Accountancy Age articles from July 2008

Accountancy Age archives from July 2008

Treasury under fire over IFRS schedule.
July 1, 2008... Byline: Penny Sukhraj Treasury under fire over IFRS schedule IFRS Penny Sukhraj As if the Treasury did not have enough trouble to contend with a little known board of advisers has decided that enough is enough and made plain...

Braced for financial fallout.
July 3, 2008... Byline: ARUP Exposure to geopolitical risks and terrorism are growing concerns for many organisations whether large or small. In many regions of the world, established local security threats show little sign of abating and are often...

keep dirty linen private.
July 3, 2008... Byline: Jane Fraser keep dirty linen private With businesses looking to maintain a tighter hold on corporate governance, the treatment of whistleblowers is now firmly in the spotlight. According to recent research by Grant Thornton,...

To the power ten.(PricewaterhouseCoopers L.L.P.)
July 3, 2008... Byline: Ian Powell To the power ten If a week is a long time in politics then a decade in our sector probably counts as an eternity. In the ten years since PricewaterhouseCoopers came into existence we have seen some seismic changes...

Upfront on diversity.(workplace diversity)
July 3, 2008... Byline: Sarah Bond Upfront on diversity Damian Wild's observations about diversity A- and disclosure of diversity A- in his piece 'Why keep secrets about diversity?' (Accountancy Age 19 June) were spot on. There is no doubt that more...

Doni?1/2t take their word for it.(credit reports)
July 3, 2008... Byline: Martin Williams Don't take their word for it Since the last two big economic downturns in the UK (the industry-led Thatcher recession of 1979/81 and the consumer-led exchange rate mechanism recession of the early nineties) the...

Fraud busters rub their hands as crunch smokes out bandits.
July 3, 2008... Byline: Gavin Hinks Fraud busters rub their hands as crunch smokes out bandits insolvencY Gavin Hinks While most of us will be worrying about the rate of inflation, falling house prices and the looming prospect of stagflation,...

an ace service.
July 3, 2008... Byline: Penny Sukhraj an ace service At his first Wimbledon championship last year, Richard Atkinson barely watched any tennis at all. Instead, the finance director was, in his own words, 'everywhere' spending every...

wimbledon i?1/2 some vital statistics.(Centre Court Wimbledon Debentures)(Brief article)
July 3, 2008... Byline: Penny Sukhraj wimbledon A- some vital statistics Debentures Since 1920, Centre Court Wimbledon Debentures have been sold every five years. It is from this source that The All England Lawn Tennis Ground plc (1), jointly and...

Fordhami?1/2s role at SVG bucks trend on gender.(Lynn Fordham as the new financial director of SVG Capital)
July 3, 2008... Byline: David Jetuah Fordham's role at SVG bucks trend on gender David Jetuah Lynn Fordham has won the highly coveted FD role at SVG Capital, but her appointment has shown up the lack of female FDs in the top flight of the UK's...

rogues ready to turn a blind eyE.(KPMG Consulting Inc.'s fraud case)(Brief article)
July 3, 2008... Byline: Damian wild rogues ready to turn a blind eyE Is that the ghost of Cap'n Bob stalking the profession again? I was reminded of the late , unlamented old fraudster as I read the JDS's damning verdict on KPMG's handling of the...

Red tape on reclaimable VAT to be cut.
July 3, 2008... Byline: Barbara Buchanan Red tape on reclaimable VAT to be cut tax Barbara Buchanan Small businesses, charities, banks and insurance companies could be in for an unexpected reprieve from wrestling with HMRC for their...

The word on PwC.
July 3, 2008... Byline: Gavin Hinks The word on PWC 'Global is a word you are going to hear a lot of in the coming months.' Ian Brindle, PW senior partner, Sept 1997 'We don't see any pressure from the clients or the market for this merger.'...

taxing times ahead.(Mike Clasper as the new chairman of Her Majesty's Revenue and Customs)
July 3, 2008... Byline: Barbara Buchanan taxing times ahead The tax man has been grabbing his fair share of the limelight of late, although probably for all the wrong reasons. He must be hoping the appointment of a new chairman will draw a line in the...

People and moves...(Pieter Philipsen and David Bagley)(Brief article)
July 3, 2008... Byline: Rachael Singh People and moves... Job to die for: CFO of Mr Ted limited The job of the week accolade is given to Pieter Philipsen for landing the role of chief financial officer for global recruitment agents Mr Ted...

Let the good times roll.(Acucorp, Inc.)
July 3, 2008... Byline: David Jetuah Let the good times roll QAll the key numbers are up by about a third. So what is driving that performance? AWell, you're right. Our revenue growth was 33%. Our adjusted EPS was up by 32%. And if we look at...

COMPANY REPORTS.
July 3, 2008... Byline: Staff COMPANY REPORTS Ian King takes over at BAE Systems BAE Systems has promoted Ian King, its chief operating officer to the chief executive position. King, a qualified accountant, was FD of Marconi Electronic Systems...

Cover ban.(Institute of Chartered Accountants in England and Wales's in-house publication)(Brief article)
July 3, 2008... Byline: TS More exciting developments in the racey Accountancy magazine cover story. To recap, the June edition of the ICAEW's in-house journal sported a cover pic of an underclad female croupier with the memorable headline beneath: 'New...

crunch it...
July 3, 2008... crunch it... If the credit crunch is putting the squeeze on your finances, then maybe it's time to read a new book called The Little Book That Builds Wealth, billed as the 'knockout formula for finding great investments'. ...

Moving forward: problem people.
July 3, 2008... Byline: Lyn Williams Moving forward: Problem people Every office has its divas A- from the colleague who throws tantrums to the boss who needs handling with kid gloves. How do you, a sane, rational person, deal with them? ...

PRotecting the whistleblowers.
July 3, 2008... Byline: Jane Fraser PRotecting the whistleblowers The Public Interest Disclosure Act 1998 (PIDA) provides protection against dismissal and detriment for those looking to blow the whistle in the workplace. Information which, in the...

Bad to the bone.(Gregory McLeay's arrest appeared on YouTube)(Brief article)
July 3, 2008... Byline: TS Bad to the bone TS never thought the day would come when one of the noble fraternity of accountants would find himself on YouTube being dragged away by the rozzers. Sydney accountant Gregory McLeay became the bad boy of...

on the money with Gavin Hinks.(Brief article)
July 3, 2008... Byline: Gavin Hinks on the money with Gavin Hinks There can be few former heads of international accounting firms who get the kind of send off that Kieran Poynter did last week. Days before he was due to leave...

Irish taxman lands a big fish.(Patrick Dempsey)(Brief article)
July 3, 2008... Byline: TS Irish taxman lands a big fish The Irish taxman recently published its latest quarterly list of revenue defaulters and it appears that it's not just the rich and famous that attempt to salt their wealth away in offshore...

PwC strikes green gold with lucrative emissions contract.
July 3, 2008... Byline: Barbara Buchanan PwC strikes green gold with lucrative emissions contract Barbara Buchanan Saving the planet may be a cause for social concern, but it doesn't stop the firms competing to offer advisory services on it. And...

Research says 404 non-compliance costs.(disclosure of information technology weaknesses)(Brief article)
July 3, 2008... Byline: Rachael Singh Research says 404 non-compliance costs Rachael Singh Companies forced to reveal shortcomings in their IT systems due to section 404 will underperform the market, according to new research. Bruce Weber of...

Crunch time for shuteye.(workers deprived of sleep)(Brief article)
July 3, 2008... Byline: TS Crunch time for shut-eye TS understands that you poor cherubs are apparently not getting enough shut-eye because you're losing sleep due to the credit crunch. Along with builders, accountants ranked fifth equal...

The Ron Lewis PArtnership.
July 3, 2008... Byline: TS RIP the Ron Lewis partnership. You haven't misread, and TS isn't referring to the upmarket department store that sells comfortable gentlemen's slippers, thank you very much. No, the Ron Lewis Partnership is the alter ego of...

New CFO for gun maker Iconic gun maker Smith & Wesson has appointed William Spengler as CFO. Spengler joins just after gun makers shares rallied significantly on news from the US Supreme Court that gun ownership was written into the constitution and ove.
July 3, 2008... Byline: Rachael Singh New CFO for gun maker Iconic gun maker Smith & Wesson has appointed William Spengler as CFO. Spengler joins just after gun makers shares rallied significantly on news from the US Supreme Court that gun ownership...

Profession drives service sector fall.
July 3, 2008... Byline: Joanne Christie Profession drives service sector fall Joanne Christie Weakening output from accountancy was among the drivers for a poor performance in the service industry during the past quarter, according to the latest...

Experts doubt bad press of offshore centres.(Brief article)
July 3, 2008... Byline: Alex Hawkes Experts doubt bad press of offshore centres Alex Hawkes Regulatory pressure and risk control have helped improve the governance of offshore financial centres and the standards they maintain, a commons committee...

NAO issues MP expenses clampdown warning.(National Audit Office warned members of parliament on their expenses)(Brief article)
July 3, 2008... Byline: David Jetuah NAO issues MP expenses clampdown warning David Jetuah The National Audit Office has warned that moves to have MPs' expenses subjected to a forensic audit may prove to be a potential minefield. The opinion was...

PwC takes on 80 partners.
July 3, 2008... Byline: Alex Hawkes PwC takes on 80 partners Alex Hawkes PricewaterhouseCoopers has app-ointed 80 new partners during the past year, with women accounting for 29%. Since 1 July 58 new partners have been named, while 22 were...

FDs hedge bets with 2007i?1/2s biggest pay rises.
July 3, 2008... Byline: David Jetuah FDs hedge bets with 2007's biggest pay rises David Jetuah Finance directors of the UK's biggest companies were given larger pay rises than any other board members in 2007 in a bid to compensate for...

Budget blamed for Wenham Majori?1/2s demise.(Wenham Major)(Brief article)
July 3, 2008... Byline: Alex Hawkes Budget blamed for Wenham Major's demise Gavin Hinks Wenham Major was killed by Alistair Darling's first Budget that closed a tax avoidance scheme the firm was relying on. The March Budget brought to an end...

Will the US say yes?
July 3, 2008... Byline: Penny Sukhraj Will the US say yes? Penny Sukhraj Urgent talks are set to open within days in a bid to persuade the US financial watchdog to finally endorse deals in the UK intended to limit auditors' liability to...

i?1/2Deloittei?1/2s reputation is unrivalled,i?1/2 says Connolly.(Deloitte & Touche L.L.P.)(Brief article)
July 3, 2008... Byline: Gavin Hinks 'Deloitte's reputation is unrivalled,' says Connolly Gavin Hinks Deloitte's reputation in the market may have already surpassed that of the UK's biggest firm, its chairman said this week as it emerged that...

Call to tackle i?1/2pass the parceli?1/2 attitude to SME payments.
July 3, 2008... Byline: David Jetuah Call to tackle 'pass the parcel' attitude to SME payments David Jetuah Calls have been renewed for the government to crack down on big corporates holding out on paying SME suppliers as the time taken to settle...

the future of the big four Global PricewaterhouseCoopers management board member Moira Elms has said firms outside the Big Four should invest in order to compete in the audit market. i?1/2Some of the other firms should make the investment and do it,i?1/2 Elms tol.
July 3, 2008... Byline: Penny Sukhraj/Joanne Christie the future of the big four Global PricewaterhouseCoopers management board member Moira Elms has said firms outside the Big Four should invest in order to compete in the audit market. 'Some of the...

Web sight: Stoy boss remains coy.(BDO Stoy Hayward's Simon Michaels)(Brief article)
July 3, 2008... Byline: Alex Hawkes Web Sight: stoy boss remains coy It's all change at BDO Stoy Hayward, where Simon Michaels takes over from Jeremy Newman as managing partner this weekend (accountancyage. com/2207957) after revealing his...

Conflicted role weakens agency.(Insolvency Service )(Brief article)
July 3, 2008... Byline: Rachael Singh Conflicted role weakens agency Rachael Singh A government agency has been accused of undermining the insolvency profession by being one of its most significant weaknesses. According to research by...

Green and lean.
July 9, 2008... Byline: Alphabet Green and lean Oil at $140 a barrel and diesel at [pounds sterling]6 a gallon have rewritten the green fleet question. It is no longer 'what will it cost us to run an environmentally-friendly fleet' but 'what will it...

World beta.
July 10, 2008... Byline: Kevin Reed World beta It's always a risky business experimenting on yourself. You either have to be slightly mad, unconcerned by the consequences, or supremely confident in what you are doing. With Access Accounting it was...

A chance for change.
July 10, 2008... Byline: Phil Smith With 90 jobs going in KPMG's corporate finance department, there is no denying the impact of the credit crunch on accountants who have made hay as the good times have rolled in mergers, acquisitions, private equity and...

How green is your audit?
July 10, 2008... Byline: Dene Burke How green is your audit? Formerly the preserve of a few ethical consumers, environmental sustainability is now a very real and important part of all walks of business life. From the products companies deliver to the...

short-term step to a long-term goal.(interim management)
July 10, 2008... Byline: Jason Atkinson short-term step to a long-term goal The latest Top 50 survey by Accountancy Age revealed that the average number of female partners in the Top 50 firms is around 12%. And although this year's figures show an...

No fooling rivals as Deloitte chairman says being No1 is not the main goal.
July 10, 2008... Byline: Gavin Hinks No fooling rivals as Deloitte chairman says being No1 is not the main goal Cometh the hour, cometh the [pounds sterling]10m. That's the margin by which Deloitte last week sneaked past it's self imposed target of...

Honesty is the best policy.
July 10, 2008... Byline: Simon Bevan Honesty is the best policy I have been trying to draw attention to the recent increase in fraud. This has led to the obvious question A- how do we prevent fraud? Unfortunately, if you are going to trade, employ and...

Iti?1/2s all for the public good.
July 10, 2008... Byline: Katherine Southby It's all for the public good With the legal profession soon to be trumpeting the forthcoming seventh annual pro bono week, the accountancy profession appears to lag behind in either its commitment to, or its...

Offshore centre debate leaves MPs up creek without paddle.
July 10, 2008... Byline: Alex Hawkes and Joanne Christie Offshore centre debate leaves MPs up creek without paddle tax Alex Hawkes and Joanne Christie No one watching the Treasury select committee's inquiry into the offshore centres, friend or...

the search is over.(Patrick Pichette as the new chief financial officer of Google, Inc.)
July 10, 2008... Byline: Joanne Christie the search is over The credit crunch may be taking its toll on many financiers' bonuses, but Google's latest hire in the finance department won't have to worry about nasty surprises in his pay packet. In...

The FD's FD: Everything under control?(financial director)
July 10, 2008... Byline: Margaret Ewing The FD's FD: Everything Under control? The concept of 'control' is familiar to everyone in finance. However, it's fair to say that 'control' does not often get a positive press. The whole concept is often...

Companies flying blind over execs and workforce pay link.
July 10, 2008... Byline: David Jetuah Companies flying blind over execs and workforce pay link David Jetuah Moves to make pay hikes in the boardrooms of the UK's largest companies take rank and file salary conditions into account have been...

home or away?
July 10, 2008... home or away? Why not look on this as an opportunity A- for those that are footloose and fancy-free, a spell overseas could make sense. Robert Half International has just opened an office in Dubai and one of its consultants, Clive...

One rule for them . . .(expense accounting)(Brief article)
July 10, 2008... Byline: David Jetuah One rule for them . . . Shock horror - MPs have baulked at having their expenses put under the audit spotlight. I'm all for the democratic process, but this simply wouldn't be allowed in practice or the...

on the money with Gavin Hinks.(Brief article)
July 10, 2008... Byline: Gavin Hinks on the money with Gavin Hinks There's part of me thinks that we should chuck it all in and let the US regulate UK capital markets. The watchdogs over there can hardly rustle their papers without...

constant challenge.(Celia Adams)(Brief article)
July 10, 2008... constant challenge Celia Adams is an interim turnaround finance director with an extensive track record in mergers and acquisitions in the private and public sectors, including change management in blue-chip companies, AIM-listed...

COMPANY REPORTS.(Alliance & Leicester)
July 10, 2008... Byline: Staff COMPANY REPORTS [pounds sterling]1.47bn tax credit on sub-prime loss for UBS UBS announced that it will 'break-even' in its results for the second quarter.The bank, which releases its results next month for the...

break out.
July 10, 2008... Byline: Gavin Hinks break out For a more civilised way of working get yourself a dongle (or USB modem) such as the Huawei E1669G, currently being used by mobile network 3, plug it in your laptop and do the interims in the park or a...

UK legislation.(List)
July 10, 2008... UK legislation These are just some of the areas in which environmental laws or regulations can affect organisations in the UK. l Companies Act 2006 l Low Emission Zone (London) l Pollution permit auctions l EU directive...

Risk universe.
July 10, 2008... Risk universe The specific environmental risks that an organisation faces will depend on its industry sector, the kinds of service or products that it provides, its geographical locations, the legislation it has to comply with and the ways...

KBR loses UK tax battle.
July 10, 2008... Byline: Joanne Christie KBR loses UK tax battle Joanne Christie A former subsidiary of US giant Halliburton, the oil industry services group, has lost a [pounds sterling]15m transfer pricing battle with the UK taxman. Kellogg...

Festival watch.
July 10, 2008... Byline: TS Festival watch TS thinks not many senior accountancy types will have spent the weekend before last at Glastonbury. But one celebrity accountant who did was local MP David Heathcoat-Amory. A veteran of the festival,...

Stained glass.
July 10, 2008... Byline: TS It will be little comfort to KPMG A- hit with a [pounds sterling]1.6m bill last week after its 'seriously below' standard audit A- but TS hears that Independent Insurance has suffered a further indignity. OK, it's not as bad as...

Wong makes the cut.
July 10, 2008... Byline: TS Wong makes the cut The old stereotype that accountants aren't creative has been well and truly put to bed, TS finds. There's is a new phenomenon called Sweding taking over popular broadcasting site youtube and a young...

These MPs really know their stuff.
July 10, 2008... Byline: TS These MPs really know their stuff Just how dire is the situation in the tax havens? Are they just hotbeds of tax evasion or is there anything legit going on? That is what the Treasury select committee is trying to work...

Let the sledging begin.(Brief article)
July 10, 2008... Byline: TS The Grant Thornton mini-Ashes Series kicked off this week between GT UK and GT Australia and the sledging's begun in earnest. Steve Maslin, head of external and professional affairs at Grant Thornton said, 'The UK teams have...

Tax clarity needed to stop businesses leaving the UK.(United Kingdom)
July 10, 2008... Byline: David Jetuah Tax clarity needed to stop businesses leaving the UK David Jetuah Business needs the certainty offered by simplification of the UK tax system, according to tax advisers reflecting on the release of a report by...

Institute to spotcheck MPsi?1/2 expenses.
July 10, 2008... Byline: Kevin Reed and David Jetuah Institute to spotcheck MPs' expenses Kevin Reed and David Jetuah The Lib Dems are to open talks with the ICAEW about the auditing of parliamentary members' expenses. After MPs voted down...

Vodafone faces tough tax call.
July 10, 2008... Byline: Parliamentaru correspondent Vodafone faces tough tax call Alex Hawkes The taxman is expected to try to smoke Vodafone out in its [pounds sterling]2bn row over the controlled foreign comp-anies rules, moving the court...

nuclear warning on costs The Nuclear Decommissioning Authority has been accused of failing to get a grip on soaring costs, writes our parliamentary correspondent. These include costs for the next five years, which a Commons committee chairman has claimed.(Brief article)
July 10, 2008... Byline: Alex Hawkes nuclear warning on costs The Nuclear Decommissioning Authority has been accused of failing to get a grip on soaring costs, writes our parliamentary correspondent. These include costs for the next five years, which a...

GT in partner cash call to take on Big Four.(Grant Thornton)(Brief article)
July 10, 2008... Byline: Alex Hawkes GT in partner cash call to take on Big Four Alex Hawkes Grant Thornton has raised cash from its partners as it looks to grow and take on the Big Four firms. The capital call is thought to have taken place...

Wenham Major creditors see i?1/210m go to HBOS.(Brief article)
July 10, 2008... Byline: Gavin Hinks Wenham Major creditors see [pounds sterling]10m go to HBOS Gavin Hinks Clients of Wenham Major are expected to ask for their money back after it emerged that [pounds sterling]10.3m paid into the collapsed...

Auditors dismiss limited liability link with low fees.
July 10, 2008... Byline: Penny Sukhraj Auditors dismiss limited liability link with low fees Penny Sukhraj Suggestions from the accounting regulator that firms could lower their audit fees in exchange for clients agreeing to limit their liability...

Treasury committee to grill tax havens over safeguards.(Brief article)
July 10, 2008... Byline: nick huber Treasury committee to grill tax havens over safeguards By Nick Huber Accountants and regulators from tax havens face having to reassure MPs over their money laundering and tax evasion safeguards, Accountancy Age...

Newman is no soft touch.(Jeremy Newman of BDO International)(Brief article)
July 10, 2008... Byline: Alex Hawkes Newman is no soft touch Alex Hawkes The FRC's 'softly, softly' approach to dealing with audit choice issues may fail if another crisis happens within the next year or so, BDO Stoy Hayward's departing managing...

Call to drop revenue neutral i?1/2straitjacketi?1/2.(taxation)
July 10, 2008... Byline: David Jetuah Call to drop revenue neutral 'straitjacket' David Jetuah A leading tax adviser has urged UK tax authorities to drop their revenue neutral 'straitjacket' and accept that reform may cost the exchequer money in...

EU ministers move to rein in IASB powers.
July 10, 2008... Byline: Penny Sukhraj EU ministers move to rein in IASB powers Penny Sukhraj Political pressure on the international accounting standard setter has intensified, with demands led by the French finance minister calling for a formal...

NAO to pick up chauffeur tax bill.
July 10, 2008... Byline: Richard Brooks NAO to pick up chauffeur tax bill Richard Brooks The National Audit Office has been hit with a [pounds sterling]97,500 tax bill going back six years after failing to declare the chauffeur-driven car of Sir...

Web sight: having a fine time.(HCW, Inc.)(Brief article)
July 10, 2008... Byline: rachael singh Web Sight: having a fine time Horwath Clark Whitehill has become the latest firm to be reprimanded by the ICAEW Investigation Committee and ordered to pay a fine. HCW has paid [pounds sterling]35,000 and costs of...

bid to protect i?1/2accountantsi?1/2 Liberal Democrat Treasury spokesman Vincent Cable, backed by four colleagues, has called for legal protection for the term i?1/2accountanti?1/2. The commons motion reads: i?1/2We note that the term i?1/2accountanti?1/2 is not defined or protected.
July 10, 2008... Byline: Alex Hawkes bid to protect 'accountants' Liberal Democrat Treasury spokesman Vincent Cable, backed by four colleagues, has called for legal protection for the term 'accountant'. The commons motion reads: 'We note that the term...

Littlei?1/2s credentials.(Ian Little)(Brief article)
July 10, 2008... Little's credentials Access Accounting group FD Ian Little left university in 1987 with a mind to enter commerce, and began training at Touche Ross in corporate recovery. He was in the first batch of ICAEW accountancy trainees allowed...

A recipe for disaster.
July 10, 2008... Byline: anne Redstone A recipe for disaster Lord Howe's recent Making Taxes Simpler report has been widely welcomed, and rightly so. It criticises the exponential growth of the tax code, fiscal complexity and the government's repeated...

Rover probe sparks call to review investigations.(MG Rover)
July 14, 2008... Byline: Penny Sukhraj Rover probe sparks call to review investigations Penny Sukhraj Full-scale investigations into failed companies should be reviewed, a senior forensic investigator has said, as the fallout from the ongoing and...