Accountancy Age articles from August 2006

Accountancy Age archives from August 2006

master and commander.
August 3, 2006... Byline: Alex Hawkes master and commander James Kidwell, Braemar Seascope's finance director is, himself, robust looking and direct in his manner: his appearance is coincidentally every inch the traditional image of a naval officer. He...

harnessing your talent.
August 3, 2006... Byline: Phil Gott harnessing your talent Managing talented professionals to get the best from them is a top priority. Yet the old career ladder model is insufficient to deal with today's demands. Here's an easy question: 'In less than...

Business mauled by ferocious watchdog.
August 3, 2006... Byline: Nicholas Neveling Business mauled by ferocious watchdog audit Nicholas Neveling Is the Financial Reporting Review Panel, the FRC's company reporting watchdog, finally beginning to bare its teeth? A look through...

Advisers bemoan aggressive HMRC.(Her Majesty's Revenue and Customs)
August 3, 2006... Byline: Alex Hawkes Advisers bemoan aggressive HMRC Tax Alex Hawkes When the Inland Revenue merged with Customs & Excise two years ago, the department took offence at suggestions that the Revenue was set to take on the...

Trouble at Vodafone.
August 3, 2006... Byline: Anthony Hilton on the money with Anthony Hilton Vodafone was in trouble at its annual meeting on Tuesday last week when, in a highly unusual public display of discontent, several institutional shareholders...

Boom in debt market complicates FD lives.
August 3, 2006... Byline: Nicholas Neveling Boom in debt market complicates FD lives Nicholas Neveling The boom in debt markets and the eagerness among lenders to provide capital has made life for FDs increasingly complicated -- and it could worsen...

Read all about it.(Trinity Mirror Digital Media Ltd.)
August 3, 2006... Byline: Philip Smith read all about it With advertising revenue continuing to head south during the summer, Trinity Mirror has already warned the market not to expect great news when it reports its interim results today. So what...

Bargaining power.(maximum sentence to be 14 years)
August 3, 2006... Byline: Simon Bevan Bargaining power The government has recently released its fraud review report for consultation. Of particular interest is the call for stiffer sentences for those convicted of fraud offences. The review suggests the...

BAE banks Sir Nigel.
August 3, 2006... Byline: Nicholas Neveling COMPANY REPORTS BAE banks Sir Nigel Defence and aerospace giant BAE Systems has appointed Sir Nigel Rudd as non-executive director. Sir Nigel, 59, is chairman of high street retailer Boots and deputy...

Profession dominates FTSE 100 boardroom seats.(Financial Times and the London Stock Exchange)(Survey)(Brief article)
August 3, 2006... Byline: Nicholas Neveling Profession dominates FTSE 100 boardroom seats Nicholas Neveling Accountants are considered the most influential figures in FTSE 100 company boardrooms, according to the findings of corporate...

A missed opportunity.(corporate manslaughter being regulated)
August 3, 2006... Byline: Sarah Deneley A missed opportunity After nearly a decade of planning, new legislation has been published that will ensure companies are prosecuted if their negligence leads to the death of employees or the public. The...

Pre-pack set to face challenges.(pre-packaged administration)(Brief article)
August 3, 2006... Byline: Kevin Reed Pre-pack set to face challenges business recovery Kevin Reed The rise of the pre-packaged administration -- where an almost immediate sale of a struggling business is organised between business recovery...

Trouble at Vodafone.
August 3, 2006... Byline: Michelle Perry cool it... Fed up with power outages in the first world? Then why not head for India. Before you go take a look at Aaron Chaze's book, India: an investor's guide to the next economic superpower. ...

Taxman's afraid of no ghost.(Julian Ghosh v Cadbury Schweppes PLC)(Brief article)
August 3, 2006... Byline: Alex Hawkes Taxman ain't afraid of no ghost This must have happened before, so TS apologises for the repetition. Julian Ghosh, the Pump court tax barrister who represented Cadbury Schweppes in its case against the...

IT consulting FDs.
August 3, 2006... Byline: Kevin Reed It's a given that FDs are not known for their love of technology. Most see 'version 10.1.2' of their accounting application as a cost they could probably do without. But FDs of tech firms are much more IT-savvy -- SAP...

And on that notea[euro][bar].(accounting profession)(Brief article)
August 3, 2006... Byline: Damian Wild And on that notea[bar] Here at TS Towers, one of our key jobs is listening to new CDs so you don't have to. And we feel we should draw your attention to a new release by not-so-popular beat combo The Divine Comedy,...

Harold Rosenbaum's cartoon.(animated accounting viewed the most)(Brief article)
August 3, 2006... Byline: Kevin Reed During very rare quiet moments TS likes to browse the interweb for amusing stories and videos with an accounting twist. Current favourite view is Harold Rosenbaum, 'Chartered Accountant Extreme' and 'Ledger Boy'. It's a...

People.
August 3, 2006... Byline: Rachael Singh People and moves... Job to die for: group finance director Job of the week goes to Arthur Milton, who has been appointed to the board as group finance director at Highway Insurance Holdings. He will report to...

Public bodies held to account.(Editorial)(Brief article)
August 3, 2006... Byline: Gavin Hinks public bodies held to account What has happened to government accounting? In the last days of this Parliament, there was a virtual avalanche of reports revealing that Whitehall departments struggle to complete their...

Age Discrimination.
August 3, 2006... Byline: si Hussain view from the board: Age discrimination Last month I pointed out an emerging trend of accountants incorporating more and more non-technical training into their continuous professional development (CPD)...

Sanctuary probe offers vindication.(Baker Tilly, Financial Reporting Review Panel )(Brief article)
August 3, 2006... Byline: Paul Grant Sanctuary probe offers vindication Paul Grant An official probe into the accounts of celebrity management company Sanctuary has backed the decisions taken by the group's new board over 'fundamental errors' in...

TS joins Starbuks generation.
August 3, 2006... Byline: Paul Grant TS joins Starbucks generation If you scoured the nationals last week you may have noticed a few stories about a blackout in London's West End. What you may not realise is that our very own TS Towers was stuck...

Mid tier versus big four.
August 3, 2006... Byline: AccountancyAge Mid tier vs big four Peter Wyman, head of professional affairs, PricewaterhouseCoopers The difference between PricewaterhouseCoopers and, say Grant Thornton, isn't one of quality in the normal sense of...

No surrender in the battle over avoidance? It was with some surprise that we came across the statement made by an undisclosed speaker at a KPMG event. In front of tax professionals, academics and government officials, the speaker announced there was litt.
August 3, 2006... Byline: Accountancy Age No surrender in the battle over avoidance? It was with some surprise that we came across the statement made by an undisclosed speaker at a KPMG event. In front of tax professionals, academics and government...

All eyes on stock options.
August 3, 2006... Byline: john sterlicchi all eyes on stock options Auditors are being warned by the US accounting watchdog to be on the lookout for problems in the timing and accounting of stock option grants, writes John Sterlicchi. A huge...

'Immunity' nears as audit lawsuits fall.
August 3, 2006... Byline: Paul Grant 'Immunity' nears as audit lawsuits fall Paul Grant New figures show actions against audit firms are virtually disappearing, as law firms consider withdrawing from cases involving the Big Four. Auditors are...

US poll labels accountants lowest of low.
August 3, 2006... Byline: Penny Sukhraj US poll labels accountants lowest of low Penny Sukhraj The US and UK may enjoy a 'special relationship', but they disagree completely on the value of accountants. In the US accountants stand accused...

Professional.(digital magazine from Accountancy Age)(Brief article)
August 3, 2006... Byline: Paul Grant Accountants at the outset of their career need the right guidance, no matter how driven they are. That's why Accountancy Age has launched Young Professional, the first interactive digital magazine aimed at accounting's...

Mills case sets tax penalties benchmark.(David Mills)(Brief article)
August 3, 2006... Byline: Alex Hawkes Mills case sets tax penalties benchmark Alex Hawkes A senior adviser is using the tax affairs of David Mills, husband of cabinet minister Tessa Jowell, as a defence in negotiations with tax inspectors. ...

Unhealthy method harms NHS.(National Health Service )(Brief article)
August 3, 2006... Byline: Kevin Reed Unhealthy method harms NHS Kevin Reed The accounting regime under which the NHS has been forced to reveal a series of financial crises should be scrapped, according to an Audit Commission report. In a...

Sir Digby heads list of judges.
August 3, 2006... Byline: Accountancy Age Sir Digby heads list of judges Sir Digby Jones, former head of the CBI and now an adviser at Deloitte, is just one of the big names to join the list of judges for this year's Accountancy Age awards. Joining...

ON THE home front.(accounting )
August 7, 2006... Byline: Michelle Perry ON THE home front It's surprising what chance encounters can lead to. When Helen Kilpatrick walked into the Greater London Council over two decades ago she had her heart set on a career working for London's...

Who's who in government finance.(Department of Trade and Industry's Mark Clarke)(Her Majesty's Revenue and Customs's Stephen Jones)(Treasury's Mary Keegan)
August 7, 2006... Byline: Michelle Perry Who's who in government finance Mary Keegan, managing director, government financial management at HM Treasury. One of the first private sector appointments in government finance was Mary Keegan's promotion...

Pest control.(pretax profits and restructuring plans)(Interview)
August 7, 2006... Byline: Nicholas Neveling Pest control QLooking at these results in detail, what for you are the key figures? AUnfortunately, because of the restructuring activity and the fact that we've been buying and selling companies as well,...

Corporate Finance Deal of the Year.(3i Group PLC acquires Interflora British Unit Ltd.)(Brief article)
August 7, 2006... Byline: Accountancy Age Corporate Finance Deal of the Year While there is much optimism surrounding merger markets in Europe, there is less hope of an increase in deals among mid-markets corporates in the UK. With only 45% of...

annual report.
August 7, 2006... Byline: Nicholas Neveling BRITISH AIRWAYS PLC Period end: 31/3/06 31/3/05 Line of business: Scheduled and chartered air services Listing status: FTSE 100 Publication date: 18/5/06 12/5/05 Turnover ([pounds...

the next step.
August 7, 2006... Byline: Nicholas Neveling The next step On Wednesday FTSE 100 clothing retailer Next releases interim results for the six months to the end of July 2006. The results come at a difficult time for the group, which has had to cope with...

clever use of John Redwood.(Conservative Party (United Kingdom))(Brief article)
August 7, 2006... Byline: Anthony Hilton on the money with Anthony Hilton In John Redwood, the Conservative party certainly has someone who knows how to capture a headline and by putting him in charge of their economic...

People and moves.(Chiltern International Ltd. appoints David Porter)(RSM Robson Rhodes appoints Martin Bailey)(Standard Life Assurance Co. appoints Evelyn Bourke )(Brief article)
August 7, 2006... Byline: Rachael Singh People and moves... Job to die for: CFO at Standard life Evelyn Bourke gets our stamp for job of the week after she bagged the post of chief financial officer for Standard Life Assurance. Bourke, under chief...

Booze control.(alcohol use by accountants )
August 17, 2006... Byline: Dr Mike McPhillips booze control Alcohol and drug misuse is rising in Britain's accountancy sector. Contrary to popular myth, alcoholics are not the homeless or other itinerants. Indeed an emphatic 75% are in full time...

View from the board: the future of accountancy.
August 17, 2006... Byline: Andrew Garner view from the board: the future of accountancy At least some of you are going to remember that famous line from The Graduate, where at Benjamin's birthday party, his uncle said there's a great future in...

AN annual struggle.(preparing annual reports)
August 17, 2006... Byline: James Brock AN annual struggle The job of producing the annual report gets harder every year. Communicating with shareholders who differ greatly in their knowledge and financial sophistication is tricky enough. Now,...

Rise and shine.
August 17, 2006... Byline: Nicholas Neveling Rise and shine When Charis Walsh makes her way to work each morning she does not clamber aboard a crowded train bound for the City or sit in a traffic jam as she drives to a high rise office....

Tupe Tester.
August 17, 2006... Byline: Nicholas Neveling TUPE tester The Transfer of Undertakings regulations, popularly known as the TUPE, have caused accounting firms a great amount of discomfort over the last year. TUPE, which came into effect in April, has...

The impact of another Andersen.(auditing fees )
August 17, 2006... Byline: Alex Hawkes The impact of another Andersen audit Alex Hawkes What might happen to audit fees if another Big Four firm went down? What would happen to competition if we were left with the Big Three? Both these...

Senate report urges tough action on offshore havens.
August 17, 2006... Byline: Gavin Hinks Senate report urges tough action on offshore havens Tax Gavin Hinks After 73 subpoenas, 80 interviews and combing through more than two million pages of documents, a US senate investigations committee has...

Long is a world class ref.(Philip Long on restructuring )(Brief article)
August 17, 2006... Byline: Kevin Reed Long is a world class referee For many the role of a business recovery expert is as swashbuckling a job you can find in the accounting profession. Some of them have such a time that they don't even think of...

Tackling the audit market.(Association of British Insurers)(Brief article)
August 17, 2006... Byline: Gavin Hinks tackling the audit market What to do about the Big Four audit market? The Association of British Insurers has been pretty clear about their view. In response to the Oxera consultation, the ABI demands that...

Hedge fund activity faces tax crackdown.
August 17, 2006... Byline: Nicholas Neveling Hedge fund activity faces tax crackdown Nicholas Neveling Hedge funds are facing a tax crackdown as financial watchdogs take a greater interest in their activities and geographical locations. The...

Company reports.
August 17, 2006... Byline: Nicholas Neveling COMPANY REPORTS Parker in Mondi link Sir John Parker, currently the chairman of National Grid, has been linked to the chairmanship of paper and packaging giant Mondi, which is set for a listing...

ICAEW markups.(Institute of Chartered Accountants in England and Wales)(Brief article)
August 17, 2006... Byline: Kevin Reed TS has seen some strange and downright comical press releases over the years, but recent efforts by the ICAEW had us totally bemused. Recent info sent out by the institute on its attitude towards the term 'true and fair'...

Emerging opportunity missed.(Brief article)
August 17, 2006... Byline: Nicholas Neveling Emerging opportunity missed Nicholas Neveling UK finance directors are missing out on opportunities to take advantage of buoyant economic growth in China and India, according to the latest Office for...

JDS cut off in its prime.(joint disciplinary scheme)(Brief article)
August 17, 2006... Byline: Nicholas Neveling JDS cut off in its prime TS's phone line was cut off last week after it failed to pay the bill. The direct debit would never have bounced if TS hadn't inadvertently gone overdrawn during the annual TS fun...

Employer of the Year.(accounting awards )
August 17, 2006... Byline: Accountancy Age Employer of the Year What are the reasons you get up and go to work in the morning? The prospect of another day's hard graft? Being able to pay the mortgage? The reason most people stick with their employer...

I am a Lady!(Brief article)
August 17, 2006... Byline: Nicholas Neveling I am a lady! TS has always been a big fan of Little Britain, and unconvincing transvestite Emily Howard has always been its favourite character. We must admit, though, that every time TS has to turn off...

FRC aims to keep the peace as report reignites audit debate.(Financial Reporting Committee)
August 17, 2006... Byline: Nicholas Neveling FRC aims to keep the peace as report reignites audit debate Nicholas Neveling The debate on quality and competition in the UK audit market exploded this week after the Financial Reporting Council released...

On the money.(accountants unhappy with pension pot )(Brief article)
August 17, 2006... Byline: Anthony Hilton on the money with Anthony Hilton When the chancellor first floated the idea that there should be a ceiling of [pounds sterling]1.5m on the maximum permissible size of an individual's pension...

TUPE impact could be huge, says agency FD.
August 17, 2006... Byline: Nicholas Neveling TUPE's impact could be huge, says agency FD Nicholas Neveling Charis Walsh, the finance director of annual report consultants Black Sun, has warned that the Transfer of Undertakings (TUPE) employment...

Troubled iSoft pushed one step closer to FRRP probe.
August 17, 2006... Byline: Nicholas Neveling Troubled iSoft pushed one step closer to FRRP probe Nicholas Neveling iSoft, the struggling software group, has moved closer to a full probe from the Financial Reporting Review Panel after an internal...

Check in.(travel information )(Brief article)
August 17, 2006... Byline: Michelle Perry check in Security alerts at UK airports has led to chaos across the country. BAA website, the UK airports' operator, will be the best place to look for ongoing updates. baa.co.uk check out For...

Job to die for.
August 17, 2006... Byline: Rachael Singh People and moves... Job to die for: bank of england fd Warwick Jones will take up the reins as finance director at the Bank of England following the retirement of Clifford Smout. Jones will also take on the...

FDs and firms clash over joint audit.(finance directors )
August 17, 2006... Byline: Nicholas Neveling FDs and firms clash over joint audit Nicholas Neveling UK finance directors and accountancy firms are headed for a major clash after fierce disagreements emerged between the Hundred Group and leading...

Out with the old, in with the new.(international accounting standards)
August 17, 2006... Byline: Richard Aitken Out with the old, in with the new International standards should be the basis for all accounts prepared in the UK, as soon as is practicable. UK GAAP, which so many of us were brought up with, should then be...

Digging for victory.
August 17, 2006... Byline: Philip Smith Digging for victory As 'force majeure' is declared at a copper mine strike in Chile ahead of its prelims next week, is BHP Billiton's CFO in line for the top job? What's happened? It can't be much fun to...

Safety in numbers.
August 17, 2006... Byline: David Herbinet Safety in numbers Last week's publication of stakeholder responses to the FRC debate on choice in the UK audit market has left much food for thought. I find it curious that most responses have shied away from any...

Maxcash.(Brief article)
August 17, 2006... Byline: Kevin Reed Late payers are the bane of the world. We all know that the big guy squeezes the little guy, and promptly sends them out of business or forces them to 'renegotiate terms'. One story made even TS's eyes water. The boss of...

Catch them young.
August 17, 2006... Byline: Rachael Singh Catch them young Finance directors, one would hope, understand the value of money and all its complications. But what about their children? It is a question being posed by the ICAEW which, together with the...

In search of a dEfinitive DEfinition Surely it's long overdue. It's now time to offer the public the protection they deserve by setting a statutory definition of the term accountant. The argument being that when someone hires an accountant, they know wha.(Brief article)
August 17, 2006... Byline: Gavin Hinks In search of a dEfinitive DEfinition Surely it's long overdue. It's now time to offer the public the protection they deserve by setting a statutory definition of the term accountant. The argument being that...

Finance directors warn of terror impact on business.(Brief article)
August 17, 2006... Byline: Paul Grant Finance Directors warn of terror impact on business More than a third of the UK's FDs believe that the recent terror alerts, which resulted in a virtual shutdown of airports across the country, will have a negative...

Legal recognition for 'accountants' is unlikely.
August 17, 2006... Byline: Kevin Reed Legal recognition for 'accountants' is unlikely Kevin Reed The DTI has poured cold water on the accounting institutes' plans to enable the term 'accountant' to have legal recognition. Statements from the...

Hedge funds to challenge pre-pack value.
August 17, 2006... Byline: Kevin Reed Hedge funds to challenge pre-pack value Kevin Reed Hedge funds will be the first creditors to force administrators into the courts and fight over the value gained from a pre-packaged administration,...

Rival software firms clash over name.
August 17, 2006... Byline: Kevin Reed Rival software firms clash over name Kevin Reed Accounting software provider Iris could find itself in a legal battle with a rival company over the name of its new product. South Wales-based Accounting...

Deloitte is bullish over impact of audit probe.(Brief article)
August 17, 2006... Byline: Paul Grant Deloitte is bullish over impact of audit probe Paul Grant Big Four firm Deloitte remains unconcerned about the potential impact of the probe into audit competition on its business, after revealing a 15% jump in...

Concern over HMRC powers.(Her Majesty's Revenue and Customs)(Brief article)
August 17, 2006... Byline: Michelle Perry Concern over HMRC powers The taxman has angered advisers by proposing to 'cherry-pick' laws instead of aligning tax crime investigations with other crimes as originally proposed. In a new consultation, HM...

New PAYE tax codes system causes confusion.
August 17, 2006... Byline: Kevin Reed New PAYE tax codes system causes confusion Kevin Reed The wrong tax has been paid by some employers after the introduction of a new PAYE system by HM Revenue & Customs. The news follows criticism of the 25%...

Battle is on for Personality of the Year Award.(Eric Anstee, Alison Reed nominated )(Brief article)
August 17, 2006... Byline: Gavin Hinks Battle is on for Personality of the Year Award ICAEW chief Eric Anstee and Standard Life's group FD Alison Reed are among the contenders for this year's Accountancy Age Personality of the Year Award. The award...

Online news.
August 17, 2006... Byline: Michelle Perry further relief for small companies over s404 The US Securities and Exchange Commission has announced further relief for smaller companies and many foreign filers from complying with section 404 requirements on...

Sarbanes Oxley.
August 17, 2006... Byline: Kevin Reed Web Sight: sarbanes-oxley Reports that private US companies are looking to take on the onerous terms of Sarbanes-Oxley as a 'test' of their internal controls (accountancyage.com/2160795) must be a shock to those...

Off the pace?(Pace Micro Technology PLC to announce its financial results)
August 21, 2006... Byline: Philip Smith off the pace? Next week Pace Micro Technology will reveal its preliminary results for 2006 and the figures are not expected to make easy viewing for the digital set-top box maker. It has also been a period of...

mifid out of a molehill.(markets in financial instruments directive)
August 31, 2006... Byline: Bernadine Rees mifid out of a molehill The markets in financial instruments directive, a key component of the EU's financial services action plan, is set to have a significant impact on the financial services industry....

Religious experience.(islamic banking spreading)
August 31, 2006... Byline: Alex Hawkes Religious experience In Islamic banking there is, Atif Raza says, one 'extra layer of corporate governance.' The European Islamic Investment Bank, of which he is FD and chief operating officer, has to please the...

Slow down.(life's quality decreases)
August 31, 2006... Byline: Diane Pringle Slow down Well-being is topical. Politicians are talking of quality of life policies nowadays and even the BBC has jumped on the bandwagon with its series the 'The Monastery'. This has struck a chord in our...

Easy money or and end to weekends.(role of non-executive director has changed with years)
August 31, 2006... Byline: Mark Freebairn View from the recruiter: EASy MONEY OR AN END TO WEEKENDS? Life as a non-executive director used to be easy. Lunch, a meeting, interesting discussion about the business and then dinner. I'm over-simplifying (a...

Playing by the rules.(Islamic finance )(Brief article)
August 31, 2006... playing by the rules Islamic finance is becoming better understood around the world. There are several basic principles to it, the best known of which is the proposition that you should not earn, or pay, interest. Arrangements that...