Accountancy Age articles from January 2009

Accountancy Age archives from January 2009

Whatever happened to. . .
January 8, 2009... Byline: Kevin Reed Whatever happened to. . . Last year's Accountancy Age Financial Power List was somewhat overtaken by events, but our predicted biggest players over the year had some part to contribute. Gordon Brown came to the...

Credit insurance i?1/2triple whammyi?1/2 for business.
January 8, 2009... Byline: David Jetuah Credit insurance 'triple whammy' for business David Jetuah Trade credit insurance that protects companies if their trade customers go bust is becoming increasingly hard to obtain, causing problems along the...

Regulator reveals plans to turn up heat on auditors.
January 8, 2009... Byline: Gavin Hinks Regulator reveals plans to turn up heat on auditors Audit Gavin Hinks Auditors working in sectors badly damaged by the economic crisis be warned -- the Financial Reporting Council will be watching closely...

Uncertainty principles Audits are at a greater risk of going wrong because of the dire economic circumstances. So says the Financial Reporting Council in its draft plan for 2009/10. The head of its Audit Inspection Unit says there are more difficulties a.
January 8, 2009... Uncertainty principles Audits are at a greater risk of going wrong because of the dire economic circumstances. So says the Financial Reporting Council in its draft plan for 2009/10. The head of its Audit Inspection Unit says there are...

Powering up.(Viewpoint essay)
January 8, 2009... Byline: Dave hartnett Powering up Although the legislative process for new powers and safeguards continues apace I find myself thinking more and more about their implementation. It is vitally important that we get this right and learn...

Make risk your business.
January 8, 2009... Byline: IIA Make risk your business The economic winter and its icy winds blowing through boardrooms should give directors the strongest incentive to review their risks and how they are managed. More than ever, boards need assurance...

Waters still muddied on foreign profits.
January 8, 2009... Byline: Judith Tydd Waters still muddied on foreign profits Tax Judith Tydd You might have thought it was safe to go back into the water of generating foreign profits after the pre-Budget report, but frustration and confusion...

People and moves...
January 8, 2009... Byline: Kevin Reed People and moves... Job to die for: Housing association minister Former engineering company FD and secretary Peter Bell is the latest appointment to the board of the South Staffordshire Housing Association. ...

on the money with Gavin Hinks.(Column)
January 8, 2009... Byline: Gavin Hinks on the money with Gavin Hinks Prince Charles has chosen a difficult message to sell. Just before Christmas he appeared at an Accounting for Sustainability event and appealed to advisers to ensure...

ONLINE.
January 8, 2009... Byline: Gavin Hinks ONLINE This week's top stories on accountancyage.com/sector IASB responds to G20 The special structuring of off balance sheet vehicles will come under pressure under new proposals from the...

everything must go.
January 8, 2009... Byline: David Jetuah everything must go There is carnage on the high street. Consumer spending has fallen off a cliff and UK retailers are facing the toughest trading conditions in decades. In response, retailers have been slashing...

Cash in the bank.
January 8, 2009... Byline: Staff Cash in the bank Q You achieved your target of double-digit revenue growth and margins above 40%, so talk me through the key numbers for the first half. AIt was another satisfactory six months of trading. We achieved...

Doing a Ratner.(Gerald Ratner)(Brief article)
January 8, 2009... Byline: Kevin Reed Doing a Ratner I bet the FRC's head Paul Boyle hasn't been compared to Gerald Ratner before. That was until accounting governance critic Prem Sikka made the comparison. During a chat with TS, Prem said that...

XBRL talks the SECi?1/2s language.(Brief article)
January 8, 2009... Byline: Rachael Singh XBRL talks the SEC's language Rachael Singh Large UK companies with a US listing will have less than seven months to publish their financial reports using a web-based data standard called XBRL. The...

catch up on colin Colin, our back-page cartoon accountant chum, has finally entered the 21st century, embraced technology and set himself up with a permanent home on the internet. Catch up with all the escapades of Colin, Mac and co from last year in our.
January 8, 2009... Byline: Paul Grant catch up on colin Colin, our back-page cartoon accountant chum, has finally entered the 21st century, embraced technology and set himself up with a permanent home on the internet. Catch up with all the escapades of...

COMPANY REPORTS.
January 8, 2009... Byline: staff COMPANY REPORTS Credit top of FDs' agenda The shortage of credit is the biggest problem facing business in 2009, according to Deloitte's latest quarterly survey of finance directors. Of those surveyed, 99% said...

Forum to check out HMRCi?1/2s new powers.(Her Majesty's Revenue and Customs)(Brief article)
January 8, 2009... Byline: Kevin Reed Forum to check out HMRC's new powers Kevin Reed In a bid to avoid the problems that haunted the introduction of self-assessment tax filing, the taxman is setting up a board of business and accounting experts to...

Profits slide at Grant Thornton.(Financial report)
January 8, 2009... Byline: Nick Huber Profits slide at Grant Thornton Nick Huber Grant Thornton has become the first big accounting firm to report a fall in profits in 2008, blaming the drop on the economic downturn and the cost of its merger with...

Online self-assessment returns surge.
January 8, 2009... Byline: Judith Tydd Online self-assessment returns surge Judith Tydd A record number of taxpayers have filed a self-assessment return online in the run-up to the 31 January deadline, HM Revenue and Customs has revealed. ...

MPs to grill auditors over crisis.(members of parliament)(Brief article)
January 8, 2009... Byline: Nick Huber MPs to grill auditors over crisis Parliamentary Reporter The Commons Treasury Committee will cross-examine audit industry representatives this month as part of an investigation into the banking crisis. The...

Forty years of change, crisis and controversy.(Brief article)
January 8, 2009... Byline: Kevin Reed Forty years of change, crisis and controversy Kevin Reed The taxman's battle to prevent staff defecting to the firms and industry fears about providing non-audit services while getting too close to clients are...

SEC keeps fair value faith.
January 8, 2009... Byline: David Jetuah SEC keeps fair value faith David Jetuah The US markets watchdog has given a tacit seal of approval to fair value accounting rules, but also urged standard setters to tighten up on the way impairments are...

Schroders attacks FD i?1/2spini?1/2.(Brief article)
January 8, 2009... Byline: Gavin Hinks Schroders attacks FD 'spin' Gavin Hinks Investors are in an 'arms race' with finance directors as they battle to see past the 'spin' deployed in company accounts, according to Patrick McCullagh, the head of...

HMRC tax helpline inundated.(Her Majesty's Revenue and Customs)(Brief article)
January 8, 2009... Byline: Judith Tydd HMRC tax helpline inundated Judith Tydd A new HM Revenue and Customs helpline has received nearly 28,800 calls from businesses struggling to pay their tax bills. The Business Payment Support Service (BPSS)...

BDOi?1/2s Rock valuation at centre of High Court showdown.
January 8, 2009... Byline: David Jetuah BDO's Rock valuation at centre of High Court showdown David Jetuah BDO Stoy Hayward will find itself at the centre of a High Court showdown next week as Northern Rock investors and shareholder groups take on...

E&Y tribunal months from conclusion.
January 8, 2009... Byline: Gavin Hinks E&Y tribunal months from conclusion Gavin Hinks The profession's disciplinary body is still months away from ruling on Ernst & Young's work as auditor of Equitable Life. The tribunal of the Accountants'...

KPMG aims for European union.
January 8, 2009... Byline: David Jetuah KPMG aims for European union David Jetuah KPMG Europe's joint senior partner has said that the Big Four firm still hopes to bring all its European subsidiaries into a single organisation despite the economic...

ACCA reform measures just a i?1/2gimmicki?1/2.(Association of Chartered Certified Accountants)(Brief article)
January 8, 2009... Byline: Kevin Reed ACCA reform measures just a 'gimmick' Kevin Reed ACCA's new governance structure has not improved its accountability or transparency, according to a longstanding critic. ACCA member and University of Essex...

Life after Bourngate.
January 8, 2009... Byline: damian wild BEHIND THE NUMBERS: Life after Bourngate The National Audit Office won't look back on 2008 with much fondness. Its reputation was badly dented by the unfortunate scandal around the expenses of former boss Sir...

Carry on carbon.
January 8, 2009... Byline: TS Carry on carbon The TS desk was given the chance to meet HRH the Prince of Wales before Christmas to find out how developments on accounting for carbon were going. Having bragged to the rest of the office about the meeting,...

Hair of the top dog.
January 8, 2009... Byline: ts Hair of the top dog You're never too far from the titans of the accountancy profession, it seems. Over the Yuletide break, TS was taking some well-earned R&R on the Isle of Wight and walked into a local pub to rehydrate...

Gone to pot.
January 8, 2009... Byline: David Jetuah Gone to pot: Wedgwood calls in the administrators Four partners from Deloitte have been called in as administrators for the UK divisions of Waterford Wedgwood, after the 250-year old pottery company collapsed,...

Built to last.(Rathbone Brothers PLC)
January 15, 2009... Byline: David Jetuah Built to last For all the credit-crunched banks that boarded the sub-prime gravy train before it derailed in such spectacular fashion, there are still some financial institutions around that resisted its lure and...

the cio: friend or foe?
January 15, 2009... Byline: Robert Jaques the cio: friend or foe? It is fair to say that the relationship between many finance directors and chief information officers (CIOs) has long been characterised by mutual suspicion, misunderstanding and even...

People and moves...
January 15, 2009... Byline: Rachael Singh People and moves... Job to die for: Melrose resources FD Melrose Resources has promoted Diane Fraser to finance director at the oil and gas company, therefore winning our job of the week gong. Fraser joined...

technology in a tangle.(technology integration)
January 15, 2009... Byline: Rob Jaques technology in a tangle Many businesses have seen their IT infrastructures develop organically. The process almost invariably involves the unstructured deployment of multiple systems, many of which cannot be upsized...

Pre-pack administrations set to rocket.
January 15, 2009... Byline: David Jetuah Pre-pack administrations set to rocket insolvency David Jetuah Controversial 'pre-pack' administrations are expected to increase this year despite concerns that fast-track company rescues give unsecured...

New year, new start.(audit profession)
January 15, 2009... Byline: various New year, new start It would be unfair on the basis of what I am sure will be only a handful at most -- and hopefully less -- of significant undetected accounting frauds to suggest that there is an underlying issue with...

i?1/2Indiai?1/2s Enroni?1/2 reawakens fraud spectre.
January 15, 2009... Byline: Nick Huber 'India's Enron' reawakens fraud spectre Nick Huber Accounting fraud is back in the headlines after the former chairman at India's Satyam Computer Services resigned over inflating profits at the outsourcer by a...

counter attack.(Anglo Irish Bank)(Brief article)
January 15, 2009... Byline: Gavin Hinks counter attack Frankly a good old fashioned scandal would be a welcome break from the dismal news about the economy that emerges each day and Anglo Irish Bank has happily obliged with a furore over undisclosed loans...

COMPANY REPORTS.
January 15, 2009... Byline: Nick Huber COMPANY REPORTS SFO probes Madoff The Serious Fraud Office is to probe Bernard Madoff's UK business operations on the back of a study by liquidators from Grant Thornton. The top five firm provided an...

Return to source.
January 15, 2009... Byline: Vipul Sheth Return to source As a fellow accounting professional and promoter of outsourcing, I support the view that all firms need to be true business advisers. Outsourcing supports this. But it is in no way a service that...

ONLINE.(accountancyage.com)(Brief article)
January 15, 2009... Byline: Staff ONLINE This week's top stories on accountancyage.com/sector FRC goes from talking to watching and listening The Financial Reporting Council's quarterly report shows that the watchdog will issue fewer...

on the money with Gavin Hinks.(Justine Greening)(Brief article)
January 15, 2009... Byline: Gavin Hinks on the money with Gavin Hinks Justine Greening has been making a name for herself of late. For those of you who may not have noticed, and there can't be many of you out there, Greening is the...

Online software i?1/2more expensive and riskieri?1/2.
January 15, 2009... Byline: Rachael Singh Online software 'more expensive and riskier' Rachael Singh Some of the biggest accounting software suppliers have been drawn into an argument over the reliability of web-based software. In an interview...

regional catastrophe but international blip PricewaterhouseCoopers in India has found itself uncomfortably connected to the Satyam scandal, in which the chairman of the Indian outsourcing company admitted fraud believed to be worth more than $1bn (i?1/2650m).
January 15, 2009... Byline: Accountancy Age regional catastrophe but international blip PricewaterhouseCoopers in India has found itself uncomfortably connected to the Satyam scandal, in which the chairman of the Indian outsourcing company admitted fraud...

Masterchef roasts accountant.
January 15, 2009... Byline: TS Masterchef roasts accountant TS switched on the idiot box after another hard day's graft at the journalistic coalface to see an accountant get one of the most ferocious kebabbings ever handed out on Masterchef. The...

How to take the P out of Peacock.
January 15, 2009... Byline: TS How to take the P out of Peacock Never kick a company while it's down is TS's motto, so there was no chuckling when, within hours of the collapse of Lehman Brothers, Business Week named the investment bank as one of the best...

ICAEW gets tough on training.(Institute of Chartered Accountants in England and Wales)(Brief article)
January 15, 2009... Byline: Kevin Reed ICAEW gets tough on training Kevin Reed The ICAEW has fined members for the first time for failing to meet the requirements for continuing professional development. Under CPD rules, made compulsory by the...

Drugs giant set for legal showdown with taxman.
January 15, 2009... Byline: Judith Tydd Drugs giant set for legal showdown with taxman Judith Tydd AstraZeneca, the FTSE 100 UK drug-maker, has said it expects to settle a long-runnng tax dispute over transfer pricing with HM Revenue and...

Rathbones may sell offshore tax operations.(Rathbone Brothers PLC)(Brief article)
January 15, 2009... Byline: David Jetuah Rathbones may sell offshore tax operations David Jetuah Rathbone Brothers, the 265-year-old private bank is considering the sale of its offshore tax trusts because of fears the taxman will clamp down on...

Big Four plan for bank run.
January 15, 2009... Byline: Gavin Hinks Big Four plan for bank run Gavin Hinks The Big Four firms have met Treasury ministers to help government prepare for the possibility of an audit raising doubts over a bank's ability to continue as a going...

Trade credit insurer squeezes cover.
January 15, 2009... Byline: David Jetuah Trade credit insurer squeezes cover David Jetuah Euler Hermes, the UK's largest trade credit insurer, has warned that business cover against customers going bust could be slashed unless customers use its own...

baker tilly in raid on celebi?1/2s home Bankruptcy trustees from Baker Tilly have visited the home of TV celebrity Kerry Katona to remove documents. Baker Tilly partner Louise Brittain visited the former Atomic Kitten singeri?1/2s house in Wilmslow, Cheshire, to.
January 15, 2009... Byline: Rachael Singh baker tilly in raid on celeb's home Bankruptcy trustees from Baker Tilly have visited the home of TV celebrity Kerry Katona to remove documents. Baker Tilly partner Louise Brittain visited the former Atomic Kitten...

Deloitte takes charge of Leather Deloitte has been appointed administrator of Land of Leather. The furniture store retailer, which operates from 109 stores across the UK and Ireland, had been seeking to raise capital or sell the business after encounteri.
January 15, 2009... Byline: Staff Deloitte takes charge of Leather Deloitte has been appointed administrator of Land of Leather. The furniture store retailer, which operates from 109 stores across the UK and Ireland, had been seeking to raise capital or...

Sustainable strategies.
January 22, 2009... Byline: Peter Robertshaw Sustainable strategies There has been vigorous debate about whether green topics will slip off the corporate agenda in these troubled economic times -- much of it stirred up by Prince Charles' 'Accounting for...

Jury out on i?1/210bn SME bailout package.
January 22, 2009... Byline: David Jetuah Jury out on [pounds sterling]10bn SME bailout package David Jetuah The government's [pounds sterling]10bn loan guarantee scheme for small and medium-sized businesses has been broadly welcomed by business...

Obamai?1/2s new broom.
January 22, 2009... Byline: Gavin Hinks Obama's new broom Barack Obama may have attracted tens of millions of television viewers to watch his swearing in this week as the 44th US president, but if you work in accountancy the person of direct interest is...

brand On brand.
January 22, 2009... Byline: Judith Tydd brand On brand Brand speaks candidly on a number of issues facing the profession and her personal profilea[bar] ACCA's positiona[bar] 'It's well-respected throughout the world. We genuinely offer high-quality,...

making her mark.
January 22, 2009... Byline: Judith Tydd making her mark Helen Brand won't let her lack of accounting experience stop her leading acca's global charge, writes Judith TyDd 'CEO remit confusion adds to crisis at ACCA', 'Hudson swaps ACCA for Scotland',...

plug the funding drain.
January 22, 2009... Byline: Liz Loxton plug the funding drain With its Charities Back on Track report, the Charity Commission has begun 2009 by banging the drum on compliance issues. It has good reason to do so. Whether it is allegations of funds or...

Dear siri?1/2.
January 22, 2009... Byline: Emphasis Dear sira[bar] With the words 'credit' and 'crunch' hot on the lips of most people, being frugal has never been more fashionable. For most workplaces, frugality means carrying out tasks efficiently. And effectively...

eat it...
January 22, 2009... Byline: various eat it... Skylon, Royal Festival Hall, London A hop, skip and a jump takes the lunchtime clientele of this 'destination restaurant' back to PwC's Embankment Place office or along the river to IBM. The compulsory...

Insolvency experts may take London Approach.
January 22, 2009... Byline: David Jetuah Insolvency experts may take London Approach David Jetuah Leading insolvency specialists are discussing acting as the middle man between banks and businesses in an effort to stave off the threat of banks...

COMPANY REPORTS.
January 22, 2009... Byline: Staff COMPANY REPORTS HMRC under fire HM Revenue and Customs has been described as 'self-serving and mean-spirited' after being ordered to pay a Scottish businessman [pounds sterling]50,000 compensation for mistakenly...

Buyer beware.
January 22, 2009... Byline: various Buyer beware With every major scandal we hear the inevitable 'this must never happen again', and questions about the effectiveness of the regulatory and legal framework. But while our profession and regulators will, of...

on the money with Gavin Hinks.
January 22, 2009... Byline: Gavin Hinks on the money with Gavin Hinks It's nice to find a bullish FD at times like these -- they're about as common as a vegetarian in an Angus Steak House. One man who clearly feels optimistic is Frank...

crash i?1/2n bounce: whoi?1/2ll pick up the FRC ball? With regulators the world over readying themselves for the interventionist bounce that inevitably follows a market crash, 2009 was already shaping up to be a key year for the Financial Reporting Council (FRC),.
January 22, 2009... crash 'n bounce: who'll pick up the FRC ball? With regulators the world over readying themselves for the interventionist bounce that inevitably follows a market crash, 2009 was already shaping up to be a key year for the Financial Reporting...

Strewth! ACCAi?1/2s chief is a Sheila!
January 22, 2009... Byline: TS Strewth! ACCA's chief is a Sheila! Stepping into a newly-vacated role is never easy but it's never so apparent than when the predecessor typifies the very essence of an all-Aussie bloke. TS couldn't resist in drawing...

Recession sparks new advisory offering.
January 22, 2009... Byline: Judith Tydd Recession sparks new advisory offering Judith Tydd As business braces itself for recession some accounting firms have set up special units and advice services to help clients weather the tough economic...

Behind closed (pub) doors.
January 22, 2009... Byline: TS Behind closed (pub) doors TS always reacts with much glee when one of the bigwigs of the profession ups sticks for pastures new. So it was with delight TS discovered that CIMA had poached Andrew Harding, one of ACCA's best...

NAO comptroller appointed.
January 22, 2009... Byline: Parliamentary Reporter NAO comptroller appointed Parliamentary reporter A former global managing partner at PricewaterhouseCoopers has been appointed comptroller and auditor general at the National Audit Office. Amyas...

Union rejects claim of over-staffing at HMRC.
January 22, 2009... Byline: Judith Tydd Union rejects claim of over-staffing at HMRC Judith Tydd A union leader representing senior staff at HM Revenue and Customs has dismissed claims that it could manage with half as many staff. Last week,...

Downturn may trigger accountancy takeover flurry.
January 22, 2009... Byline: Judith Tydd Downturn may trigger accountancy takeover flurry Judith Tydd The merger and acquisition market may have stalled amid the economic downturn, but the accountancy sector could experience some consolidation of...

Fraud on the increase, survey reveals.
January 22, 2009... Byline: Gavin Hinks and Nick Huber Fraud on the increase, survey reveals Kate Burgess and Nick Huber Publicly reported fraud cost UK companies [pounds sterling]1.19bn last year, a 14% increase year-on-year, according to analysis by...

ONLINE.(Sustainable Finance)
January 22, 2009... Byline: Nick Huber ONLINE This week's top stories on accountancyage.com/sector Harding heads alliances CIMA has appointed Andrew Harding, former ACCA managing director, to its senior management team. Harding will oversee...

Taxmani?1/2s new international arm to crackdown on evasion.
January 22, 2009... Byline: Judith Tydd Taxman's new international arm to crackdown on evasion Judith Tydd HM Revenue and Customs has restructured its international operations, in a move seen as part of a crackdown on multinational tax evasion. ...

Ballet company chasse for new FD English National Ballet is currently recruiting a finance director, writes Judith Tydd. The announcement follows the resignation of Robin Richman who leaves in March after nine years in the role. According to a spokesman f.
January 22, 2009... Byline: Judith Tydd Ballet company chasse for new FD English National Ballet is currently recruiting a finance director, writes Judith Tydd. The announcement follows the resignation of Robin Richman who leaves in March after nine years...

Begbies faces court over bonus.
January 22, 2009... Byline: Sarah Limbrick Begbies faces court over bonus Sarah Limbrick Insolvency advisers Begbies Traynor are headed for a High Court showdown with former partner Paul Davis over a bonus payment. Davis, who earned [pounds...

PwC left waiting by Satyam.
January 22, 2009... Byline: Gavin Hinks PwC left waiting by Satyam Gavin Hinks The auditors of troubled Indian outsourcing giant Satyam are unlikely to learn if they are to keep the audit until late spring. Two weeks ago Satyam chairman B...

Lehman administration nets PwC i?1/250m in just 14 weeks.
January 22, 2009... Byline: David Jetuah Lehman administration nets PwC [pounds sterling]50m in just 14 weeks David Jetuah PricewaterhouseCoopers made [pounds sterling]50m in fees as administrator of Lehman Brothers' European business in the last...

SMEsi?1/2 credit still frozen amid confusion over government guarantees.
January 22, 2009... Byline: Michelle Perry SMEs' credit still frozen amid confusion over government guarantees Michelle Perry SMEs are struggling to access credit despite business secretary Lord Mandelson's multi-billion package to unblock the credit...

E&Y recruits ex-Deutsche bank CFO Ernst & Young has recruited former Deutsche Bank CFO Tony Di Iorio as a senior adviser within its financial services division covering Europe, Middle East, India and Africa. Di Iorio retired from his CFO role at the inv.
January 22, 2009... Byline: Judith Tydd E&Y recruits ex-Deutsche bank CFO Ernst & Young has recruited former Deutsche Bank CFO Tony Di Iorio as a senior adviser within its financial services division covering Europe, Middle East, India and Africa. Di...

Partners rush to take four day week at KPMG.
January 22, 2009... Byline: David Jetuah and Judith Tydd Partners rush to take four day week at KPMG David Jetuah and Judith Tydd More than 80% of KPMG's UK partners have applied to work a four day week or take a sabbatical after the Big Four...