Accountancy Age articles from December 2006

Accountancy Age archives from December 2006

Business Digest.(increase in bonuses and consumer prices)(Brief article)
December 4, 2006... Byline: damian wild Tis' the season for employees to ask for inflation-busting pay rises, runs the old corporate Christmas carol. But, despite bumper bonuses in the City, this year could be different if the latest average earnings figures...

E-ducation in the 21st century.(online education)
December 7, 2006... Byline: stuart warner view from the board: e-ducation in the 21st century From communicating with friends and colleagues to keeping up to date with news headlines and sports scores, the internet has become an integral part of...

Forensic futurama.(forensic accountancy )
December 7, 2006... Byline: James Stanbury forensic futurama Most people think of forensic accountancy in relation to fraud investigations. And there is no doubt that fraud has been the mainstay of many departments over the years. Indeed, this trend...

Rules of interpretation.(international accounting)
December 7, 2006... Byline: Ken Wild Rules of interpretation I never thought being on the international financial reporting interpretations committee would be easy. The international accounting standards board makes rules, while the IFRIC is meant to...

Scots guard.(Anton Colella, Institute of Chartered Accountants of Scotland )(Interview)
December 7, 2006... Byline: nicholas neveling Scots guard A painful physical injury would be a good enough reason to keep most people away from work for a few weeks. For Anton Colella, the new chief executive of ICAS, it is no excuse. In October,...

Age-old challenge.(aging accountants)
December 7, 2006... Byline: nicholas neveling AGE-OLD CHALLENGE Age -- it is one of the most important and pressing challenges facing all the institutes, who are under constant pressure to ensure the industry is attracting new recruits. The latest...

An unworthy idol.(monopolistic accounting standards)
December 7, 2006... Byline: stella fearnley An unworthy idol Competition drives innovation and efficiency, reduces costs and offers choice to consumers. Monopoly stifles innovation, restricts choice and can impose unnecessary costs. Professor Shyam...

Analyse it, improve it, style it.(Gordon Brown )(Brief article)
December 7, 2006... Byline: michelle perry analyse it... Gordon Brown took the podium in the Commons for possibly the last time as chancellor on 6 December to deliver his pre-Budget report. For all the analysis on what it means for UK business as...

On the money.(Rugby Football Union)(Brief article)
December 7, 2006... Byline: Gavin Hinks on the money with Gavin Hinks While all the heat for England's poor rugby performance has been directed at Andy Robinson, RFU finance director Nick Eastwood must be feeling a little warm too. ...

Protect and serve.(risk management )
December 7, 2006... Byline: damian wild Protect and serve Andrew Fields, senior manager in KPMG's enterprise risk management business Certainly business is more complex than it's ever been. Three things driving it are : globalisation -- a...

FOI labelled as 'backstop'.
December 8, 2006... Byline: Penny Sukhraj FOI labelled as 'backstop' sector Penny Sukhraj Tomkins's Ken Lever for the most part steers clear of publicity. But when asked about his views on the transparency of the Financial Reporting...

Treasury to fight EU assault tooth and nail.(Brief article)
December 8, 2006... Byline: Nicholas Neveling Treasury to fight EU assault tooth and nail corporate tax Nicholas Neveling Next year is going to be a busy for the European Court of Justice and a worrying one for officials at the Treasury. Tax...

Firms gear up for a slice of the insolvency action.
December 8, 2006... Byline: Kevin Reed Firms gear up for a slice of the insolvency action Insolvency Kevin Reed Individual voluntary arrangements are officially hot. Treated by many in the insolvency industry as small fry and left to a few...

A new and improved version.(accounting standards)(Brief article)
December 8, 2006... Byline: Penny Sukhraj a new and improved version The dust has barely settled over the application of International Financial Reporting Standards and already there is talk of new financial models doing the rounds. It didn't take...

Chancellor in waiting.(Gordon Brown, Ed Balls)(Brief article)
December 8, 2006... Byline: Nicholas Neveling chancellor in waiting When chancellor Gordon Brown delivered his pre-Budget speech on Wednesday, more attention was paid to whether it would be his last PBR than to who would be in line to succeed him when, or...

How to publish a book on international accounting standards.
December 8, 2006... Byline: Nicholas Neveling how to... Publish a book on international Accounting standards Lock a bunch of accounting anoraks in a room A book on accounting, by definition, has to be very technical, very obscure and very,...

Full steam ahead.
December 8, 2006... Byline: Gavin Hinks AccountancyAge

Whiting-Warburton-Wyman.
December 8, 2006... Byline: TS Race for the top spot Accountants are cast as pensive, bookish types who don't like to draw attention to themselves. There are of course the exceptions, as some crave the media spotlight like a senior partner craves his...

Financial literacy bandwagon.(financial institutions to educate kids on debt related matters)(Brief article)
December 8, 2006... Byline: TS Doing it for the kids Financial literacy for youngsters. An important topic, and one that should be considered by the finance profession in particular. And it is, it would seem. Not only has KPMG, the FSA and...

UK faces ultimatum on audit of EU funds.(Department for Communities and Local Government on auditing)(Brief article)
December 8, 2006... Byline: Keith Nuthall UK faces ultimatum on audit of EU funds Keith Nuthall The UK's Department for Communities and Local Government (DCLG) has been warned by the European Commission that it must sort out shortcomings in its...

GAAP guide.
December 8, 2006... Byline: TS More than 8,000 companies have finally boarded the IFRS train, despite the complaints previously that IFRS was too long, complex and required far too many disclosures. To help things along, TS was delighted to learn that E&Y has...

Tilly the tealeaf.(accounting)(Brief article)
December 8, 2006... Byline: TS Tilley the tea leaf TS broke one of its most sacred taboos of not working before 1pm to attend a pensions guidance launch by CIMA, with the prospect of a slap-up breakfast on the cards of course. After...

Offshore amnesty still on cards.
December 8, 2006... Byline: Kevin Reed Offshore amnesty still on cards Kevin Reed A partial amnesty for offshore tax evaders is very much up in the air, say industry experts, after chancellor Gordon Brown failed to mention it during the pre-Budget...

Treasury steels itself for massive tax hit from ECJ.(European Court of Justice on tax revenues)(Brief article)
December 8, 2006... Byline: Nicholas Neveling Treasury steels itself for massive tax hit from ECJ Nicholas Neveling The UK is preparing for a crippling hit to tax revenues as the European Court of Justice is set to hand down a decision that experts...

KPMG fails to snatch second place.(Brief article)
December 8, 2006... Byline: Penny Sukhraj KPMG fails to snatch second place Penny Sukhraj KPMG earnt [pounds sterling]1.45bn in 2006, it said today, a 14% growth rate that poured cold water on suggestions that it was set to overtake Deloitte,...

Religious pensions loophole cast out.
December 8, 2006... Byline: Kevin Reed Religious pensions loophole cast out Kevin Reed The government has cracked down on a potential loophole in pension funds that could have allowed wealthy individuals to avoid huge sums in inheritance tax. ...

Air passengers bear PBR brunt.
December 8, 2006... Byline: Alex Hawkes Air passengers bear PBR brunt Alex Hawkes Airline passengers bore the brunt of what is expected to be Gordon Brown's last pre-Budget report. A measure doubling the air passenger duty rate will raise [pounds...

Move to end Lloyd's exodus.
December 8, 2006... Byline: Nicholas Neveling and Penny Sukhraj Move to end Lloyd's exodus Nicholas Neveling and Penny Sukhraj Gordon Brown attempted to stem the exodus of Lloyd's insurers from London in his pre-Budget report this week with two...

Composites face [pounds sterling]1bn tax doomsday.
December 8, 2006... Byline: Kevin Reed Composites face [pounds sterling]1bn tax doomsday Kevin Reed The controversial use of composite companies to avoid income tax and national insurance will be shut down, in a move expected to bring in more than...

Brown delivers Cadbury 'insult'.
December 8, 2006... Byline: Nicholas Neveling Brown delivers Cadbury 'insult' Nicholas Neveling Chancellor Gordon Brown infuriated advisers this week by attempting to restrict the impact of the Cadbury ruling at the European Court of Justice on...

CBI shindig.(Confederation of British Industry)(Brief article)
December 8, 2006... Byline: TS We found ourselves at the CBI annual shindig the other wee, the first event under the leadership of the new director general Richard Lambert. But the man who caught the eye was his predecessor Sir Digby Jones. TS learned that...

2006 review Penny Sukhraj.
December 8, 2006... Byline: Penny Sukhraj There was no equivalent of Enron, neither was there the passing of a Sarbanes-Oxley in 2006. But the year for the audit profession was by no means quiet. One of the most provocative debates was the Oxera paper on...

Good companies?(operations and financial review)
December 13, 2006... Byline: damian wild Good companies? Philip Bovey, Companies Bill Team, DTI We hope so. It is designed in many respects to bring the existing law into line with how people actually deal with things and that is particularly true...

IN THE DRIVING SEAT.(president of of Institute of Chartered Accountants of Scotland )(Interview)
December 13, 2006... Byline: damian wild IN THE DRIVING SEAT What have been your priorities since you took over in October and what are your plans for the next couple of months? Firstly, I'm not an accountant. I'm not familiar with the...

Loud and clear.(effective communication)
December 14, 2006... Byline: Tor Goldfield Loud and clear An effective communication strategy lies at the heart of every successful business, writes Tor Goldfield Business owners and managers can make a positive impact on their company's bottom line...

Clean sweep.(securing data while upgrading computers, recycling discarded equipment of office)
December 14, 2006... Byline: Jamie Shaw clean sweep There's more to making sure you don't compromise confidential client data when it comes to updating your firm's obsolete equipment, explains Jamie Shaw QI'm considering updating my practice's...

Stairway to upgrade heaven.(Microsoft Office 2007)
December 14, 2006... Byline: Lesley Meall STAIRWAY TO UPGRADE HEAVEN The new release of Office 2007 could be good news for accountants and their clients. But it appears most organisations are not prepared to spend money upgrading, writes Lesley Meall ...

Media mogul.(Mandy Merron )(Biography)
December 14, 2006... Byline: Liz Loxton media mogul Mandy Merron's 30-second pitch? She's no boffin, she speaks the same language as her advertising and marketing clients and can offer them all the services they need. It seems to work, says Liz Loxton ...

Limited options.
December 14, 2006... Byline: Penny Sukhraj Limited options The demise of Arthur Andersen in 2001 left only four major audit firms, performing more than 80% of audits of the major global corporations. This concentration is of even more concern in particular...

Is bigger better?(companies)
December 14, 2006... Byline: Alex Hawkes Is bigger beTter? With the advent of rules governing the use of auditors for non-audit work, and a general climate that doing so is simply not 'best practice', many companies have looked farther afield for their...

True and through.(auditing)
December 14, 2006... Byline: David Jetuah true and through For some businesses, audit can be preceded by a string of four-letter words. But if companies box clever, the process can be more about professionalism and less about profanity. Audit is at a...

Switch hitch.(changing of auditors is regulated)
December 14, 2006... Byline: Nicholas Neveling switch hitch Changing auditors can often be done for very valid reasons. But it can also result in negative publicity. Battered healthcare software group iSoft, which is currently under investigation from the...

Ten tips.(to manage audit department)
December 14, 2006... Byline: Paul Grant Ten tips 1examine your audit contracts The passing of the Companies Act into law has allowed audit firms to negotiate liability limitation with their clients. While any agreement would need shareholder approval,...

Cost control If you've got a volume licensing agreement with Microsoft, opted for software assurance (at some point), and timing is on your side, you will automatically be upgraded to Office 2007 when it becomes available. If not, you will either carry.
December 14, 2006... Byline: Lesley Meall Cost control If you've got a volume licensing agreement with Microsoft, opted for software assurance (at some point), and timing is on your side, you will automatically be upgraded to Office 2007 when it becomes...

Hot Potato.
December 14, 2006... Byline: Paul Grant Hot Potato Audit has not been under so much scrutiny for many years. Massive changes are in the air and some have already started to surface. Ever since the dramatic fallout from the Enron and WorldCom scandals,...

the Pension's gender divide.
December 14, 2006... Byline: Philip Inman the Pension's gender divide The importance of saving for retirement cannot be underestimated, particularly for women who, according to recent surveys, are more likely to face a bleak and penniless...

saving grace Persuading women to start saving for retirement early on is often difficult, especially if they are primary carers. Surveys suggest a 'Prince Charming' syndrome still prevails: one-in-five women between 18 and 34 assume their partner will p.
December 14, 2006... Byline: Philip Inman saving grace Persuading women to start saving for retirement early on is often difficult, especially if they are primary carers. Surveys suggest a 'Prince Charming' syndrome still prevails: one-in-five women...

Shape up, or ship out.(accounting procedure in United Kingdom)
December 14, 2006... Byline: Phil Shohet Shape up, or ship out The tardy among you -- and you know who you are -- could find yourselves either dumped or paying higher fees for persistently late paperwork, writes Phil Shohet Firms across the country...

shopping for investors.
December 14, 2006... Byline: Fry shopping for investors Not every organisation will have the reputation and resources of the high street giants, but with the right advice and preparation there's no reason why your clients cannot attract investors to grow...

Still in a pickle.
December 14, 2006... Byline: Philip Inman Still in a pickle It may have fallen quiet on the pensions front in recent months, but Britain's workers have a long way to go if they are to escape the crisis. Put starkly, today's savers can expect a...

property ladder Since the finance bill was passed in the summer, investors have queued to stake their money on property. As if it were the favourite running in the Epsom Derby, property is proving a huge draw, and attracting larger and larger bets. The.
December 14, 2006... Byline: Philip Inman property ladder Since the finance bill was passed in the summer, investors have queued to stake their money on property. As if it were the favourite running in the Epsom Derby, property is proving a huge draw, and...

Mission statement.
December 14, 2006... Byline: Liz Loxton mission statement Client's view: Willott Kingston Smith offers sound advice and 'face-to-face time' Willott Kingston Smith client Mission Marketing Group is an AIM-listed advertising and marketing agency on a...

How not to do it A bad report may contain opinions that fall outside the forensic accountant's area of expertise. It might be written as if the expert were an advocate, rather than an independent voice. And ineffectual reports are often replete with unex.
December 14, 2006... Byline: Vivian Cohen How not to do it A bad report may contain opinions that fall outside the forensic accountant's area of expertise. It might be written as if the expert were an advocate, rather than an independent voice. And...

All I want for Christmas.(top five wishes)(Brief article)
December 14, 2006... Byline: damian wild All I want for Christmas It may not be true of the adult population at large, but most businesspeople I know still make Christmas wishlists. They may be mental notes, never committed to paper, with socks,...

Whose client is it anyway?
December 14, 2006... Byline: David Reynolds Whose client is it anyway? Whether they are customers, members or clients, only accountants have the breadth and reach to offer well-informed advice to all businesses, writes David Reynolds Throughout our...

2006 review Nicholas Neveling.(tax planning, investment funds)
December 14, 2006... Byline: Nicholas Neveling 'We have moved headquarters before and we are not scared to do so again. The UK used to be a good place to be for purely tax reasons. I am not sure if that is the case anymore.' When Chris Spooner, head of...

2006 review Kevin Reed.(Institute of Chartered Accountants in England and Wales appoints Michael Izza)
December 14, 2006... Byline: Kevin Reed Although the ICAEW's management hoped that 2006 would see fewer headlines about the institute, following its very public failure to merge with CIPFA months earlier, its wishes would fail to come true. As chief...

2006 review Gaving Hinks.(accounting)
December 14, 2006... Byline: Gavin Hinks Sometimes it's the big issues, but often it is the unusual one-off stories that stick in the mind most. One such event this year came from the otherwise anonymous figure of Wayne Carnall. Carnall is a former...

Job of the week.(Richard Meddings appointed at Standard Chartered PLC)(Jean Downing appointed at Kilsby & Williams)(Danny Parrish joins Target Limehouse Accountants )(Brief article)
December 14, 2006... Byline: rachael singh People and moves... Job to die for: standard chartered FD Our gong for job of the week is handed to Richard Meddings at Standard Chartered. The former director of governance for Africa, the Middle East,...

Investing in success Raising finances l Raise enough money in the first place. l Find an investor who adds value, not just money. l Identify the investor's agenda and make sure you can live with it. l Maximise your assets before you give away equity.(Brief article)
December 14, 2006... Byline: Mark Fry investing in success Raising finances l Raise enough money in the first place. l Find an investor who adds value, not just money. l Identify the investor's agenda and make sure you can live with it. ...

Four steps to success l Be accessible -- being able to demystify legislation, and speak and write in plain English, is crucial. l Expertise -- as well as technical excellence, an insight into client businesses and the marketplace in which they operate mea.(Brief article)
December 14, 2006... Byline: Liz Loxton Four steps to success l Be accessible -- being able to demystify legislation, and speak and write in plain English, is crucial. l Expertise -- as well as technical excellence, an insight into client businesses...

Mission possible Willott Kingston Smith proved its value at the time of Mission's AIM listing. 'At a time like that, you don't have time to answer stupid questions. You need people who understand the business and know what needs to be done. We were crea.(Brief article)
December 14, 2006... Byline: Liz Loxton mission possible Willott Kingston Smith proved its value at the time of Mission's AIM listing. 'At a time like that, you don't have time to answer stupid questions. You need people who understand the business and...

Call for a reporting revamp.(accounting)
December 14, 2006... Byline: david phillips Call for a reporting revamp For those that take an active interest in the reporting agenda much has happened in the last 12 months around the introduction of IFRS and more recently the business review. But...

Three things.(pollution control)(Brief article)
December 14, 2006... Byline: michelle perry reduce it... With a modest series of environmental measures unveiled by Gordon Brown last week, business should take greater strides in reducing their carbon impact. The Carbon Trust has designed a programme to...

Plans to align filing dates ditched.
December 14, 2006... Byline: Nicholas Neveling Plans to align filing dates ditched TAX Nicholas Neveling Government has appeared to abandon plans to align the filing dates of Companies House with tax returns, to the delight of tax advisers and...

FRC wants a quality Christmas.(Financial Reporting Council to manage quality of auditing)(Brief article)
December 14, 2006... Byline: Penny Sukhraj FRC wants a quality Christmas audit Penny Sukhraj Christmas may be a winding-down time for many, a time to reflect on the year's achievements and regrets and have a glass of bubbly. Not so at the...

2006 2007.(accounting scandals)
December 14, 2006... Byline: michelle perry As one of our writers points out in this section, there were no great scandals this year to propel the profession into the public eye. Many would argue, rightly, that was a good thing. But it does mean that in some...

Composite quarrels escalate despite HMRC crackdown.(Her Majesty's Revenue and Customs)
December 14, 2006... Byline: Kevin Reed Composite quarrels escalate despite HMRC crackdown Tax Kevin Reed Composite companies have given HM Revenue & Customs headaches for years, so you would think that its big tax crackdown on the structures...

On the money.(Margaret Ewing resigns from BAA PLC)(Alison Reed resigns from Standard Life Assurance Co.)(Tim Whiston resigns from iSoft Inc.)(Brief article)
December 14, 2006... Byline: Gavin Hinks on the money with Gavin Hinks If this is the On the Money column we should be talking about those who control the readies, or even lost control of it. Indeed a quick survey of the fate of FDs is...

Sector online.(Securities and Exchange Commission regulates delisting of companies on stock exchanges)(Audit Quality Forum celebrates 2nd anniversary)(loan charges increased)(Brief article)
December 14, 2006... Byline: Penny Sukhraj ONLINE This week's top stories on accountancyage.com/sector AQF celebrates The Audit Quality Forum celebrated its second anniversary this week after being formed in 2004 to facilitate dialogue...

Pre-Budget report cranks up the pressure on disclosure regimes.(Gordon Brown )
December 14, 2006... Byline: Nicholas Neveling Pre-Budget report cranks up the pressure on disclosure regimes tax Nicholas Neveling The pre-Budget report closed down billions of pounds worth of tax avoidance last week, and the disclosure regime...

What might have been.(tax law by Gordon Brown)
December 14, 2006... Byline: andrew pennon What might have been Another pre-Budget report and yet another Thursday morning of tax practitioners groaning into their morning papers. Gordon Brown's focus on family friendly policies and 'green' issues...

Change of heart.(European Court of Justice)
December 14, 2006... Byline: Alex Hawkes change of heart The European Court of Justice is, as anyone who follows its activities will know, an unpredictable body. A year ago, before the M&S and other judgments, everyone confidently expected it to hand...

Moving forward: is the glass ceiling melting.(women executives)
December 14, 2006... Byline: Andrew Garner moving forward: is the glass ceiling melting? There has been a lot in the press lately once again about the glass ceiling and the pressures that modern day business places upon women. Articles in the last...

Look to the future now It's tempting to ponder whistfully on the events of the past year and deliver a few well-honed observations. But this profession is never one to dwell on the past too long, so following on from that fine tradition it's time to cast.(Brief article)
December 14, 2006... Byline: Gavin Hinks Look to the future now It's tempting to ponder whistfully on the events of the past year and deliver a few well-honed observations. But this profession is never one to dwell on the past too long, so following...

Health service urged to drop 'unsustainable' accounting.
December 14, 2006... Byline: Kevin Reed Health service urged to drop 'unsustainable' accounting Kevin Reed The NHS should drop its out-of-favour resource accounting treatment that carries over trusts' financial deficits, according to an...

Interest relief tops businesses tax agenda.(Brief article)
December 14, 2006... Byline: Nicholas Neveling Interest relief tops businesses tax agenda Nicholas Neveling Interest relief is set to come under the microscope, an influential tax research body has said. Challenges to the UK's tax treatment of...

Buy-out values to be reported.(financial statements)(Brief article)
December 14, 2006... Byline: Penny Sukhraj Buy-out values to be reported Penny Sukhraj Companies will be advised to declare their pension liabilities at a so-called 'buy-out' value. The Accounting Standards Board voted last week to adopt the...

Dickson is unwelcome in Europe.(Chris Dickson)(Brief article)
December 14, 2006... Byline: TS Dickson is unwelcome in Europe Chris Dickson, accountancy's rottweiler in chief, is never one to mince his words. So it was no surprise to spot him in the Financial Times demanding the European Commission ask Santa for a ...

More Y than X Factor.(accountants)(Brief article)
December 14, 2006... Byline: TS More Y than X Factor Readers will recall last week's revelations that PwC's John (David) Whiting and Mike Warburton from Grant Thornton were engaged in a hammer and tongs battle to be 'king of the quotes'. Well, it...

ACCA watch.(Association of Chartered Certified Accountants )(Brief article)
December 14, 2006... Byline: TS TS has noticed, and we're sure some of you will have noticed too, that ACCA has been increasingly vocal recently on subjects that are peripherally related to accountancy. The body has commented on pensions, the NHS and financial...

PBR news.(pre-budget report)(Financial Reporting Council reports on pension and Professional Oversight Board)(KPMG A/S announces its results)(Brief article)
December 14, 2006... Byline: TS There's nothing like PBR day for burying bad news. We had a host of press releases, including a large number from the Financial Reporting Council. The FRC put out a release about pension 'buy-out' values and something about the...

Richard dreams of 00 heaven.(Richard Collier of PricewaterhouseCoopers L.L.P.)(Brief article)
December 14, 2006... Byline: TS Richard dreams of 00 heaven Agent TS has got wind of a shadowy plot in the highest echelons of power at PwC. Operation Drinkup was launched to expose Richard Collier- Keywood aka the Blofeld of Embankment Place...

The people making front page news.(financial directors )(Brief article)
December 14, 2006... Byline: Accountancy Age The people making front page news 1. Robert Kirton, interim FD the British Library 2. Andrew Jackson, CFO UK Atomic Energy Authority 3. Philip Broadley, Prudential group FD and chairman of the Hundred...