Accountancy Age articles from May 2006

Accountancy Age archives from May 2006

First contact.(accounting firms, client relations)
May 3, 2006... Byline: phil shohet First contact When considering how a practice can be seen in a positive light, it should come as no surprise that much depends on how partners and staff interface with clients. People do business with people, and no...

An end to the neo-Soviet nightmare.(International Accounting Standards Board )
May 4, 2006... Byline: R A Rayman an end to the neo-soviet nightmare There is an old saying that those who fail to learn from history are condemned to repeat it. Thirty years ago, the great inflation accounting debate was in full swing. Its most...

a new breed.
May 4, 2006... Byline: David Ketchin, Matthew Runnacles a new breed A recent global survey of 900 CFOs found that, although 61% thought business partnering was a high priority, only 31% believe they are effective at actually doing it. In...

EU cannot be serious.
May 4, 2006... Byline: Alan Osbourne EU cannot be serious Speaking to the European Parliament just before Christmas, the Austrian chancellor Wolfgang SchA1/4ssel promoted an idea that has floated around the European Union for years, thus far without...

Who really made the NHS sick?(National Health Service, United Kingdom)
May 4, 2006... Byline: David Callaghan Who really made the NHS sick? The NHS has reached a 'crunch point', to coin a phrase used recently by prime minister Tony Blair as he desperately defended the government from accusations of financial...

UK could learn from Sarbox mistakes.(Sarbanes-Oxley Act of 2002)(Brief article)
May 4, 2006... Byline: Paul Grant UK could learn from Sarbox mistakes Audit Paul Grant The worst seems to be over for US companies forced to comply with the burdensome Sarbanes-Oxley Act, with further evidence emerging that auditing costs...

Large Firm of the Year.(BDO Stoy Hayward )(Brief article)
May 4, 2006... Byline: Accountancy age Large Firm of the Year It was said last year, perhaps a little tongue in cheek, that when BDO Stoy Hayward won the large firm of the year award the Big Four would be anxiously looking over their shoulders....

UK private equity goes on food diet.
May 4, 2006... Byline: Nicholas Neveling UK private equity goes on food diet Corporate finance Nicholas Neveling Corporate financiers operating in the UK's food sector have started paying more attention to business flowing from trade buyers....

To the rescue.( Tony Supperstone, R3)(Interview)
May 4, 2006... Byline: Kevin reed to the rescue For a man who has spent a decade heading BDO Stoy Hayward's business recovery division in London, Tony Supperstone's latest venture -- looking after the interests of member firms at the...

Taxman in double filing whammy.
May 4, 2006... Byline: Alex Hawkes Taxman in double filing whammy Audit Alex Hawkes Are tax advisers set for a double-whammy on tax filing? With deadlines for filing set to be brought back by several months in 2008, suggestions have now...

Impact of IAS39 still cannot be measured.(accounting standards)
May 4, 2006... Byline: Nicholas Neveling Impact of IAS39 still cannot be measured Nicholas Neveling Analysts have warned that markets are still struggling to interpret the effects of IAS39 on company accounts, claiming that it is way too early...

String of private IT purchases raises concerns.
May 4, 2006... Byline: Kevin Reed String of private IT purchases raises concerns Kevin Reed Concerns are growing that the spate of private equity investment in the business software industry could trigger a lack of product investment and...

Offshore trading fraud could be 'systematic'.
May 4, 2006... Byline: Philip Smith Offshore trading fraud could be 'systematic' Philip Smith The taxman's move to force an investment bank to hand over details of wealthy investors trading through offshore companies could reveal 'systematic...

Luxembourg brought to book over IFRS.
May 4, 2006... Byline: Paul Grant Luxembourg brought to book over IFRS Paul Grant Mini-state Luxembourg has become the first member of the European Union to be taken to court for failure to implement rules relating to the introduction of...

KPMG to probe Baker Tilly work at Sanctuary.
May 4, 2006... Byline: Alex Hawkes KPMG to probe Baker Tilly work at Sanctuary Alex Hawkes KPMG is set to scrutinise the work of Baker Tilly as part of the accounting issues at Sanctuary Group. The Big Four firm won the contract to audit the...

ECJ unveils u-turn on support for state tax law.
May 4, 2006... Byline: Alex Hawkes ECJ unveils u-turn on support for state tax law Alex Hawkes Advisers this week hailed a new u-turn by the European Court of Justice as the court's advocate general gave strong support for companies...

FRC will not break up the Big Four.(Financial Reporting Council )(Brief article)
May 4, 2006... Byline: Paul Grant FRC will not break up the Big Four Paul Grant Members of the Big Four will not be broken up in order to increase competition in the audit market, accounting's watchdog has confirmed. The Financial Reporting...

Conflict looms over IAS39 auditor frustrations.
May 4, 2006... Byline: Nicholas Neveling Conflict looms over IAS39 auditor frustrations Nicholas Neveling Corporate treasurers are on the brink of a major clash with Big Four auditors over inconsistent interpretations of IAS39. They claim...

Taxman targets [pounds sterling]1.5bn in largest disclosure order.(Brief article)
May 4, 2006... Byline: Alex Hawkes Taxman targets [pounds sterling]1.5bn in largest disclosure order Alex Hawkes The government has obtained the largest ever disclosure order against a bank, which will enable it to obtain details of hundreds of...

On the money.
May 4, 2006... Byline: Anthony Hilton on the money with Anthony Hilton Years ago in Beirut airport, they never plugged in the security scanner that everyone had to walk through. The reason was that, with the tensions in the area...

Wing and a prayer.
May 4, 2006... Byline: Philip Smith wing and a prayer What's happened? When George Rose, group financial director of defence company BAE Systems, takes his place on the platform at the company's AGM today at the QEII Centre in London, there...

Disaster management.
May 4, 2006... Byline: Mark Freebairn view from the headhunters: disaster management We all enjoy success. It makes life so much easier. You smile more. In career terms, though, it's not always a good thing. The alternative -- dealing...

The talent to deliver.
May 4, 2006... THE TALENT TO DELIVER Integral are pleased to be sponsoring the Accountancy Age Awards for Excellence for the third consecutive year. As a provider of recruitment and career services we feel as much a part of the accountancy and finance...

Visit it.
May 4, 2006... Byline: Michelle Perry visit it... any excuse for a holiday Grant Thornton has been appointed to create a long-term master plan for the regeneration of West Cumbria. grant-thornton.co.uk verify it... neo-soviet...

Job to die for . . .
May 4, 2006... Byline: Rachael Singh People and moves... Job to die for: cFO of invensys Many FDs would like to do Steve Hare's next job, as chief financial officer of manufacturers Invensys from July. Hare is currently group finance director of...

We need to think global.(Global Accounting Alliance)
May 4, 2006... Byline: Eric Anstee We need to think global No-one is doubting the impact that globalisation is having on our profession. There are global standards, the major firms and their clients are being managed on a global basis and regulators...

Four's company, Five's even better.(audit firms, not enough competition in the market)(Brief article)
May 4, 2006... AccountancyAge four's company, five is even better What to do with the Big Four and their competition issues? After the publication of the Oxera competition report and last week's stakeholder meeting, it's clear that this...

Fine line to tread?
May 4, 2006... Byline: gavin hinks fine line to tread? This whole business of what Ernst & Young consults on, and what it doesn't, can sometimes be a little confusing. Outgoing chairman Nick Land recently told Accountancy Age,...

Use your inteligence.(business intelligence, James Burckhardt, Brian Gregory)(Interview)
May 4, 2006... Byline: damian wild use your Intelligence With revenues set to top [pounds sterling]1.bn in the next few years, business intelligence is one of the fastest growing software sectors selling its services to companies around the world....

FRC does nothing.(Financial Reporting Council)(Brief article)
May 4, 2006... Byline: Paul Grant Fair play to the Financial Reporting Council, TS thinks. The watchdog may have come in for a bit of stick recently, but at last week's meeting on audit competition it was unequivocal on the way forward. Companies and...

Tony braves the pain.(Tony Supperstone, R3)(Brief article)
May 4, 2006... Byline: Kevin Reed Tony braves the pain A grimace on the face of an Accountancy Age profilee is not an unusual sight, TS has come to realise. Whether it's a tough grilling, boredom or the desperate need to go to the loo...

Brains and beauty.
May 4, 2006... Byline: Alex Hawkes Brains and beauty TS has always considered accountancy 'the beautiful profession' and now we have proof. Tineke De Freitas, pictured right, is set to be the representative of Trinidad & Tobago in Miss...

DSGI.(DSG International Ltd.)(Brief article)
May 4, 2006... Byline: Nicholas Neveling Poor Matthew Hurn, the treasurer of Dixons (sorry Currys.digital), owner of DSG International. After the sheer weight of paper work and red tape involved in IAS39 left him punch-drunk and staggering, he has not...

Seconds out round two.(flat tax debate)(Brief article)
May 4, 2006... Byline: Alex Hawkes Seconds out round two . . . Last month TS pointed out that Richard Teather, the free-market tax academic from Bournemouth University, was set to go head to head with anti-avoidance campaigner Richard Murphy...

Comnpany reports.(Tesco PLC, BAA PLC, William Morrison Supermarkets PLC)(Brief article)
May 4, 2006... Byline: Nicholas Neveling COMPANY REPORTS FTSE 100 Tesco has introduced a new profit measure in its accounts to provide investors with a better understanding of its numbers now that it is reporting under IFRS. The new underlying...

Online.
May 4, 2006... Byline: Accountancy Age ONLINE This week's top stories on accountancyage.com/sector kpmg offers investors [pounds sterling]83m Most of the investors enticed into KPMG's tax shelter schemes look set to accept a new...

IPA to regualte debt advisers.(Insolvency Practitioners Association)(Brief article)
May 4, 2006... Byline: Kevin Reed IPA to regulate debt advisers Plans have been drawn up by the Insolvency Practitioners Association to regulate the growing debt management industry, writes Kevin Reed. The proposals involve accrediting debt...

Women lead debate on finance bill for the first time.(Brief article)
May 4, 2006... Byline: Parliamentary correspondent Women lead the debate on finance bill for first time For the first time ever, it will be three women who lead their parties in this year's House of Commons battle over the finance bill, writes...

Eurotunnel shares suspended after filing deadline is missed.
May 4, 2006... Byline: Nicholas Neveling Eurotunnel shares suspended after filing deadline is missed Shares in Eurotunnel, the operator of the channel tunnel and Eurostar, have been suspended after the beleaguered company missed the deadline for...

Creditors not pursuing Deloitte over BCCI.(Bank of Credit and Commerce International )(Brief article)
May 4, 2006... Byline: Alex Hawkes Creditors not pursuing Deloitte over BCCI Alex Hawkes No action is being taken by creditors against Deloitte for its failed attempt to recover almost a billion pounds from the Bank of England over the...

Oil tax hike dismissed by Venture FD.(Venture Production)(Brief article)
May 4, 2006... Byline: Nicholas Neveling Oil tax hike dismissed by Venture FD Nicholas Neveling The finance director of a small oil company has radically departed from the industry's line on Gordon Brown's North Sea oil tax, by downplaying the...

Probe into NHS rescue by Big Four.(National Health Service)(Brief article)
May 4, 2006... Byline: parliamentary correspondent Probe into NHS rescue by Big Four Our parliamentary correspondent An investigation into the value of using the Big Four firms to resolve the ailing finances at NHS trusts, has been launched by a...

Beleaguered Clarke hit by Home Office accounts blow.(Charles Clarke )(Brief article)
May 4, 2006... Byline: parliamentary correpsondent Beleaguered clarke hit by home office accounts blow As Charles Clarke waited to hear if he would keep his job as home secretary, his department continued to struggle with its accounts after it...

Online.
May 4, 2006... Byline: Accountancy age Business Intelligence is vital Two thirds of finance directors and chief financial officers have identified business intelligence as a need for their companies, but are not implementing it due to other...

Football figures.(football teams )(Brief article)
May 4, 2006... The financial woes of football have been well-documented, but HMRC's plan to backdate PAYE and NI payments has filtered all the way down to the semi-professional level. See accountancyage.com/ 2155083 to read more on the implications. It is...

xbrl unmasked.(extensible business reporting language, accounting information processing)(Brief article)
May 4, 2006... xbrl unmasked Instead of treating financial information as a block of text, XBRL provides an identifying tag for each individual item of data, which is computer readable. For example, company net profit has its own unique tag. The...

Self-assessment compromise on the horizon.(United Kingdom. Her Majesty's Revenue and Customs)(Brief article)
May 4, 2006... Byline: Kevin Reed Self-assessment compromise on the horizon Kevin Reed The battle to reverse HM Revenue & Customs' plans to implement new self assessment filing deadlines could end in a compromise, according to sources close...

A future in jeopardy?
May 11, 2006... Byline: Prem Sikka A future in jeopardy? Such a question and possible analysis is missing from the recent report by the Public Oversight Board for Accountancy (POBA). Professional bodies face a variety of challenges that are rarely...

THE DIVERSE APPROACH.(accountancy firms)
May 11, 2006... Byline: Hugh Thomson THE DIVERSE APPROACH Major accountancy firms and others in the financial sector would no more forgo diversity training and programmes than stop graduate recruitment. In fact, with more than 50% of graduates...

Small Firm of the Year.
May 11, 2006... Small Firm of the Year The big firms may grab the headlines but its the thousands of small firms up and down the country that keep the SMEs and family businesses ticking over. Small firms have to fight hard for their business, often...

Business review is auditor friendly.
May 11, 2006... Byline: Kevin Reed Business review is auditor friendly audit Paul Grant Auditors may still be awaiting the big news on whether clauses in the company law reform bill will go through with changes that allow proportional...

Friend or foe?(Kari Hale, Financial Services Authority )(Interview)
May 11, 2006... Byline: Alex Hawkes Friend or foe? If you're a Big Four partner, Kari Hale must seem to occupy a terrifying position. A former Deloitte and Andersen partner himself, Hale monitors the work of the Big Four at the Financial Services...

Pace stepped up on IT security.
May 11, 2006... Byline: Alex Hawkes Pace stepped up on IT security TECHNOLOGY Kevin Reed Finance directors came to terms with the fact that they would have to bear some of the brunt of managing IT security risk a long time ago. ...

Dealmakers shrug off Q1 slump.
May 11, 2006... Byline: Nicholas Neveling Dealmakers shrug off Q1 slump corporate finance Nicholas Neveling Dealmakers at accounting firms are confident that cross-border deal activity will pick up after government statistics...

A lukewarm reception.(International Financial Reporting Standards)
May 11, 2006... Byline: Sarah Perrin A lukewarm reception A snapshot survey of opinion among the readership reveals a high degree of disgruntlement. Asked to judge the value of IFRS accounts as compared to their UK GAAP predecessors, 65% of...

Assault on tax evaders continues.
May 11, 2006... Byline: Paul Grant Assault on tax evaders continues tax Alex Hawkes The emergence last week of the special commissioners' decision on the Barclays disclosure case -- worth an estimated [pounds sterling]1.5bn to the taxman --...

More questions than answers.(Financial Reporting Council)
May 11, 2006... Byline: Paul Grant More questions than answers Later this month the Financial Reporting Council will publish its views on the recent research into audit competition and choice. The paper will be eagerly anticipated by both the...

Variety isn't the spice of life.(accounting standards)
May 11, 2006... Byline: David Littleford Variety isn't the spice of life A collective sigh of relief can be heard emanating (cautiously) from the financial reporting community. The first IFRS reporting season is well underway and a recent ...

Save your pensions cash, FDs told.
May 11, 2006... Byline: Nicholas Neveling Save your pensions cash, FDs told Nicholas Neveling Finance directors with large pension deficits weighing down their balance sheets could be better off investing in growth than rushing to pay down large...

getting ready to play with the big boys It is encouraging to see that BDO Stoy Hayward is doing so well, as shown by the firm's growth rate of 25% posted last week. In fact, BDO is outstripping the rate of growth among the Big Four and putting its nearest.(Brief article)
May 11, 2006... Byline: Leader getting ready to play with the big boys It is encouraging to see that BDO Stoy Hayward is doing so well, as shown by the firm's growth rate of 25% posted last week. In fact, BDO is outstripping the rate of growth among...

Analysts dismiss FRRP warning on oil figures.
May 11, 2006... Byline: Paul Grant Analysts dismiss FRRP warning on oil figures Paul Grant City analysts have said they are unconcerned by the omission of key information from the accounts of oil and gas companies, even though the UK's financial...

Abbey ruling to cost HMRC millions.(VAT)(Brief article)
May 11, 2006... Byline: Kevin Reed Abbey ruling to cost HMRC millions Kevin Reed Accounting professionals working in the fund management industry could fall foul of FSA regulations if they fail to act on a ground-breaking European Court of...

Vantis share price fall is only a blip.
May 11, 2006... Byline: Nicholas Neveling Vantis share price fall is only a blip Nicholas Neveling The drop in Vantis' stock price that followed the group's trading update last week has been described as nothing more than a blip by analysts. ...

PwC puts [pounds sterling]70m into pensions.
May 11, 2006... Byline: Alex Hawkes PwC puts [pounds sterling]70m into pensions Alex Hawkes PricewaterhouseCoopers has paid [pounds sterling]70m into its pension fund in an apparent attempt to limit the impact of the PPF levy. Companies and...

MPs back radical actions, says FoE.
May 11, 2006... Byline: Paul Grant MPs back radical actions, says FoE Paul Grant Friends of the Earth has claimed it has the support of 220 MPs for more radical changes to company reporting after the government announced it will replace the...

BDO will not bridge Big Four gap, says Newman.(BDO Stoy Hayward )(Brief article)
May 11, 2006... Byline: Nicholas Neveling BDO will not bridge Big Four gap, says Newman Nicholas Neveling BDO Stoy Hayward's spectacular interim growth of 25% is not enough to bridge the gap with the Big Four, according to the firm's managing...

Debate urged over GLO fears.
May 11, 2006... Byline: Alex Hawkes Debate urged over GLO fears Alex Hawkes Renewed calls for a public consultation on the future of corporation tax policy have been made by the Chartered Institute of Taxation after a swathe of challenges to UK...

Three million could miss new SA deadline.
May 11, 2006... Byline: Alex Hawkes Three million could miss new SA deadline Alex Hawkes and Kevin Reed A senior tax adviser has suggested that up to three million people could miss the self assessment deadline if it is brought forward as...

'You can reveal offshore info' insists taxman.(United Kingdom. Her Majesty's Revenue and Customs)(Brief article)
May 11, 2006... Byline: Alex Hawkes 'You can reveal offshore info' insists taxman Alex Hawkes The tax authorities said this week that banks are free to volunteer information on offshore accounts, as Lloyds TSB said it would consider its legal...

Covenants confusion sparks FTSE fears of conflict with banks.
May 11, 2006... Byline: Nicholas Neveling Covenants confusion sparks FTSE fears of conflict with banks Nicholas Neveling Banks could be forced to call in company debts because of confusion over the impact of IFRS on banking covenants, a fear that...

annual reports -- what's the point?(Chartered Institute of Management Accountants)
May 11, 2006... Byline: damian wild view from the outside: annual reports what's the point? I was talking to a finance director this week who had just eagerly devoured CIMA's annual report. Not literally, you understand, though had he done...

People and moves.
May 11, 2006... Byline: Rachael Singh People and moves... Job to die for: group fd of bss group This week's top job has gone to Roddy Murray who joins BSS Group, the distributors of heating equipment, as group finance director. The former...

On the money with Anthony Hilton.
May 11, 2006... Byline: Anthony Hilton on the money with Anthony Hilton Humility is not a common characteristic among chief executives. Their ingredients for success may be slightly more exalted than those once ascribed to...

Professional trust.(SBJ Professional)(Brief article)
May 11, 2006... Professional trust SBJ Professional is delighted again to be sponsors of the Small Firm of the Year award. The accountancy sector continues to be our speciality within the professions and our position within the market owes a great...

give it, get it, go for ita[euro][bar].(Brief article)
May 11, 2006... Byline: Phil Smith give it... Take part in the Business in the Community London Cares Day on 19 May and help change the way young people see their school and the way you see your company. Team-up with colleagues to help out at schools...

Bumpy Landing.(BAA PLC)
May 11, 2006... Byline: Gavin Hinks A bumpy landing? What's happened BAA is never out of the news, and when chief financial officer Margaret Ewing sits down to present the annual results on Tuesday, she will no doubt expect to hit the headlines...

Company reports.
May 11, 2006... Byline: Nicholas Neveling COMPANY REPORTS FTSE 100 Guarantees by the government over its protection of BT's pension fund liabilities, if the telecoms giant collapsed, have been overestimated, according to ICAEW chief executive...

Companies Underperform.(outsourcing market)(Brief article)
May 11, 2006... Byline: Accountancy Age ONLINE This week's top stories on accountancyage.com/sector companies underperform A new survey has revealed that the outsourcing market is still struggling to meet expectations, with many deals...

Marketing Buzzwords.(TS)(Brief article)
May 11, 2006... Byline: Michelle Perry TS took advantage of last week's 'heatwave' to venture out in the sun to meet some CapGemini consultants. As is always the aim we learnt some new things. But one area in particular, we have discovered, has kept...

Fighting talk in the tax world.
May 11, 2006... Byline: Alex Hawkes Fighting talk in the tax world TS has established who is chairing the great flat tax debate. Step forward Chas Roy-Chowdhury, our man in the black and white stripes. We're getting very excited about the...

Sunday Times Social Responsibility Index.
May 11, 2006... Byline: Alex Hawkes We all know the taxman is a very responsible person. So it was no surprise to see the department pop up among the ranks of The Sunday Times' Social Responsibility Index. The department came 87th, up ten places from last...

Another own goal.(Institute of Chartered Accountants in England and Wales, TS)(Brief article)
May 11, 2006... Byline: Nicholas Neveling Another own goal With the ICAEW annual dinner fast approaching, TS was transported back to last year's event, when the prestigious do was scheduled on the same evening as the Champions League final. TS...

Global plan hatched out early.(Institute of Chartered Accountants in England and Wales acquires Chartered Institute of Public Finance and Accountancy)(Brief article)
May 11, 2006... Byline: Kevin Reed Global plan hatched out early It seems that the ICAEW hedged its bets over its plan for world domination -- sorry, getting their voice heard on the world stage. During the last few weeks of the institute's...

The IFRS challenge.(International Financial Reporting Standards )(Brief article)
May 11, 2006... The IFRS challenge Supervising the potential impact of the possible demise of the Big Four is one of the two big issues Kari Hale is faced with. The other matter he is involved in, as if monitoring the health of the Big Four were not...