andreasen seeks j1m damages.(Marta Andreasen)(European Union)(Brief Article)
August 11, 2005... Byline: Keith Nuthall. Marta Andreasen, the former chief accounting officer of the European Commission who was dismissed last year after exposing serious weaknesses in the Brussels accounting system, has launched a third case against her...

News in brief.(Red Letter Days, Christopher Cox's speech, Network Rail Infrastructure Ltd.)
August 11, 2005... Newly purchased gift-experience company Red Letter Days is to continue trading without a finance director for 'at least a month' until an appointment can be made, according to a spokesman. The business, founded by Rachel Elnaugh, star of BBC2's...

Revenue sets sights on offshore tax. Experts say HMRC has changed its approach to increase government tax take, writes Michelle Perry.(Her Majesty's Revenue and Customs )
August 11, 2005... New initiatives to stamp out tax evasion through foreign bank accounts indicate that HM Revenue & Customs is moving away from the self-assessed nature of the current regime in favour of a more aggressive strategy for recouping tax receipts,...

KPMG faces high price for US government row.(Brief Article)
August 11, 2005... Byline: Alex Hawkes. Speculation is mounting that KPMG may face a fine of up to $500m ([pounds sterling]280m) as well as restrictions on its US tax practice, as a result of its tax shelter row with the US government. US reports...