Accountancy Age articles from May 2008

Accountancy Age archives from May 2008

HAs your CV got equity?(curriculum vitae)
May 1, 2008... Byline: Directorbank HAs your CV got equity? What skills and experience do private equity firms look for in an FD appointment A- and who is likely to make the grade? The good news is that there are plenty of new opportunities...

I am the greatest.(business ideas)
May 1, 2008... Byline: jeremy kourdi I am the greatest come up with a killer idea to beat your competitors to the punch, says jeremy kourdi What is the greatest business idea ever? Everybody has their favourite. For some it might be Henry Ford's...

Group dynamics.
May 1, 2008... Byline: Mark Freebairn view from the board: Group dynamics I have written many times about how the role of finance has evolved, and I won't bore you all again with yet more stories of commerciality and operational support. ...

People and moves...(Brief article)
May 1, 2008... Byline: rachael singh People and moves... Job to die for: FD of ryder's fleet division This week's gong for job of the week goes to Sara Garvie, who has taken the wheel at the UK fleet management services division of Ryder. Garvie...

hot.(surveys regarding human resources management)(Brief article)
May 1, 2008... Byline: Kevin Reed hot In an era of financial uncertainty and global competition, an MBA seems to be a safe haven for young professionals seeking career advancement, so says MBA's research. Average salaries for new MBAs from many top...

Aviva chief executive reveals solid state of affairs.(Interview)
May 1, 2008... Byline: David Jetuah Aviva chief executive reveals solid state of affairs QThese are your first set of preliminary results as chief executive, so how would you sum them up? AI think they are a robust set of results in the face of...

Brave the new world.(fair value measurement of assets and liabilities)
May 1, 2008... Byline: Larry Levine Brave the new world There has been a sea change in accounting's orientation regarding valuing assets and liabilities from an historical cost perspective to a fair value perspective. Today, fair value is the...

Tax Team of the Year.(PricewaterhouseCoopers)(Brief article)
May 1, 2008... Byline: Accountancy Age Tax Team of the Year It may be one of our newest awards but it is no less competitive for that. Last year, its debut in the Accountancy Age Awards, Tax Team of the Year was one of the most closely fought...

road to nowhere.
May 1, 2008... Byline: Barbara Buchanan road to nowhere The Serious Fraud Office, you could argue, has enough on its plate with the row over the BAE Systems investigation. So perhaps that explains, in part, why its new head Richard Alderman...

on the money with Gavin Hinks.(Prince Andrew's hiring of PricewaterhouseCoopers to measure his effectiveness as the United Kingdom's business ambassador)(Brief article)
May 1, 2008... Byline: Gavin Hinks on the money with Gavin Hinks Wouldn't we all love to be able to hire a top accountancy firm to measure our effectiveness at work? Of course, we would, we'd all appreciate an honest insight into...

Green initiative.(Deutsche Post)(Brief article)
May 1, 2008... Byline: Kevin Reed Green initiative Deutsche Post, owners of DHL Express, has become the latest business to launch a major 'green' initiative. Entitled GoGreen, the business aims to reduce its carbon footprint for every letter mailed,...

Higher auditing costs set to hit private companies hardest.
May 1, 2008... Byline: Penny Sukhraj Higher auditing costs set to hit private companies hardest AUDIT Penny Sukhraj Less is more, they say A- and where international auditing standards are concerned, the phrase has an extra irony. New...

Desire to i?1/2competei?1/2 is wrong.(Brief article)
May 1, 2008... Byline: Alex Hawkes Desire to 'compete' is wrong I am always a little wary when I hear people say that it is important for the UK to be 'competitive' on tax. The calls are coming thick and fast in the wake of drugmaker...

You shouldni?1/2t be surprised.
May 1, 2008... Byline: Chris Laughton You shouldn't be surprised Is it a coincidence that the incoming UK heads of PricewaterhouseCoopers and BDO are from a restructuring background in the current economic climate? Ian Powell takes the helm at...

PwCi?1/2s Powell mulls appointments.over new management.(PricewaterhouseCoopers' senior partner-elect Ian Powell)
May 1, 2008... Byline: michelle perry PwC's Powell mulls over new management appointments Penny Sukhraj and Michelle Perry Ian Powell, the senior partner-elect at PricewaterhouseCoopers, the UK's largest audit firm, has said that advisory work is...

stormy waters.(what a finance director should do in tough market conditions)
May 1, 2008... Byline: Kevin Reed stormy waters Our experts discuss the role of the finance director in tough market conditions What must FDs do in these conditions? Stuart Oag, finance director, Stewart Milne Homes We need to take a...

EC meddling could hit UK companies.(European Commission)(Brief article)
May 1, 2008... Byline: michelle perry EC meddling could hit UK companies Michelle Perry European opt-outs could leave UK companies stranded from the international accounting standards system and facing higher capital costs, if the EU frustrates...

balanced performance.(the business idea of the balanced scorecard)(Brief article)
May 1, 2008... balanced performance Of particular interest to finance directors is the balanced scorecard, which is a great business idea because it highlights the importance of measurement for improving business performance. The balanced scorecard...

Independence is rule number one for neds Among the ten i?1/2to-dosi?1/2 audit committee members should observe this year, according to the audit committee institute at KPMG, is No.7: i?1/2Be prepared for a crisisi?1/2. I doubt very much that lastminute.com founder Marth.(Brief article)
May 1, 2008... Byline: Accountancy Age Independence is rule number one for neds Among the ten 'to-dos' audit committee members should observe this year, according to the audit committee institute at KPMG, is No.7: 'Be prepared for a crisis'. ...

A month off for good behaviour.(Brief article)
May 1, 2008... Byline: TS A month off for good behaviour The good folks of the ICAEW are trying to make sure that they make transparent disclosure of public hearings, but in a strange twist of fate their efforts are being cheapened by their saintly...

Teething problems at the IASB.(International Accounting Standards Board's efforts to more inclusive and accessible)(Brief article)
May 1, 2008... Byline: David Jetuah The IASB's efforts to be more inclusive and accessible need a spot of fine tuning. The accounting rule makers are trying their hardest to be more accommodating after getting a tongue-lashing from Europe, but there are...

Humorous IASB and FASB meeting.
May 1, 2008... Byline: Alex Hawkes Rare humour at an IASB and FASB meeting. Bob Herz, head of the US Financial Accounting Standards Board, was discussing the credit crunch. He noted that some special purposes vehicles were not 'working' A- the assets in...

I don't care too much for money.
May 1, 2008... Byline: TS I don't care too much for money Wrangling continues over how much Sir Paul McCartney is worth, in the wake of his acrimonious divorce settlement with former wife Heather Mills. You will remember that during their...

Love isi?1/2.(a chartered accountant's dating advertisement)(Brief article)
May 1, 2008... Byline: Alex Hawkes Love is . . . While reading thelondonpaper the other day, we came across a chartered accountant seeking a date. Worryingly, she suggested that she was looking for a man who 'ticked all the right boxes.' TS's aching...

Green code to measure eco impact.
May 1, 2008... Byline: Rachael Singh Green code to measure eco impact Rachael Singh Software developers are to be urged to integrate environmental metrics into their technologies. BASDA, the software industry body, has created a discussion...

Off balance sheet structures too risky.
May 1, 2008... Byline: Penny Sukhraj Off balance sheet structures too risky Penny Sukhraj Accounting rules which allowed risky structures to be kept off the balance sheet are to be revised, with the structures no longer being allowed. The...

Airline assets go sky high.
May 1, 2008... Byline: Alex Hawkes Airline assets go sky high Alex Hawkes Airlines are set to bring the value of taking off and landing slots on to their balance sheets, with major companies able to book billions more in assets. The move...

IVA mail shot referred to watchdog.(individual voluntary arrangement)(Brief article)
May 1, 2008... Byline: Rachael Singh IVA mail shot referred to watchdog Rachael Singh A complaint has been made to the Office of Fair Trading regarding a mail shot sent out by an individual voluntary arrangement group claiming that recipients...

Call to target British havens.
May 1, 2008... Byline: Our Parliamentary Correspondent Call to target British havens Our parliamentary correspondent British investigators and prosecutors should be deployed to enforce money-laundering and other financial regulation in tax havens...

US shortens filing deadlines.(Brief article)
May 1, 2008... Byline: Penny Sukhraj US shortens filing deadlines Penny Sukhraj UK companies with US listings face tighter deadlines for filing reports. Regulators in the US are proposing to cut the deadline to 90 days from six months. ...

MoD aims to recruit qualified finance chief.
May 1, 2008... Byline: David Jetuah MoD aims to recruit qualified finance chief David Jetuah and Richard Brooks A fresh campaign to find a qualified finance director is to be launched by the Ministry of Defence, as the government unveiled a...

Sisters face IHT bill after EC ruling.
May 1, 2008... Byline: Barbara Buchanan Sisters face IHT bill after EC ruling Barbara Buchanan Two elderly unmarried sisters have lost their appeal against a European Court of Human Rights ruling that they should pay inheritance tax...

Former head slams SFO direction.(Ros Wright of Serious Fraud Office)(Brief article)
May 1, 2008... Byline: Barbara Buchanan Former head slams SFO direction Barbara Buchanan One of the most successful recent heads of the SFO has added her voice to concerns that the fraud office may be forsaking the big company cases it is noted...

BDO chief lashes out at Big Four clauses in audit contracts.(BDO Stoy Hayward)
May 1, 2008... Byline: Penny Sukhraj BDO chief lashes out at Big Four clauses in audit contracts Penny Sukhraj The UK accounting industry should have intervened more to increase audit choice by banning 'Big Four-only' clauses from bank audit...

Higgs Report.
May 1, 2008... Byline: Rachael Singh Web Sight: Higgs report Sir Derek Higgs, who died this week, was best known for his celebrated report on corporate governance. (ecgi.org/codes/documents/higgsreport.pdf). The report shook up British boardrooms...

Treasury urged to revisit foreign profits.
May 1, 2008... Byline: Barbara Buchanan Treasury urged to revisit foreign profits Barbara Buchanan Companies are seeking a further meeting with the Treasury to hammer out a more palatable regime for taxing foreign profits of UK-based...

Thompson.( Jon Thompson )(Brief article)
May 1, 2008... Byline: TS TS was down at Westminster on a typically changeable British summer's day recently, but the temperature was turned up more than a few notches as Jon Thompson faced Public Accounts Committee rottweilers. As the new boy was given...

Life left in the M&A market despite crisis.
May 1, 2008... Byline: Gavin Hinks Life left in the M&A market despite crisis corporate finance Gavin Hinks Reports of the death of M&A may have been greatly exaggerated. Well, that's according to experts in the field grappling with the...

outside in.
May 8, 2008... Byline: ICAS outside in Many readers will remember the 1980s TV series Do They Mean Us? Presented by former Fleet Street editor, Derek Jameson, the show featured the views of our European neighbours on the eccentricities of British...

Blue Chip FD of the Year.(financial director, Ian Dyson)(Brief article)
May 8, 2008... Byline: Accountancy Age Blue Chip FD of the Year Jobs don't come much tougher than being the finance director of a Blue Chip company. The list of subjects they have to master is horrendous. Consolidating accounts, internal...

Spirit of adventure.(Holidaybreak PLC)(Company overview)
May 8, 2008... Byline: Penny Sukhraj Spirit of adventure Some would argue that the current economic cycle does not lend itself to the public spending their hard-earned pennies on leisurely holidays, or anything enjoyable, for that matter. So how...

on the money with Gavin Hinks.
May 8, 2008... Byline: Gavin Hinks on the money with Gavin Hinks When the Association of British Insurers berated Stuart Rose at Marks & Spencer for taking on the CEO and chairman's role, it was made possible because of one man...

Achilles heel.
May 8, 2008... Byline: Kingsley Napley Achilles heel Forensic accountants who act as expert witnesses in civil or criminal proceedings traditionally enjoy immunity from claims for breach of contract and/or negligence in respect of the evidence that...

Be a gentle giant.(career management)
May 8, 2008... Progressive thinking: Be a gentle giant Assertiveness is good and a lack of assertiveness can stall your career. When two people have similar skills and experience, it's often the more assertive one who gets promoted. Some people...

Cheque blank.(on faster electronic services)
May 8, 2008... Byline: Adiran stafford jones Cheque blank This May the UK banking industry will deliver the faster payments initiative, offering business a near 'real-time' payment system for sums up to [pounds sterling]10,000. Crucially, this...

People and moves...
May 8, 2008... Byline: Rachael Singh People and moves... Job to die for: Manchester airports FD Ken Duncan lands our gong for taking the FD post at Manchester Airports Group. Duncan joins the owners and operators of Manchester, East Midlands,...

part-qualified.(Brief article)
May 8, 2008... Byline: Kevin Reed part-qualified CIMA and ACCA part-qualifieds with blue chip experience are in demand due to the City's investment banks looking to spread their talent pool, according to Morgan McKinley. The recruiters suggest that...

Sceptics see debt restriction as a treatment not a cure.
May 8, 2008... Byline: Rachael Singh Sceptics see debt restriction as a treatment not a cure Insolvency Rachael Singh They are billed as the UK's answer to American Chapter 11 rules A- but for individuals A- so why is the insolvency...

Customer focus.
May 8, 2008... Byline: damian wild Customer focus In tough trading conditions maximising customer profitability is vital. Our experts discuss how to do it Given activity-based costing is at the heart of measuring profitability, are most...

Dublini?1/2s gain is Darlingi?1/2s loss.
May 8, 2008... Byline: Barbara Buchanan Dublin's gain is Darling's loss Tax Barbara Buchanan For years, Gordon Brown was told that companies would leave the UK in protest at his tax policies when he was chancellor. Alistair Darling, his...

Will the Big Four audit row ever cease?
May 8, 2008... Byline: Penny Sukhraj Will the Big Four audit row ever cease? The Big Four must be wondering whether the debate over their dominance of top audits will ever go away. BDO Stoy Hayward, the UK's sixth largest firm and a...

Exchange rate errors hit Alexandra profits.(Financial report)
May 8, 2008... Byline: David Jetuah Exchange rate errors hit Alexandra profits David Jetuah A bespoke uniform-maker to the Queen has been rocked by accounting problems which saw a quarter of its profits wiped out. Alexandra is releasing its...

Share issues.
May 8, 2008... Byline: Gavin Hinks Share issues Rebuilding a balance sheet is not an easy job especially when it follows write-downs that run into billions of pounds. Unfortunately that's the position finance directors of some UK banks find...

is it time to go public?(public accountants)(Editorial)(Brief article)
May 8, 2008... Byline: Alex Hawkes is it time to go public? Would UK accountants be more publicly minded if, like their American counterparts, they were described as 'public' accountants? In the US you are a CPA, a 'certified public...

The game plan.(gambling industry)
May 8, 2008... Byline: Staff The game plan Q These results demonstrate that your revenue mix is improving. So when will you be entirely happy with the balance of the group? AWe haven't got any set targets as to revenue mix, but it will continue...

Chairs.(Deloitte & Touche L.L.P.)(Brief article)
May 8, 2008... Byline: TS The fish are safe Now that Deloitte has moved out of the old Andersen office on the Strand, TS has been wondering what happened to those trendy orange chairs in the reception? Well, of course they became blue chairs...

just good friends i?1/2 or a relationship gone bad? Later this year lawyers for Banco Espirito Santo will go before a US jury to argue that BDO International should be liable for damages awarded against member firm BDO Seidman. In a ruling against Seidman, in.
May 8, 2008... Byline: Accountancy Age just good friends A- or a relationship gone bad? Later this year lawyers for Banco Espirito Santo will go before a US jury to argue that BDO International should be liable for damages awarded against member firm...

Taxmen caught in the act.(Brief article)
May 8, 2008... Byline: TS Taxmen caught in the act More than 600 staff at the taxman have been disciplined for accessing personal or sensitive data, Jane Kennedy, the minister in charge of the department, has said. Disciplined means, in many cases,...

Shire.
May 8, 2008... Byline: TS Put your shirt on the favourite Shire has left the country for tax reasons, and so has United Business Media. Who will be next, everyone is asking? TS asked Cantor Alphabet, the betting firm, to give us some odds, and...

Insolvency stats miss full scale of debt, claim practitioners.
May 8, 2008... Byline: Rachael Singh Insolvency stats miss full scale of debt, claim practitioners Rachael Singh Government insolvency statistics released last week may not fully reflect the impact of the credit crunch, practitioners have said....

Top 50.
May 8, 2008... Byline: Gavin Hinks Some people always want to be first in the queue to reveal all, to let us into their secrets, their innermost thoughts and confess, nay, boast their successes. So it was when the rush came to submit responses to the...

Grant Thornton looks to build on AIM domination.(Alternative Investment Market)(Grant Thornton L.L.P.)(Brief article)
May 8, 2008... Byline: michelle perry Grant Thornton looks to build on AIM domination Michelle Perry Grant Thornton is hoping to use its dominance of the AIM market as a bridgehead to bigger audits. New figures show the fifth largest firm...

Treasury tight-lipped on business tax forum.
May 8, 2008... Byline: David Jetuah Treasury tight-lipped on business tax forum David Jetuah and Barbara Buchanan Tax policy chiefs are looking to fast track the selection process for membership of a business-government think tank so efforts...

buffett sanguine over accounting losses Warren Buffett, the worldi?1/2s greatest investor, has vowed that his derivatives bets will come good, despite declaring a $1.6bn loss under new accounting rules. He said the companyi?1/2s derivative position would i?1/2someti.
May 8, 2008... Byline: Barbara Buchanan buffett sanguine over accounting losses Warren Buffett, the world's greatest investor, has vowed that his derivatives bets will come good, despite declaring a $1.6bn loss under new accounting rules. He said the...

Treasury in row over i?1/235k non-dom bill.(non-domicile law)
May 8, 2008... Byline: Alex Hawkes Treasury in row over [pounds sterling]35k non-dom bill Alex Hawkes The Treasury arranged to pay [pounds sterling]35,000 for a legal opinion suggesting non-domiciles could claim the new tax charge they face...

Departments shun plans for i?1/2shadowi?1/2 IFRS.
May 8, 2008... Byline: Penny Sukhraj Departments shun plans for 'shadow' IFRS Penny Sukhraj Major government departments are set to opt out of planned 'shadow' accounting under IFRS, scheduled in preparation for a final switch to international...

Clubsi?1/2 future on the line As the Premier League nears its climax this weekend, its junior cousin the Football League is reviewing its insolvency procedures, with dozens of clubs potentially heading for financial trouble, writes Kevin Reed. An arbitrat.
May 8, 2008... Byline: Kevin Reed Clubs' future on the line As the Premier League nears its climax this weekend, its junior cousin the Football League is reviewing its insolvency procedures, with dozens of clubs potentially heading...

BDO case may set precedent for umbrella bodiesi?1/2 liability.
May 8, 2008... Byline: David Jetuah BDO case may set precedent for umbrella bodies' liability David Jetuah A watershed appeal involving BDO International could lead to international networks being held liable for claims involving their US member...

Wenham Major calls in advisers over i?1/2irregularitiesi?1/2.
May 8, 2008... Byline: Gavin Hinks Wenham Major calls in advisers over 'irregularities' Gavin Hinks Corporate restructuring specialists from Vantis are among the experts pitching to advise troubled Top 50 accountancy firm Wenham Major. ...

SMEs fear bill for foreign profits change.
May 8, 2008... Byline: Alex Hawkes SMEs fear bill for foreign profits change Barbara Buchanan Smaller businesses could end up footing the bill for concessions the Treasury looks likely to offer to multi-nationals, if proposals to tax foreign...

Treasury urged to resolve costly tax rules.
May 8, 2008... Byline: Parly Treasury urged to resolve costly tax rules Our Parliamentary Correspondent The Cabinet Office has accused the Treasury of failing to sort out VAT rules, which prevent public bodies saving more than [pounds...

Ernst & Young faces hurdles when merging E&Y may face a number of difficulties when embarking on its plan to merge all its 45 European firms and incorporate another 42 partnerships, according to the co-head of KPMG Europe. John Griffith-Jones admitted in.
May 8, 2008... Byline: Rachael Singh Ernst & Young faces hurdles when merging E&Y may face a number of difficulties when embarking on its plan to merge all its 45 European firms and incorporate another 42 partnerships, according to the co-head of...

Disciplinary costs see institute post i?1/21.6m deficit.(Brief article)
May 8, 2008... Byline: Alex Hawkes and Barbara Buchanan Disciplinary costs see institute post [pounds sterling]1.6m deficit Alex Hawkes and Barbara Buchanan The ICAEW has plunged to a [pounds sterling]1.6m loss, following an increase in the...

Tesco woni?1/2t shelve case despite apology.
May 8, 2008... Byline: Barbara Buchanan Tesco won't shelve case despite apology Barbara Buchanan Tesco is to press ahead with its libel action against the Guardian despite the national newspaper's apology for inaccuracies in reporting of the...

Web sight.(Italian National Register and the National Tax Office)(Brief article)
May 8, 2008... Byline: Rachael Singh Web Sight: dolce vita The Forbes Rich List was outdone this week, as the Italian National Register published income and tax details of every Italian citizen this week. (www.accountancyage.com/2215763). The move...

Stick and carrot.
May 15, 2008... Byline: Nick Goulding Stick and carrot 'Green tax' A- it sounds great in theory but unpopular when it hits ordinary people. Just think of the uproar over new car tax bands. Undoubtedly, green taxes have a role but alone are not enough....

Stop the rot.
May 15, 2008... Byline: Richard Alderman Stop the rot There's a popular misconception that fraud is a victimless crime. At the Serious Fraud Office the victims of fraud are at the heart of what we do. In the public consciousness we are primarily...

People and moves...
May 15, 2008... Byline: Rachael Singh People and moves... Job to die for: acertec group fd This week's gong for job of the week goes to Jonathan Cook, who takes up the role of group finance director at Acertec, the steel manufacturer and...

Be Prepared.
May 15, 2008... Byline: Mark Bracher Be Prepared Accountants have benefitted from low professional indemnity insurance premiums for years, but that might be about to change. Partially as a result of the credit crunch and fall out from the US...

green shoots.(Interview)
May 15, 2008... Byline: Penny Sukhraj green shoots In his own words, James Thompson went 'straight into the thick of it' at Ecosecurities. The former Greenergy CFO stepped into his latest role as finance director back in mid-January during a...

The FD's FD: be active on activism.(financial directors)
May 15, 2008... Byline: Margaret Ewing the fdS' fd: be active on activism While the consequences of current market turbulence are often debated, little is written about investors' reactions. One recent broadsheet article, however, covered the...

Kyoto protocol.
May 15, 2008... Byline: Penny Sukhraj Kyoto protocol The Kyoto Protocol was agreed on 11 December 1997, at the 3rd Conference of the Parties. As of November 2007, 175 parties have ratified the protocol. Of these, 36 developed countries (plus the...

battle stations.
May 15, 2008... Byline: Alex Hawkes battle stations The accounting market has precious few listed firms. The industry's biggest concerns are privately owned by their partners, and when firms merge, they do so by agreement. What this means, apart from...

FCs shun top spot as job spec toughens.
May 15, 2008... Byline: David Jetuah FCs shun top spot as job spec toughens David Jetuah Half of financial controllers would snub the chance to lead their finance function, it has emerged. The findings, in a survey of FCs mainly from the FTSE...