Accountancy Age articles from November 2007

Accountancy Age archives from November 2007

retail therapy.
November 1, 2007... Byline: david jetuah retail therapy The business of high street shopping is fiercely competitive and fraught with reputational risk. For John Lewis, keeping up with the Joneses A- in this case, Peter Jones et al A- is the...

No such thing as a CV sellout.(curriculum vitae)
November 1, 2007... Byline: mark freebairn view from the board: no such thing as a cv sellout If I had a pound for the number of times I've been asked to re-write someone's CV, I'd have enough money to buy Northern Rock. A few friends have...

Fit for purpose?
November 1, 2007... Byline: Nick Sutton Fit for purpose? As budgets squeeze, one of the first areas that many companies look for cost savings is the company car fleet. It is often tempting to remove the unpredictable cost and admin burden of running the...

crunch time.
November 1, 2007... Byline: Jason Francis, Jaama crunch time The noose around boards of directors that fail to implement managing occupational road risk policies is tightening as an ever-increasing amount of legislation is targeting not just errant...

All bark and no bite.(Financial Reporting Council)
November 1, 2007... Byline: Prem Sikka All bark and no bite The FRC's Choice in the UK Audit Market report is a damp squib. The FRC claims to be developing 'market-led' solutions. Yet 'markets' encourage monopolies and as a result the audit market is...

Arctic legal costs estimated at i?1/2500k.
November 1, 2007... Byline: Nicholas Neveling Arctic legal costs estimated at [pounds sterling]500k tax Nicholas Neveling The taxman may claim to have no clue about how much the Arctic Systems case cost the government, but the Professional...

PERFORMANCE ART.
November 1, 2007... PERFORMANCE ART Are emails and computers destroying our ability to speak well? Good verbal communication seems to have flown into cyberspace as inboxes fill up with emails and managers mumble their way through monotone PowerPoint...

take a cut.(Brief article)
November 1, 2007... Byline: Rachel fielding take a cutA report prepared for Green MEPs by Berlin consultants CPC says cars are responsible for 12% of total EU CO2 emissions. If the EU is to cut emissions by 30% in 2020, cars would have to be smaller, lighter...

watch and learn.
November 1, 2007... Byline: Andy Kirk watch and learn With UK economic expansion forecasts slashed by the IMF, there has never been a better time for fleet-dependent firms to start looking at ways of maximising 'vehicle and driver' efficiency as a means...

Money worries.
November 1, 2007... Byline: Dr Jackie Harvey Money worries The authorities justify their antimoney laundering (AML) legislative zeal on the basis that they believe money laundering to be on a scale so vast as to threaten the very foundations of the...

US-quoted companies urge reconciliation shift.(International Financial Reporting Standards and Generally Accepted Accounting Principles )
November 1, 2007... Byline: David Jetuah US-quoted companies urge reconciliation shift David Jetuah Businesses quoted on the US Stock Exchange are pushing for a key IFRS reform to be extended, which could benefit almost 700 companies. The...

into the spotlight.( Hundred Group of Finance Directors )(Brief article)
November 1, 2007... Byline: Nicholas Neveling into the spotlightIt took a bit longer than normal to finalise, but the Hundred Group of Finance Directors has finally nominated the chief financial officer of BG Group, Ashley Almanza, as the man to chair the...

Ownership research pushes audit profession boundaries.(Oxera)(Brief article)
November 1, 2007... Byline: Nicholas Neveling Ownership research pushes audit profession boundaries audit Penny Sukhraj Oxera, the think tank that compiled the contentious report arguing that there was too much concentration in the UK audit...

Employer of the Year.
November 1, 2007... Byline: Accountancy Age Employer of the Year Becoming Employer of the Year is no easy task. First of all, one would assume that employees are inherently unhappy about where they work A- their hours are always too long and they are...

Mid-range software.
November 1, 2007... Byline: Nicholas Neveling Mid-range software companies have perhaps the most difficult task of all IT companies in striking a balance to meet the needs of clients. They have to provide the simplicity and affordability a small business...

how toi?1/2.(How to survive a treasury select committee meeting)(Brief article)
November 1, 2007... Byline: Nicholas Neveling how toa[bar] survive a treasury select committeE meeting Assemble an entourage of 'advisers': To make the right impression you need an entourage that would make Naseem Hamed blush. To complete the...

on the money with Gavin Hinks.(Brief article)
November 1, 2007... Byline: Gavin Hinks on the money with Gavin Hinks It's been a great week for sending finance directors to prison. First of all Dennis Lomas, FD at Independent Insurance, got four years , along with the chief...

generation x.
November 1, 2007... Byline: damian wild generation x the rapid rate of change and an ageing population mean the next generation's finance leaders have their hands full Is there a leadership gap emerging in UK Plc? Nikos Kourtis, associate...

Darling to plough on with CGT upheaval.(Alistair Darling on capital gains tax)(Brief article)
November 1, 2007... Byline: Nicholas Neveling Darling to plough on with CGT upheaval Nicholas Neveling Tax simplification is a 'prize worth pursuing', chancellor Alistair Darling said this week as he brushed aside criticism of his proposed reforms to...

ownership reform is no panacea, but iti?1/2s a start Changing the ownership rules for audit firms will be no panacea for audit choice. Thati?1/2s the professioni?1/2s blunt opinion after Oxera published its EU-commissioned report last week. The report concludes that.(Brief article)
November 1, 2007... Byline: Accountancy Age ownership reform is no panacea, but it's a start Changing the ownership rules for audit firms will be no panacea for audit choice. That's the profession's blunt opinion after Oxera published its EU-commissioned...

Divide and Conker.(World Conker Championships at Ashton, Northants )(Brief article)
November 1, 2007... Byline: TS Divide and conker Every once in a while an issue touches a nerve in the accountancy community, generating a deluge of reaction. What's that, TS hears you cry? Oxera broadsiding on audit ownership or the chancellor's...

Bridgewater gets five years for fraud.
November 1, 2007... Byline: David Jetuah Bridgewater gets five years for fraud David Jetuah Disgraced FD Sharon Bridgewater will spend the next five years behind bars after being found guilty of a [pounds sterling]2m fraud. Bridgewater, FD at...

TS loves the Gee Gees.(Brief article)
November 1, 2007... Byline: TS TS loves the gee gees A- Royal Ascot, especially ladies day, Goodwood, a flutter on the 'National. Other people like their horses much closer up. Take BT's chairman Sir Mike Rake for example. He likes nothing better than leaping...

Couple Deloitte-d to get gig.
November 1, 2007... Byline: TS Couple Deloitte-d to get gig TS's very best wishes go out to Russ and Annie of Logan, Utah. In all our years of cocking a snook at the accountancy biz, we've never seen someone so excited at landing a gig with one of the Big...

Hamilton heads for Switzerland As Formula 1 ace Lewis Hamilton announces a move to Switzerland, in part for tax reasons, advisers are arguing that the UK is cracking down heavily on the residence rules, writes Nicholas Neveling. A new case at the specia.(Brief article)
November 1, 2007... Byline: Nicholas Neveling Hamilton heads for Switzerland As Formula 1 ace Lewis Hamilton announces a move to Switzerland, in part for tax reasons, advisers are arguing that the UK is cracking down heavily on the residence rules, writes...

Foreign profits consultation grinds to halt.(Brief article)
November 1, 2007... Byline: Nicholas Neveling Foreign profits consultation grinds to halt Nicholas Neveling The consultation on radical reforms of the way the UK taxes foreign profits has ground to a halt as advisers worry that the moves could cost...

Deloitte to revamp its global image.
November 1, 2007... Byline: Penny Sukhraj Deloitte to revamp its global image Penny Sukhraj Deloitte has denied any re-branding activity around the UK firm, but confirmed that Deloitte Global had put out a tender for a re-branding of the company. ...

E&Yi?1/2s Bloom gears up for transport committee clash.
November 1, 2007... Byline: David Jetuah E&Y's Bloom gears up for transport committee clash David Jetuah Top administrator and Ernst & Young partner Alan Bloom is to appear before MPs next week as parliamentary scrutiny of the Metronet debacle steps...

New FD for KPMG Europe.(Finance Director)(Brief article)
November 1, 2007... Byline: Nicholas Neveling New FD for KPMG Europe Nicholas Neveling Bernd Erle has been named as the finance director of KPMG Europe, erasing fears that the recently-formed European firm would find itself without an FD. The...

US i?1/2not ready for IFRS transitioni?1/2.
November 1, 2007... Byline: Penny Sukhraj US 'not ready for IFRS transition' Penny Sukhraj The US is not ready for IFRS, a former chief accountant of the Securities and Exchange Commission has said, despite the home of the world's largest capital...

CALLS FOR BBC ACCOUNTS TO BE AUDITED BY THE NAO Parliament should have full access to the BBCi?1/2s accounts, MPs insisted this week, writes our parliamentary correspondent. But the request has been flatly rejected by the government. i?1/2Most people who have se.
November 1, 2007... Byline: Our Parliamentary Correspondent CALLS FOR BBC ACCOUNTS TO BE AUDITED BY THE NAO Parliament should have full access to the BBC's accounts, MPs insisted this week, writes our parliamentary correspondent. But the request has been...

Taxman wins again in residence attack.
November 1, 2007... Byline: Nicholas Neveling Taxman wins again in residence attack Nicholas Neveling The taxman has won another case against a tax exile, in a growing and concerted attack on the wealthy figures who attempt to shelter cash...

NAO crisis reopens Saudi arms questions.(National Audit Office on Al-Yamamah arms deal)
November 1, 2007... Byline: David Jetuah and Richard Brooks NAO crisis reopens Saudi arms questions David Jetuah and Richard Brooks MPs will renew their push to get the National Audit Office to issue its report on the Al-Yamamah arms deal, as the...

Treasury must return i?1/27m of PHONE-IN VAT VAT revenue of i?1/27m brought in from a i?1/245m phone-in scandal should be returned, MPs have demanded. The demand was made after it emerged that viewers of GMTV, Richard & Judy, and a number of ITV programmes had wasted.
November 1, 2007... Byline: Nicholas Neveling Treasury must return [pounds sterling]7m of PHONE-IN VAT VAT revenue of [pounds sterling]7m brought in from a [pounds sterling]45m phone-in scandal should be returned, MPs have demanded. The demand was made...

Northern exposure.
November 6, 2007... Byline: David Jetuah Northern exposure Unless you've been living under a (Northern) rock for the past few months, you'll know that one of the UK's leading banks was saved from possible ruin after the Bank of England was told to bail...

Relaxing audit firm ownership could stimulate growth.
November 8, 2007... Byline: Nicholas Neveling Relaxing audit firm ownership could stimulate growth Audit firms should not rule out external investment too quickly, writes Nicholas Neveling audit Nicholas Neveling The cool response from audit...

FDs turn to debt as dip in valuations.
November 8, 2007... Byline: David Jetuah FDs turn to debt as dip in valuations David Jetuah Leading CFOs think that equity markets value their companies too cheaply, forcing them to approach banks rather than issue stock in return for finance....

State accounting overhaul on track.
November 8, 2007... Byline: Nicholas Neveling State accounting overhaul on track public sector Parliamentary correspondent The government is embarking on the biggest change in government accounting practices since the switch to resource...

In the classroom: learning should really be fun.
November 8, 2007... Byline: Bob Hawken in the classroom: learning really should be fun As accountants look to meet their professional body's continuing professional development requirements, it can be a frustrating time as they search for something that...

sitting bull.
November 8, 2007... Byline: David Jetuah sitting bull prospects: will merrill Lynch's CFO be the next sub-prime casualty? asks david jetuah With the US investment banking community fretting about the reporting of sub-prime related securities, it was...

Nowhere to hide.
November 8, 2007... Byline: Baroness Scotland Nowhere to hide a national strategy is needed to tackle UK's [pounds sterling]14bn fraud, writes Baroness Scotland The Fraud Review, which was commissioned by the attorney general and the chief secretary...

another bumper year.
November 8, 2007... Byline: Philip Abbott another bumper year The latest annual survey of top management consulting firms shows a rise in consultancy fee income to a record [pounds sterling]5.9bn. But who exactly are the winners and losers in the...

Herz calls for calm approach in IFRS convergence rush.(Bob Herz, International Financial Reporting Standards )(Brief article)
November 8, 2007... Byline: Penny Sukhraj Herz calls for calm approach in IFRS convergence rush audit Penny Sukhraj It may be the home of the world's largest capital markets, but the US needs more time to make sense of IFRS, its leading...

Pegasus moves to calm users.(Pegasus Software)(Brief article)
November 8, 2007... Byline: Nicholas Neveling Pegasus moves to calm users technology Nicholas Neveling The recently-appointed commercial director of Pegasus Software, Kevin McCallum has promised his 100,000 UK users that their software will...

the talent to deliver.(Integral UK Ltd.)(Brief article)
November 8, 2007... Byline: sponsor the talent to deliver Corporate Finance Deal of the Year Award Integral are pleased to be sponsoring the Accountancy Age Awards for the fourth consecutive year. The Corporate Finance Deal of the Year Award is...

from strength to strength.(Marks Sattin )(Brief article)
November 8, 2007... Byline: sponsor's copy from strength to strength Small Firm of the Year Award Established in 1988, Marks Sattin is a leading recruitment agency specialising in accountancy, finance, tax and consultancy. With 100+ specialised and...

Annual report of the week.
November 8, 2007... Byline: Staff RENISHAW PLC Line of business: Metrology and inspection equipment, computer aided design and manufacturing systems Listing status: FTSE 250 Period end: 30/06/07 30/06/06 Publication date: 17/08/07...

Saddami?1/2s accounting systems still in place.
November 8, 2007... Byline: Penny Sukhraj Saddam's accounting systems still in place Attempts to reform the Iraqi accounting system are being hampered by a lack of expertise, writes Penny Sukhraj The US government has failed to implement a western...

Getting off lightly.
November 8, 2007... Byline: andrew durrant Getting off lightly The Current lenient fraud sentencing is the real crime, argues Andrew Durant Within the past two weeks, Michael Bright, the founder and former chief executive of Independent Insurance,...

Awards round-up.(Brief article)
November 8, 2007... Byline: Accountancy Age Awards round-up Best use of internet in practice Accountants are often stereotyped as being conservative and reluctant to embrace new technology. The entrants in this year's Best Use of Internet in Practice...

French CFO attacks joint audit.(Chief Financial Officer Thibault de Tersant of Dassault Systemes)(Brief article)
November 8, 2007... Byline: Nicholas Neveling French CFO attacks joint audit Nicholas Neveling The chief financial of officer of one of France's largest companies has said the joint audit system is no longer fit for purpose now that complex...

Effective multisourcing.(Brief article)
November 8, 2007... Byline: Glenn Warren Effective multisourcing Look before you leap Think carefully about whether multisourcing is right for your company. Crucially, remember that procurement and negotiation costs alone can be as high as 8% of the...

People and moves...
November 8, 2007... Byline: Accountancy Age People and moves... Job to die for: Audit commission regional director Bagging poll position this week with the top job is Mark Fletcher who becomes regional director for the Audit Commission in the north of...

Up close.(Brian Gray of European Union)(Brief article)
November 8, 2007... Byline: alex hawkes UP CLOSE Based in a huge office just behind the Berlaymont commission building in Brussels, Gray is one of the most experienced public sector accountants you are ever likely to meet. He has worked for the EU...

on the money with Gavin Hinks.(Brief article)
November 8, 2007... Byline: Gavin Hinks on the money with Gavin Hinks Here's a little insight into a boardroom exchange that may have happened between any number of chief executive officers and finance directors in financial...

iraq is recovering, but whoi?1/2s keeping tabs? We know about the fog of war, but this week we learn about the fog of accounting. A former chief accounting adviser to the Iraqi governing authorities reveals that neither the US, its allies, nor Iraqi officials.
November 8, 2007... Byline: Accountancy Age iraq is recovering, but who's keeping tabs? We know about the fog of war, but this week we learn about the fog of accounting. A former chief accounting adviser to the Iraqi governing authorities reveals that...

You know how to party.(Brief article)
November 8, 2007... Byline: TS You know how to party Being a gnarled veteran of scores of accounting bashes, TS has always scoffed at the notion that those in the trade are soulless penny-pinchers and here's some incontrovertible proof to back that up....

Reflex action.(career change by accountants)(Brief article)
November 8, 2007... Byline: TS+ TS knows of many accountants 'moving on' from audit and tax to more exciting things like corporate recovery and erm, business software A- but reflexology? TS found itself thumbing through high street fashion and celebrity...

EC makes thirsty work of expenses.(European Commission)(Brief article)
November 8, 2007... Byline: TS EC makes thirsty work of expenses TS has discovered something quite surprising and remarkable about the European Commission. Apparently, far from being the free and easy place we thought, where expense claims grow on...

Private equity scrap.
November 8, 2007... Byline: TS TS enjoyed a delicious little scrap between private equity baron SVG Nicholas Ferguson and TUC general secretary Brendan Barber at the ICAEW last week. The two were present at a civilised gathering hosted by the institute to...

Top of the Facebook league.(Brief article)
November 8, 2007... Byline: TS Top of the Facebook league Everyone knows that the accountancy world lives, breathes, and eats statistics. Just like a pushy parent, the league table is the only true way of making sure that their little cherub A- or in this...

Ericsson under fire over warning.
November 8, 2007... Byline: David Jetuah Ericsson under fire over warning David Jetuah Telecommunications giant Ericsson is being sued by investors over allegations that it delayed news of a profit warning. Karl-Henrik Sundstrom, Ericsson's...

Brussels sweats on courti?1/2s accounts verdict.(court's)
November 8, 2007... Byline: Alex Hawkes Brussels sweats on court's accounts verdict Alex Hawkes The European Court of Auditors is set this week to deliver its verdict on EU spending, as Brussels looks to get a clean bill of health for its spending...

New bill to cut business burden.
November 8, 2007... Byline: Parly New bill to cut business burden Our Parliamentary Correspondent The government has promised a new bill to reduce unnecessary regulation on businesses in the Queen's Speech this week A- Gordon Brown's first as Prime...

Vantis legal fees wrangle to be settled.
November 8, 2007... Byline: Kevin Reed Vantis legal fees wrangle to be settled Kevin Reed A half a million pound row between Vantis and its long-time lawyers Mayer Brown is set to be resolved before reaching court, Accountancy Age understands. ...

NCT appoint new auditor.
November 8, 2007... Byline: Kevin Reed NCT APPOINTS NEW AUDITORS The National Childbirth Trust has replaced its long-time auditors Buzzacotts with Kingston Smith, after a review by its finance and audit committee, writes Kevin Reed. The...

Standards chiefs woo Euro sceptics.
November 8, 2007... Byline: Penny Sukhraj Standards chiefs woo Euro sceptics Penny Sukhraj A charm offensive was launched in Brussels this week by the International Accounting Standards Board, which stands accused by MEPs of being...

ICAEW urged to appoint ombudsman.(Institute of Chartered Accountants in England and Wales )(Brief article)
November 8, 2007... Byline: Kevin Reed ICAEW urged to appoint ombudsman Kevin Reed The ICAEW should introduce an independent ombudsman to protect members as the body opens up its disciplinary tribunals, senior figures have suggested. Last year's...

i?1/2Bottom linei?1/2 will always be retained.(Brief article)
November 8, 2007... Byline: Alex Hawkes 'Bottom line' will always be retained Alex Hawkes A 'bottom line' earnings figure of some kind will always be retained, an International Accounting Standards Board member has said, as rows over changes to...

Sir John to face re-election round.(Sir John Bourn)(Brief article)
November 8, 2007... Byline: David Jetuah Sir John to face re-election round David Jetuah Sir John Bourn, the nation's most senior public sector auditor, is set to go through a potentially embarrassing review to determine whether he should stay on as...

Big Four back in top ten consultancies.
November 8, 2007... Byline: Kevin Reed Big Four back in top ten consultancies Kevin Reed The Big Four have smashed their way back into the list of the top ten consulting firms this year, massively outgrowing the leaders in the marketplace. Three...

Midlands duo accused of using celebrity names to dupe clients.(Shinder Singh Gangar and Alan White)
November 8, 2007... Byline: Penny Sukhraj Midlands duo accused of using celebrity names to dupe clients Penny Sukhraj Celebrity names were used to entice victims into a Ponzi scheme run by two midlands accountants accused of defrauding individual...

TfL set for Metronet control in New Year Transport for London is the only bidder for embattled tube operator Metronet, administrators from Ernst & Young have confirmed. E&Y partner Alan Bloom and London Underground managing director Tim Oi?1/2Toole said that.
November 8, 2007... Byline: Kevin Reed TfL set for Metronet control in New Year Transport for London is the only bidder for embattled tube operator Metronet, administrators from Ernst & Young have confirmed. E&Y partner Alan Bloom and London Underground...

sub-prime saga.
November 8, 2007... Byline: Alex Hawkes Web Sight: sub-prime saga The US banks' accounting for sub-prime related derivatives has proved the major talking point of the week on the web. Not only has it claimed the scalp of Charles 'Chuck' Prince at...

Firms will wither and die unless they adopt technological advances.
November 8, 2007... Byline: Kevin Reed Firms will wither and die unless they adopt technological advances Technology Kevin Reed Advisers have just a few years to get to grips with technological advances or face becoming 'obsolete', industry...

make your own luck.
November 15, 2007... Byline: Tony Osude make your own luck What does it take for ambitious accountants to rise up the ranks and secure themselves a top position in today's business world? Hard graft, dedication or talent? Well, our research at ACCA...

Hitting the mark.
November 15, 2007... Byline: Cantos Hitting the mark Q How have you done in the half? A We've had a good half. Our sales are up 6.5%. Our profit before tax is up nearly 12%. Earnings per share is up 15%. So we're very pleased...

eat well.(the link between diet and cancer )(Brief article)
November 15, 2007... Byline: Rachel Fielding eat well If the latest media frenzy surrounding the link between diet and cancer has got you thinking, it's time to revisit your lunchtime eating habits. The Organic Delivery Company's 'Easy-to-Eat' office box...

A year older, a year wiser?
November 15, 2007... Byline: harriet walsh A year older, a year wiser? Age discrimination has now been unlawful in the UK for just over a year. Direct age discrimination means treating someone differently for unjustifiable reasons. Ordinarily these...

keep number one in check.(Brief article)
November 15, 2007... Byline: Alex Hawkes keep number one in check People are always insisting that print journalism is in decline A- a situation that makes me wonder whether I should think about a career change? If so, I know what I should be A- a...

People and moves...
November 15, 2007... Byline: rachael singh People and moves... Job to die for: forensic science services fd Our gong of the week goes to Ian Revill. Revill takes on the role of finance director at the Forensic Science Service, a DNA technology...

When is a profit not a profit?
November 15, 2007... Byline: Alex Hawkes When is a profit not a profit? When is a profit not a profit? That is the question taxing analysts, standards-setters and those in charge of corporate reporting. A row has erupted over the future of the...

what they said.(Bill Hicks, Richard Barker and ricahrd Sexton)(Brief article)
November 15, 2007... Byline: Alex Hawkes what they said Bill Hicks, director of external financial reporting, AstraZeneca: 'The issue of reporting performance is part of a wider debate, which goes to the heart and soul of financial reporting, and is...

danger zone.
November 15, 2007... Byline: Penny Sukhraj danger zone It is a body central to global business. But it has attracted little attention on a broad scale, and particularly from politicians. Until nowa[bar] The International Accounting Standards Board is...