Accountancy Age articles from March 2005

Accountancy Age archives from March 2005

Analysis - No place to hide. The Revenue's poacher-turned-gamekeeper, Mike Tailby, could spell the end for the avoidance industry, writes David Rae.
March 3, 2005... When Gordon Brown announced the introduction of an avoidance disclosure regime in last year's Budget, tax departments around the country must have taken a collective intake of breath. But last week's news that HM Revenue & Customs will push...

Corporate finance - AIM keeps second tier busy. Fast-growing and broad structure of AIM is providing a boom in IPO services for second-tier firms over their Big Four rivals, writes Gavin Hinks.(alternative investment market)(Brief Article)
March 3, 2005... BDO Stoy Hayward has laid claim to being the busiest reporting accountants for clients on the AIM, saying that it worked on more IPOs last year than any other firm. The firm has calculated that it provided services to 36 of the new IPOs on...

Corporate finance - M&A deals off the chart.(Brief Article)
March 3, 2005... The highest number of merger and acquisition (M&A) deals for 10 years took place in 2004 with 694 acquisitions, according to the Office of National Statistics. 'The general picture of UK M&A is a healthy one, where buyers are looking for good...

Corporate finance - Can't handle good governance.(obligations of stock listing on Alternative Investment Market)
March 3, 2005... Byline: Gavin Hinks is deputy editor of Accountancy Age. Before we get carried away with the idea that AIM is the answer to all our capital-raising desires, heed the warning of KPMG. Not all is rosy in the garden of AIM. Indeed, for...

Technology - Vendors take 'dim view' of Microsoft. Industry encouraged to take a stand against Microsoft's 'anti-competitive' module, writes Kevin Reed.
March 3, 2005... Sage has refused to rule out the possibility of calling for Microsoft to be hauled over the regulatory coals when it bundles a new accounting module - Small Business Accounting - into its hugely popular Office software. The FTSE100...

Technology - IT briefs.(Brief Article)
March 3, 2005... Poorly performing IT systems have led to a sharp dip in MFI's profits for 2004, the retailer said in its preliminary statement. Ongoing problems with its supply chain system, which led to the departure of FD Martin Clifford-King last year, hit...

Opinion - The hunt is on.(recruiting auditors)
March 3, 2005... Wanted: forty-something audit partner. Must have impressive client list (fee income responsibilities should stretch to [pounds sterling]2m-[pounds sterling]3m) and bags of leads. And don't even think of applying unless you can bring several...

Opinion - The Debate - Keeping up appearances. It will be business as usual in this year's Budget, writes John Whiting, with a few new ideas. History suggests voter-friendly announcements, adds Mike Warburton.
March 3, 2005... As we head towards another Budget, speculation is already looking beyond the chancellor's statement to an expected May election, leaving a question mark over the Budget's content. Will we see any real changes or is this just housekeeping before...

Jon Ashworth - the corridors of power...(benefits of accountancy background)(Brief Article)
March 3, 2005... Byline: Jon Ashworth is business features editor at The Times. Many years ago, The Times ran one of those 'job swap' pieces, in which a KPMG consultant was sent out to do a real day's work. William Barney, at the time head of hotel...

Letter - Glad to pay taxes - but not to kill.(Letter to the Editor)
March 3, 2005... Thank you Andrew Lithgow, for your opinion in the debate last week (24 February, page 14), but I would argue that you missed a fundamental point. The Peace Tax Seven case is not about hypothecation. Hypothecation is about choices - choices...

Letter - Brown in the dock.(Letter to the Editor)
March 3, 2005... Your front page (24 February) centred on the proposed 'zero-tolerance' approach of our Inland Revenue to tax avoidance and said that the aggressive approach of FDs in this matter might land them in court. I understand that Gordon Brown,...

Letter - Merger turn off.(Letter to the Editor)
March 3, 2005... I was recently appointed by a new client who had received poor service (to put it mildly) from an unqualified accountant. He asked for my assistance in suing his ex-accountant - which I talked him out of - and wished to complain to his...

Letter of the week: the issue of hypothecation has been set up as an ugly bogeyman in the peace-tax debate.(Letter to the Editor)
March 3, 2005... It is good to see the issue being given an airing, but Adrian Lithgow's response to Roy Prockter's piece (24 February, page 14) should not go without an answer in a specialist publication. Hypothecation already exists in the form of the...

Insider - Cross the chasm. Even smaller companies can catch the eye of fund managers. But it hinges on your ability to cross the valuation gap, writes Luke Ahern.(venture capital trusts)
March 3, 2005... Byline: Luke Ahern is director of broking at Corporate Synergy Plc. Recent tax changes to venture capital trusts are potentially good news for smaller quoted companies looking for a cash injection from large institutional investors - but...

Insider - Insight: striking the right balance - Get a Life - Get a Lifestyle Manager. How's your work/life balance? Chances are it's tilting heavily in favour of work. Punishing hours are part of the package for plenty of us, but strategies exist that can help lift the strain, free-up time or offer a fresh perspective. Lisa Kelly weighs up the options.
March 3, 2005... Duncan Cheatle was finance director of Medicom International, a medical publishing and communications agency, when he turned to TenUK, a provider of lifestyle management and concierge services. Now he runs several businesses including the...

Insight: Adventures in venture capital - Perfect pitch. The hit BBC show, Dragon's Den, recreates the harsh, uncompromising world of the venture capitalist and the hurdles that budding entrepreneurs face to secure funding. Nick Hood explains how you can ensure your pitch has the best chance of success.
March 3, 2005... Could it be that the BBC's Dragon's Den has actually succeeded where so many other fly-on-the-wall documentaries have failed? For once, it's a reality TV show that actually mirrors real life, giving the public an intriguing peek behind the...

Insider - Overview - The Peacemaker. On the frontline: AQF head Gerald Russell will be driving reform of the audit profession, write Paul Grant and Gavin Hinks.(Audit Quality Forum)
March 3, 2005... If the Big Four are pinning their hopes on a deal with government to limit liability on a proportionate basis, then they must be equally hoping that Gerald Russell can broker a deal to keep investors and regulators happy. Russell is at the...

Insider - Three steps to... Growing your business.(Brief Article)
March 3, 2005... Step 1 Learn from your mistakes Hindsight is a wonderful thing. If you could bottle it, you could make millions and everyone would make winning decisions. Still, you can learn enough from other people's mistakes to avoid your own. Step...

Insider - Buzzwords - Megadigm.(Brief Article)
March 3, 2005... (noun) A (really, really, really) profound change If you've grown weary of paradigm shifts - and we certainly have - then it's time to implement a megadigm shift. The concept (we're being generous) describes growing customer expectations...

Insider - Challenge the sacred cows.(finance department management)
March 3, 2005... Byline: Pat Scott is partner and executive coach at Woodbridge Partners. Asking customer-related questions is a good way for any leader of a finance function to develop a vision of the best possible service it could provide to its...

Services - Adviser: Stop the phoenix rising from the ashes. If you lose cash to an insolvent business, it's not funny when its directors set up again under the guise of a new company. John Davies explains how to catch them out.
March 3, 2005... Byline: John Davies is head of business law at ACCA. Losing money when a client or customer goes into liquidation is annoying enough. But when the individuals behind the insolvent company start trading again soon after, from the same...

Big Four competition threat lifted. Competition talks shelved to win round investors and improve chance of liability cap, writes Paul Grant.(Audit Quality Forum )(Brief Article)
March 3, 2005... Plans to enhance competition at the Big Four end of the audit market are to be dropped by the body set up to make audit firms more palatable to big investors and legislators. The Audit Quality Forum was working on reforms to competition as...

Paving the way. Standards guardian Paul Volcker is tackled by Charlie McCreevy on EU proposals for the IASC.(International Accounting Standards Committee)(Brief Article)
March 3, 2005... The clash over reform of the board that manages international financial reporting standards is set to continue as the European Union commissioner in charge of internal markets this week reaffirmed his determination to push ahead with demands...

BAT's profits up [pounds sterling]1.7bn under IFRS.(British American Tobacco)(Brief Article)
March 3, 2005... British American Tobacco's pre-tax profits hit overdrive on Tuesday, after the group saw its 2004 figures soar to [pounds sterling]3.6bn under IFRS - more than [pounds sterling]1.7bn higher than the UK GAAP figures for the year. But while...

Atos heads off KPMG consultancy.(Atos Consulting name)(Brief Article)
March 3, 2005... Byline: James Bennett. Atos Consulting's decision to ditch KPMG from its name six months early was taken to allow it to steal a march on the Big Four firm, should it decide to re-enter the market. The decision is intended to allow Atos...

ASB accused of missing the government's point. Consultation uncovers host of problems with OFR standard, writes Paul Grant.(Accounting Standards Board)(operating and financial review)
March 3, 2005... A raft of criticism has been levelled at the proposed accounting standard for the operating and financial review just as the standard-setter is rushing to finalise details before regulation that comes into force in April. The Accounting...

Welsh rebellion over merger plans. Another blow has been dealt to attempts by the three main institutes to merge after a straw poll revealed that the vast majority of Welsh accountants in practice are against the proposals, writes Kevin Reed.(Brief Article)
March 3, 2005... Members Against Consolidation - a protest group of Welsh ICAEW members - has coordinated the poll of 400 practice accountants which found they were 11 to one against the current merger plans. Of 88 replies, 78 were against the merger, seven...

Tax issue is a matter for governance, say FDs. Survey reveals support for Revenue's direction on tax policy, writes David Rae.(financial directors)(Brief Article)
March 3, 2005... Over half of the country's finance directors think that corporate governance should include advice on paying the right amount of tax. The 52% of FDs who agreed that tax should be more central to corporate governance provided evidence that...

News in brief.
March 3, 2005... With the Budget just around the corner, this week two of the most formidable names in the world of tax discuss what the chancellor's speech will contain. 'There will be a lot of attention on what is said about prospects for meeting (or...

New name rules allow closer links. Tenon leads the way for audit firms to change names to resemble consolidators, writes Kevin Reed.(Tenon Audit)(Brief Article)
March 3, 2005... The ICAEW has backed down on its strict rules governing accountancy consolidators' links with audit firms. The institute has allowed audit firms to change their names to more closely match that of the publicly listed accountancy...

Institutes quibble over dispute resolution report.(Professional Oversight Board for Accountancy)(Brief Article)
March 3, 2005... Byline: Paul Grant. A report from accounting's watchdog on discipline and dispute resolution arrangements has received a muted welcome from the UK's institutes, with many disagreeing over the conclusions drawn on current procedures. ...

Short-lived cheer: analysts are unimpressed by Pearson's restatement. Pearson investors, whose eyes lit up when they saw that the publisher expected its 2004 operating profit to almost double because of IFRS, will be disappointed to hear that the apparent windfall will have no material benefit for the company, writes .(Brief Article)
March 3, 2005... Pearson's operating profit for 2004 came in at [pounds sterling]231m, and could have been as much as [pounds sterling]224m higher had it reported under IFRS. This came about because Pearson, lead by CEO Marjorie Scardino (left) and CFO Rona...

MFI pins hopes on VAT claim.(MFI Furniture Group PLC)(Brief Article)
March 3, 2005... Byline: Kevin Reed. Troubled retailer MFI will soon find out whether it can claw back a [pounds sterling]60m VAT charge paid to Customs & Excise. Return of the cash would significantly boost MFI coffers, after the furniture retailer...

Rentokil tackles IFRS pest by restructuring.(international financial reporting standards)(Brief Article)
March 3, 2005... Byline: Gavin Hinks. Adoption of international financial reporting standards has contributed to Rentokil's decision to restructure the company, as a means of ensuring there are enough reserves to pay a dividend. The company revealed in...

FEE wary of Sarbox-style legislation. European accountants disappointed by EC move to 'undermine' audit quality, writes Alan Osborn.(European Accountants Federation )
March 3, 2005... Attempts by the European Commission to introduce Sarbanes-Oxley-style legislation are being closely monitored by the European Accountants Federation (FEE). The European Union's eighth company law directive is primarily concerned with...

Boom time: survey of fee income growth of smaller consulting firms shows good times may be back.(Brief Article)
March 3, 2005... The fortunes of smaller consulting firms have taken a dramatic and positive turn, with fee income growth rates doubling from 2003 to 2004 levels, according to the latest Management Consultancy survey, writes James Bennett. The study found that...

VAT bonus for charities.(Brief Article)
March 3, 2005... Byline: Keith Nuthall. Charities may be exempt from paying VAT, even if they are formally a profit making enterprise, a European Court of Justice advocate-general has ruled. Damaso Ruiz-Jarabo Colomer has said that, under the EU's...

Finance week - BAE Systems takes cautious approach.(accounting)
March 3, 2005... Cautious and careful would be an appropriate slogan for BAE Systems' transition to IFRS, after the company provided a detailed analysis of how new standards would affect its accounts, without actually going so far as to restate its 2004...

Finance week - Company reports. IFRS causes [pounds sterling]5m charge to Capita, and Hanson makes provision for asbestos claims.(International Financial Reporting Standards; Capita Group )
March 3, 2005... Support services company Capita Group will provide its first restated IFRS accounts - for 2004 - with its 2005 interim results. Capita estimated it would take a [pounds sterling]5m charge to its 2005 loss account, because of changes in...

Taking Stock - Interweb surfing trip.(Brief Article)
March 3, 2005... It is with some trepidation that TS usually embarks upon an interweb surfing trip, given our fear of electrickery, but sometimes those blog things - personal online journals - just prove too irresistible. In fact, we have enjoyed them so much...

Taking Stock - A titular coincidence.(commissioner of administrative affairs)(Brief Article)
March 3, 2005... Titles are important, as any self-respecting civil servant will tell you. So important, in fact, you might want to spend, oh, minutes discussing it before accepting a new job. And it looks as if it took even less time for the European...

Taking Stock - The dragon breathes fire.(Welsh accounting society)(Brief Article)
March 3, 2005... So, it turns out that Welsh members of the ICAEW, not only want to stop the merger with CIPFA (and possibly CIMA), but they've had enough of being linked with England's institute altogether. The wailing was brought to TS' attention by Bruce...

Taking Stock - Distressed to hear of beating.(Brief Article)
March 3, 2005... TS - along with the rest of the accounting profession - was distressed to hear of the beating suffered by accountant John Stewart from his client John Cowie. The event, precipitated by fines from Companies House, was a matter to be considered...

Taking Stock - Reasons to be cheerful.(job satisfaction)(Brief Article)
March 3, 2005... TS got to thinking the other day about how miserable it can be being the back page of a respected journal, while downing our third expensed cognac in The Ivy. Sure, there are the parties, meals and exotic travel - but does it make you happy?...

Analysis - Peace movement. Quaker tax protesters are following in a great British tradition of revolution over tax - but have they really got any chance of success? asks David Harding.
March 10, 2005... Tax revolts are not uncommon throughout British history. From thirteenth century opposition to the imposition of taxes by King John to fight a war against France, through to the riots in Trafalgar Square in 1990, taxes have had the power to...

Tax - Avoidance tipped to lead the Budget. Clamping down on tax avoidance is likely to feature prominently in Gordon Brown's Budget, writes David Rae.
March 10, 2005... Experts have warned taxpayers to expect a slew of new VAT anti-avoidance measures in next week's pre-election Budget speech. Avoidance schemes, designed to get around paying the right amount of VAT, are targeted by the government because they...

Tax - Transfer pricing rules narrowed.(Brief Article)
March 10, 2005... A further clampdown on transfer pricing was announced last week when paymaster general, Dawn Primarolo, revealed measures designed to stop company groups from adopting schemes 'promoted by professional advisers' that got around the new rules....

Tax - Keep your eye on the ball.(Column)
March 10, 2005... For those of you unfamiliar with the 'magic 8-ball', let me explain. The Mattel-produced toy, while looking like an over-sized pool ball, actually claims to have the power to read the future. While not wanting to alienate myself from the...

Opinion - Still no clearer picture of what to do about Auntie.(National Audit Office assessent of BBC accounts)
March 10, 2005... In its rush to assess the BBC's content - Auntie's tendency to flog to death successful programme formats and its 'dumbing down' - the government has decided not to expound on its financial accountability. As everyone expected in the wake...

Opinion - The debate - Family planning. Giving children the best start in life is truly the way to build a better country, says Patricia Hewitt. But not at the expense of small businesses, argues .
March 10, 2005... Family and working life is changing. Today, both parents often have to work and greater flexibility is needed. Helping hard-working parents to give their children the best start and giving carers greater help is not only good for families, but...

The corridors of power.(GlaxoSmithKline's services)(Brief Article)
March 10, 2005... Byline: Jon Ashworth, business features editor at The Times. It is depressing to think that anyone would seek to profit from the AIDS epidemic in Africa, yet this is precisely the problem faced by GlaxoSmithKline. As the leading maker of...

Letters - Religion is not above the law.(Letter to the Editor)
March 10, 2005... The entire point of a legal right to religious freedom is that it absolutely prohibits the state from mandating what does or does not constitute a matter of conscience. And since conscience is a matter for the individual, the validity of an...

Letters - Bully-boy tactics.(Letter to the Editor)
March 10, 2005... The chancellor's decision to equate the treatment of the self-employed with the employed is laudable. But does this mean he will extend to the self-employed payments for risk, sickness, holiday pay, long hours worked, redundancy and so on? ...

Letters - Doing their duty.(Letter to the Editor)
March 10, 2005... I read the two stories on the front page of the 24 February issue with interest, and wonder if this is a debate the new HMRC will regret they brought up. As the CBI mentioned, rather coyly, directors have a duty to shareholders to ensure...

Letter of the week - Impregnable accounting systems are keeping out friends as well as the enemy.(Letter to the Editor)
March 10, 2005... [Jon Hughes of Microsoft definitely listens to his customers and knows how to help them, but he wrote about UK SME's (24 February, page 22). Andy Hayler of Kalido does the same, but his business began as part of Royal Dutch/Shell and now...

People - Treble chance: trio appointed to Chiltern's core tax division.(Brief Article)
March 10, 2005... Amanda Flint, formerly tax partner at KPMG where she led a team specialising in incentives and reward, joins Chiltern as head of the reward consulting group. Flint, a qualified solicitor, has spent a period of secondment at the Inland Revenue...

People - Hawsons taps into Fauset Practice.(Paul Fauset)
March 10, 2005... Wilson Pitts, the Yorkshire insolvency specialist, has promoted its senior manager with the bankruptcy and personal insolvency division, Jackie Westerman, to associate. Westerman, formerly a senior manager with Grant Thornton, joined the...

Insider - Scandal survival guide. The oil reserves scandal at Shell may have left FD Judy Boynton with egg on her face, but the consensus is that her career remains unscathed. The same cannot be said of WorldCom's Scott Sullivan. Justin Hobday looks at the etiquette of surviving workplace scandal.
March 10, 2005... Byline: Justin Hobday, a director of executive recruitment company Harvey Nash. As years go, 2004 was a premier cru in the world of corporate scandals. Even as early as January, corporate lawyers across the US were anticipating the...

Insider - Profile - , from airport to audit - Flight path. The finance director now leaving from gate 14 is David Leather. The Manchester Airport FD and former Commonwealth Games deputy chief executive tells Rachel Fielding about his experiences in industry and why he's returning to practice.(David Leather)(Interview)
March 10, 2005... They say the smell of kerosene gives you itchy feet. So given that he's spent the last two years working from a fourth floor office overlooking the runways of Manchester Airport, with its birds-eye view of the millions of passengers en route to...

Insider - Insight - Ethical careers - Stay true to your roots. So you want a great job in an exciting industry - but with an employer who meets your ethical expectations as well. Paul Allen looks at how to find a job that leaves you with a clear conscience.
March 10, 2005... It is easy to assume that business and ethics don't mix. Unchecked, the pursuit of profit can lead to excesses of commercial greed, epitomised by sweatshops, child labour and environmental destruction. But it doesn't have to be like that, of...

Insider - Panning for gold. Heeding the suggestions of your staff is more than just good for morale - it could save your company a fortune. Ian Boughton looks at how to get the best out of their input.
March 10, 2005... Good ideas are not a commercial soft option. The director who dismisses his company's suggestions scheme as a sop to the human-resources department has missed a very big trick - and on National Ideas Day this month, managers can expect to be...

Insider - Overview - Tough cookie. On the frontline: Despite his advancing years - Paul Volcker is a truly formidable opponent, writes David Harding.(International Accounting Standards Committee Foundation Trustees)(Biography)
March 10, 2005... Picking a row with Paul Volcker, as the European Commission's internal market chief Charlie McCreevy has, may not be the wisest thing to do. The pair are at loggerheads over reform and control of the International Accounting Standards...

Insider - Overview - Three steps to - Challenging age stereotypes in the workplace.(Brief Article)
March 10, 2005... STEP 1: Keep it interesting The fact that young people move on frequently is nothing to do with a lack of 'loyalty'; 70% of those in their twenties believe a career path is important, yet only 25% are given interesting challenges STEP...

Insider - Overview - Buzzwords - SKIing (noun) spending the kids inheritance.(Brief Article)
March 10, 2005... Put down your poles and take off your salopettes - we're not talking alpine sports here. No, today's lesson is one of prudent financial management and, more specifically, how to avoid crippling bills for health care when you get older. We...

Insider - Overview - Profit from your human capital.
March 10, 2005... Byline: Angela Baron is Organisation and Resourcing Adviser at the CIPD. The value of people and their contribution to the business are difficult things to evaluate. Measures that are appropriate in one circumstance will not work in...

Services - Adviser: A rewarding experience. Bonus schemes based on team performance can give the incentive to increase profitability and stick around for pay day, write Phil Shohet and Andrew Jenner.
March 10, 2005... Byline: Phil Shohet and Andrew Jenner, directors of Kato Consultancy. The future of any business rests largely on its ability to attract and retain high-calibre staff, and accountancy practices are no exception. Smaller firms - some of...

Experts warn of backdoor rises in corporate tax.(Brief Article)
March 10, 2005... Byline: David Rae. Tax rises may be sneaked in through the reform of the UK's corporate tax regime because the government has made no assurances that it will be revenue neutral, experts have warned. With less than a week until Gordon...

VAT demand sparks fears over security. Customs announces plan to require remote access to companies' electronic data, writes Kevin Reed.
March 10, 2005... UK plc could be forced to give VAT inspectors remote access to their computer accounting systems, a decision that could force companies to hold masses of electronic data constantly 'open' to inspection and place systems at further risk of...

Land of opportunity: business is booming in Shanghai and the rest of China.(Brief Article)
March 10, 2005... UK firms and businesses looking to cash in on burgeoning markets in China have been urged to consider using Hong Kong as a launch pad, writes Damian Wild. China, whose GDP is growing at around 8.5% a year, is the world's biggest recipient of...

Utilities to feel benefit of IFRS.(international financial reporting standards)(Brief Article)
March 10, 2005... UK utility companies are set to enjoy substantial benefits when they introduce IFRS after National Grid Transco became the first in the sector to quantify its positive impacts, writes Nicholas Neveling. NGT revealed that it expected...

Time to reassess 404 compliance. Experts advise dual-listed companies to use section 404 deadline delay to take stock, while Sarbanes-Oxley brings massive profit boost to MCG group.(Brief Article)
March 10, 2005... Byline: Paul Grant. Dual-listed companies should take time to reassess their compliance programmes for section 404 of the Sarbanes-Oxley Act, experts have warned. The advice comes after the decision to extend the deadline for non-US...

Sarbox a winner for consultant. The Management Consulting Group has achieved its best results in a decade, with the help of the Sarbanes-Oxley Act, writes James Bennett.(Brief Article)
March 10, 2005... The group saw a 35% increase in turnover to [pounds sterling]119.2m from [pounds sterling]88.6m in 2003 and operating profits before goodwill amortisation rose from [pounds sterling]200,000 to [pounds sterling]12.3m. But it was MCG's...

EC clarifies telecoms tax probe.(Brief Article)
March 10, 2005... Byline: David Rae. A European Commission investigation into possible state aid given to BT Group was made clearer last week, as the EC revealed it would be examining the company's tax payments. A statement from the commission said that...

News in brief.(pre-owned assets legislation)
March 10, 2005... Paymaster-general Dawn Primarolo has handed a pre-Budget sweetener to the elderly by conceding that parts of the controversial pre-owned assets legislation should not be retrospective nor apply to certain schemes. A written statement issued by...

Partners should sign audit personally, DTI told.(Department of Trade and Industry)(Brief Article)
March 10, 2005... Byline: Paul Grant. Audit partners will have to sign off audits personally and audit engagement letters will have to be published, under proposals put forward to the government. The proposals, made to the government by the Audit...

BBC books escape scrutiny. A full audit of the BBC's accounts by the National Audit Office now looks unlikely, despite calls for greater accountability. FDs, however, come out in support of the BBC, saying it is value for money, writes Paul Grant.(Brief Article)
March 10, 2005... Government reform of the BBC will ignore repeated calls for the National Audit Office to undertake a full review of its accounts. A greater level of public scrutiny, however, is still on the cards. The green paper on proposed changes to the...

The Big Question: BBC current affairs output, such as Question Time, is one area praised by the public.(Brief Article)
March 10, 2005... The National Audit Office may not be able to get its hands on the accounts of the BBC, but the nation's finance directors still believe that the broadcaster is value for money. This week's Accountancy Age/Reed Finance Big Question showed...

Marconi eyes [pounds sterling]46m goodwill windfall.(Brief Article)
March 10, 2005... Marconi would have reduced its [pounds sterling]63m operating loss for the half-year ending 31 September 2004, if it had reported under IFRS, writes Nicholas Neveling. Speaking at a Marconi presentation, the company's chief financial...

Kingston Smith left hanging.(Boustead attempt to remove auditor)(Brief Article)
March 10, 2005... Byline: Kevin Reed. Uncertainty is surrounding troubled cash shell Boustead's attempts to remove its auditor Kingston Smith from the role. A month has passed since Boustead called for Kingston Smith to step down as auditor. And despite...

Marching orders: recruitment expert disregards the view that WHSmith's FD John Warren was pushed out. A leading executive recruiter has questioned widespread speculation that WHSmith's former finance chief John Warren was forced to quit, writes Nicholas Neveling.(Brief Article)
March 10, 2005... WHSmith unexpectedly disclosed last week that former Thomas Cook UK CEO Alan Stewart would replace Warren, prompting market watchers to infer he was being made a scapegoat for the company's poor performance. The high street retailer was [pounds...

Flint told to back off US-style internal controls. Industry comes down firmly against the route taken in section 404 of Sarbanes-Oxley, writes Paul Grant.(Douglas Flint, HSBC)(Brief Article)
March 10, 2005... HSBC director Douglas Flint has been given a stark warning that the UK must avoid following the route taken by the US when deciding how to improve guidance on internal controls. Responses to the Flint-led consultation on the effectiveness...

Accenture ruling deals blow to outsourcing.(Brief Article)
March 10, 2005... Byline: David Rae. Consulting giant Accenture was delivered a VAT hammer blow by the European courts last week, which could cause lasting knock-on damage for the insurance and outsourcing industries. The ruling will mean that insurance...

Finance week - Loss of goodwill does credit to Amvescap. Investment manager details effects of IFRS to balance sheet, including a [pounds sterling]150m credit to its profit and loss account, writes Nicholas Neveling.(International Financial Reporting Standards)
March 10, 2005... Amvescap this week added its name to the growing list of companies preparing shareholders and investors for IFRS, by presenting a detailed briefing of what the new standards mean for its business. The investment manager, which reported...

Finance week - Company reports. Umbro awaits the outcome of an appeal against a price-fixing fine, while IMI appeals against EC penalty.(Umbro International Ltd., European Commission)
March 10, 2005... Engineering group IMI has been forced to book a [pounds sterling]33.1m contingent liability in its 2004 financial statements, because of a fine imposed by the European Commission last September. IMI has appealed against the penalty, which...