Accountancy Age articles from November 2008

Accountancy Age archives from November 2008

Ideal name for an accountant.(Brief article)
November 3, 2008... Byline: TS The ideal name for an accountant We're offering a bottle of bubbly for the best accountants' names. Keep them rolling in and see if you can do better than this one, from Mike Broadway. 'I was articled to W D Menzies &...

Moving Froward: Personal crisis.
November 6, 2008... Byline: Lynn Williams Moving forward: Personal crisis What do you do if the worst happens and you get made redundant? You're expecting a normal day until HR call and you learn that you no longer have a job. How do you...

taking over the world.
November 6, 2008... Byline: kevin reed taking over the world All eyes in the accountancy world have been on how the Big Four are surviving the current economic downturn. Corporate finance work in particular has been expected to fall off a cliff, and with...

Global risk.
November 6, 2008... Byline: phil smith Global risk Liability is at the forefront of everyone's minds, especially in these times of world economic difficulties. In particular, the global organisations are keen to ensure that difficulties experienced by...

Decision time.
November 6, 2008... Byline: BDO Stoy Hayward Decision time The guidance from the FRC requiring audit committees to consider the impact of their auditor leaving the market missed the point. It is far better to plan to avoid a crash than to plan to deal...

FD and auditors cleared over Semple Cochrane.(Financial Director)
November 6, 2008... Byline: Alex Hawkes FD and auditors cleared over Semple Cochrane Alex Hawkes Deloitte, its partners and the former FD of engineering group Semple Cochrane have been cleared of disciplinary charges laid against them. The Joint...

VAT increase is the i?1/2odds on favouritei?1/2 for raising revenue.
November 6, 2008... Byline: Judith Tydd VAT increase is the 'odds on favourite' for raising revenue Tax Judith Tydd Speculation that the standard rate of VAT will be raised is gathering pace ahead of the Treasury's release of the Pre-Budget...

COMPANY REPORTS.(Brief article)
November 6, 2008... Byline: Alex Hawkes COMPANY REPORTS FRRP's bite gets bigger Banking financial reports will again come under extra scrutiny from the UK's watchdog. The Financial Reporting Review Panel said the accounts of the banking, retail,...

Kier Group plc reports.
November 6, 2008... KIER GROUP PLC Period end: 30/6/08 30/6/07 Line of business: Construction, development and project investment Publication date: 16/10/08 10/10/07 Turnover ([pounds sterling]m): 2,332 2,065 Profit before tax ([pounds...

Audit study raises privacy issues.
November 6, 2008... Byline: David Jetuah Audit study raises privacy issues auditing David Jetuah Auditors are hoping that the transparency reports they will have to produce at the end of next year will not be too invasive. The FRC recently...

wonder of woolies.(Robert McDonald of Woolworths)
November 6, 2008... Byline: Judith Tydd wonder of woolies At many times in its almost 100-year history, being appointed Woolworths FD would have been seen as a great crowning achievement of an accountants' career. It may still seem so to Robert...

The new masters of the universe.
November 6, 2008... Byline: David Jetuah The new masters of the universe Insolvency is one of those disciplines that firms don't like to brag about, for very good reason. Making money out of other people's misery has a stigma attached to it A- which...

See no Strathie, hear no Strathie...(Lesley Strathie)(Brief article)
November 6, 2008... Byline: TS Following the fanfare surrounding Lesley Strathie's arrival as chief exec of HM Revenue and Customs, TS was keen to press some flesh ( that's a handshake in PR speak). TS thought a House of Commons discussion on the department's...

on the money with Gavin Hinks.(Brief article)
November 6, 2008... Byline: Accountancy Age on the money with Gavin Hinks Who would be Tim Tookey right now? He's the man who has just taken on the permanent role of group FD at LloydsTSB. What a time to take the job. Tookey has...

Mass exodus at HMRC as leadership is questioned.(Her Majesty's Revenue and Customs)
November 6, 2008... Byline: Judith Tydd Mass exodus at HMRC as leadership is questioned Judith Tydd As many as 15,000 staff have resigned from HM Revenue and Customs since the merger in 2005 A- 3,000 ahead of the management board's target. Dave...

Spot the difference.(Brief article)
November 6, 2008... Byline: TS Spot the difference Comprehending spreadsheets, sitting through PowerPoint presentations. Fun eh?? Thought not. That's why former FD Jon Moon has launched a campaign to 'make work pointless'; in other words, get rid of...

Rough sleepersi?1/2 initiative.
November 6, 2008... Byline: TS Rough sleepers' initiative TS has found evidence that dispels the myth of accountants making money hand over fist at the mo, with all the advisory work they're supposedly doing. You can see from the picture some members...

Selfridges hunts for new FD Upmarket retail giant Selfridges is recruiting a new finance director following confirmation Phillip Clarke has tended his resignation, writes Judith Tydd. The spokesman confirmed Clarkei?1/2s departure as being i?1/2his choicei?1/2 and th.
November 6, 2008... Byline: Judith Tydd Selfridges hunts for new FD Upmarket retail giant Selfridges is recruiting a new finance director following confirmation Phillip Clarke has tended his resignation, writes Judith Tydd. The spokesman confirmed...

Taxman forced to defend CFOi?1/2s payoff.(Stuart Cruickshank)(Brief article)
November 6, 2008... Byline: Judith Tydd Taxman forced to defend CFO's payoff Judith Tydd The taxman's CFO was granted an [pounds sterling]88,000 payout when he left HM Revenue & Customs, despite leaving by 'mutual agreement'. The payment...

Top 30 groups net $150bn as growth soars.(Brief article)
November 6, 2008... Byline: Kevin Reed Top 30 groups net $150bn as growth soars Kevin Reed The top 30 global accounting networks and associations earned almost $150bn ([pounds sterling]93.9bn) in revenues over the last year, according to a new...

Credit Act changes cause IVA confusion.(Consumer Credit Act and individual voluntary arrangements)(Brief article)
November 6, 2008... Byline: Rachael Singh Credit Act changes cause IVA confusion Rachael Singh Insolvency practitioners could be inundated with confused debtors struggling to understand the changes made by the Consumer Credit Act The act took...

Valuation claim goes to court.
November 6, 2008... Byline: Sarah Limbrick and Nick Huber Valuation claim goes to court Sarah Limbrick and Nick Huber Haysmacintyre is preparing to fight a High Court damages claim for more than [pounds sterling]200,000 after being accused of...

BDO partner scoops award.(Kathryn Britten)
November 6, 2008... Byline: Judith Tydd BDO partner scoops award Judith Tydd Kathryn Britten, partner at BDO Stoy Hayward and head of forensic accounting, has won the Woman of Achievement award in the accountancy category, sponsored by Accountancy...

BBC trustees slam door on NAO probe.(British Broadcasting Corporation and the National Audit Office)
November 6, 2008... Byline: Our Parliamentary Correspondent BBC trustees slam door on NAO probe Our Parliamentary Correspondent The BBC Trust has rejected demands from the Commons Public Accounts Committee to open the BBC's accounts to unfettered...

True Brit: Hamilton stays in exile.
November 6, 2008... Byline: Nick Huber True brit: Hamilton remains an exile Lewis Hamilton is to retain a comfortable distance from the UK taxman after confirming that he will remain a tax exile in Switzerland, Nick Huber writes. The 23 year old, who...

PwC i?1/2big hitteri?1/2 calls for audit industry review.
November 6, 2008... Byline: Nick Huber PwC 'big hitter' calls for audit industry review Nick Huber Peter Wyman, head of professional affairs at PricewaterhouseCoopers, has called for a review of the audit profession in response to the...

Wing and a prayer.(Brief article)
November 6, 2008... Byline: accountancy age The observant among you will have noticed this past week the Hindu festival Diwali. It is a cracking festival of light, TS reckons, with much celebration, fireworks and, best of all, lots of sweets (a bit like...

Roadmap imminent as Cox mounts charge towards IFRS.
November 6, 2008... Byline: Gavin Hinks Roadmap imminent as Cox mounts charge towards IFRS Gavin Hinks The US is to take a giant leap towards international accounting standards, publishing its long-awaited roadmap either today or tomorrow. ...

chairman how?
November 13, 2008... Byline: elizabeth jackson chairman how? Charisma, patience, an ability to listen and an ability to be supportive. These are the key attributes a chairman needs. And the step up from chief executive or finance director into a chairman's...

popcorn culture.
November 13, 2008... Byline: Gavin Hinks popcorn culture As the world descended into the Great Depression, so recent accounts go, cinema admissions and screens expanded massively. It was the perfect countercyclical business. The resonance of this...

FDs face three-month wait for bank funds.
November 13, 2008... Byline: David Jetuah FDs face three-month wait for bank funds David Jetuah FDs of businesses supplying corporate giants are in for a tough three months before the liquidity injection given to the high street banks filters through...

DEflation alert.
November 13, 2008... Byline: Michael goddard DEflation alert Some financial pundits have forecast that we are in danger of falling into an era of deflation, or falling prices. Why should deflation come about? We have had 70 years of inflation and...

Great expectations.
November 13, 2008... Byline: David Wood Great expectations Whenever there is a financial scandal it doesn't take long for politicians to look for scapegoats. Certain commentators have already pointed the finger at auditors. The auditor is an easy...

Agent of change.(Barack Obama)
November 13, 2008... Byline: Joseph Goldstein Agent of change The victory of Barack Obama and the expansion of the Democratic Party's control over Congress are likely to dampen calls to end the use of fair value accounting in America. With Democrats...

nothing is certain.
November 13, 2008... Byline: Judith Tydd nothing is certain The merger of the Inland Revenue and HM Customs and Excise in 2005 spawned a new era for taxation in the UK. Since then, however, it has become apparent the department is overstaffed, and suffers...

FACTS AND FIGURES.
November 13, 2008... Byline: Gavin Hinks FACTS AND FIGURES Favourite Movie Brassed Off Favourite actors Pete Postlethwaite and Angelina Jolie Why is popcorn so expensive in cinemas? 'Because its freshly popped. We pop more fresh popcorn...

Credit Act creates extra burden.(Consumer Credit Act of 2006)
November 13, 2008... Byline: Rachael Singh Credit Act creates extra burden insolvency Rachael Singh Insolvency practitioners are already under pressure on their rates, with caps on their fees. Could the changes introduced with the Consumer...

Charities hit by VAT ruling.
November 13, 2008... Byline: Judith Tydd Charities hit by VAT ruling Judith Tydd Charities could face paying a VAT rate higher than 17.5%, following a European Court of Justice ruling. The case, relating to the Swedish Council for Redundancy...

As you were.
November 13, 2008... Byline: Peter Wyman As you were A casual reader of last week's Accountancy Age (6 November, page 3) would be forgiven for concluding that I am calling for a review of the auditing profession. Let me be absolutely clear A- I ...

Your chance to shine This week we celebrate the 2008 Accountancy Age Awards. Our winners have succeeded against a backdrop of the credit crunch, a banking crisis and a downturn transforming into a recession. They are to be commended for still completing g.
November 13, 2008... Byline: Accountancy Age Your chance to shine This week we celebrate the 2008 Accountancy Age Awards. Our winners have succeeded against a backdrop of the credit crunch, a banking crisis and a downturn transforming into a recession....

Credit where creditors are due.
November 13, 2008... Byline: TS Credit where creditors are due TS reckons that the administrators of Lehman Brothers have picked the perfect venue for their creditors meeting tomorrow. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike...

Figures highlight surge in bankruptcy and collapse.
November 13, 2008... Byline: Rachael Singh and David Jetuah Figures highlight surge in bankruptcy and collapse Rachael Singh and David Jetuah More people have petitioned for bankruptcies in this quarter than in any three month period in the last ten...

Hedge fund bids to halt BDOi?1/2s Rock valuation.
November 13, 2008... Byline: David Jetuah Hedge fund bids to halt BDO's Rock valuation David Jetuah SRM Global, a major Northern Rock investor, has written to BDO Stoy Hayward hoping to convince it to hold off valuing the bank. SRM and fellow...

VAT rise ruled out as part of pre-Budget report.
November 13, 2008... Byline: Judith Tydd VAT rise ruled out as part of pre-Budget report Judith Tydd Accountancy Age readers believe the Chancellor will not press ahead with a rise to the standard rate of VAT in the pre-Budget report, expected as soon...

G20 to declare war on havens.(Group of Twenty Finance Ministers and Central Bank Governors and tax havens)(Brief article)
November 13, 2008... Byline: Judith Tydd G20 to declare war on havens Judith Tydd World leaders will this weekend begin discussions over a crackdown on tax havens, it is thought. Richard Murphy, tax campaigner at the Tax Research Network, said...

EC accounts chief: complete signoff unlikely.(European Commission's Brian Gray)(Brief article)
November 13, 2008... Byline: Joanne Christie EC accounts chief: complete signoff unlikely Joanne Christie Any improvement on the cautious seal of approval given to the European Commission's accounts is doubtful under current European Court of...

Kidsons loses i?1/220m tax scheme insurance battle.
November 13, 2008... Byline: Joanne Christie Kidsons loses [pounds sterling]20m tax scheme insurance battle Joanne Christie Former partners of HLB Kidsons have lost a battle with their insurers over failed tax schemes that could create a damages...

Sarkozy leads the charge towards IASB stability remit.
November 13, 2008... Byline: Gavin Hinks Sarkozy leads the charge towards IASB stability remit Gavin Hinks The critical G20 meeting in Washington this weekend could move to dramatically transform the remit of the international accounting standard...

greener grocer.(Abel & Cole)
November 20, 2008... Byline: Alex Hawkes greener grocer There's an astonishing number in the accounts of Abel & Cole, the fruit and veg box delivery company. For the year to 31August, 2007, the company had all of just one member of staff working in sales....

i?1/2Unqualifiedi?1/2 success for EC accounts is not all it seems.(European Commission)
November 20, 2008... Byline: Joanne Christie 'Unqualified' success for EC accounts is not all it seems audit Joanne Christie For the first time in 14 years, the European Court of Auditors' broke with tradition and gave an 'unqualified' opinion on...

Getting in a tangle.
November 20, 2008... Byline: aon Getting in a tangle Pension scheme accounting standards rarely make the top ten list of favourite standards. They are hard to understand and seemingly illogical to finance professionals, analysts and shareholders alike....

The spoils of victory.
November 20, 2008... Byline: John Shine The spoils of victory There was an immediate impact from being awarded Medium Firm of the Year in 2005. It enhanced our reputation even further and contributed to our increase in referral business. With our...

Drive to reclaim fleet support VAT.
November 20, 2008... Byline: Judith Tydd Drive to reclaim fleet support VAT TAX Judith Tydd The countdown is on for fleet companies to submit claims for VAT rebates worth millions of pounds. HM Revenue and Customs will consider VAT refunds on...

mutual benefit.
November 20, 2008... Byline: Nick Huber mutual benefit Old Mutual has had an awful year a year, but the appointment of new FD Philip Broadley earlier this month pleased the market and helped provide a temporary boost to the Anglo-South African insurer's...

in sickness and in health.
November 20, 2008... Byline: Nic Paton in sickness and in health This time three years ago it looked like it was going to be a pretty grim Christmas for the NHS. Ballooning deficits, with trusts in England initially facing a [pounds sterling]250m...

People and moves...
November 20, 2008... Byline: Kevin Reed People and moves... Job to die for: executive director, BGN Begbies Traynor has appointed Birgitte Ovesen as executive director of its global network. She joins from Morison International where she served for...

More pressure as late filing penalties rise.(Brief article)
November 20, 2008... Byline: David Jetuah More pressure as late filing penalties rise David Jetuah The financial penalties for paying late are set to rise sharply from next year, heaping more misery on struggling businesses. Late-filing penalties...

The winnersi?1/2 enclosure.
November 20, 2008... Byline: Accountancy Age The winners' enclosure When Dara O'Briain stepped up to host this year's Accountancy Age awards there was only one remark on his mind. This is the last AAA rated show in town, he said. The irony was not...

Fair value and iasb supporters watch out What to make of the G20 statement on accounting standards? On the plus side it appeared to fully endorse a single set of global standards, perhaps clearing the way for the US financial watchdog to back internationa.
November 20, 2008... Byline: Accountancy Age Fair value and iasb supporters watch out What to make of the G20 statement on accounting standards? On the plus side it appeared to fully endorse a single set of global standards, perhaps clearing the way for...

on the money with Gavin Hinks.
November 20, 2008... on the money with Gavin Hinks If there's one thing in short supply at the moment it is optimism. Can't find it in the City, can't find it in government. It's about as rare as a bank loan right now. So what happened...

Commons to examine Insolvency Service.(Brief article)
November 20, 2008... Byline: Alex Hawkes Commons to examine Insolvency Service Our parliamentary correspondent The all-party Commons Business and Enterprise Committee is to cross-examine Insolvency Service chief executive Stephen Speed on its ability...

PWC veteran announces departure.(PricewaterhouseCoopers and Peter Wyman)(Brief article)
November 20, 2008... Byline: Rachael Singh PWC veteran announces departure Rachael Singh Peter Wyman plans to leave PricewaterhouseCoopers after 41 years to become a company director. Speaking at last week's Accountancy Age Awards, where he...

US pushes button on $3.5bn convergence.
November 20, 2008... Byline: David Jetuah US pushes button on $3.5bn convergence David Jetuah The US Securities and Exchange Commission has taken the $3.5bn plunge into International Financial Reporting Standards, while saying the adoption of IFRS...

Cricket club batting for new finance director.
November 20, 2008... Byline: Judith Tydd Cricket club batting for new finance director Judith Tydd Yorkshire County Cricket Club is recruiting for a finance director, following confirmation of major expansion plans. The position is newly-created,...

220 words asdadffds gasdfasdfasdfsdfasgasd.(Brief article)
November 20, 2008... Byline: Joanne Christie 220 words asdadffds gasdfasdfasdfsdfasgasd Joanne Christie New research suggests that 5% of listed companies are unsure if their businesses will be able to continue for the next 12 months, with experts...

Taxman presses on with i?1/2unlawfuli?1/2 raids investigation.
November 20, 2008... Byline: Judith Tydd Taxman presses on with 'unlawful' raids investigation Judith Tydd The taxman is planning to press on with an investigation involving a gilt strips tax scheme and Mercury Tax Group, despite a judicial review...

Advisers await foreign profits plans.
November 20, 2008... Byline: Judith Tydd Advisers await foreign profits plans Judith Tydd Tax advisers will be scrutinizing Monday's pre-Budget report for evidence that the government has had a change of heart on its foreign profits plans. The...

US investors sue E&Y over Lehman woes.
November 20, 2008... Byline: Joanne Christie US investors sue E&Y over Lehman woes Joanne Christie Ernst & Young 'recklessly disregarded' the true state of Lehman Brothers' finances in a bid to secure its continued fees, claims a Californian county...

Lehman sparks call to shield collapsed banks.
November 20, 2008... Byline: David Jetuah Lehman sparks call to shield collapsed banks David Jetuah Lehman Brothers' lead administrator has urged the government to think about the protection it affords to crippled banks, after the administration of...

GOLDMAN SACHS EXECUTIVES TURN DOWN BONUSES David Viniar, the chief financial officer at Goldman Sachs, has opted out of the 2008 bonus scheme along with several other top executives. Viniar received $57.5m in cash and stock bonuses last year. A Goldman Sa.
November 20, 2008... Byline: Alex Hawkes GOLDMAN SACHS EXECUTIVES TURN DOWN BONUSES David Viniar, the chief financial officer at Goldman Sachs, has opted out of the 2008 bonus scheme along with several other top executives. Viniar received $57.5m in cash...

Sporting chance.
November 27, 2008... Byline: Pete Hackleton Sporting chance The success of our athletes at the Olympic and Paralympic Games caught the nation's attention and the UK's medal haul demonstrated that elite sport is producing impressive results. Keeping the...

BAGS OF EXPERIENCE.(Andy Higginson)
November 27, 2008... Byline: Melanie Stern BAGS OF EXPERIENCE Not content with running the finances behind the UK's number one supermarket, Andy Higginson is currently engaged in not one, but three jobs. This year marks his eleventh year as group finance...

Haven sent.
November 27, 2008... Byline: Nick Huber Haven sent The UK government is halfway through a sweeping crackdown on UK citizens hiding their money in offshore bank accounts and the French and German governments have urged the nations in the Organisation of...

Offshore confidential.
November 27, 2008... Byline: rob kirkby Offshore confidential There are many myths borne of increasingly ill-informed criticisms on the standing and status of Jersey and other British Crown dependencies. But it has high standards of regulation in its...

i?1/2Fair value is not fairi?1/2.
November 27, 2008... Byline: Russell Berman 'Fair value is not fair' As policymakers in Washington DC and in capitals worldwide contemplate changes in accounting standards to stem the financial meltdown, one of the men leading the charge against fair value...

next big thing.
November 27, 2008... Byline: Ineum next big thing This is about a tricky unification. What business performance management does is bring together two groups of software A- traditional business intelligence software and standard financial management...

TIME TO MOVE ON with Alex Hawkes.(Brief article)(Column)
November 27, 2008... Byline: Alex Hawkes TIME TO MOVE ON with Alex Hawkes I'm sorry to say that this is my last column for Accountancy Age. Before I go, I thought one last reflection on the tax world might succeed in winding you all up one last...

Buying power.
November 27, 2008... Byline: CODA Buying power There's nothing like a good crisis to focus the minds of organisations. Now, more than ever, you need to control costs and manage cashflow, and procurement is one of the most critical business areas for...

fit as a fiddle.
November 27, 2008... Byline: Paul White fit as a fiddle Workplace health and absence has been climbing up the political agenda for some time and now it looks like it is going to stay. Globally, we are seeing the burden on state welfare increasing as...

Inquiry into MG Rover collapse still rolling on.
November 27, 2008... Byline: Nick Huber Inquiry into MG Rover collapse still rolling on Nick Huber It is estimated to have cost more than [pounds sterling]12m, including tens of thousands of pounds on food and drink expenses and around [pounds...

Past its sell-by date.
November 27, 2008... Byline: kevin reed Past its sell-by date Tesco's Andrew Higginson thinks the beancounter analogy is well past its sell-by date. 'I don't believe in the idea of the plain vanilla FD job; a pure finance role is pretty unusual these...

Anger over the withdrawal of SIVA.(Simplified Individual Voluntary Arrangement)
November 27, 2008... Byline: David Jetuah Anger over the withdrawal of SIVA insolvency David Jetuah The Insolvency Service dropped a bombshell last week, deciding to withdraw simplified individual voluntary arrangements proposals targeted at the...

People and moves...
November 27, 2008... Byline: Kevin Reed People and moves... Job to die for: Island Oil & Gas CFO Carl Kindinger is the new CFO of Island Oil & Gas, stepping up from his two-year role as non-executive at the business. Just a few weeks into the role and...

Queasyjet.
November 27, 2008... Byline: Judith Tydd Queasyjet We've all heard of auditors qualifying the accounts, but the chairman? Sir Stelios Haji-Ioannou is refusing to sign off easyJet's numbers. Not only is he the chairman, but he also set up the company...