Accountancy Age articles from February 2007

Accountancy Age archives from February 2007

Sticking to your guns.(business performance management through organizational change)
February 1, 2007... Byline: leadent sticking to your guns Losing weight, stopping smoking and spending less -- we all make New Years' resolutions that sometimes we are not ready to embrace. This is as true for organisations as it is for individuals. Yet...

Power to the people.(National Grid Company PLC plans long term investments)
February 1, 2007... Byline: nicholas neveling Power to the people Steve Lucas is not a person who likes to change his mind, which is understandable considering he is responsible for billions of pounds of investment. Incorrect decisions can be costly, very...

A trying process.(United Kingdom's Office of Gas and Electricity Markets and National Grid Company PLC reaches an agreement)(Brief article)
February 1, 2007... Byline: nicholas neveling a trying process In December last year, after months of punishing negotiations, National Grid and the energy regulator Ofgem finally reached an agreement on the rates of return the company could claim for the...

Opportunity knocks.(conversation with chief executive officer of Misys PLC)(Interview)
February 1, 2007... Byline: Staff Opportunity knocks Q This is your first set of results as CEO. Before we get into the detail, what is your overriding impression of Misys to date? What have you found since you arrived? A Well, I've found out lots...

all talk, time for action.
February 1, 2007... Byline: Nicholas Neveling all talk, time for action The business software industry received an embarrassing report card from accountants in practice this week, with the release of the ICAEW's IT Faculty research study on software used...

Globalisation won't guarantee universal regulatory assurance.(auditing regulation)
February 1, 2007... Byline: Penny Sukhraj Globalisation won't guarantee universal regulatory assurance audit Penny Sukhraj The Financial Reporting Council has dipped its toe into the sensitive topic of third-country audit firms and co-operation...

how to...(become economic secretary to the Treasury)(Brief article)
February 1, 2007... Byline: nicholas neveling how to... eat at every restaurant in the square mile Become economic secretary to the Treasury This is the hard part. You will have to clock up some time in the right members' clubs, do a fair bit of...

Shock European Court of Justice ruling hands companies [pounds sterling]2bn PPF bill reprieve.(Pensions Protection Fund)
February 1, 2007... Byline: David Jetuah Shock European Court of Justice ruling hands companies [pounds sterling]2bn PPF bill reprieve David Jetuah British businesses paying into the Pensions Protection Fund have been handed a lifeline which will see...

Validity of administrations questioned.(United Kingdom Enterprise Act 2002, bankruptcy regulation)
February 1, 2007... Byline: Kevin Reed Validity of administrations questioned business recovery Kevin Reed The 2002 Enterprise Act has led to rising numbers of companies that enter into administration, while numbers of liquidations and...

Money isn't everything.(human resource and work environment management)
February 1, 2007... Byline: Accountancy Age money isn't everything Angela Baron, organisation and resourcing advisor, CIPD We have been experiencing a skills shortage quite recently and it has been getting harder to find talented people. You'll find...

Amuse, peruse and try not to lose.(websites for workers)(Brief article)
February 1, 2007... Byline: michelle perry amuse Bored at work? Energy levels low? Innovative techies have created the ultimate stealth browser. The site has a work friendly browser window so you can browse the net while appearing to do work. It even has...

More than a false alarm.
February 1, 2007... Byline: tim moss More than a false alarm Fraud is like a moving target that's hard to nail. And when a company becomes the victim of fraud, there are unfortunately no quick fixes. But we are expanding our e-services by expanding...

Search for a scapegoat.(accounting profession's trends and forecast)
February 1, 2007... Byline: michael synder Search for a scapegoat It is perhaps time for our profession to take stock of the governance that surrounds us. Not that many years ago, our professional bodies had total responsibility for entry criteria,...

In the class room: there's a new act in town.(United Kingdom's Companies Act 2006, regulation over financial professional)
February 1, 2007... Byline: si hussain in the classroom: there's a new act in town The year ahead may be a daunting one for finance professionals who need to get to grips with the new Companies Act 2006. Although many provisions in the new...

cry woolf.
February 1, 2007... Byline: Nicholas Neveling cry woolf Kingston Smith, the top twenty accounting firm, is usually a practice that prefers to stay out of the spotlight and get on with business. This week the firm was forced to break its customary silence...

Annual Pwc panto.(PricewaterhouseCoopers L.L.P.)(Brief article)
February 1, 2007... Byline: TS Catsuits and spiked knee-high boots. No, TS didn't have a night out at a fetish club; it was the annual PwC panto. This year, punters were treated to Puss in Boots. TS thoroughly enjoyed the show -- a hybrid of naughty...

Standing the test of times.(Institute of Chartered Accountants in England and Wales' test results)(Brief article)
February 1, 2007... Byline: TS Standing the test of times Congratulations to the ICAEW, which has announced the results of its largest exam sitting in 25 years. You could tell the institute was pleased as it used an enormous type size and capital letters...

on the money with Gavin Hinks.
February 1, 2007... Byline: Gavin Hinks on the money with Gavin Hinks 'Wanted. One resilient chief financial officer, skilled in internal politics and willing to step up into the CEO's job when the incumbent decides he's had enough.'...

Banger fee -- not for free!
February 1, 2007... Byline: TS Banger fee -- not for free! TS nearly choked on its foie gras after spotting this gaffe. The good folks at corporate finance and recovery specialists Fanshawe Lofts, and tax consultants Lines Wilson, are staging a tax...

Commissioners must deflect public suspicion One cannot but sympathise with the view of the Commons European scrutiny committee. Clearly frustrated by what it views as an intolerable situation in Europe, the committee called for a parliamentary debate on t.(United Kingdom's National Audit Office to audit European Commission expenditures and statements)
February 1, 2007... Byline: Accountancy Age commissioners must deflect public suspicion One cannot but sympathise with the view of the Commons European scrutiny committee. Clearly frustrated by what it views as an intolerable situation in Europe, the...

IFRS application 'inconsistent' as benefits fail to materialise.
February 1, 2007... Byline: Nicholas Neveling IFRS application 'inconsistent' as benefits fail to materialise Nicholas Neveling Companies are still implementing IFRS in radically different ways, a trend that is undermining the aim of the standards to...

National Grid FD says Big Four will do.
February 1, 2007... Byline: Nicholas Neveling National Grid FD says Big Four will do Nicholas Neveling Steve Lucas, group FD of FTSE 100 giant National Grid, is satisfied that the leading four accounting firms offer his company enough choice for...

Coda targets Infor customers with migration plan.
February 1, 2007... Byline: Nicholas Neveling Coda targets Infor customers with migration plan NIcholas Neveling Business software group Coda has made a bold bid to poach clients from aggressive rival Infor, with the launch of a migration plan for...

Sage promises to rise to the challenge.(Sage Group PLC gets low ratings in a survey)(Brief article)
February 1, 2007... Byline: Nicholas Neveling Sage promises to rise to the challenge Nicholas Neveling Sage, the dominant force in accounting software, has promised users that it will work harder to address their concerns after receiving low ratings...

Directors' affairs quizzed in corporate tax probes.
February 1, 2007... Byline: Kevin Reed Directors' affairs quizzed in corporate tax probes Kevin Reed Concerns are growing that HMRC is misusing its powers in an attempt to extend corporation tax enquiries into the personal financial affairs of...

VAT-exemption boost for colleges Foreign students who take bridging courses as part of their main degrees will no longer have to pay after a landmark VAT Tribunal challenge led by PKF, writes Nicholas Neveling. Acting for Hertfordshire International Coll.
February 1, 2007... Byline: Nicholas Neveling VAT-exemption boost for colleges Foreign students who take bridging courses as part of their main degrees will no longer have to pay after a landmark VAT Tribunal challenge led by PKF, writes Nicholas...

Regulator faces [pounds sterling]1.4m Mayflower crunch.(United Kingdom Financial Reporting Committee made no provision for costs associated with the tribunal)(Brief article)
February 1, 2007... Byline: Penny Sukhraj Regulator faces [pounds sterling]1.4m Mayflower crunch Penny Sukhraj The Financial Reporting Council, the regulator of the accountancy profession, has made no provision for [pounds sterling]1.4m of costs...

Investors push for AIM upgrades.(investors urges companies to join main list, Lond Stock Exchange PLC)(Brief article)
February 1, 2007... Byline: David Jetuah Investors push for AIM upgrades David Jetuah Up to 50 leading AIM-quoted companies are being urged by investors to join the main list in 2007. Adam Hart, chair of the AIM advisory group and of KBC Peel...

Taxman changes tack on pensions.
February 1, 2007... Byline: Kevin Reed Taxman changes tack on pensions Kevin Reed Payments to individuals for quitting defined benefit pension schemes are liable to tax and national insurance charges, HMRC has warned. The move represents a...

MPs pressure HMRC to nail carousel fraud advisers.
February 1, 2007... Byline: Nicholas Neveling MPs pressure HMRC to nail carousel fraud advisers Nicholas Neveling The Public Accounts Committee has demanded that HM Revenue & Customs does more to sniff out advisers helping crooks to set up carousel...

cable quizzes hmrc on carousel fraud delays.
February 1, 2007... Byline: Nicholas Neveling cable quizzes hmrc on carousel fraud delays Lib Dem shadow chancellor Vincent Cable (pictured) has quizzed the government on delays to VAT repayments for small businesses, as the tax authorities were urged to...

Taxman relaxes online filing deadline.
February 1, 2007... Byline: Kevin Reed Taxman relaxes online filing deadline Kevin Reed Self assessment tax payers will not face penalties if the taxman receives them on 1 February, despite missing the deadline. With the 31 January civil service...

On the money with Gavin Hinks.(facts of financial crime)(Editorial)(Brief article)
February 1, 2007... on the money with Gavin Hinks There's nothing quite like the mention of the Serious Fraud Office to send a chill down the spine of an aspiring executive. You may be completely innocent, but an investigation by the...

Maslin.(Brief article)
February 1, 2007... Byline: TS From hair to eternity Another roundtable on the Oxera report, another hour and a half listening to bald men in suits talking about audit competition and saying the same things they said six months ago. And so it proved...

FRC.(Financial Reporting Committee)(Brief article)
February 1, 2007... Byline: TS What a dreadful saga the FRC's first public tribunal has turned out to be, and a costly one. The FRC, which lost the case, has now dropped the real bombshell -- it turns out the regulator never budgeted for an expected...

Sky high.(Interview)
February 2, 2007... Byline: Staff Sky high Q Can you give us an overview of the financial performance for the first half? What were the highlights, the key numbers? A The business performed well, from a financial point of view, in the first six...

right recruits.
February 5, 2007... Byline: Damian Wild right recruits Small businesses are struggling to attract skilled staff and many are turning to their accountants for help. ACCA and Croner offer some simple rules to follow As well as being an expensive...

Advisers drive rise in online tax returns.
February 6, 2007... Byline: Kevin Reed Advisers drive rise in online tax returns Kevin Reed Tax advisers have helped to drive the huge increase in online self-assessment tax returns sent to HM Revenue & Customs this year. A record 2.9 million...

weir in the money.
February 8, 2007... Byline: alex hawkes weir in the money Helen Weir, the group finance director of Lloyds TSB, is in something of an odd position. Alongside Jann Brown of Cairn Energy, she is one of the few female finance directors in the FTSE 100....

gender game.
February 8, 2007... gender game Current research shows little improvement in the number of women who progress to executive levels. Only 3.8% of FTSE 100 executive directors and 13.7% of non-executive directors are female (Female FTSE 2006 Report). The many...

Confounding the critics.(Alternative Investments Market)
February 8, 2007... Byline: deloitte Confounding the critics AIM continues to be on the receiving end of criticism from across the pond but, in light of the sensational growth of the market, denigratory comments smack of sour grapes. The rise of the...

One step beyond.
February 8, 2007... Byline: Barry Lewis One step beyond HM Revenue & Customs' decision to extend its enquiries into corporation tax self-assessment returns in order to cover the personal taxation and financial affairs of company directors is a step too...

Opposition set to counter Coda's plan for SunSystems.
February 8, 2007... Byline: penny sukhraj Opposition set to counter Coda's plan for SunSystems technology Nicholas Neveling Coda's plans to lure the users of SunSystems business software can expect a tough battle from Infor, the private...

Is regulation set for lawyer-domination?
February 8, 2007... Byline: Nicholas Neveling Is regulation set for lawyer-domination? Audit Penny Sukhraj Have accountancy tribunals become too 'lawyer-dominated' and overseen by too few members of the profession? That's the question raised...

Natural selection.(environmental impact of small and medium sized companies)(management of business enterprises)(environmental impact of securities industry)
February 8, 2007... Natural selection Gaynor Coley,managing director, Eden Project We find that our local suppliers, a lot of whom are SMEs, are very interested in reducing their environmental impact. Waste and packaging is an obvious area, and we target...

Pinned down.(Torex PLC)
February 8, 2007... Byline: Dvaid Jetuah Pinned down Torex Retail provides software, including Chip & PIN, for checkouts to a huge variety of businesses -- from Woolworths and the Natural History Museum to Caffe Nero and Hamleys. But at the end of last...

Swallowing a bittersweet pill.(Interview)
February 8, 2007... Byline: Staff Swallowing a bittersweet pill Q What were the highlights of these results for you? Can you talk me through the details? A I think the picture we've presented today is very consistent to the one that we've...

annual report of the week.
February 8, 2007... Byline: Staff TOPPS TILES PLC Line of business: Retail and wholesale distribution of tiles and wooden flooring Listing status: FTSE 250 Period end: 30/9/06 1/10/05 Publication date: 28/11/06 29/11/05 Net...

Behind the numbers: name your price.
February 8, 2007... Byline: damian wild Behind the numbers: name your price Should we be confident about our industry's prospects for 2007, career-wise? There's no shortage of anecdotal evidence to suggest we should be bleak, swapping champagne for...

AIM summit warns against complacency over standards.
February 8, 2007... Byline: David Jetuah AIM summit warns against complacency over standards David Jetuah AIM advisers have hammered home the message that complacency is not an option as the exchange prepares to shoulder the IFRS burden. The...

Please mind the GAAP.
February 8, 2007... Byline: TS Please mind the GAAP As a privileged member of the accounting fraternity, TS is accustomed to rubbing shoulders with the big cheeses, but the recent AIM conference was more like a game of sardines at lunchtime. After...

Progressive train of thought.(Brief article)
February 8, 2007... Byline: TS Progressive train of thought TS loves a bit of corporate training. What can be more satisfying than targeting the boss at the paintball away day or sleeping through a morning of Tony Robbins Personal Power videos? ...

Company reports.
February 8, 2007... Byline: Staff Company reports Ruby crowned queen of Mitie Ruby McGregor-Smith has been appointed the new chief exec of FTSE 250 support services company Mitie. She has completed her meteoric rise to the top job in less than...

Controversial now, conservative later A leak in the FRC's market participants group (MPG) this week has given us some insight into the proposals being considered as a means of dealing with a restricted audit market. You will remember the FRC has already c.(Brief article)
February 8, 2007... Byline: Accountancy Age Controversial now, conservative later A leak in the FRC's market participants group (MPG) this week has given us some insight into the proposals being considered as a means of dealing with a restricted...

Tiny tots.(Tumble Tots's case on VAT system)(Brief article)
February 8, 2007... Byline: TS You're never too young to learn about the intricacies of the VAT system, as the little folk who pour into Tumble Tots play centres are finding out. The tiny tots have been drawn into a VAT battle with the taxman because...

Doubts emerge over HMRC's [pounds sterling]1.5bn Barclays tax haul.
February 8, 2007... Byline: Kevin Reed Doubts emerge over HMRC's [pounds sterling]1.5bn Barclays tax haul Kevin Reed The taxman's ability to recoup [pounds sterling]1.5bn from Barclays customers in unpaid taxes has been put in doubt after HM Revenue...

R&D complexities could mean AIM interim delays.
February 8, 2007... Byline: David Jetuah R&D complexities could mean AIM interim delays David Jetuah The interim results of a slew of AIM businesses could be derailed as finance departments struggle to comply with the imminent application of...

Play the game and win a Wii.
February 8, 2007... Byline: Accountancy Age Play the game and win a Wii Accountancy Age is offering readers of its digital magazine, Young Professional, the opportunity to get their hands on some of the hottest gaming technology around. Courtesy of...

Tax advisers dismiss US-style interest relief.
February 8, 2007... Byline: Nicholas Neveling Tax advisers dismiss US-style interest relief Nicholas Neveling Experts have warned that the introduction of US-style interest relief rules into Britain will have a disastrous effect on the attractiveness...

Weir: 'Mid-tier has never pitched for audit contract'.(Brief article)
February 8, 2007... Byline: Alex Hawkes Weir: 'Mid-tier has never pitched for audit contract' Alex Hawkes Helen Weir, the finance director of Lloyds TSB and former FD at Kingfisher, has said that no mid-tier firm has ever pitched to her for an audit...

Leaks undermine FRC's audit reform.(Financial Reporting Council)(Brief article)
February 8, 2007... Byline: Penny Sukhraj Leaks undermine FRC's audit reform Penny Sukhraj The body hammering out ideas on audit choice was thrust into the public glare this week after its deliberations were leaked. The Market Participants Group...

'Inflation-busting' fees hike at ICAEW.(Institute of Chartered Accountants in England and Wales)(Brief article)
February 8, 2007... Byline: Kevin Reed 'Inflation-busting' fees hike at ICAEW Kevin Reed ICAEW members are facing an inflation-busting increase in their subscription fees for 2008, which will rake in an extra [pounds sterling]1m. The June...

Jersey tax change enrages activists.
February 8, 2007... Byline: Nicholas Neveling Jersey tax change enrages activists Nicholas Neveling A newly approved tax system in Jer-sey has enraged tax activists who believe the new regime, called 0/10, will bleed the island's finances dry. ...

BP rides the fair value see-saw.
February 8, 2007... Byline: David Jetuah BP rides the fair value see-saw David Jetuah BP, the oil giant, this week wrote down nearly $400m ([pounds sterling]205m) of assets from its balance sheet, reversing an increase it had booked only the...

Vantis bomb 'meant for client'.
February 8, 2007... Byline: Nicholas Neveling Vantis bomb 'meant for client' Nicholas Neveling and Penny Sukhraj A bomb attack on Vantis' Wokingham branch was targeted at one of the 75 clients who use the office as a registered business address. ...

Coda.
February 8, 2007... Byline: Kevin Reed Coda and Infor are at war, well at least as far as Coda is concerned. The AIM (londonstockexchange. com/aim) listed software provider has offered Infor customers, which include Pegasus and SunSystems software users, with...

Hewitt rattles investors by backing plans to hide debt.(Conrad Hewitt)
February 14, 2007... Byline: Nicholas Neveling Hewitt rattles investors by backing plans to hide debt audit Penny Sukhraj It is not often that a regulator decides to back exceptions to rules in order to prevent companies from being punished by the...

team dream.
February 15, 2007... Byline: Liz Loxton team dream As lead partner at Sagars, Chris Jones adopts a 'we're in it together' approach to running the 70-strong firm. In keeping with his philosophy, staff are keen and willing to overextend themselves for the...

Returns to sender.
February 15, 2007... Byline: Lseley Meall Returns to sender Practitioners can save a lot of time and money by using HMRC's online VAT service, says Lesley Meall. If only software suppliers would get on board and start producing more XML VAT declarations...

Follow the leader.(creative and logical aspects of business leadership)
February 15, 2007... Byline: Denis Kaye follow the leader Leadership is often dominated by left-brain thinking, which can be detrimental to a business. It's time leaders engaged their whole brain, writes Denis Kaye Would you follow a leader who only...

all in vain.
February 15, 2007... Byline: Peter Charles all in vain Clients looking to increase turnover must be aware that ambitious growth plans don't always help boost the bottom line, writes Peter Charles The success of the UK banking sector seems to suggest...

capital costs.(business planning)(Brief article)
February 15, 2007... Byline: Peter Charles capital costs A client recently saw an opportunity for winning new business in a specialist sector of the medical supplies market. He realised a profitable opportunity existed and was confident he could win...

Rock solid.
February 15, 2007... Byline: Liz Loxton rock solid Client's view: John Middleton-Walker on Sagars' cradle-to-grave service John Middleton-Walker has a long-standing relationship with Sagars. Not only did the family firm retain Sagars in its previous...

professional qualities.(Sagars)(Brief article)
February 15, 2007... Byline: Liz Loxton professional qualities Expertise Sagars has strong technical abilities and a well-deserved reputation for its expertise -- particularly in taxation. Proactive 'Sagars will come to us with ideas. I don't...

nature and nurture.(Sagars' customer relations)(Brief article)
February 15, 2007... Byline: Liz Loxton nature and nurture For Chris Jones, lead partner at Sagars, building successful client-adviser relationships is all about taking an interest in the clients it advises. To do that successfully, Jones seeks staff who...

airs and graces.(Fabricsandpapers.com)
February 15, 2007... Byline: Philip Smith airs and graces Emma Vans Agnew took her impeccable sense of style and keen eye for detail and launched online decor site Fabricsandpapers.com. Philip Smith chats with its director about maintaining a competitive...

What the experts say.
February 15, 2007... Byline: Philip Smith James Meyrick, ACCA A staggering [pounds sterling]30bn was spent online by UK consumers in 2006. So, for all the scare stories about fraud, the online marketplace has clearly come of age. This success, where...

Questions & Answers.
February 15, 2007... Byline: Philip Smith Q My client bought premises in January 2005 to convert into a Japanese restaurant. After six months of refurbishment, the restaurant officially opened in June. He has traded as a sole trader successfully since that...

Odds stack up down under.
February 15, 2007... Byline: Philip Smith Australia is widely credited with being the birthplace of litigation funding -- the country certainly has the most active market in such cases. It might be controversial, but many believe it is a valuable way to...

Negligence claims could reach new heights with litigation funding trend.
February 15, 2007... Byline: Philip Smith Negligence claims could reach new heights with litigation funding trend Independent funding may spark an increase in UK negligence claims against auditors, writes Philip Smith It was a New Year hangover the...

Business Digest.(business finance)(Brief article)
February 15, 2007... Byline: Philip Smith The number of companies falling into financial difficulty jumped by nearly a quarter last year, according to figures from Begbies Traynor. The research found that 2,491 companies were the subject of winding-up...

cull to be kind.
February 15, 2007... Byline: Guy Hayward cull to be kind Facing a skills crisis, staff retention is key for UK businesses. But keeping the wheat and culling the chaff is often the best way forward, writes Guy Hayward Low-performance, low-potential...

no time to waste.(accounting practice)
February 15, 2007... Byline: Lesley Meall no time to waste When accountants go the extra mile to help make businesses more efficient, the firm and its clients can become more profitable, writes Lesley Meall There was a time when accounting...

Taking control.
February 15, 2007... Byline: Phil Shohet Taking control Firms that make it a priority to implement clearly understood cash management strategies will see a marked improvement in their fortunes, writes Phil Shohet Managing cashflow is something many...