Accountancy Age articles from May 2007

Accountancy Age archives from May 2007

A bad example.
May 3, 2007... Byline: Steve Carter A bad example Last month saw the return of BBC's The Apprentice, a show that has been credited with making the recruitment process an entertaining spectacle for everyone, from the casual viewer to the young,...

IN HIS STRIDE.
May 3, 2007... Byline: Alex Hawkes and David Jetuah IN HIS STRIDE Mark Otty, the new chairman of Ernst & Young, has just run the London marathon when we speak to him. In a modest three hours and 12 minutes. So did he have to train hard? 'No' is...

OTTY ON THE RECORD.(chairman of E and Y Capital Advisors)(Interview)
May 3, 2007... Byline: David Jetuah OTTY ON THE RECORD On the chairmanship of E&Y: 'It's going very well. I'm enjoying it, whatever expectations anyone else had for me. The fact that there's so much going on is the biggest factor for me. There...

View from the board: how to stand out.
May 3, 2007... Byline: Mark Freebairn view from the board: The race to stand out My sister just ran the London Marathon. I thought if she could do it, then I ought to mention it. But there is also a link with developing a career in finance...

Delving deeper.
May 3, 2007... delving deeper technology is making it easier for employers to reveal the real story behind potential recruits, writes Sarah swailes Govrecords.com is an American online company that promises instant, self service, public background...

Painted by numbers.(financial results always do not refer to success)
May 3, 2007... Byline: deloitte Painted by numbers Financial results do not always paint a full picture of performance, says Robert Go CEOs need to look beyond numbers to properly manage their businesses. Financial results such as cash flow,...

FRC steps closer to bridging the divide.(Financial Reporting Council, gap betweeen competition and choice in the UK audit market)(Report)
May 3, 2007... Byline: Nicholas Neveling FRC steps closer to bridging the divide The interim report finally offers something everyone can agree on in the quest to create more audit choice, writes Nicholas Neveling The history of the debate on...

What some of the recommendations mean.(regulations by Financial Reporting Committee)
May 3, 2007... Byline: Nicholas Neveling what some of the recommendations mean Recommendations 1 and 2 1. 'The FRC should promote wider understanding of the possible effects on audit choice of changes to audit firm ownership rules'. 2....

Taxman's efficiency drive slammed.(negative impact of HM Revenue and Customs' efforts to meet robust financial and service efficiency targets of tax advisers)
May 3, 2007... Byline: Kevin Reed Taxman's efficiency drive slammed tax Kevin Reed Tax advisers and civil service unions have raised serious concerns about the negative impact of HM Revenue and Customs' efforts to meet robust financial and...

It's the principle.(insurance law revised by International Accounting Standard's Board )
May 3, 2007... Byline: abi It's the principle insurers need a principles-based, real life accounting standard, says john breckenridge The International Accounting Standard's Board will shortly publish its discussion paper on the second phase of...

Cross Atlantic debate persists.(accounting procedures of US, Europe, speech of Securities and Exchange Commission chairman Christopher Cox at press conference at Financial Reporting Council office)(Brief article)
May 3, 2007... Byline: Nicholas Neveling cross atlantic debate persists What is more at risk: US or European accounting? You could make a case on both sides that the most basic principles of the respective kinds of reporting were under threat. ...

Smaller companies suffer rising costs of AIM listing.
May 3, 2007... Byline: David Jetuah Smaller companies suffer rising costs of AIM listing corporate finance David Jetuah The cost of listing on the alternative investment market has risen sharply, making it harder for smaller companies to go...

False start.(Bob Mellors resigns from Sports Direct )(Brief article)
May 3, 2007... Byline: Kevin Reed false start A four paragraph trading update issued by Sports Direct last week sent investors into a tailspin. The company said growth in the main UK business was 'lower than earlier in the year, but remains...

State of the nation.(trend in stock markets)
May 3, 2007... Byline: Accountancy Age state of the nation David Kerns, economic adviser to the BCC An increase in May is now a virtual certainty. The question is whether the increase will be a quarter or half a percentage point. The market...

Meeting Gordon Brown.(Brief article)
May 3, 2007... Byline: TS TS is tickled pink. Last week we had the honour of meeting the most esteemed head of finance, chancellor of the exchequer Gordon Brown. TS had barely uttered the words 'Accountancy Age' by way of introduction when Gordon...

AIM ducks business review responsibility.(alternative investment market companies)(Report)(Brief article)
May 3, 2007... Byline: David Jetuah AIM ducks business review responsibility David Jetuah Nearly half of all AIM companies fail to produce a business review, according to research by PricewaterhouseCoopers. Only 54% of AIM companies produced a...

Cox and balls story.(meeting of Christopher Cox of Securities and Exchange Commission with Ed Balls at press conference)(Brief article)
May 3, 2007... Byline: TS A Cox and Balls story Last week Christopher Cox, chairman of the SEC, deigned to grace humble UK hacks with his glorious presence. Accompanied by an entourage that would make P Diddy glow with pride, the Coxmeister...

Going Dutch?
May 3, 2007... Byline: Staff Going Dutch? Q Can you outline what you're announcing? A Well we're announcing a groundbreaking deal. This is the largest transaction in the history of the financial services industry and it's by far the biggest...

On the money with Gavin Hinks.(Financial Reporting Council regulations to reform audit market)(Brief article)
May 3, 2007... Byline: Gavin Hinks on the money with Gavin Hinks There came an opportunity last week for finance directors to point the finger at their auditors and say: 'Ha, see how you like it!'. The reason? The FRC came up...

Surprised? bdo certainly was Double congratulations to Michael Cleary and David Maxwell. The senior partners of Grant Thornton and Robson Rhodes have not only tabled the biggest accountancy firm merger since Price Waterhouse and Coopers & Lybrand in 1998.
May 3, 2007... Byline: damian wild Surprised? bdo certainly was Double congratulations to Michael Cleary and David Maxwell. The senior partners of Grant Thornton and Robson Rhodes have not only tabled the biggest accountancy firm merger since Price...

Otty's 'institute-less'.
May 3, 2007... Byline: TS Otty's 'institute-less' Just which institute is Ernst &Young chairman Mark Otty a member of? We know he trained in South Africa and that he has an affiliate membership of a UK institute, but he couldn't remember which one....

U-turn merger.(merger of RSM Robson Rhodes and Grant Thornton)(Brief article)
May 3, 2007... Byline: TS When a footballer in the middle of contract negotiations vows he is completely committed to his current employers, you can be sure he will sign for someone else the very next day. TS couldn't help but apply this scenario to the...

Total eclipse of the E&Y.
May 3, 2007... Byline: TS Total eclipse of the E&Y Great excitement over at More London, where PricewaterhouseCoopers has announced it is moving in next door (practically) to Ernst & Young, which has been happily ensconced there for a few years now....

Infor blasts Coda over poaching plan.(Coda Inc.'s attempts to lure away Infor's SunSystems users)
May 3, 2007... Byline: Nicholas Neveling Infor blasts Coda over poaching plan Nicholas Neveling Infor, the US-based business software consolidator, has hit out at rival Coda's attempts to lure away its SunSystems users. Doug Bilsby, vice...

MPs join European Parliament in segment standard row.
May 3, 2007... Byline: Nicholas Neveling MPs join European Parliament in segment standard row Nicholas Neveling MPs have stepped into the debate on the reporting of company segments, supporting an early day motion condemning the IASB's proposed...

Firms face non-exec demand in combined code push.
May 3, 2007... Byline: Nicholas Neveling Firms face non-exec demand in combined code push Nicholas Neveling The Financial Reporting Council is considering making it a mandatory requirement for firms to recruit outsiders as independent...

PwC moves next door to E&Y.
May 3, 2007... Byline: Kevin Reed PwC moves next door to E&Y Kevin Reed PricewaterhouseCoopers and Ernst & Young will become neighbours at More London Place, the firm said. PwC will move into a new building at 7 More London Place, a few...

Financial difficulties were key to the deal.(merger of Grant Thornton L.L.P. and Robson Rhodes)(Brief article)
May 3, 2007... Byline: David Jetuah Financial difficulties were key to the deal David Jetuah Despite talk of the Grant Thornton/Robson Rhodes deal being a mega-merger to take on the Big Four, industry figures pointed to Robson Rhodes' financial...

Taxman scraps intervention enquiries 'opened in error'.(investigations of Her Majesty's Revenue & Customs, on taxpayer compliance)(Brief article)
May 3, 2007... Byline: Kevin Reed Taxman scraps intervention enquiries 'opened in error' Kevin Reed Tax enquiries opened against those involved with the controversial pilot scheme have been scrapped. As part of the pilot, the taxman sent out...

Institute to go public with tribunal hearings.
May 3, 2007... Byline: Kevin Reed Institute to go public with tribunal hearings Kevin Reed The ICAEW was set this week to open up its tribunal hearings to the public and press. This week's ICAEW council meeting was expected to approve plans...

Trust rules 'impossible to understand'.
May 3, 2007... Byline: Alex Hawkes and Kevin Reed Trust rules 'impossible to understand' Alex Hawkes and Kevin Reed New money-laundering rules have botched important trust definitions so badly that professional advisers would be hard pressed to...

Grant Thornton swoop heralds merger boom.(merger with Robson Rhodes, take over of Big Four, Mazars/Moores Rowland deal)(Brief article)
May 3, 2007... Byline: David Jetuah Grant Thornton swoop heralds merger boom David Jetuah The industry was anticipating further major mid-tier mergers this week after Grant Thornton swooped for Robson Rhodes and pledged to take on the Big Four....

Trial and error.(trial of Conrad Black of Hollinger Argus Ltd.)(Brief article)
May 3, 2007... Byline: Alex Hawkes Web Sight: trial and error The Conrad Black trial is hotting up, with suggestions that the audit committee at Hollinger, the company he ran, had no finance experts (accountancyage.com/ 2188930). There have been...

Cigarette giant snubs interim reporting standard Imperial Tobacco has joined the ranks of those snubbing a key reporting requirement, writes David Jetuah. The company followed British Energy in exploiting an accounting loophole as it presented its interi.
May 3, 2007... Byline: David Jetuah Cigarette giant snubs interim reporting standard Imperial Tobacco has joined the ranks of those snubbing a key reporting requirement, writes David Jetuah. The company followed British Energy in exploiting an...

SEC chairman backs UK line on audit reform.
May 3, 2007... Byline: Nicholas Neveling SEC chairman backs UK line on audit reform Nicholas Neveling The most senior financial regulator from the US has backed moves to reform the UK's audit market. At a joint press conference last week SEC...

Budget scores.
May 4, 2007... Byline: TS Back by popular demand, TS has conducted some special research into the most quoted accounting firms on Budget Day. When we say 'research,' you should of course treat it with the usual media research-type scepticism. We're...

Call time on fraud.
May 10, 2007... call time on fraud An effective whistleblowing policy creates a culture of trust and makes business sense, says katherine bradshaw 'The five most dangerous words in business may be "everybody else is doing it".' So said Warren Buffett,...

Aim still Bullish.
May 10, 2007... Byline: Philip Secrett, Grant Thornton Aim still Bullish AIM describes itself -- with some justification a as the most successful growth market in the world. At [pounds sterling]90.7bn, its total market capitalisation at 31...

Hedge funds push for radical insolvency review.
May 10, 2007... Byline: Nicholas Neveling Hedge funds push for radical insolvency review business recovery Nicholas Neveling Corporate restructuring and recovery is changing and it is changing fast. Hedge funds have suddenly become major...

England expects.(Interview)
May 10, 2007... Byline: david jetuah England expects Nick Eastwood's Cross of St George cufflinks are a telltale giveaway that the Rugby Football Union's finance director literally wears his heart on his sleeve. A successful England team in any sport...

Reporting lines.
May 10, 2007... Byline: Accountancy Age Reporting lines David Christopherson, chief executive, Black Sun We've come to a period of enormous change. I feel that many of our clients are getting to grips with the new reporting environment and...

Leveraged buy-outs at risk of collapse.
May 10, 2007... Byline: David Jetuah Leveraged buy-outs at risk of collapse David Jetuah Influential credit rating agency Standard and Poor's has warned that the liquidity of European markets is concealing a credit risk that could cause a...

Living in the bubble.
May 10, 2007... Byline: keith macgregor Living in the bubble Corporate restructuring is at an all time low. But with the economy still sluggish and interest rates expected to be held above 5% this week, it's unlikely to stay that way for long. Keith...

Hamleys owner backs boss over false accounting.
May 10, 2007... Byline: Nicholas Neveling Hamleys owner backs boss over false accounting Baugur, the Icelandic investment group that owns Hamleys, has backed CEO Jon Asgeir Johannesson in his challenge against a three-month suspended sentence for...

Question of trust.
May 10, 2007... Byline: Pete Belsey, Huthwaite question of trusT Allegations of mis-selling could put the profession at risk of losing its trusted adviser status, writes Peter Belsey A recent investigation into Barclays Bank by BBC reporter...

Blue Chip Finance Director of the Year.(Margaret Ewing)(Brief article)
May 17, 2007... Byline: Accountancy Age Blue Chip Finance Director of the Year It was a finance director in one of the most high profile jobs in finance that won the 2006 Blue Chip FD of the Year Award. Margaret Ewing was the finance director at...

comeback trail.
May 17, 2007... Byline: Damian Wild comeback trail Accenture's UK's operations have taken a pasting in the last couple of years. The firm was unceremoniously dumped by Sainsbury in 2005 and found itself back in the headlines last September when it...

Source of comfort.
May 17, 2007... Byline: Elesh Khakhar Source of comfort As the global outsourcing market matures, we are seeing more and more contracts being restructured before they reach their agreed term. So far in 2007, restructured deals account for almost a...

In the classroom: bad news for small companies.
May 17, 2007... Byline: bob hawken in the classroom: bad news for small companies In 2002 the 0% corporation tax starting rate was introduced for small companies. This prompted the 'great incorporation rush' as companies realised the major...

Suitable for micros?
May 17, 2007... Byline: nigel sleigh johnson Suitable for micros? Much of the debate about the IASB's draft 'IFRS for SMEs' has been over its suitability -- or unsuitability -- for use by 'micro' companies around the world. But could there be a...

Celebrate diversity.
May 17, 2007... Byline: Ashley Steel Celebrate diversity Even in this day and age, an individual's sexuality can have real implications for their career. I know very well the issues that sexuality can create -- I am gay and a partner and UK...

Making the news.
May 17, 2007... Byline: Nicholas Neveling Making the news Just over two months ago Reuters chief financial officer David Grigson was signing off a solid set of final results for the news and data organisation and no doubt looking forward to a...

Administration is tactical victory for relegated clubs.
May 17, 2007... Byline: David Jetuah Administration is tactical victory for relegated clubs Insolvency David Jetuah Two football clubs' decision to enter into 'tactical' administrations is taxing the profession as much as the football...

XBRL gets US seal of approval.
May 17, 2007... Byline: Penny Sukhraj XBRL gets US seal of approval Technology/Audit Penny Sukhraj The acronym that has become synonymous with real-time reporting -- XBRL (eXtensible Business Reporting Language) -- has just been given...

We'll never be replaced by robots.
May 17, 2007... Byline: Alex Hawkes We'll never be replaced by robots As a journalist, I've become used to being told I will be out of business within years. Computers can aggregate information, sort it for people and direct them to the most...

Insurers warned of upheaval as convergence intensifies.
May 17, 2007... Byline: David Jetuah Insurers warned of upheaval as convergence intensifies David Jetuah Industry corporates will have to overhaul their finance functions if a key IASB convergence effort is pushed through, Ernst & Young's...

Better by design.
May 17, 2007... Byline: Accountancy Age Better by design our experts discuss the attributes that make up the perfect finance director Carolyn Bresh, global head of finance, Reuters Based on what I've seen at work here, the role of the FD is...

on the money with Gavin Hinks.(Brief article)
May 17, 2007... Byline: Gavin Hinks on the money with Gavin Hinks This column is all about timing, and here's a fine example. Gordon Brown throws himself into his campaign to become leader of the Labour Party and future prime...

A taxman's lot is not a happy one There appears to be something of a crisis in morale underway within HMRC. For some this will come as no surprise, but we have the evidence now to demonstrate what's going on. An internal survey reveals that morale and sa.(Her Majesty's Revenue and Customs)(Brief article)
May 17, 2007... Byline: Accountancy Age A taxman's lot is not a happy one There appears to be something of a crisis in morale underway within HMRC. For some this will come as no surprise, but we have the evidence now to demonstrate what's going...

Heer launches private equity funds.
May 17, 2007... Byline: Nicholas Neveling Heer launches private equity funds Nicholas Neveling Former Robson Rhodes managing partner Sukhbinder Heer has launched two private equity funds following a short stint of consulting work for MGI Wenham...

Two declarations required for EU spending, say MEPs.
May 17, 2007... Byline: Alex Hawkes Two declarations required for EU spending, say MEPs Alex Hawkes National governments should issue two declarations on their spending of EU money, MEPs have said. One should relate to the control...

UK tax lacks the 'va-va voom'.(United Kingdom)(Brief article)
May 17, 2007... Byline: TS UK tax lacks the 'va-va voom' When precocious race-ace Lewis Hamilton isn't driving around in a circle for two hours or hosing down tank-top clad blondes with champagne, he likes to spend his time pondering the merits of the...

Kheraj catches a break.(Naguib Kheraj)(Brief article)
May 17, 2007... Byline: TS Kheraj catches a break Being in the right place at the right time is one of TS' defining principles, but Naguib Kheraj's latest case of horse (or in this case house) trading, is right out of the top drawer. The former...

'Foreign IPOs don't dilute AIM quality,' says chief.
May 17, 2007... Byline: David Jetuah 'Foreign IPOs don't dilute AIM quality,' says chief David Jetuah The chair of AIM's advisory board has shot down claims that foreign IPOs are diluting the quality of the AIM market. A recent study...

Revenue enforces gear up for international tax swoop.
May 17, 2007... Byline: Nicholas Neveling Revenue enforces gear up for international tax swoop Nicholas Neveling Companies with US listings have been warned that they could face a swoop from international tax authorities for detailed documentation...

SIMPSONS film maker s to cast new FD One of Hollywood's most glamorous film studios, 20th Century Fox, is on the hunt for a new finance director for its UK home entertainment business, writes Nicholas Neveling. The current FD of the home entertainment div.
May 17, 2007... Byline: Nicholas Neveling SIMPSONS film maker s to cast new FD One of Hollywood's most glamorous film studios, 20th Century Fox, is on the hunt for a new finance director for its UK home entertainment business, writes Nicholas...

Taxman in turmoil as morale plummets.
May 17, 2007... Byline: Richard Brooks Taxman in turmoil as morale plummets Richard Brooks Staff morale at HM Revenue & Customs has plummeted in the eighteen months following the creation of the merged department in April 2005, according to a...

Plumber tax ad 'second most disliked'.
May 17, 2007... Byline: Nicholas Neveling Plumber tax ad 'second most disliked' Nicholas Neveling An advert depicting a plumber attempting to evade tax by hiding under the kitchen sink has emerged as one of the most disliked in the country...

Top 50 firm is late on accounts.(Hazlewoods LLP)(Brief article)
May 17, 2007... Byline: Kevin Reed Top 50 firm is late on accounts Kevin Reed A top 50 firm that is four months late filing its accounts expects to post its figures by the end of the month. Hazlewoods, which was ranked 38 in last year's...

Merger is no longer a priority, says Izza.(Michael Izza)
May 17, 2007... Byline: Gavin Hinks Merger is no longer a priority, says Izza Gavin Hinks The strongest signal so far that a merger is off the agenda at the ICAEW has been given by chief executive Michael Izza who has made it clear that...

Boyle vows to act on audit choice.(Paul Boyle of the Financial Reporting Council)(Brief article)
May 17, 2007... Byline: Penny Sukhraj Boyle vows to act on audit choice Penny Sukhraj Intervention in the UK audit market remains a possibility, the Financial Reporting Council has warned, if current efforts to open up the market prove...

FA looks to tackle 11th hour administrations.
May 17, 2007... Byline: David Jetuah FA looks to tackle 11th hour administrations David Jetuah The Football Association is plotting an overhaul of league rules to stop football clubs becoming insolvent to minimise points penalties. Leeds...

Consultants dismiss Big Four challenge.
May 17, 2007... Byline: Kevin Reed Consultants dismiss Big Four challenge Kevin Reed, Damian Wild and Michelle Perry Two of the heads of the UK's largest consulting firms have poured scorn on the Big Four's attempts to get back into the...

Malone steps up as Misys FD.
May 17, 2007... Byline: David Jetuah Malone steps up as Misys FD David Jetuah Jim Malone will take over the financial reins at struggling software provider Misys next month, the company has announced. He takes over from outgoing finance director...

A bitter history.
May 17, 2007... Byline: Kevin Reed A bitter history There is no love lost between the Big Four and the 'established' consulting players. Much of the bad blood dates from the acrimonious split of Andersen Consulting from Andersen. But...

The entrepreneurial mind.
May 17, 2007... Byline: Tim Campbell the entrepreneurial mind tim campbell Over the last month or so, few of us could have missed the depressing headlines detailing the almost daily loss of life amongst members of the younger generation. Living...

Robson Rhodes troubles.(Brief article)
May 17, 2007... Byline: TS Robson Rhodes' financial difficulties were critical to the Grant Thornton deal, right? Not so, apparently. The firm is implying that its debts were not out of line with those of comparable partnerships. TS thought it would be...

ICAEW council room.(Institute of Chartered Accountants in England and Wales)(Brief article)
May 17, 2007... Byline: TS TS has got an update on the destruction of the ICAEW council room to make way for a temporary library. Apparently the council has decided to put its amphitheatre designs on ice, by delaying a decision on the construction work...

Call off the search.
May 17, 2007... Byline: TS Call off the search, TS has solved it It's one of the great mysteries of our time. Just which institute is Mark Otty, chairman of Ernst & Young, a member of? TS has been pushing the issue in typically pugnacious, Paxo...

Straw invites advisers into budget committee.
May 17, 2007... Byline: Our Parliamentary Staff Straw invites advisers into Budget committee Our parliamentary correspondent Senior tax advisers could brief MPs directly on the detail of tax legislation under plans mooted this week. Jack...

Sir John Bourn.(Brief article)
May 17, 2007... Byline: David Jetuah Web Sight: Sir John Bourn Sir John Bourn, the auditor general of the National Audit Office (nao.org.uk) has found himself in the eye of a spending storm after news spread of his [pounds sterling]300,000 travel...

London's dominance boosts consulting.
May 17, 2007... Byline: Kevin Reed London's dominance boosts consulting Kevin Reed London's position as the world's leading financial centre has boosted growth of the UK's management consultancy market. The latest figures from the Management...

Bridging the gap.(cash-flow gap between sale and purchase)
May 24, 2007... Byline: Brian Colvill bridging the gap Trade finance can help to bridge the cash-flow gap between purchase and sale, says Brian Colvill In today's increasingly competitive market, a growing number of UK businesses are choosing to...

Grow your own.(financial growth)
May 24, 2007... Byline: Phil Shohet Grow your own Many practices focus on growth, but too many face hurdles G rowth potential is a priority for all managing partners -- either the growth of fees, profits, client base, or all three. But most...