Accountancy Age articles from February 2008

Accountancy Age archives from February 2008

an american in london.
February 7, 2008... an american in london Just under two years ago, a fantastic opportunity was presented to me. Resources Global Professionals, the company where I had spent four years in various offices within the US, wondered if I would be interested...

bankable strategies.
February 7, 2008... Byline: Eddie Obeng bankable strategies What is it with strategy, that harmless 'S' word which sees a grown man tremble with excitement, to later hang his head in shame? Consultants have made no small fortune from it. Meanwhile, it...

View from the board: bean and gone.
February 7, 2008... Byline: mark freebairn view from the board: bean and gone There was a time when the word beancounter, though rude and horrible, was a pretty fair description of the largely functional job many accountants did. But, as I have...

Baby boomer.
February 7, 2008... Byline: kevin reed Baby boomer As a teenager, ZoA' Tibell didn't want to be a pop star, vet or even a nurse A- she wanted to be an accountant. There was no point in studying or taking a break after school, instead aged 16 she followed...

Not guilty by association.
February 7, 2008... Byline: vantis Not guilty by association The recent victory for Livewire Telecom Limited in the VAT tribunal has caused great excitement within the mobile telephone and computer component grey markets. And, indeed, among all...

Credit limit.
February 7, 2008... Byline: matthew prest Credit limit Given the steady flow of bad news trickling out of the credit markets over the last five months, the long virtuous cycle enjoyed by the financial markets between 2002 and the summer of 2007 seems like...

Rock failure casts its shadow over entire audit system.(Northern Rock PLC)(Brief article)
February 7, 2008... Byline: Nicholas Neveling Rock failure casts its shadow over entire audit system audit Nicholas Neveling The Treasury Committee's uncompromising report on Northern Rock did not limit its criticism of assurance at the bank to...

A&L veteran straddles top roles.(Alliance & Leicester Commercial Bank PLC)
February 7, 2008... Byline: David Jetuah A&L veteran straddles top roles David Jetuah Alliance and Leicester's finance director Chris Rhodes has taken on the chief executive position after a period of only seven months in the bank's FD role. ...

Aggressive advisers use delaying tactics to hamper the taxman.
February 7, 2008... Byline: Nicholas Neveling Aggressive advisers use delaying tactics to hamper the taxman TAx Nicholas Neveling Last summer a senior legal source involved in the group litigation orders A- challenges to the UK tax system made...

all bar one.(Mitchells & Butlers Finance PLC)
February 7, 2008... Byline: Nicholas Neveling all bar one Mitchells & Butlers has been left reeling from the aftermath of entering into a hedge transaction that went horribly wrong. It relied on interest rates and inflation movements going their way A-...

People and moves...(finance directors)(Brief article)
February 7, 2008... Byline: rachael singh People and moves... Job to die for: ordnance survey FD Our gong for job of the week is handed over to John Unsworth for nailing the group finance director role with affordable housing providers and commercial...

wise up.(women and business )(Brief article)
February 7, 2008... Byline: michelle perry wise up If you're still stuck in the 20th century get savvy or get stuck behind because business is undergoing a revolution A- step up the women, well that is according to Why Women Mean Business by Alison...

Freight problem.
February 7, 2008... Byline: hardeep nahal Freight problem It's understood that the House of Lords has declined to hear a further appeal in the Freightliner/Ernst & Young litigation, in which the Court of Appeal gave its decision in September 2007. This...

Crunch time.
February 7, 2008... Byline: Nicholas Neveling Crunch time our experts discuss how to steer your business through the current economic crisis We have heard how bad the economic outlook is, should we all be so glum and down in the dumps? Paul...

Race to succeed PwCi?1/2s Poynter is wide-open.(Kieran Poynter of PricewaterhouseCoopers)(Brief article)
February 7, 2008... Byline: Alex Hawkes and Michelle Perry Race to succeed PwC's Poynter is wide-open Alex Hawkes and Michelle Perry The race to succeed Kieran Poynter as senior partner of PricewaterhouseCoopers is set to see at least four candidates...

A corporate thrashing.(KPMG)(Brief article)
February 7, 2008... Byline: TS A corporate thrashing When entertained by the UK's finest accountants, TS has grown accustomed to fine dining, champagne receptions and the occasional bit of theatre. It was with some surprise, therefore, that TS...

High brow Hartnett wows MPs.
February 7, 2008... Byline: TS High-brow Hartnett wows MPs High art and Public Accounts Committee hearings on business tax are rare bedfellows A- unless HM Revenue & Customs acting chairman Dave Hartnett is a witness that is. At a hearing last week,...

Societte Generale.(Brief article)
February 7, 2008... Byline: TS TS wondered how long it would be before someone brought up the fact that SociA[c]tA[c] GA[c]nA[c]rale was joint audited. The big firms have been enthusiastic in their denunciation of joint auditing, which they think ...

on the money with Gavin Hinks.(Karim Naffah)(Brief article)
February 7, 2008... Byline: Gavin Hinks on the money with Gavin Hinks The credit crunch has claimed another victim. This time it was Karim Naffah, FD at pub chain Mitchells & Butler, owners of low rent eateries like Harvester and the...

Replacing Poynter will be no mean feat The end of an era will come in July when Kieran Poynter, chairman of PricewaterhouseCoopers, steps down and a new chief takes over at the countryi?1/2s biggest firm. Given PwCi?1/2s scale, leading it through the next few ye.
February 7, 2008... Byline: Accountancy Age Replacing Poynter will be no mean feat The end of an era will come in July when Kieran Poynter, chairman of PricewaterhouseCoopers, steps down and a new chief takes over at the country's biggest firm. ...

Whoi?1/2s next to tax our TV screens?(Adam Hart-Davis?)(Brief article)
February 7, 2008... Byline: TS Who's next to tax our TV screens? First it was Hector the cartoon taxman, then Mrs Doyle (of Father Ted fame) and now it appears that Adam Hart-Davis will be consigned to the proverbial tax advert dustbin. ...

Wesley Snipes.(Brief article)
February 7, 2008... Byline: TS Wesley Snipes, actor turned tax denier, faces prison following his conviction for five years of unpaid taxes. TS had long held the vamp hero of Blade in high esteem and so was rather disappointed to hear that in reality, Snipes'...

Activists target institute HQ.
February 7, 2008... Byline: Joanne Christie Activists target institute HQ Joanne Christie Animal rights protesters staged a protest outside the ICAEW's headquarters on Thursday, as AstraZeneca held its annual results conference. Stop...

GT battles insurers over Parmalat liability cover.
February 7, 2008... Byline: Kevin Reed GT battles insurers over Parmalat liability cover Kevin Reed Grant Thornton is set to take centre stage in the ongoing legal battles over the demise of Parmalat, as the firm fights its insurers for cover. ...

Taxman prevails in i?1/2250m losses case.(Brief article)
February 7, 2008... Byline: Nicholas Neveling Taxman prevails in [pounds sterling]250m losses case Nicholas Neveling The taxman has won a key victory in a [pounds sterling]250m artificial tax losses case in the High Court. The outcome of the case...

Taxman at a loss over cause of filing disaster.
February 7, 2008... Byline: Nicholas Neveling Taxman at a loss over cause of filing disaster Nicholas Neveling It will be months before HM Revenue & Customs knows what went wrong with its electronic self-assessment filing system on deadline day,...

Debt deals to top 50,000 in 2008.(Brief article)
February 7, 2008... Byline: Kevin Reed Debt deals to top 50,000 in 2008 Kevin Reed Individual voluntary arrangements are set to soar in 2008, experts have suggested, after the industry thrashed out new rules for the set-ups and the onset of the...

hmrc hits the ejector seat for hart-davis The taxman has vowed that it will never employ Adam Hart-Davis to front its advertising campaigns again after the BBC presenter criticised the tax system in a radio interview, writes Nicholas Neveling. i?1/2We will no.
February 7, 2008... Byline: Nicholas Neveling hmrc hits the ejector seat for hart-davis The taxman has vowed that it will never employ Adam Hart-Davis to front its advertising campaigns again after the BBC presenter criticised the tax system in a radio...

Audit reports no longer relevant.(Brief article)
February 7, 2008... Byline: Penny Sukhraj Audit reports no longer relevant Penny Sukhraj Financial statements and audit reports are likely to decline in importance, a senior industry figure has told a US Treasury meeting. Richard Fleck, chairman...

MG Rover investigatorsi?1/2 i?1/2100,000 hotel bill.
February 7, 2008... Byline: Penny Sukhraj MG Rover investigators' [pounds sterling]100,000 hotel bill Penny Sukhraj Investigators into the collapse of MG Rover have spent almost [pounds sterling]100,000 on hotel bills and a further [pounds...

High risk tax schemes set to be exposed.
February 7, 2008... Byline: Nicholas Neveling High risk tax schemes set to be exposed Nicholas Neveling The risky tax positions of all listed UK companies are to be laid bare under new rules that will require US-style disclosures of uncertain tax...

KPMG advice on ill-fated deal was a i?1/2one-offi?1/2.
February 7, 2008... Byline: Joanne Christie KPMG advice on ill-fated deal was a 'one-off' Joanne Christie Troubled pub group Mitchells & Butlers brought in KPMG on a one-off contract to advise on the debt component of its ill-fated property deal, it...

Credit crunch sparks corporate fraud fear.
February 7, 2008... Byline: Joanne Christie Credit crunch sparks corporate fraud fear Joanne Christie Corporate fraud could soar to an all-time high this year as employees look for new ways to beat the credit crunch, KPMG has warned. According to...

Taxman given intercept go-ahead.(Her Majesty's Revenue and Customs )(Brief article)
February 7, 2008... Byline: Parly Taxman given intercept go-ahead Our Parliamentary Correspondent Plans to give inspectors the power to intercept telephone calls and emails are to get the go-ahead, after the proposals were featured in last week's...

Emperori?1/2s new clothes?(Emperor's new clothes? )(extensible business-reporting language format)
February 7, 2008... Byline: Dave Turner Emperor's new clothes? The US Securities and Exchange Commission should decide in the next few months whether to make it mandatory for companies to file their financials in XBRL (extensible business-reporting...

Iti?1/2s a stitch up.(It's a stitch up)
February 7, 2008... Byline: Will Twidale It's a stitch up Accountancy's regulator the Accountancy and Actuarial Discipline Board had to pay [pounds sterling]1m in costs to PricewaterhouseCoopers and others after losing its Mayflower case A- a case in...

Tips on restructuring.(Brief article)
February 7, 2008... Byline: Matthew Prest Tips on restructuring 1. Check that a proper financing structure with sufficient headroom is in place when you get the job. This is the best way to avoid difficult restructuring as complex debt structure can only...

PwC moves to secure Icelandic holdings.
February 12, 2008... Byline: David Jetuah PWC MOVES TO SECURE ICELANDIC HOLDINGS Administrators from PricewaterhouseCoopers have met with Baugur executives to protect the Icelandic government's interests in the retail investor, writes David Jetuah. ...

Will the looming credit crunch stunt practice growth this year?
February 14, 2008... Byline: Gavin Hinks Will the looming credit crunch stunt practice growth this year? practice Gavin Hinks With the credit crunch casting a dark cloud over the economy, the question for many accountants is whether practice will...

IN THE PINK.(Scott Henderson )(Interview)
February 14, 2008... IN THE PINK Scott Henderson is embarking on his second year as chief financial officer of the Financial Times. And there is good reason to believe that this could be the most challenging year the youthful Canadian has yet faced in his...

iti?1/2s the i?1/211m question.(it's the [pounds sterling]11m question)(investigation of MG Rover Group Ltd.)(Brief article)
February 14, 2008... Byline: Alex Hawkes it's the [pounds sterling]11m question Whatever else you could say about BDO's investigation into MG Rover's collapse, one thing is clear A- the final report had better be good. A total of [pounds...

Tax focus in boardroom intensifies.
February 14, 2008... Byline: Nicholas Neveling Tax focus in boardroom intensifies Tax Nicholas Neveling The focus on how tax is accounted for at large listed companies has reached unprecedented levels of intensity as plcs grow increasingly...

mind your own business.
February 14, 2008... Byline: Ernst & Young mind your own business The greatest risk of outsourcing the control of sensitive business data is that your contractor won't be as careful protecting the information as you, making it easier for a disgruntled...

Hard to swallow.
February 14, 2008... Byline: John Tate Hard to swallow Apparently accountants don't like change. Processes are followed hour by hour, week by week and decade by decade with strict rigor. Accounting software provides the engine for much of this work....

Privilege probe.(members of parliaments' allowance)
February 14, 2008... Byline: Joanne Christie and Alex Hawkes Privilege probe Not many university students manage to earn [pounds sterling]45,000 during their degree by stuffing envelopes and going through the post. But Freddie Conway was lucky A- his dad...

on the money with Gavin Hinks.(Brief article)
February 14, 2008... Byline: Gavin Hinks on the money with Gavin Hinks Be afraid, there may be many more people sharing your telephone calls and emails in future. Don't think you're safe because no one could possibly consider you a...

People and moves...(Brief article)
February 14, 2008... Byline: Rachael Singh People and moves... Job to die for: CEO of Metal-Tech The honour of top job this week goes to Jonathan Ben-Cnaan for taking the leap from CFO to CEO at Metal-Tech. Ben-Cnaan was formerly CFO with Bateman...

Moving forward: balancing act.
February 14, 2008... Byline: John Lees Moving forward: balancing act Is there such a thing as a perfect work/life balance? The media likes to remind us that there is an ideal balance to attain. This gives you another reason to beat yourself...

Taxman abandons i?1/2gilt repoi?1/2 battle after Di?1/2Arcy defeat.(Taxman abandons 'gilt repo' battle after D'Arcy defeat)(Philippa D'Arcy)
February 14, 2008... Byline: Nicholas Neveling Taxman abandons 'gilt repo' battle after D'Arcy defeat practice Nicholas Neveling The taxman has given up fighting against a [pounds sterling]1.5m tax losses case by leading City headhunter and...

FDs suffer blow over missed earnings targets.(financial directors)
February 14, 2008... Byline: David Jetuah FDs suffer blow over missed earnings targets David Jetuah Finance directors' reputations are being dealt a serious blow by missed earnings projections. European and US companies are unable to accurately...

earn more.(Brief article)
February 14, 2008... Byline: Kevin Reed earn more FDs looking to follow the example of Metal-Tech's Jonathan Ben-Cnaan, this week's Job of the Week (see right) by moving from CFO to CEO, should look across the pond instead. Hay's latest researchshows US...

Group therapy.(Scott Henderson )(Brief article)
February 14, 2008... Byline: Charlotte Moore Group therapy While the downside to being a part of Pearson is that he has to relinquish a certain amount of control, Scott Henderson there are advantages to being a part of the group: as he says, the heavy...

The end of the road?
February 14, 2008... Byline: Penny Sukhraj The end of the road? In two months it will be the third anniversary of the collapse of MG Rover. But the meter on the investigation into what happened, led by BDO Stoy Hayward, is still running. The...

Glaxo faces $1bn IRS tax hit.
February 14, 2008... Byline: michelle perry Glaxo faces $1bn IRS tax hit Michelle Perry Europe's largest drugs maker could face a tax bill in excess of $1bn ([pounds sterling]510m) if the US Internal Revenue Service wins its challenge to...

how to handle ever-changing software suppliers.
February 14, 2008... how to handle ever-changing software suppliers l Develop your in house skills in the application you are using so you are less dependent on outside help. Invest in training on your software and try and have 'three deep' cover for the...

bring audit in for outsourcing.
February 14, 2008... bring audit in for outsourcing Where internal audit can add value l Seek early involvement to independently challenge and assess the decision being taken to outsource. l Challenge whether ownership for the outsourced arrangements...

the taxman doesni?1/2t need another hector Who will be the new face of HM Revenue & Customs? It turns out the taxman needs one because Adam Hart-Davis, the TV history and science boffin who has fronted self-assessment promotion for the past few years cannot b.(Brief article)
February 14, 2008... Byline: Accountancy Age the taxman doesn't need another hector Who will be the new face of HM Revenue & Customs? It turns out the taxman needs one because Adam Hart-Davis, the TV history and science boffin who has fronted...

Step.(Society of Trust and Estate Practitioners)(Brief article)
February 14, 2008... Byline: TS TS's e-mail inbox always makes us laugh, especially when we detect that a certain lobby group might have more than a touch of self-interest in issuing their latest pronouncements. Only last week the National Association of...

Big Four gain ground on AIM.
February 14, 2008... Byline: Janice Warman Big Four gain ground on AIM Janice Warman Grant Thornton is seeing its lead on AIM audits whittled away, as the Big Four gain ground as well as consolidating their domination of the biggest AIM company...

Rail company on track for i?1/26.5m tax refund.(Rail company on track for [pounds sterling]6.5m tax refund)(Brief article)
February 14, 2008... Byline: David Jetuah Rail company on track for [pounds sterling]6.5m tax refund David Jetuah Rail company Jarvis has clawed back [pounds sterling]6.5m from HM Revenue & Customs. The rail renewal and on-track machinery giant waged...

A hairy momnet for the ICAEW.(Institute of Chartered Accountants in England and Wales)(Brief article)
February 14, 2008... Byline: TS A hairy moment for the ICAEW Now everyone knows that the ICAEW are sticklers for discipline, decorum and attention to detail, but even the best of us are prone to the odd slip-up. The venerable institute was laying down...

CCAB.(Consultative Committee of Accountancy Bodies)(Brief article)
February 14, 2008... Byline: TS Well done to the Consultative Committee of Accountancy Bodies, that happy union of accounting institutes, who actually managed to spend a few minutes in a room together without regressing to bitter sideswipes or violence. The...

Going for a song.(Hammersmith and Fulham Council )(Brief article)
February 14, 2008... Byline: TS Going for a song Now, here on TS we like a good sing-a-long as much as anybody. Days are spent humming the last thing we have heard on the radio like Spice Girls, Girls Aloud, Cheeky Girls, and various other...

Short storeys leave JGJ disappointed.(John Griffith-Jones)(Brief article)
February 14, 2008... Byline: TS Short storeys leave JGJ disappointed KPMG's new building, which TS has affectionately named 'KPMG Towers' is alas, less of a tower than expected. At the building's 'topping out' (a practice just as new to TS as it...

Fantasy role is a reality.(Brief article)
February 14, 2008... Byline: Rachael Singh FANTASY ROLE IS A REALITY Jagex, the maker of the successful online game RuneScape, is set to bring its finance function in-house with the appointment of a chief financial officer, writes Rachael Singh. The...

Advisers voice disguised interest fears.
February 14, 2008... Byline: Nicholas Neveling Advisers voice disguised interest fears Nicholas Neveling Plans to crackdown on companies disguising interest they receive as other forms of income could have dire consequences for preference shares and...

Crackdown set to spark non-dom exodus.(non-domiciles)(Brief article)
February 14, 2008... Byline: Nicholas Neveling Crackdown set to spark non-dom exodus Nicholas Neveling Non-domiciled taxpayers were said to be on the brink of leaving the UK this week over the government's crackdown. Advisers told Accountancy Age...

Firms vent fury over guidance threat.
February 14, 2008... Byline: Penny Sukhraj Firms vent fury over guidance threat Penny Sukhraj Firms are set for a major clash with the UK accounting regulator over plans to discipline members of the profession over breaches of guidance, as well as...

BG Group gives IAS39 the cold shoulder.(Brief article)
February 14, 2008... Byline: David Jetuah BG Group gives IAS39 the cold shoulder David Jetuah Energy provider BG Group has followed banks and insurers in issuing two sets of figures: one with fair value and one without. It said that it was issuing...

Banks prepare for sub-prime crunches.
February 14, 2008... Byline: David Jetuah Banks prepare for sub-prime crunches David Jetuah The UK's biggest banks are set to slash the value of their balance sheets as analysts complain of a lack of clarity in accounting for sub-prime...

roll with it.(financial directors have to manage trends in financial markets )
February 21, 2008... Byline: Sarah Perrin roll with it When companies disappoint the City, finance directors can find themselves in the firing line. With 2008 expected to be a tricky year economically, FDs need to know how to protect themselves. ...

The curse of the strong.
February 21, 2008... Byline: Dr Tim Cantopher The curse of the strong Stress, depression and alcohol misuse are 'the curse of the strong', the high price overachievers pay for giving 110% in all aspects of their lives, particularly at work. ...

Speaking their language?(finanical directors must have the basic communication skills)
February 21, 2008... Byline: Diana Stoltman Speaking their language? The gift for interpreting numbers is an essential skill for any FD and particularly for aspiring CEOs. Finance directors are rightly admired for their technical skills and ability to...

small screen success.
February 21, 2008... Byline: Kevin Reed small screen success There is a UK high street retailer that is relishing the credit crunch and is positively thriving in economic uncertainty. Honest. If you don't believe us, ask Giles David, CFO of home...

Skyi?1/2s the limit.(British Sky Broadcasting Group PLC forecast and growth )
February 21, 2008... Byline: Staff Sky's the limit QThese are your first set of results as chief executive of BSkyB. What's your take? AI'm pleased with the results that we've posted. I think the business did well over the second quarter. We have...

Annual report of the week: Britvic.
February 21, 2008... Byline: Staff Britvic Plc Line of business: Manufacturer and distributor Listing status FTSE 250 Period end: 30/09/07 01/10/06 Publication date: 21/12/07 29/11/06 Publication lag (days): 103 104 Turnover...

Foreign profits plan in Budget.(meeting on pre-budget)(Brief article)
February 21, 2008... Byline: Nicholas Neveling Foreign profits plan in Budget Tax Nicholas Neveling The long-awaited results of the foreign profits taxation consultation will be announced in the Budget, the minutes of a meeting between HM Revenue...

Off target on AIM.
February 21, 2008... Byline: John Cowie Off target on AIM AIM has had a hard time of it over the last year, attracting accusations both of a high failure rate of its constituent members and a woefully inadequate regulatory regime. Those who would seek...

Tax policy must wean, not be mean.
February 21, 2008... Byline: Roy Maugham Tax policy must wean, not be mean The Government's failure to increase the threshold at which taxpayers pay the higher rate of income tax in line with wage inflation has dragged 700,000 people into the 40% tax band...

Piggy in the middle.(London, England. Development Agency to grant funds to documentary movies)
February 21, 2008... Byline: Paul Grant Piggy in the middle Accountants may not be the best people to judge art, according to London's Mayor A- but unfortunately for Ken Livingstone they are pretty good at spotting flaws in accounting...

Regulator keeps an eye on takeovers.
February 21, 2008... Byline: Gavin Hinks Regulator keeps an eye on takeovers Corporate finance Gavin Hinks Preparing yourself for a takeover? Then watch out because the Financial Reporting Review Panel is not happy with some companies' failure...

on the money with Gavin Hinks.(working of Dave Hartnett of United Kingdom. Her Majesty's Revenue and Customs)(Brief article)
February 21, 2008... on the money with Gavin Hinks Every leader needs a fall guy, the sacrificial lamb that steps in front of the speeding bullet to defend the great man from harm. In the non-dom argument last week we saw just that. The...

AIM finance functions drained by IFRS.(alternative investment market)(International Accounting Standards Board)
February 21, 2008... Byline: David Jetuah AIM finance functions drained by IFRS David Jetuah Finance professionals working for AIM's smaller companies have been snowed under by the demands of IFRS, according to new research. AIM businesses have...

People and moves...(Operon appointed Nigel Barker)(Cooper Parry appointed Des Pearson)(Simon Allport's promotion at Ernst and Young UK)(Brief article)
February 21, 2008... Byline: Rachael Singh People and moves... Job to die for: operon finance director Nigel Barker is obviously built for the role as finance director at construction and design group, Operon. Barker who will be based in its Leeds...