Accountancy Age articles from December 2007

Accountancy Age archives from December 2007

who can see through the iasb looking glass? The news that the International Accounting Standards Board has won an award for transparency and external engagement will seem quite humorous to many. Only last month, the head of assurance at PricewaterhouseCoo.
December 3, 2007... Byline: Alex Hawkes who can see through the iasb looking glass? The news that the International Accounting Standards Board has won an award for transparency and external engagement will seem quite humorous to many. Only last...

on the money with Alex Hawkes.(Brief article)
December 3, 2007... Byline: Alex Hawkes on the money with Alex Hawkes I wonder what all those business leaders are thinking now about the NatWest Three? You'll remember that a whole host of them signed a petition complaining about...

did you see it coming?(Generating accurate management information )
December 6, 2007... Byline: kpmg did you see it coming? Accurate forecasting is essential for any organisation if it wants to avoid nasty surprises, writes gary reader Generating accurate management information is at the heart of effective planning,...

Public inquiry.(National Audit Office )(Agency overview)
December 6, 2007... Byline: Kevin Reed Public inquiry Name the fifth biggest audit business by revenue in the UK. And no, it's not BDO Stoy Hayward or Grant Thornton. With revenues of [pounds sterling]180m from its audit work, the Audit...

Concerns escalate over Varney review obstacles.
December 6, 2007... Concerns escalate over Varney review obstacles Tax Nicholas Neveling The Varney review, hailed by the taxman and business alike as the panacea for poor relations between the two, has started to run into practical difficulties and...

Needless expense.(employee expenditures)
December 6, 2007... Byline: david vine Needless expense In the past few months we have seen a trainee from Pricewaterhouse-Coopers prosecuted for expenses fraud, Metropolitan Police Force employees accused of abusing their credit cards and the...

US and EU outline inspection criteria audit.(United States Public Company Accounting Oversight Board and United Kingdom Public Oversight Board)
December 6, 2007... Byline: Penny Sukhraj US and EU outline inspection criteria audit Penny Sukhraj The tough approach of the US's Public Company Accounting Oversight Board to auditors working for foreign issuers has fostered the feeling that...

People and moves...
December 6, 2007... Byline: rachael singh People and moves... Job to die for: BBC worldwide cfo Neil Chugani has bagged the role of chief financial officer at BBC Worldwide. Chugani, formerly an executive director with Goldman Sachs International,...

Therei?1/2s trouble in the territories.
December 6, 2007... Byline: David Jetuah There's trouble in the territories It might raise a few eyebrows to learn that the last time the Cayman Islands submitted an annual report was in 2003. With that in mind, it may be more concerning to find that...

Fuel for thought.
December 6, 2007... Byline: Staff Fuel for thought QWhat's behind these numbers? AA very strong performance in our regulated water business, driven by a mixture of allowed price increases and efficiencies. Those price increases are intended to fund...

Worthington Nicholls suspends AIM shares.
December 6, 2007... Byline: David Jetuah Worthington Nicholls suspends AIM shares David Jetuah One of the UK's leading air conditioning installers has been forced to pull out of the AIM index, as the fallout from a revenue recognition scandal...

A slip of the tongue.(Brief article)
December 6, 2007... Byline: TS A slip of the tongue TS feels that the PM is yearning for those halcyon days of yore, when New Labour could do no wrong and a chap could donate the odd million or seven to help a party out. Now Gordon, we know it's been...

AAT logo.(Association of Accounting Technicians)(Brief article)
December 6, 2007... Byline: TS TS has been known to mock the institutes from time to time, in particular over their attempts to rebrand and make themselves look all shiny, new and 'street'. ACCA, with its Soviet-style effort, and the ICAEW's 'slimming down'...

Taxman gets a cold blast from Frost.(Her Majesty's Revenue and Customs and Ken Frost)(Brief article)
December 6, 2007... Byline: TS Taxman gets a cold blast from Frost TS is often distracted by Ken Frost, the Croydon accountant who dubs himself 'The Living Brand'. Regular readers will remember Ken's branded thongs (which say 'In your Face' on them)...

CIMA staff know how to behave.(Chartered Institute of Management Accountants )(Brief article)
December 6, 2007... Byline: TS CIMA staff know how to behave CIMA has always been an institute with its eye on the prize in TS' book and its Financial Management awards bash held last week was no exception. The institute made sure there was enough...

Late filing leaves i?1/21.5bn hole in the Treasuryi?1/2s pocket.
December 6, 2007... Byline: Our Parliamentary Correspondent Late filing leaves [pounds sterling]1.5bn hole in the Treasury's pocket Our Parliamentary Correspondent The taxman has been slammed by the Public Accounts Committee for a [pounds...

Grant Thornton dominates new merger boardroom.
December 6, 2007... Byline: David Jetuah Grant Thornton dominates new merger boardroom David Jetuah Grant Thornton has taken the lion's share of places on a new management board after its high profile merger with RSM Robson Rhodes. The firms...

Mathias a hot tip for BDO succession.(BDO Stoy Hayward's Dermot Mathias )(Brief article)
December 6, 2007... Byline: Kevin Reed Mathias a hot tip for BDO succession Kevin Reed Senior partner Dermot Mathias is the leading candidate to take over from BDO Stoy Hayward boss Jeremy Newman next year, leading industry figures have suggested....

Campaigners attack IASB award.
December 6, 2007... Byline: Penny Sukhraj Campaigners attack IASB award Penny Sukhraj Campaigners have attacked the International Accounting Standards Board over its communications, despite the standardsetter being given an award for transparency....

firms call for emissions targets Major accountancy firms have signed up to the Prince of Walesi?1/2 call for the UN to deliver legally binding emissions targets, writes Kevin Reed. PricewaterhouseCoopers and KPMG joined 150 global businesses in backing the Pr.
December 6, 2007... Byline: Kevin Reed firms call for emissions targets Major accountancy firms have signed up to the Prince of Wales' call for the UN to deliver legally binding emissions targets, writes Kevin Reed. PricewaterhouseCoopers and KPMG joined...

Boyle champions relaxed ownership.(Paul Boyle)(Brief article)
December 6, 2007... Byline: Penny Sukhraj Boyle champions relaxed ownership Penny Sukhraj UK chief accounting watchdog Paul Boyle has urged US regulators to open up rules on the ownership of audit firms in a bid to relieve the stranglehold of the Big...

Apology for disc blunder costs the taxpayer i?1/23m.( Her Majesty's Revenue and Customs)
December 6, 2007... Byline: Richard Brooks Apology for disc blunder costs the taxpayer [pounds sterling]3m Richard Brooks A grovelling letter of apology sent to as many as seven million families over the loss of child benefit data cost the government...

Olympic win for Deloitte.
December 6, 2007... Byline: Penny Sukhraj and Alex Hawkes Olympic win for Deloitte Deloitte has been appointed as the official firm of the 2012 London Olympics, writes Penny Sukhraj and Alex Hawkes. The London Organising Committee for the Olympic...

Bland annual reports double in size over the last decade.(Brief article)
December 6, 2007... Byline: Alex Hawkes Bland annual reports double in size over the last decade Alex Hawkes Annual reports have nearly doubled in length over ten years, and are losing their 'individuality', according to Deloitte. Reports...

Izza and Sharp join Whoi?1/2s Who list.(Michael Izza and Isobel Sharp)(Brief article)
December 6, 2007... Byline: David Jetuah and Alex Hawkes Izza and Sharp join Who's Who list David Jetuah and Alex Hawkes ICAEW chief executive Michael Izza has been listed for the first time in Who's Who, the bible of the great and the good. ...

Sir John backs tenure limit for next NAO chief.(Sir John Bourn of National Audit Office)(Brief article)
December 6, 2007... Byline: Richard Brooks Sir John backs tenure limit for next NAO chief Richard Brooks Outgoing National Audit Office chief Sir John Bourn has conceded that his successors should have limited terms in the role of comptroller and...

PwC charged i?1/2700k for Rock i?1/2comfort lettersi?1/2.
December 6, 2007... Byline: David Jetuah PwC charged [pounds sterling]700k for Rock 'comfort letters' David Jetuah PricewaterhouseCoopers charged [pounds sterling]700,000 for ten 'comfort letters' to Northern Rock on their wholesale funding...

Reporting season.(Brief article)
December 6, 2007... Byline: Penny Sukhraj Web Sight: Reporting season The firms have posted annual figures, with massive growths for some and less spectacular results for others. Grant Thornton reported a [pounds sterling]389m turnover (accountancyage....

a modern disease.
December 6, 2007... a modern disease GE has 'Ecoimagination'. BP is 'Beyond Petroleum'. But which is the more responsible company? It can be difficult to see past the public image portrayed by corporate media. Equally, it is hard to know if examples of bad...

Bourn ultimatum.(Sir John Bourn)(Brief article)
December 6, 2007... Byline: David Jetuah Bourn ultimatum The last few months have been less of a rollercoaster ride and more of a freefall for Sir John Bourn. One of the nation's most senior public figures, charged with making sure that government...

Are you a i?1/2shooting stari?1/2 in the work firmament?
December 13, 2007... Byline: max williamson Are you a 'shooting star' in the work firmament? A technical memo has been circulated. Do you: a) Read it immediately because it makes interesting reading. You wonder if that would also impact blah, blah,...

The cover stories Debate and controversy about regulation or HM Revenue and Customs may grab the headlines in Accountancy Age, but the year saw its fair share of one-off stories. Not least among them the day the Vantis office in Wokingham was struck by a.(Her Majesty's Revenue and Customs)(Brief article)
December 13, 2007... Byline: Gavin Hinks The cover stories Debate and controversy about regulation or HM Revenue and Customs may grab the headlines in Accountancy Age, but the year saw its fair share of one-off stories. Not least among them the day the...

Taxing times for HMRC.
December 13, 2007... Byline: Kevin Reed Taxing times for HMRC The last 12 months have been what can only be described as an Annus Horribilis for HM Revenue & Customs. Concerns about the effect of overstretched resources at HMRC came to a head in...

Arctic monkey business i?1/2This is not a test casei?1/2, the taxman has repeatedly said about its battle against the Jonesi?1/2 husband and wife business Arctic Systems. But in the end, HM Revenue & Customs effectively proved it was such when, having lost its battle.(Arctic Systems)(Brief article)
December 13, 2007... Byline: Kevin Reed Arctic monkey business 'This is not a test case', the taxman has repeatedly said about its battle against the Jones' husband and wife business Arctic Systems. But in the end, HM Revenue & Customs effectively...

A spirit of togetherness It has been a big year for consolidation in practice. The one which captured the attention of the accountancy world was Grant Thornton teaming up with RSM Robson Rhodes. Robson Rhodes had jilted previous suitor RSM McGladrey aft.(RSM Robson Rhodes)(Brief article)
December 13, 2007... Byline: David Jetuah A spirit of togetherness It has been a big year for consolidation in practice. The one which captured the attention of the accountancy world was Grant Thornton teaming up with RSM Robson Rhodes. Robson Rhodes...

Rock and a hard place.
December 13, 2007... Byline: David Jetuah Rock and a hard place It turned out that RSM McGladrey was one of the first victims of the credit crunch as its holding company suffered because of the scale of its sub-prime mortgage exposure. The financial...

The long hand of the US.(United States' Foreign Corrupt Practices Act and the Patriot Act )
December 13, 2007... Byline: John Smart The long hand of the US Companies, and indeed anyone with risk management responsibilities, must consider all the potential regulatory and reputational risks associated with fraud. This includes the regulatory...

Do well by doing right.
December 13, 2007... Byline: Paul Moxey Do well by doing right The most significant challenges to an ethical company's culture are balancing business needs with ethical practice and the time and effort involved, according to a ACCA survey of 530 CFOs in...

Dear Father Christmas . . .(Brief article)
December 13, 2007... Byline: Gavin Hinks Dear Father Christmas . . . What's happened Well, it's been an intriguing year in the profession and Father Christmas's job is to decide who's been good and who hasn't. Who gets a shiny new bike and who gets a...

Execs under pressure to expose pay details.
December 13, 2007... Byline: David Jetuah Execs under pressure to expose pay details David Jetuah A three-pronged offensive is being launched forcing companies to lift the lid on the practices used to calculate top executives' pay in their annual...

Sparks fly over husband and wife tax consultation.(Couple-owned business enterprises)
December 13, 2007... Byline: Kevin Reed Sparks fly over husband and wife tax consultation tax Kevin Reed Rules designed to stop husband-and-wife businesses 'shifting income' will cause a red-tape nightmare, advisers have warned. The...

Online.
December 13, 2007... Byline: Kevin Reed ONLINE This week's top stories on accountancyage.com/sector VAT shake up to spur trade A comprehensive European VAT shake up will intensify competition between member states. European finance chiefs...

Moving forward: Women on top.
December 13, 2007... Byline: Paul Bibby moving forward: women on top According to a recent survey in Accountancy Age, there are as many women as men within accountancy, but few attain partnership status. And within the Big Four, female...

POB shys away from full transparency.(Professional Oversight Board)
December 13, 2007... Byline: Penny Sukhraj POB shys away from full transparency Audit Penny Sukhraj The UK's audit watchdog has decided not to issue reports on the quality of individual company audits. The Professional Oversight...

Wiggly Quigley.(James H. Quigley)(Brief article)
December 13, 2007... Byline: TS We were thrilled last week to get a letter from James H. Quigley, the global CEO of Deloitte, after an Age hack suggested that the Big Four are pretty indistinguishable. 'What differentiates Deloitte cannot be found on a website...

time for auditors to reveal themselves PricewaterhouseCoopers took a pasting at the end of last week for its work at Northern Rock. Commentators concluded that the firm was to blame, should be under investigation and be chased out of town with a big stick.
December 13, 2007... Byline: Accountancy Age time for auditors to reveal themselves PricewaterhouseCoopers took a pasting at the end of last week for its work at Northern Rock. Commentators concluded that the firm was to blame, should be under...

on the money with Damian Wild.(Brief article)
December 13, 2007... Byline: Damian Wild on the money with Damian Wild Kieran Poynter as the next chairman of HMRC? Perhaps not. It's not that ministers are averse to looking to the private sector when it comes to appointing a new chief...

Having sum trouble.(income taxation)(Brief article)
December 13, 2007... Byline: TS Having sum trouble So many advisers have slagged off the newly-released income-splitting legislation that even chief taxman Dave Hartnett would struggle to find someone happy with the new rules. Don't forget he berated...

Hartnett.(Her Majesty's Revenue and Customs' Dave Hartnett)(Brief article)
December 13, 2007... Byline: TS Back to TS's favourite subject A- HM Revenue & Customs (acting) boss Dave Hartnett. Dave put up a sterling performance in his first grilling by a Treasury committee. Asked about the zillions of unopened letters strewn across tax...

The innocence of youth.(Nilima Bhagi )(Brief article)
December 13, 2007... Byline: TS The innocence of youth Botswanan teenager Nilima Bhagi has become the youngest person to achieve the AAT accounting qualification, TS hears. After teaching herself two modules, Nilima passed her exams at the age of 16 after...

Economia of scale for Clive.(Clive Lewis)(Brief article)
December 13, 2007... Byline: TS Economia of scale for Clive TS has noted lots of 're-focussing' at the ICAEW recently, from its spanking new website to a thinned-out Economia in its logo. But no-one told TS that job titles had been 'cleaned up'...

Institute rules out human rights move over cost concerns.
December 13, 2007... Byline: Kevin Reed Institute rules out human rights move over cost concerns Kevin Reed A review of disciplinary procedures in the light of human rights law has been ruled out by the ICAEW on the basis it would cost too much. ...

profession bars deloitte partner for two years Deloitte partner James L. Fazio has been barred from the profession for two years by the PCAOB, and the firm has been given a $1m (i?1/2480k) penalty over its audit of Ligand Pharmaceuticals in 2003. i?1/2Mr. Fazio.
December 13, 2007... Byline: Alex Hawkes profession bars deloitte partner for two years Deloitte partner James L. Fazio has been barred from the profession for two years by the PCAOB, and the firm has been given a $1m ([pounds sterling]480k) penalty over...

Website: Sustainability.(Website overview)
December 13, 2007... Byline: Alex Hawkes Web Sight: sustainability The Prince of Wales was due to deliver his long-awaited 'Accounting for Sustainability' report yesterday. Accountancy Age has full coverage of the recommendations and thoughts of senior...

Strong start for Microsofti?1/2s network.(Brief article)
December 13, 2007... Byline: Kevin Reed Strong start for Microsoft's network Kevin Reed More than 500 practices have joined Microsoft's accounting network in the two weeks since its launch. The IT giant is bound to be pleased with its progress,...

Poynter to deliver verdict.(PricewaterhouseCoopers chairman Kieran Poynter )(Brief article)
December 13, 2007... Byline: Alex Hawkes PricewaterhouseCoopers chairman Kieran Poynter is set to deliver his verdict on the IT failures at the taxman as early as today, writes Alex Hawkes. Poynter's report is scheduled for tomorrow, with the department...

Zero cost claim of new Arctic rules branded laughable.(Arctic Systems)(Brief article)
December 13, 2007... Byline: Kevin Reed Zero cost claim of new Arctic rules branded laughable Kevin Reed The Treasury has estimated that the extra cost of tax rules introduced in the wake of the Arctic Systems case will be zero A- a claim that has...

Profession to survive crunch amid City job cuts.
December 13, 2007... Byline: Nicholas Neveling Profession to survive crunch amid City job cuts Nicholas Neveling The profession is set to weather the storm of the credit crunch, with firms well-placed to avoid the culls and cutbacks elsewhere in the...

Off balance sheet vehicles to be exposed.
December 13, 2007... Byline: David Jetuah Off balance sheet vehicles to be exposed David Jetuah Bankers have admitted that serious consideration needs to be given to bring off balance sheet vehicles out of the shadows following massive sub-prime...

Accountants sponsor Sri Lanka aid trip.
December 13, 2007... Byline: Jon Ashworth Accountants sponsor Sri Lanka aid trip It's a long way from wintry south-east London to tropical Sri Lanka. Yet for the caring pupils and teachers from Harris Academy, Bermondsey, it seemed like no distance at all....

Poll rejects plans for second amnesty for offshore evaders.
December 13, 2007... Byline: Alex Hawkes Poll rejects plans for second amnesty for offshore evaders Alex Hawkes The taxman should not run a second amnesty, Accountancy Age readers have said. In an AccountancyAge.com poll on an imminent second...

Slow down.
December 13, 2007... Byline: Andrew Cherry slow down start-ups want to expand as quickly as possible. But A business can become the victim of its own success if it doesn't manage growth properly, warns Andrew Cherry It's well known that start-up...

Generation game.
December 13, 2007... Byline: Daniel Charles Mouawad generation game Make sure young recruits master their networking skills to ensure your firm's future success with the next generation of clients, writes Daniel Charles Mouawad Networking is crucial...

Have some fun.
December 13, 2007... Byline: Dorn Moorhouse have some fun creating a fun working environment is important for morale, staff retention and productivity A- but it's not something you can force, writes Dom Moorhouse Having fun at work. To many, the mere...

going once, going twice.
December 13, 2007... Byline: James Stanbury going once, going twice The market price of a company is quite different from its value, a distinction you should ensure that your clients fully understand, writes james stanbury The turbulence of the stock...

Too cool for school.
December 13, 2007... Byline: Stephen Cheliotis too cool for school Help your clients stand out from their competitors by Making their brand the must-have, style icon of the SME world. Stephen Cheliotis offers some advice The CoolBrands project,...

Open up your mind.
December 13, 2007... Byline: Catherine Everett open up your mind With the right technical back up in place, open source software can be a viable alternative to more traditional and expensive business applications The idea of being able to get software...

Are you listening?
December 13, 2007... Byline: Kate Harper are you listening? You might hear what your clients are saying but are you actively listening to them? There's a huge difference between the two, As Kate harper points out Do you think you are a good listener?...

Just the job.(appointment of Chris Reidy )
December 13, 2007... Byline: Rachel Fielding just the job ask the experts: onside appointments founder Chris Reidy has got a job on his hands building his recruitment business Business studies graduate Chris Reidy would be the first to admit that he...

minor slip ups.
December 13, 2007... Byline: Mark Simpson minor slip ups The introduction of tax for Personal Injury Trusts, won't just affect Higher rate taxpayers, writes Mark Simpson. So Make sure your clients know what to do Q What are the main changes in...

The entrepreneurial column.(Column)
December 13, 2007... Byline: David Taylor the entrepreneurial mind david taylor Branding is potentially a powerful tool for small businesses. Used properly, it can help entrepreneurs take on bigger companies and win, by differentiating what they offer...

never a follower be.
December 13, 2007... Byline: Phil Shohet never a follower be Following in the footsteps of other firms can be damaging. Instead, be innovative and stand out from the crowd As I have often observed in this column, the modern marketplace for accountancy...

Sex, lies and red tape.
December 13, 2007... Byline: Anon sex, lies and red tape Affairs, booze and personality clashes are all in a day's work for this conservative town practice and the scandalous behaviour is threatening to damage the firm's reputation I always thought...

simon says.
December 13, 2007... Byline: Anon simon says SJD Accountancy's Simon Dolan, has come a long way from selling timeshares and photocopiers. Liz Loxton profiles the founder of the Accountancy Age Awards 2007 Small Firm of the Year winner Consolidation...

Experts answers.
December 13, 2007... Tony Ramos Recruitment brand manager, HSBC Chris has built his success on developing his own brand to create differentiation in the marketplace. Relationship management and first-hand experience in the industry have produced...

Q&A.
December 13, 2007... Q&A Q:Several clients have expressed concerns about HM Revenue & Custom's recent data protection fiasco. They are worried about the implications for identity theft. What advice should I give them? A:The short answer is 'be vigilant'....

Team bonding.
December 13, 2007... Byline: Dom Moorhouse team bonding n Develop and maintain social or team activities with colleagues A- they enable people to bond and enjoy common experiences; n If your work is on the dry side, give people the chance to relax by...

Methodologies.
December 13, 2007... Byline: James Stanbury Methodologies earnings/cashflow n Mature company with relatively consistent earnings/cashflow. n A business where earnings can be reasonably estimated through a business cycle. n Business in...

Listen up.
December 13, 2007... Byline: Kate Harper listen up n Eliminate distractions A- turn off TVs and mobile phones. If you can't switch off your computer move away from it. Put away papers that may grab your attention. n Internal chatter can ruin your...

What is open source software?
December 13, 2007... Byline: Catherine Everett What is open source software? Open source software is not owned by a single vendor, but is developed and improved upon by predominantly volunteer programmers, who share their work with peers and the wider...

Brand new you.(Editorial)
December 13, 2007... Byline: Rachel Fielding brand new you Brand reputation A- as accountants in practice, it might not strike you as a core business preoccupation, but get it right and it can allow smaller firms (and their clients) to take on far bigger...