Accountancy Age articles from March 2007

Accountancy Age archives from March 2007

DRESS for success.
March 1, 2007... Byline: Khalid Aziz DRESS for success When it comes to dressing for work are you the type of person that grabs the first shirt or blouse to hand, throws on some trousers and heads for the door, or are you someone who takes workplace...

Retail trends.
March 1, 2007... Byline: Rachel fielding Retail trends Fears that Christmas 2006 would be remembered as the worst for Britain's shopkeepers in a quarter of a century proved ill-founded. Data published by the Office of National Statistics in January...

before. . . and after.
March 1, 2007... Byline: john lewis before. . . and after Amanda Slader, chief fashion adviser for John Lewis It's important to get a clear idea of a person's unique body shape. Women are generally a column, or a curve. This gives an essential...

Tough call.
March 1, 2007... Byline: Nicholas Neveling tough call prospects: Sir mike Rake is putting his reputation on the line, writes nicholas neveling The year has been very kind to Sir Mike Rake, head of KPMG International and soon to be chairman of BT....

The DOs and don'ts of workplace fashion.(Brief article)
March 1, 2007... Byline: Khalid Aziz The DOs and don'ts of workplace fashion If the thought of dressing for work leaves you hot and bothered, follow the 10 golden rules for maximum success: 1. DO your homework -- research the company. Does it have...

Finance Team of the Year: Business.
March 1, 2007... Byline: Gavbin hinks Finance Team of the Year: Business Teams matter. Ask any finance director. Without a committed finance team, he doesn't know where he is. In the Accountancy Age Awards 2006 it was the AA's team that impressed the...

Lloyds becomes latest bank to snub IFRS.
March 5, 2007... Byline: David Jetuah Lloyds becomes latest bank to snub IFRS David Jetuah Lloyds TSB has followed HBOS in snubbing international financial reporting standards and publishing accounts under embedded value (EV) methods as well as...

No time to procrastinate.
March 8, 2007... Byline: BPP in the classroom: no time to procrastinate With the adoption of IFRS and more recently the option to adopt FRS26 in the UK for unlisted entities, 2007 will be a busy year for those accountants responsible for...

IFRS-light still too heavy.
March 8, 2007... Byline: Brian Shearer, Grant Thornton IFRS-light still too heavy SMEs looking for a simplified version of IFRS will be disappointed, writes Brian Shearer The IASB has published its long-awaited exposure draft IFRS for small and...

Boards caught off balance.
March 8, 2007... Byline: James Upton, ABI Boards caught off balance A poorly balanced board can affect your share price, writes James Upton A possible link between board composition and share price performance has emerged in research recently...

search and rescue.
March 8, 2007... Byline: Nick Durgan search and rescue A dramatic rise in administration figures -- up by 26% in 2006 compared with 2005 -- seems to be at odds with the widely held view that we are enjoying benign times in the economy. In the past...

problem solving.
March 8, 2007... Byline: Nick Dargan problem solving Insolvencies reached 107,288 in 2006, up almost 60% from the previous year's total of 67,584, according to figures issued by the Insolvency Service, with personal insolvencies touching the 30,000...

shades of gray.(Paul Gray appointed as Her Majesty's Revenue and Customs' chairman)
March 8, 2007... Byline: Nicholas Neveling shades of gray prospects: the wait is over for new hmrc chairman Paul Gray,writes Nicholas Neveling It has been a long wait, but after six months of playing the makeshift bridesmaid, Paul Gray has finally...

eye of the storm.(Ferrovial's acquisition of BAA PLC)
March 8, 2007... Byline: Penny Sukhraj eye of the storm Margaret Ewing had little doubt in her mind that the takeover storm she found herself in at BAA a year ago was going to be difficult. Ferrovial had launched a bid and it became the biggest...

Public Sector Finance Team of the Year.
March 8, 2007... Byline: Accountancy Age Public Sector Finance Team of the Year Unsung heroes. That's what this is all about. When the public sector makes the press its usually as a whipping boy for those seeking to point the finger at poor financial...

team effort.(Chartered Institute of Management Accountants to sponsor Accountancy Age Public Sector Finance Team of the Year award)
March 8, 2007... Byline: CIMA team effort CIMA is delighted to be sponsoring the Accountancy Age Public Sector Finance Team of the Year award, which recognises excellence of delivery achievable through a multi-skilled team approach. CIMA works...

Treasury stonewalls over PFI.(private finance initiative)(Brief article)
March 8, 2007... Byline: Nicholas Neveling Treasury stonewalls over PFI consultancy Nicholas Neveling Sir John Kingman, managing director of the finance and industry directorate at HM Treasury, was not popular with the Public Accounts...

'Sign off' standard sparks fears.(management representation letters to auditors)(Brief article)
March 8, 2007... Byline: Penny Sukhraj 'Sign off' standard sparks fears audit Penny Sukhraj Concern is growing around an auditing standard -- ISA 580 -- asking that directors evidence their commitment to proper controls through so-called...

on the money with Gavin Hinks.(Sir John Kingman's testification before Public Accounts Committee)(Brief article)
March 8, 2007... Byline: Gavin Hinks on the money with Gavin Hinks Couldn't help but feel for Sir John Kingman recently. He's the HM Treasury managing director who appeared before the Public Accounts Committee to answer question on...

track record.
March 8, 2007... Byline: Peny sukhraj track record l 2002: Group finance director, BAA; member, BAA board; member, BAA exec committee; member, BAA ethics committee l 2000-02: Group finance director, Trinity Mirror plc -- helped merge Trinity and...

Chilli sauce with that, sir? . . .
March 8, 2007... Byline: TS Chilli sauce with that, sir? . . . TS had a wonderful cream tea at Claridges last week with software gurus Iris and tax consultant Andrew Gotch. Unfortunately TS' genteel supping ended in a spluttering mess, as...

Pasthways are a road to nowhere.(Institute of Chartered Accountants in England and Wales)(recuritment of accountants)(Brief article)
March 8, 2007... Byline: TS Pathways are a road to nowhere TS noted with interest, and some amusement, the recruitment figures from the ICAEW's Pathways scheme. In case you'd forgotten, Pathways was introduced a year ago by those within...

Tax world deserted for Ciot summit.(Chartered Institute of Taxation)(Brief article)
March 8, 2007... Byline: TS To paraphrase a well known men's mag: 'People with tax issues! Don't expect any help on a Friday!' It seems that the great and the good of the tax world descended on Manchester for a high-powered summit staged by the CIoT, so...

Brown nose blogger.(Jeremy Newman, BDO Stoy Hayward)(Michael Izza, Institute of Chartered Accountants in England and Wales)(Brief article)
March 8, 2007... Byline: TS Brown nose blogger What can blogs do for you? Well, one thing. if you're Jeremy Newman of BDO, is they can provide an opportunity for public sucking up from staff. TS cringed this week when reading an entry from one...

Google earth catches tax dodgers.
March 8, 2007... Byline: TS It's amazing what you can find on Google. A revenue agency in Argentina is apparently using the world-famous search engine's Google Earth programme to pick up taxpayers underdeclaring their property assets. Though critics say...

it's time for investors to get involved The news from the International Corporate Governance Network that investors want a greater role in the setting of reporting standards deserves to be welcomed. Investors rely on accounting standards and the adherenc.
March 8, 2007... Byline: Alex Hawkes it's time for investors to get involved The news from the International Corporate Governance Network that investors want a greater role in the setting of reporting standards deserves to be welcomed. Investors...

Banking group attacks IFRS with double set of accounts.
March 8, 2007... Byline: David Jetuah Banking group attacks IFRS with double set of accounts David Jetuah HBOS, the banking group, intends to publish two sets of accounts for the foreseeable future in order to make the value of its new investment...

Blog entry reveals wage probe.
March 8, 2007... Byline: Kevin Reed Blog entry reveals wage probe Kevin Reed An accountant interviewed under caution by HM Revenue & Customs in her role as chief executive of a council has revealed the details of the probe on an ICAEW blog....

Deloitte called in for itv probe Deloitte is leading a review of ITV's interactive programmes after viewers were overcharged when voting during the last X-Factor show, writes Kevin Reed. The firm will lead two reviews at ITV. First, it will check current.
March 8, 2007... Byline: Kevin Reed Deloitte called in for itv probe Deloitte is leading a review of ITV's interactive programmes after viewers were overcharged when voting during the last X-Factor show, writes Kevin Reed. The firm will lead two...

Picking your brains could win you [pounds sterling]1,000 worth of travel.(Brief article)
March 8, 2007... Byline: Accountancy Age Picking your brains could win you [pounds sterling]1,000 worth of travel We want to know what you think about work. How do you see yourself, how do others perceive the profession, what are your ambitions, where...

ICAEW poaching plan has failed, claim rivals.(Institute of Chartered Accountants in England and Wales loses members)(Brief article)
March 8, 2007... Byline: Kevin Reed ICAEW poaching plan has failed, claim rivals Kevin Reed The ICAEW has lost more members than it has gained, despite a high profile project to poach senior members of other institutes, its rivals have claimed....

Firms rally as MPs probe private equity greed.
March 8, 2007... Byline: Nicholas Neveling Firms rally as MPs probe private equity greed Nicholas Neveling Leading accounting firms, among the biggest beneficiaries of the private equity boom, have thrown their support behind the industry, which...

Profession calls for debate on audit spin-off plan.(Financial Reporting Council's proposal to force firms to spin off auditing arms)(Brief article)
March 8, 2007... Byline: Alex Hawkes and Nicholas Neveling Profession calls for debate on audit spin-off plan Alex Hawkes and Nicholas Neveling A plan to spin off the Big Four's audit arms to increase competition should at least be discussed,...

Composite rush poses threat.(Brief article)
March 8, 2007... Byline: Kevin Reed Composite rush poses threat Kevin Reed Taxpayers rushing to set up companies to avoid a tax hit when new composite company rules come into effect could have been poorly advised, according to experts. ...

Boyle blasts 'amateur' investors.(Paul Boyle, Financial Reporting Council)
March 8, 2007... Byline: Nicholas Neveling Boyle blasts 'amateur' investors Nicholas Neveling The head of the Financial Reporting Council has described investor engagement on regulatory issues as 'amateur' and urged shareholders to smarten up...

Taxman mulls electric car conundrum.
March 8, 2007... Byline: Kevin Reed Taxman mulls electric car conundrum Kevin Reed The taxman is devising an ad-hoc tax regime for electric Smart Cars, Accountancy Age understands. Though only 100 of the electric vehicles have so far been...

Retailers face collapse after administration ruling.
March 8, 2007... Byline: Kevin Reed Retailers face collapse after administration ruling Kevin Reed A court ruling establishing that councils' business rates should be paid ahead of administrators' fees has set insolvency back 20 years and will see...

Sideways loss relief.
March 8, 2007... Byline: Alex Hawkes Web Sight: sideways loss relief The taxman moved to overhaul sideways loss relief this week (accountancyage.com/2184718), sparking concern for investors in film schemes and carbon trading schemes in particular....

Standard practice.(International Financial Reporting Standards)
March 15, 2007... Byline: Peter Williams Standard practice IFRS3: Business Combinations Elimination of merger accounting: Merger accounting was already difficult because of the tight construction of the criteria. So the elimination of this...

On the menu.
March 15, 2007... Byline: Paul Grant On the menu Despite some nervy market jitters over the last few weeks, there has never been a better time to get to the takeover table. Private equity companies and the capital markets are willing to throw their...

When is a TAAR not a TAAR?
March 15, 2007... Byline: John Cullinane, CioT When is a TAAR not a TAAR? It's nearly ten years since the government proposed a general anti-avoidance rule -- but largely backed off. This was probably because the then Inland Revenue did not want the...

A welcome alternative.
March 15, 2007... Byline: Ernese Skinner A welcome alternative The charity sector last month applauded the launch of the Fundraising Standards Board. Membership of the FSB is voluntary, but charities that choose to join agree to adhere to a strict set...

Don't blame the digger.(JCB Excavators Ltd.)
March 15, 2007... Byline: Geoff Howard don't blame the digger Whenever there is a disaster, you're never far from a JCB. That's the story. They are blamed for more catastrophes than Cornish wreckers or Attila the Hun. While there is a grain of truth in...

MORE THAN MONEY.
March 15, 2007... MORE THAN MONEY What makes a company successful? Whatever your thoughts on the issue, a recent survey shows that managers across the UK believe their organisations measure success very differently from the way individual employees do....

Image conscious.
March 15, 2007... Byline: Keith Nuthall Image conscious The European Union's anti-fraud office, OLAF, has taken a lot of flak in recent years, accused of being slow, over-aggressive, secretive and even sloppy. But it has a tough job, made harder by the...

Behind the numbers: Listen up.(Institute of Chartered Accountants in England and Wales)(Editorial)
March 15, 2007... Byline: Damian Wild behind the numbers: listen up Here's a generalisation for you: accountants make great doers, good talkers but poor listeners. I'll give you a couple of examples, both sourced from last week's ICAEW annual...

Hungry for more.(mergers and acquisitions)
March 15, 2007... Hungry for more If you said that the current climate in the mergers and acquisitions market was fairly positive it would be like saying that you'd get a fairly deep suntan on a jaunt to the sun. Not to push the analogy too far, but the M&A...

Putting yourself in the M&A shop window.
March 15, 2007... Putting yourself in the M&A shop window with an IPO The initial public offering (IPO) is an increasingly common route for listing companies -- and, more to the point, a lucrative one. There are two types: public and private. A public...

From kick-off to final whistle.(George Gillett and Tom Hicks' purchase of Liverpool Football Club)(Liverpool FC and Athletic Grounds PLC)
March 15, 2007... Byline: Paul Grant From kick-off to final whistle Every deal has to go through a number of stages before it can complete, and each stage presents a different hurdle the transaction can fall at. We explore the sale of Liverpool Football...

Finishing touches.(trends of acquisitions and mergers)
March 15, 2007... Finishing touches Begin integration planning early Planning the merger only after the deal has been struck is a dangerous strategy. The more planning that takes place before the deal is finalised, the better the results will be. ...

ACCA MEMBER ACHIEVEMENT.
March 15, 2007... Byline: Accountancy Age ACCA MEMBER ACHIEVEMENT There are few more compelling topics of conversation in UK plc at the moment than investment in emerging markets. But there can be no interest unless these markets establish financial...

on the money with Gavin Hinks.(recruitment of finance directors, chief financial officers)(Brief article)
March 15, 2007... Byline: Gavin Hinks on the money with Gavin Hinks UK plc saw another female finance director quit last week. Rosemary Thorne departed Ladbrokes, after just 13 months in the job. It requires no pass in double-entry...

Make no mistake.
March 15, 2007... Byline: Peter Charles make no mistake Companies have been doing bookkeeping for such a long time now that you could be forgiven for thinking they have become quite good at it. But the evidence suggests that many finance departments...

Fair value sparks IFRS fatigue.
March 15, 2007... Byline: Alex Hawkes Fair value sparks IFRS fatigue audit Alex Hawkes As companies continue to wrestle with implementing fair value in their accounts, they will not have been pleased to learn that standards setters are...

private equity's silent partners.
March 15, 2007... Byline: Nicholas Neveling private equity's silent partners Private equity firms, which have paid out hundreds of millions in fees to accounting firms, can't be very pleased with their advisers. After all, the profession has not...

Brown's last bow on Budget stage to be coloured by political ambitions.(Gordon Brown)(Brief article)
March 15, 2007... Byline: Nicholas Neveling Brown's last bow on Budget stage to be coloured by political ambitions tax Nicholas Neveling Experts are predicting that Gordon Brown's final Budget next week will be his most political ever as he...

EU and US unite over oversight moves.(European Union)(Brief article)
March 15, 2007... Byline: Penny Sukhraj EU and US unite over oversight moves audit Penny Sukhraj The European Union and its US counterpart have set out a vision of a globally integrated profession. That, at least, might be the result of...

Annual report of the week.(Sage Group Plc)(Brief article)
March 15, 2007... Byline: Staff SAGE PLC Line of business: Development, distribution and support of business software and related services Listing status FTSE 100 Period end: 30/09/06 30/09/05 Publication date: 31/01/07 11/01/06...

A global presence.(Association of Chartered Certified Accountants )
March 15, 2007... A global presence The Association of Chartered Certified Accountants is the largest and fastest-growing global professional accountancy body with 296,000 students and 115,000 members in 170 countries. We aim to offer the first choice...

Clear thinking.
March 15, 2007... Byline: Alex Hawkes Clear thinking Sir David Walker, the City grandee charged with making private equity more transparent and more acceptable, has form in dealing with thorny City issues and their impact on UK competitiveness. In...

Insolvency rules lead to retail collapse fears.
March 15, 2007... Byline: Kevin Reed Insolvency rules lead to retail collapse fears business recovery Kevin Reed A court decision determining that business rates must be paid ahead of administrators' fees is causing convulsions in the...

THE IT landscape.(information technology)
March 15, 2007... Byline: damian wild THE IT landscape Tom Gunson Partner, leader transforming finance, PricewaterhouseCoopers FD's views on technology have fundamentally changed over the past 10 years or so, particularly as companies...

The fraud-buster.(European Anti-Fraud Office)
March 15, 2007... the fraud-buster The European Anti-Fraud Office (OLAF) -- its acronym comes from its French name l'Office EuropA[c]en de Lutte Anti-Fraude -- was set up in 1999 to protect the financial interests of the European Union's various...

get your books in order.(accounting operations reviewed to maintain records)(Brief article)
March 15, 2007... get your books in order Boards should review their accounting operations to ensure they are complying with their legal duty to maintain proper books and records. Finance directors should perform their own internal review to ensure...

MEasures of success -- the mismatch.(Brief article)
March 15, 2007... MEasures of success -- the mismatch Flexible working: flexibility may be the buzzword du jour, but while almost a third of managers (28%) regard flexitime as a measure of success, only 6% think their employers want to see it happen. Less...

Two for one on audit consultation.(European Union to inspect foreign auditors)(Brief article)
March 15, 2007... Byline: TS Two for one on auditor consultation A very interesting consultation into the regulation and oversight of foreign audit firms has begun. This comes from EU law, which could mean our very own dignified and esteemed Audit...

Sir Digby discovers the joy of text.(Sir Digby Jones )(Brief article)
March 15, 2007... Byline: TS Sir Digby discovers joy of text! Sir Digby Jones is famous for many things. Forthrightness, bon viveur and an almost insatiable appetite for business. So far however, his thumbs have gone unsung. But let TS enlighten...

Quiet council meeting.(Brief article)
March 15, 2007... Byline: TS On behalf of our friends in marketing, TS would like to offer our most humble apologies. Keen as ever to keep those who advertise with us happy, we decided to send out some smoothies to keep you sweet. Unfortunately, the...

Oxera: The return -- It's nothing to FEAR There is little doubt that news that Oxera, the Oxford-based economic consultancy, is once again looking at issues to do with accountancy and audit will come as somewhat disturbing to the Big Four. It was Oxera, re.
March 15, 2007... Byline: Accountancy Age Oxera: The return -- It's nothing to FEAR There is little doubt that news that Oxera, the Oxford-based economic consultancy, is once again looking at issues to do with accountancy and audit will come as...

CCAB question.(Consultative Committee of Accountancy Bodies )(Brief article)
March 15, 2007... Byline: TS TS spent as dull an afternoon as is humanly possible last week at a meeting of the august members of the ICAEW council. Many worthy measures were discussed (members still not getting the institute's newsletter for example)...

Dr Grote, I presume?(Byron Grote)(Brief article)
March 15, 2007... Byline: TS Dr Grote, I presume? TS wonders if Dr. Byron Grote is trying to get a role in new James Bond film 'FDs are forever'. Your faithful newshound has been trying to pin down the mysterious Dr Grote on his plans for the...

Tax growth boosts Tenon.
March 15, 2007... Byline: David Jetuah Tax growth boosts Tenon David Jetuah Tenon recorded a huge 50% rise in tax revenues for the first six months of 2007, bucking the trend of the profession more generally. In the first half of the financial...

Interest boost to VAT reclaims.
March 15, 2007... Byline: Nicholas Neveling Interest boost to VAT reclaims Nicholas Neveling The government could be forced to pay out tens of millions of pounds to taxpayers reclaiming disputed VAT repayments, following a landmark challenge by the...

andersen agrees $72m settlement A Houston judge has signed a $72.5m ([pounds sterling]37.46m) settlement between Enron investors and Arthur Andersen, the former auditor of the collapsed energy giant. US federal judge Melinda Harmon's signing of the order closes another c.
March 15, 2007... Byline: Alex Hawkes andersen agrees $72m settlement A Houston judge has signed a $72.5m ([pounds sterling]37.46m) settlement between Enron investors and Arthur Andersen, the former auditor of the collapsed energy giant. US federal...

NHS deficit accounting faces surprise axe.
March 15, 2007... Byline: Kevin Reed NHS deficit accounting faces surprise axe Kevin Reed The NHS is likely to end the use of resource accounting for trusts, the controversial method which means trusts have to carry over deficits from previous...

Taxman drops 'gung-ho' approach to litigation.(Brief article)
March 15, 2007... Byline: Nicholas Neveling Taxman drops 'gung-ho' approach to litigation Nicholas Neveling The taxman has performed a dramatic u-turn in its never-say-die attitude to litigation, pledging to pursue cases selectively. Senior HM...

hmrc to shore up tax gap Owners of luxury yachts are locked in a battle with HM Revenue & Customs over a tax scheme designed to wipe out VAT bills on the vessels, writes Kevin Reed. Tax advisers are promoting VAT schemes to luxury yacht owners so individ.
March 15, 2007... Byline: Kevin Reed hmrc to shore up tax gap Owners of luxury yachts are locked in a battle with HM Revenue & Customs over a tax scheme designed to wipe out VAT bills on the vessels, writes Kevin Reed. Tax advisers are...

ECJ imposes 'commercial' debt limit.(European Court of Justice)(Brief article)
March 15, 2007... Byline: Nicholas Neveling ECJ imposes 'commercial' debt limit Nicholas Neveling Companies planning to slash their tax bills by shifting debt to the UK will have to show that such transactions are strictly commercial, following the...

Oxera returns in ownership probe.(Oxford Economic Research Associates Ltd.)
March 15, 2007... Byline: Penny Sukhraj Oxera returns in ownership probe Penny Sukhraj Senior figures in the profession have been contacted by EU-hired consultants investigating the ownership of audit firms, as plans to introduce alternative...

SMEs see audits as 'mechanical'.
March 15, 2007... Byline: Penny Sukhraj SMEs see audits as 'mechanical' Penny Sukhraj Around half of small to medium sized companies view their audit as a largely mechanical process that adds little or no value, a survey has found. Of the 200...

'Abusive' VAT scheme blocked.
March 15, 2007... Byline: Nicholas Neveling 'Abusive' VAT scheme blocked Nicholas Neveling A VAT dodge involving selling a car while it was en route to the UK has been ruled ineffective, in one of the earliest uses of a wide-ranging 'abuse of...

Government to step in to save retailers.
March 15, 2007... Byline: Kevin Reed Government to step in to save retailers Kevin Reed The government is expected to alter insolvency rules to reverse a court ruling that threatens troubled retailers with liquidation. The Insolvency Service...

The takeover menu.(market research of mergers and acquisitions)(Brief article)
March 15, 2007... The takeover menu Corporate buyers are still trying to digest the activity from 2006, which proved to be a record year all round. Global mergers and acquisitions reached an all time high of [pounds sterling]1,870bn during the year, a third...

Fraud fight.
March 22, 2007... Byline: Tim Scott-Smith Fraud fight small businesses are just as vulnerable to fraud as larger organisations. but there are steps smes can take to protect themselves from attack, says Tim Scott-Smith F or almost 20 years, KPMG has...