Accountancy Age articles from December 2008

Accountancy Age archives from December 2008

People and moves...
December 4, 2008... Byline: Rachael Singh People and moves... Job to die for: FD of Vernalis David Mackney takes up the top finance role at pharmaceutical company Vernalis. The former senior manager at Arthur takes his position in February, and is...

Grey has its day.
December 4, 2008... Byline: Melanie Stern Grey has its day If you've read Aesop's Fable number 373 A- about the lazy grasshopper, the industrious ants and the reversal of their fortunes when summer turned to winter A- then you may have a simple reference...

Built environment.
December 4, 2008... Byline: Dave Fleming Built environment There is no denying times are harder - for businesses as well as employees - but there are still opportunities for accounting and finance professionals in a variety of different areas. The...

Papering over the cracks.
December 4, 2008... Papering over the cracks Small businesses were clearly in the chancellor's thoughts and I broadly welcome the changes. So, well done, Alistair Darling, for introducing a delay in the threatened increase in the rate of corporation tax, and...

Poor transfer reporting a i?1/2career-endingi?1/2 issue.
December 4, 2008... Byline: Judith Tydd Poor transfer reporting a 'career-ending' issue Judith Tydd Large UK companies that fail to document transfer pricing pro- perly on goods and services exchanged between subsidiaries risk a 'career-ending...

How to: Spaghetti function.
December 4, 2008... Byline: Dennis Keeling Spaghetti function What a mess! The business systems in most large business are a spaghetti nightmare. These systems have grown like topsy A- with many different solutions bolted together. Try to make a change...

Insolvency ethics code offers reassurance to creditors.
December 4, 2008... Byline: David Jetuah Insolvency ethics code offers reassurance to creditors insolvency David Jetuah Insolvency practitioners are busy people at the moment, dealing with a growing number of company collapses and individuals...

VAT cut makes more work for finance.
December 4, 2008... Byline: Rachael Singh VAT cut makes more work for finance Tax Rachael Singh Finance departments risk having to mop up accounting errors over the next few weeks after they were given just four working days to modify their...

Act opens way for crossover to legal firms.(Legal Services Act of 2007)
December 4, 2008... Byline: Judith Tydd Act opens way for crossover to legal firms Judith Tydd Senior accountants considering a move into the legal sector are set to benefit from new legislation due to come into effect next year. Under the...

Test of character.
December 4, 2008... Byline: gavin Hinks Test of character Things certainly turned bad for Woolworths with its plunge into administration last week after what seemed an endless struggle for survival. But spare a thought for its poor suppliers who are...

read on.(Brief article)
December 4, 2008... Byline: Accountancy Age read on Want to know how to put the markets right? Well, Benoit Mandelbrot could help with his book 'The (Mis)behaviour of Markets', which uses some Steven Hawking-level maths to overhaul the standard tools for...

on the money with Gavin Hinks.
December 4, 2008... Byline: Gavin Hinks on the money with Gavin Hinks What's happening over at Ernst & Young? First Jock Lennox, the man who would be king (he failed in his bid against Mark Otty to win leadership of the firm) leaves...

Maintaining standards The body in charge of international standards faces a challenging time. Gerrit Zalm, chairman of the International Accounting Standards Committee i?1/2 the parent body for sharp-end standard setter the IASB i?1/2 has accepted a job leading.
December 4, 2008... Byline: Accountancy Age Maintaining standards The body in charge of international standards faces a challenging time. Gerrit Zalm, chairman of the International Accounting Standards Committee A- the parent body for sharp-end...

Iti?1/2s crunch time for McFly fans.(Brief article)
December 4, 2008... Byline: TS It's crunch time for McFly fans Many things have been blamed on the ongoing financial crisis. Most say collapsing high street confidence, the crippling of the financial services sector and a collapse in the housing market...

Sector NIBs.
December 4, 2008... ONLINE This week's top stories on accountancyage.com/sector BDO predicts boom in bust The number of UK business going bust is predicted to rise by almost 50% in 2009, BDO Stoy Hayward has predicted. The top-ten firm expects...

Rescue me.(Viewpoint essay)
December 4, 2008... Byline: various Rescue me The government is making it clear that 'fairness' is the agenda which should drive the way we all deal with the consequences of the recession and how we get out of it. Business secretary Peter Mandelson is...

Government handout.(Brief article)
December 4, 2008... Byline: TS In days gone by, Accountancy Age would send the person furthest down the food chain to retrieve the pre-Budget report packs from the Treasury. The eager junior was invited in to a warm area with a comfortable chair and a huge TV...

The female of the species.(Brief article)
December 4, 2008... Byline: Judith Tydd The Women in the City Lunch & Awards were held last week and TS was somewhat bemused by the customs employed, particularly after decades of lobbying for equal rights. Any males audacious enough to attend were once again...

CIMA man's African adventure.(Chartered Institute of Management Accountants)(Brief article)
December 4, 2008... Byline: TS CIMA man's African adventure TS was schmoozing at the CIMA Financial Management Awards last week and was invited to the top table with the grand fromages. While listening to the bawdy comedy stylings of Gyles Brandreth,...

'English' quiz triumph.(Brief article)
December 4, 2008... Byline: TS 'English' quiz triumph In a shock outcome that would have Braveheart turning in his grave, the ICAEW has conquered Scotland in a battle of wits. CIPFA's annual Scotland charity quiz has been won by the 'English...

weather warning.(Brief article)
December 4, 2008... weather warning So where are the blackspots for Bridges and for Hiscox? Not surprisingly, it's the weather; Hiscox employs a large team of PhDs using uber complex models to predict when the next storm will be, where it will go and how...

FRC moves to avert a going concern i?1/2crisisi?1/2.
December 4, 2008... Byline: David Jetuah FRC moves to avert a going concern 'crisis' David Jetuah The head of corporate reporting at the Financial Reporting Council has said companies do not need to have confirmation of credit lines from their banks...

Debenhams blames IT system for VAT delay.
December 4, 2008... Byline: Judith Tydd Debenhams blames IT systems for VAT delay Debenhams is yet to pass on the 2.5% cut in VAT to customers, citing delays in updating store systems, writes Judith Tydd. Despite media reports suggesting otherwise, a...

Building industry on the lookout for top candidates The construction industry is still on the lookout for top finance professionals, despite the perilous state of funding for building projects, according to executive recruiters Badenoch & Clark. Writing i.(Brief article)
December 4, 2008... Byline: Kevin Reed Building industry on the lookout for top candidates The construction industry is still on the lookout for top finance professionals, despite the perilous state of funding for building projects, according to executive...

High Court finds UKi?1/2s double tax rule unlawful.
December 4, 2008... High Court finds UK's double tax rule unlawful Judith Tydd Companies may not be able to reclaim millions of pounds in tax on foreign dividend payments from the Treasury after a High Court ruling on 'double tax' rules failed to clarify...

Party spirit is in short supply at the Big Four.(PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG)
December 4, 2008... Byline: Judith Tydd Party spirit is in short supply at the Big Four Judith Tydd Christmas parties at the Big Four are likely to be more subdued affairs this year as costs are reigned in due to the economic crisis. ...

Bank job casts doubt over Zalmi?1/2s future.
December 4, 2008... Byline: Gavin Hinks Bank job casts doubt over Zalm's future Gavin Hinks The most senior trustee overseeing the work of the International Accounting Standards Board has been accused of facing a conflict of interest after he was...

Lehman fees are i?1/2200k an hour.
December 4, 2008... Byline: Rachael Singh and David Jetuah Lehman fees are [pounds sterling]200k an hour Rachael Singh and David Jetuah PricewaterhouseCoopers is charging at least [pounds sterling]200,000 an hour as administrator of collapsed...

top of the blogs The credit crunch and trade insurance have gripped not only the national press but also trade journalism. Accountancy bloggers have tackled both subjects, bringing their own brand of comment and observations. Shareholder Values is not on.
December 4, 2008... Byline: Accountancy Age top of the blogs The credit crunch and trade insurance have gripped not only the national press but also trade journalism. Accountancy bloggers have tackled both subjects, bringing their own brand of comment...

Accountancy Age launches PI cover.
December 4, 2008... Byline: damian wild Accountancy Age launches PI cover Accountancy Age has teamed up with leading specialist insurer HCC International Insurance to deliver professional indemnity insurance products tailored to the needs of small and...

Backgrounder: Trade insurance.
December 4, 2008... Byline: Accountancy Age backgrounder: trade insurance Trade insurance is the big issue behind the collapse of Woolworths and things in that sector are showing no signs of improving. Indeed, they show every sign of becoming worse as...

Hundreds face the axe as economic crisis begins to bite.
December 4, 2008... Byline: David Jetuah Hundreds face the axe as economic crisis begins to bite David Jetuah and Rachael Singh Firms across the UK are planning to slash hundreds of jobs in one of the first clear signs that the profession is bracing...

Doom, gloom and the future.
December 11, 2008... Byline: Gavin Hinks Doom, gloom and the future In July this year Accountancy Age ran the headline 'Will you save UK plc?'. At the time we were attempting to propose to readers that they were part of the solution to the worsening...

People and moves...
December 11, 2008... Byline: Rachael Singh People and moves... Job to die for: Mondi CFO Andrew King is promoted to the CFO post at Mondi, the packaging and paper producer, making him our job of the week. King has worked for the company for the past...

search terms.
December 11, 2008... Byline: Beverley Flynn search terms One way for CFOs to navigate the current financial storm is to dust down those contracts both parties hoped would be left on the top shelf. A review for loopholes and strategies may help in a...

Tax invasion.
December 11, 2008... Byline: Mark Lee Tax invasion HM Revenue & Customs now has very wide powers and there is a widespread concern across the profession that taxpayers have insufficient safeguards. The police raid on the London home of MP Damian...

Interim roles offer hope amid job cuts.
December 11, 2008... Byline: David Jetuah Interim roles offer hope amid job cuts David Jetuah Many accountants will be anxiously considering their career options over Christmas as finance departments and practice firms cut jobs in response to the...

Little benefit from shifting HQs abroad.
December 11, 2008... Byline: Judith Tydd Little benefit from shifting HQs abroad Tax Judith Tydd The announcement in last month's pre-Budget report that the government will not tax multinationals' foreign profits has been broadly welcomed by...

Mile high club.
December 11, 2008... Byline: Gavin Hinks Mile high club Just when British Airways thought it had everything organised at the T5 check-in area it seems its corporate affairs turn out to be much more complicated than even getting your baggage sent to the...

New year, new audit? 2008 might have been the year in which the credit crunch took hold, but next year could be the year of the audit crunch. This is for two reasons. First, critics of the current form of audit could receive all the evidence they want fo.(Brief article)
December 11, 2008... Byline: Accountancy Age New year, new audit? 2008 might have been the year in which the credit crunch took hold, but next year could be the year of the audit crunch. This is for two reasons. First, critics of the current form of...

Regulation can tackle havens, says review chief.(Brief article)
December 11, 2008... Byline: Judith Tydd Regulation can tackle havens, says review chief Judith Tydd The head of a government-commissioned inquiry into tax havens has suggested that closer co-operation between global regulators is the best way to...

How to lose friends.
December 11, 2008... Byline: various How to lose friends Last month, the Business and Enterprise Committee, appointed by the House of Commons and made up of a number of MPs, published its report on the workings of Companies House. A strong...

on the money with Gavin Hinks.
December 11, 2008... Byline: Gavin Hinks on the money with Gavin Hinks Gerrit Zalm is staying on at the IASC, the body that oversees the work of the international accounting setter, despite also becoming the head of the massive new...

She fell over.(Brief article)
December 11, 2008... Byline: TS She fell over Here at TS Towers we've never subscribed to the view that you shouldn't kick a man while he's down. Indeed the prospect of finding a downed man to kick is one of those little things that helps TS get out of...

Loss offset extension of limited use for SMEs.
December 11, 2008... Byline: Judith Tydd Loss offset extension of limited use for SMEs Judith Tydd An extension of the time period businesses can offset a trading loss against profits in previous years is unlikely to generate significant gains for...

Auditors fair value checks i?1/2inadequatei?1/2.
December 11, 2008... Byline: Gavin Hinks Auditors fair value checks 'inadequate' It's almost as if they were coordinated. In the week that the UK's Audit Inspection Audit goes public, for the first time, with comments about the flaws in home grown audits,...

Foote fined for fiddling expenses.(Timothy Foote)(Brief article)
December 11, 2008... Byline: Kevin Reed Foote fined for fiddling expenses Kevin Reed A PricewaterhouseCoopers employee who falsely claimed [pounds sterling]6,000 on restaurants and phone bills expenses has avoided losing his institute membership after...

CIPFA man appointed DWP finance deputy.(Chartered Institute of Public Finance and Accountancy)(Department for Work and Pensions)(Mal Singh)(Brief article)
December 11, 2008... Byline: Kevin Reed CIPFA man appointed DWP finance deputy Kevin Reed The government's head of 'finance professionalism' team has been promoted to deputy director of financce at the Department for Work and Pensions. ...

Woolies buyer update imminent.
December 11, 2008... Byline: David Jetuah Woolies buyer update imminent David Jetuah Deloitte administrators are hoping to update shareholders on the fate of Woolworths by the end of this week. A source close to the administration of the...

i?1/2HMRC should use terror legislation on evadersi?1/2 MPs have urged HM Revenue & Customs to trap tax evaders by employing powers intended for the fight against terrorists and money launderers. The powers uses information supplied by accountants and other profe.
December 11, 2008... Byline: Staff 'HMRC should use terror legislation on evaders' MPs have urged HM Revenue & Customs to trap tax evaders by employing powers intended for the fight against terrorists and money launderers. The powers uses information...

NAO hits five-year low on report into PFI deal.(National Audit Office)
December 15, 2008... Byline: Paul Grant NAO hits five-year low on report into PFI deal Criticism has been levelled at the National Audit Office over its report on the refinancing of the controversial Norwich and Norfolk public finance initiative,...

Another blow for Metronet as rating cut.
December 15, 2008... Byline: Nicholas Neveling Another blow for Metronet as rating cut Metronet, the consortium involved in the [pounds sterling]15bn upgrade of London's tube network, moved one step closer to losing the investment grade status of some of...