Accountancy Age articles from October 2007

Accountancy Age archives from October 2007

WS Atkins Plc.(Company overview)(Brief article)
October 1, 2007... Byline: Staff WS ATKINS PLC Line of business: Professional services in transport, design, engineering and management Listing status: FTSE 250 Period end: 31/03/07 31/03/06 Publication date: 27/07/07 02/08/06 ...

the right choice.(career moves)
October 4, 2007... Byline: Max Williamson the right choice Dangerous thing, qualification. Just when you expect life to become simpler, you find yourself courted and flattered by an army of employers and recruiters and bombarded with a bewildering number...

Carbon close-up.
October 4, 2007... Byline: alan buckle Carbon close-up When people talk about climate change and reducing the carbon footprint of their home or business through offset schemes, one of the most common discussion points is the validity of these offsets....

Sugar and spice.(John Nicholas )(Interview)
October 4, 2007... Byline: michelle perry Sugar and spice As the summer drew to a close this year A- not that it ever really began A- John Nicholas sat overlooking the Thames at Tate & Lyle's London headquarters, situated on the appropriately...

Firms are braced for private equity slowdown.
October 4, 2007... Byline: Nicholas Neveling Firms are braced for private equity slowdown corporate finance Nicholas Neveling The profession seems to have accepted that private equity deal activity, a major contributor to sustained double-digit...

People and moves...
October 4, 2007... Byline: rachael singh People and moves... Job to die for: FD of Prudential This week's gong for job of the week goes to Tidjane Thiam, for gaining the role of finance director at Prudential. He will take up his new post next year...

An ageing timebomb.
October 4, 2007... Byline: claire dawson An ageing timebomb It's now over a year since the age discrimination regulations have been in place. But how much has improved and has the new law achieved its aims? We know the key issues for the profession...

win them over.
October 4, 2007... Byline: Khalid Aziz win them over Having worked your way up the ranks to become finance director, you can rest assured that your number-crunching abilities are up to the mark. Yet having a way with figures isn't the only skill...

golden goose could be a dodo.(taxation of the private equity industry)(Brief article)
October 4, 2007... Byline: Nicholas Neveling golden goose could be a dodo I was hoping that it wouldn't happen, but my worst fears were confirmed when prime minister Gordon Brown told the Labour Party conference in Bournemouth that the taxation of the...

Mobile VAT victory a blow for taxman.
October 4, 2007... Byline: Nicholas Neveling Mobile VAT victory a blow for taxman TAX Nicholas Neveling Tax advisers who have complained that HM Revenue & Customs has placed more and more of the responsibility on business for vetting the...

Convergence back on track.(Generally Accepted Accounting Principles and International Financial Reporting Standards)
October 4, 2007... Byline: Penny Sukhraj Convergence back on track audit Penny Sukhraj When Financial Reporting Council boss Paul Boyle suggested earlier this year that a 'rethink' on convergence between IFRS and US GAAP might be in order,...

Will they stay or will they go?
October 4, 2007... Byline: Nicholas Neveling Will they stay or will they go? Recent ECJ rulings mean current UK exit charges face a credible challenge in the European courts, writes Nicholas Neveling, prompting fears of a mass exodus of companies...

Tribunal disclosures ruling boost for tax advisers.
October 4, 2007... Byline: Kevin Reed Tribunal disclosures ruling boost for tax advisers Tax Kevin Reed Advisers have been given a boost when representing corporate clients against the taxman in VAT tribunals, following a recent judgment....

zombie wars.
October 4, 2007... Byline: David Jetuah zombie wars Friends Provident is trying its best to get its merger with fellow life insurer Resolution signed, sealed and delivered, but it is facing some fearsome opposition. It's currently involved in a battle...

Blue chips feel benefit of merger rule.(General Accepted Accounting Principles and International Financial Reporting Standards)
October 4, 2007... Byline: David Jetuah Blue chips feel benefit of merger rule David Jetuah IFRS 3 flaws are allowing blue- chips to use GAAP measures which flatter their finances in the eyes of ratings companies. Credit risk experts Moodys...

City frustrated by reporting.(Brief article)
October 4, 2007... Byline: David Jetuah City frustrated by reporting David Jetuah Some of the City's leading investors are calling for greater consistency and clarity in financial reporting, KPMG has found. The study found 78% of investors...

Built to last.(Interview)
October 4, 2007... Byline: Staff Built to last QFor the first time in 10 years Wolseley has failed to record a record profit. Could you begin by giving me a breakdown of the key numbers and explain how the US housing starts have impacted your results....

Annual report of the week.
October 4, 2007... Byline: Staff SEVERN TRENT PLC Line of business: Supply of water, treatment and disposal of sewage Listing status: FTSE 100 Period end: 31/3/07 31/3/06 Publication date: 5/6/07 23/6/06 Turnover ([pounds...

View from the board: gamekeepers turned poachers.
October 4, 2007... Byline: Mark freebairn view from the board: Gamekeepers turned poachers As the role of finance becomes ever more commercial and operational, the impact on individual finance careers is felt even more keenly. If you spend a period...

top Internal audit traits.
October 4, 2007... Byline: Mark freebairn top Internal audit traits l Conclusions on the quality of risk management and internal control by each major business area l Details of the most significant control exposures the group faces, highlighting...

the key cases.(de Lasteyrie and N Cases)(Brief article)
October 4, 2007... Byline: Nicholas Neveling the key cases The confidence of legal and tax experts on the chances of challenging UK exit charges through Europe follows two key cases that recently went through the European Court of Justice. The...

Bo-jo's ICAS no show.(Boris Johnson of Institute of Chartered Accountants of Scotland )(Brief article)
October 4, 2007... Byline: TS Bo-Jo's ICAS no show? To Boris Johnson's many talents A- foppery, sense of humour, ability to cause geographical offence and general boahomie A- we can now add 'foresight'. After gleefully accepting an...

mid-tier hot on big four heels In the current climate, talking about the audit market may appear prosaic. The credit crunch has kicked the audit choice debate into touch, for now at least. But with the Financial Reporting Councili?1/2s recommendations for mor.(Brief article)
October 4, 2007... Byline: damian wild mid-tier hot on big four heels In the current climate, talking about the audit market may appear prosaic. The credit crunch has kicked the audit choice debate into touch, for now at least. But with the Financial...

Punching above his weight.(Bob Seale of KPMG)(Brief article)
October 4, 2007... Byline: TS Punching above his weight Looks like KPMG is putting on the gloves, in a celebrity bout that is sure to attract quality ringside attention as a partner takes on a professional boxing champion. Bob Seale, the unenviable...

Master stroke.
October 4, 2007... Byline: damian wild Master stroke The 2007 Accountancy Age Masters has been won by London-based firm Bright Grahame Murray. The team (pictured) A- Robert Feld, Chris Leigh, Alan Rotman and Donald Nelson A- saw off competition from...

Journalists up for top awards.
October 4, 2007... Byline: damian wild Journalists up for top awards Accountancy Age journalists have been recognised in the Magazine Design and Journalism Awards. News editor Alex Hawkes and reporter Penny Sukhraj have both been shortlisted in the...

Gordon's gonna get ya.(Prime Minister Gordon Brown)(Brief article)
October 4, 2007... Byline: TS Gordon's gonna get ya Have you ever had nightmares about Gordon Brown chasing you around for that last extra bit of tax? Perhaps in some kind of Pacman-like set-up, where mini-Gordons chase you around frantically as you...

Where is the love?(KashFlow)(Brief article)
October 4, 2007... Byline: TS Where is the love? Month end again? Locked up in the basement trying to push the management accounts out on time? Feeling alone and scared? Well listen up accountants, the world is ready to reach out and give you all some...

AA masters.(Accountancy Age Masters)(Brief article)
October 4, 2007... Byline: TS TS spent a very enjoyable day last week playing golf at the Accountancy Age Masters. Ryder Cup legend Gordon Brand Jr was on hand to give TS some tips on technique, and also challenged TS on a par 3 in a...

Contractors face i?1/25m CIS penalties.(Construction Industry Scheme)
October 4, 2007... Byline: Kevin Reed Contractors face [pounds sterling]5m CIS penalties Kevin Reed Business face up to [pounds sterling]5m in tax penalties if they fail to post tax returns under the new Construction Industry Scheme. The taxman...

BDOi?1/2s audit win pushes fee growth past Big Four rivals.
October 4, 2007... Byline: Penny Sukhraj BDO's audit win pushes fee growth past Big Four rivals Penny Sukhraj The smallest of the Big Six firms, BDO Stoy Hayward, has shown the largest growth of a firm in audit/non-audit fee income for the last year...

New HMRC amnesty is brandedi?1/2unworkablei?1/2.(Her Majesty's Revenue and Custom)(Brief article)
October 4, 2007... Byline: Kevin Reed New HMRC amnesty is branded'unworkable' Kevin Reed A new tax amnesty is unworkable and unlikely, according to advisers. Following meetings between the taxman and 170 private banks and investment managers...

FRC to revise the meaning of i?1/2true and fairi?1/2.(Financial Reporting Council)(true and fair)(Brief article)
October 4, 2007... Byline: Penny Sukhraj FRC to revise the meaning of 'true and fair' Penny Sukhraj The regulator has tasked a legal expert with revising the profession's official 20-year-old formal opinion of 'true and fair'. Paul Boyle, chief...

rebrand merry-go-round.
October 4, 2007... Byline: Nicholas Neveling rebrand merry-go-round Ernst & Young would not be the only major firm or body to pursue a rebranding in recent years. Deloitte, PricewaterhouseCoopers and the ICAEW have all undertaken branding revamps. ...

BBC VOWS TO conserve LONELY PLANET The finance director of BBC Worldwide has said that its acquisition of Lonely Planet will not spark a financial overhaul of the brand, writes David Jetuah. David King said: i?1/2This is a leverage and growth play i?1/2 iti?1/2s not.
October 4, 2007... Byline: David Jetuah BBC VOWS TO conserve LONELY PLANET The finance director of BBC Worldwide has said that its acquisition of Lonely Planet will not spark a financial overhaul of the brand, writes David Jetuah. David King said:...

Ernst & Young launches rebrand plan.
October 4, 2007... Byline: Nicholas Neveling and David Jetuah Ernst & Young launches rebrand plan Nicholas Neveling & David Jetuah Ernst & Young has launched a rebranding project that may see a complete overhaul of the firm's image. The...

PwC denies conflict at the Rock.(PricewaterhouseCoopers on Northern Rock PLC conflict of interest issues)(Brief article)
October 4, 2007... Byline: Kevin Reed PwC denies conflict at the Rock Kevin Reed and David Jetuah Insiders at PricewaterhouseCoopers have dismissed concerns that the firm faces conflict of interest issues over its work for Northern Rock. The...

Treasury in non-doms party row.
October 4, 2007... Byline: Alex Hawkes Treasury in non-doms party row Alex Hawkes The Treasury's analysis of the wealth of non-domiciliaries was thrust to the centre of political debate this week, as the two major political parties traded blows...

Tories stamp their mark on tax policy.
October 4, 2007... Byline: Alex Hawkes Tories stamp their mark on tax policy The Tories pledged to dramatically raise the thresholds for both stamp duty on homes and inheritance tax this week, as they unveiled tax breaks that will largely benefit middle...

Tory backlash.(Brief article)
October 4, 2007... Byline: Alex Hawkes Web Sight: tory backlash The Tory proposal to tax non-doms has provoked a tidal wave of comment on the web. The Labour party were quick to criticise the [pounds sterling]25,000 levy, citing Treasury analysis...

Contracting tongue twister.
October 11, 2007... Byline: anne redston Contracting tongue twister

time to unwind.
October 11, 2007... Byline: Rod Newing time to unwind Quite rightly, nothing changes very fast in the mission critical accounting systems market. Characteristically, the latest 'hot topic' that everybody is talking about, Software-as-Service (SaaS), has...

A taxing new world.
October 11, 2007... Byline: keith nuthall A taxing new world Accountants aren't the only ones to try their luck in a virtual business world. Following fashion designer Stella McCartney's anti- fur animal rights protest in Second Life earlier this year,...

appearing on the audit radAr.(information technology)
October 11, 2007... Byline: Tim Copnell appearing on the audit radAr Few boardroom members outside of the high-tech industry would claim to be information technology experts. But for CFOs, CIOs and other senior managers responsible for IT and...

new dimension.(Second Life)
October 11, 2007... Byline: keith nuthall new dimension Every decade or so comes a technology that is so new, comprehensive, interesting, and damn useful, that it completely changes the way that we have fun and do business. Think commercial air...

waste not.(Waste Electrical and Electronic Equipment legislation)
October 11, 2007... Byline: Neal Saunders waste not Let's face it, there are much more interesting things to think about that what to do with old IT equipment. It is usually the last thing that gets considered if planning a new implementation. Perhaps it...

how green is your it?(information technology)
October 11, 2007... Byline: experts how green is your it? QI want to develop greener IT strategies and deploy greener technologies, but how do I get the support of the board? AJohn Madden, research director at industry analyst Ovum: Cost is a good...

ask the experts.(Masterclass Theatre )(Brief article)(Calendar)
October 11, 2007... Byline: matthew george ask the experts The Masterclass Theatre at next week's Softworld event (17-18 October, NEC Birmingham) features expert speakers offering practical, top-notch advice on selecting business software and managing the...

People and moves...
October 11, 2007... Byline: rachael singh People and moves... Job to die for: LECG european fD The gong for the job of the week goes to Alan Martin for taking on the European finance director role at LECG, a global financial and accounting securities...

hit IT.(Information Technology)(Brief article)
October 11, 2007... Byline: michelle perry hit IT Frustrated with your finance system? Fed up and determined to install some better IT? Then it's time head to Softworld at the NEC arena in Birmingham on 17 and 18 October and have a look at what is on...

In the classroom: A smooth transition?(International Financial Reporting Standards and Generally Accepted Accounting Principles)
October 11, 2007... Byline: Bob Hawken, BPP in the classroom: a smooth transition? How much has the transfer to IFRS or recent change in UK GAAP affected your business, taken up your time and perhaps most critically been communicated across...

Italy opens UK VAT uncertainty.
October 11, 2007... Byline: Nicholas Neveling Italy opens UK VAT uncertainty tax Nicholas Neveling The tax affairs of little-known foreign companies have never caused much concern for HM Revenue & Customs and the Treasury A- until now. The...

Can audit change its spots?
October 11, 2007... Byline: Anthony Carey, Mazars Can audit change its spots? When looking at the potential roles of the audit committee, board and management in providing corporate reporting information, and that of the auditors in offering assurance on...

Who audits the auditors?
October 11, 2007... Byline: Alex Hawkes Who audits the auditors? They're the savviest buyers in the business. Or, alternatively, the most political audit pitch there is. Who audits the audit firms themselves? Finding out is the equivalent of asking...

big shoes to fill.
October 11, 2007... Byline: David Jetuah big shoes to fill Two of the most influential finance directors in the UK have made the decision to move on from the world of finance for new challenges. Jon Symonds, formerly of AstraZeneca, and Ken Lever, who...

Audit experts weigh into debt crisis.
October 11, 2007... Byline: Penny Sukhraj Audit experts weigh into debt crisis audit Penny Sukhraj Unsteadiness in the debt markets has thrown up all kinds of awkward problems, especially when it comes to valuing securitised sub-prime debt in a...

AADB takes action over rule changes.(Accountancy and Actuarial Discipline Board and Financial Reporting Council)(Brief article)
October 11, 2007... Byline: Penny Sukhraj AADB takes action over rule changes Penny Sukhraj The Accountancy and Actuarial Discipline Board is to overhaul the way it operates and will issue a consultation document later this year on the moves....

Private equity boost sees AIM values soar.
October 11, 2007... Byline: David Jetuah Private equity boost sees AIM values soar David Jetuah The AIM market is becoming a popular destination for private equity and property companies, Grant Thornton has found. Because of an influx in private...

recovery position.
October 11, 2007... Byline: Damian Wild recovery position our experts discuss the after-effects of the credit crunch and how it will affect growth, investment and debt Will there be any long-lasting effects of this credit crunch on the real economy...

From E&Y with love.
October 11, 2007... Byline: TS From E&Y with love TS was down at Park Lane last week mixing with the profession's finest at the annual Ernst & Young Entrepreneur of the Year Awards. It was, as always, a magical evening that just got better and...

Some firms do i?1/2ave i?1/2em.(Ernst and Young's consultants and advisers )(Brief article)
October 11, 2007... Byline: TS Some firms do 'ave 'em Many think that management consultants are a bit 'fluffy', prone to jargon, and basically unhelpful to the businesses they're hired to help. Multiply their so-called 'fluffiness' with that of a...

Party political confusion.
October 11, 2007... Byline: TS TS might be confused, or have Labour and the Conservatives completely lost it? The last time TS checked, Tory politicians were neo-liberal types who liked tax breaks and protecting capitalism, while Labour were always all for...

Don't mention the war.(Brief article)
October 11, 2007... Byline: TS KPMG is currently sponsoring a Noel Coward play at the National Theatre. It's called 'Present Laughter', and TS was very kindly invited to the opening night. The Euro-firm really pulled out all the stops too, inviting its German...

brown and darling talk non(dom)sense When chancellors sit down before a Budget or a pre-Budget report, they always face a difficult conundrum. They need to give something away to please the electorate or they need to find money to fund some new promise. B.(Prime Minister Gordon Brown and Chancellor Alistair Darling )(Brief article)
October 11, 2007... Byline: Alex Hawkes brown and darling talk non(dom)sense When chancellors sit down before a Budget or a pre-Budget report, they always face a difficult conundrum. They need to give something away to please the electorate or they need...

CIMA finds the beast within.(Brief article)
October 11, 2007... Byline: TS CIMA finds the beast within TS has never had much truck with these new fangled management techniques A- the value of a stiff upper lip, and the old-school tie has always guaranteed effective business strategy in one's book....

on the money with Gavin Hinks.(Brief article)
October 11, 2007... Byline: Gavin Hinks on the money with Gavin Hinks Philip Broadley, FD at the Pru, has already announced his departure from his FTSE100 post, but he's also about to give up the chairmanship of the Hundred Group of...

E&Yi?1/2s Otty adds to brand mystery.
October 11, 2007... Byline: David Jetuah E&Y's Otty adds to brand mystery David Jetuah Ernst & Young's chairman Mark Otty has refused to discount the possibility of a global makeover for the Big Four firm. Two separate sources told Accountancy...

KPMG to review auditor ahead of Europe push.( Grant Thornton)
October 11, 2007... Byline: Nicholas Neveling KPMG to review auditor ahead of Europe push Nicholas Neveling KPMG will conduct a review of all its suppliers, including UK auditors Grant Thornton, as it forges ahead with the merger between the UK and...

British Red Cross looks for an new FD The British Red Cross is on the hunt for a new FD, writes David Jetuah The aid organisation is looking for a replacement for retiring finance boss David Causer. Since arriving in 2002, Causer has implemented a three-.(Brief article)
October 11, 2007... Byline: David Jetuah British Red Cross looks for an new FD The British Red Cross is on the hunt for a new FD, writes David Jetuah The aid organisation is looking for a replacement for retiring finance boss David Causer. Since...

Row brews over IFRS variant.
October 11, 2007... Byline: Penny Sukhraj Row brews over IFRS variant Penny Sukhraj European companies are pushing to be allowed to use a European Union variant of international financial reporting standards when communicating with US investors, in a...

i?1/2Human errori?1/2 blamed for PAYE penalties.(Pay As You Earn)(Brief article)
October 11, 2007... Byline: Kevin Reed 'Human error' blamed for PAYE penalties Kevin Reed As many as 12,000 penalties have been issued incorrectly to businesses over their PAYE returns, the taxman has admitted. HM Revenue & Customs said that of...

Sudden PBR i?1/2sends out wrong signali?1/2.(pre budget reports)(Brief article)
October 11, 2007... Byline: Alex Hawkes Sudden PBR 'sends out wrong signal' Alex Hawkes Tax advisers were scrambling to inform their clients of the key effects of the pre-Budget report this week, as chancellor Alistair Darling's shotgun PBR took most...

Investors must i?1/2push for green reportingi?1/2.(Brief article)
October 11, 2007... Byline: Our Parliamentary Correspondent Investors must 'push for green reporting' Our Parliamentary Correspondent Investors have been urged by the government's climate change minister to 'send strong signals to the market over the...

E&Y will poach to fill consultancy gap.
October 11, 2007... Byline: Kevin Reed E&Y will poach to fill consultancy gap Kevin Reed The consulting industry faces 'cannibalism' as it struggles to find the next generation of capable staff, Ernst & Young's head of advisory Steve Varley has...

LSE finance guru moves to Close Brothers.
October 11, 2007... Byline: David Jetuah LSE finance guru moves to Close Brothers David Jetuah Jonathan Howell has been announced as the new finance director of Close Brothers, relinquishing his role at the London Stock Exchange. In his 11-year...

Taxman to fund Phd research.(Her Majesty's Revenue and Customs on Doctor of Philosophy Degree)(Brief article)
October 11, 2007... Byline: Nicholas Neveling Taxman to fund Phd research Nicholas Neveling The taxman is to roll out funding to Phd students and other research experts as part of a new plan to encourage academics to contribute to tax decision-making...

Investors lay down law on liability caps.
October 11, 2007... Byline: Penny Sukhraj Investors lay down law on liability caps Penny Sukhraj The National Association of Pension Funds has backed criticisms of the liability caps being proposed by the audit industry. The Association of...

FTSE 100 set to reject liability cap after i?1/2red topi?1/2 threat.
October 11, 2007... Byline: Penny Sukhraj FTSE 100 set to reject liability cap after 'red top' threat Penny Sukhraj The UK's top companies are preparing to reject liability caps proposed by auditors. Lawyers this week told Accountancy Age that...

Faults exposed in non-dom regime.(non domestic individuals)(Brief article)
October 11, 2007... Byline: Richard Brooks and Alex Hawkes Faults exposed in non-dom regime Richard Brooks and Alex Hawkes The government's regime for non-domiciliaries may be full of holes, figures released by the Treasury this week reveal. As...

TAX SIMPLIFICATION PROJECT The government has launched a major programme aimed at simplifying tax rules as part of the pre-Budget report. This autumn it will undertake reviews aimed at simplifying rules in the areas of VAT, anti-avoidance and corporation.
October 11, 2007... Byline: Paul Grant TAX SIMPLIFICATION PROJECT The government has launched a major programme aimed at simplifying tax rules as part of the pre-Budget report. This autumn it will undertake reviews aimed at simplifying rules in the areas...

Websight: pre-Budget report.(Brief article)
October 11, 2007... Byline: Paul Grant Web Sight: pre-budget report If you're looking for the latest on the pre-Budget report then look no further than our very own site. www.accountancyage.com has in-depth coverage of chancellor Alistair Darling's...

Family set-ups hit for i?1/2500m.(Brief article)
October 11, 2007... Byline: Kevin Reed Family set-ups hit for [pounds sterling]500m Kevin Reed Small family businesses are braced for a half a billion pound tax grab as the government cracks down on Arctic Systems-like structures. In a move...

Business counts cost as Darling hijacks Tory ideas.(Chancellor Alistair Darling)
October 11, 2007... Byline: Alex Hawkes and Nicholas Neveling Business counts cost as Darling hijacks Tory ideas Alex Hawkes and Nicholas Neveling Private equity groups and business angels were considering the impact of sweeping changes to capital...

Unequal partners.
October 18, 2007... Byline: clive howard Unequal partners A recent survey in this magazine shows that across the top 50 firms, while qualified females account for 35% of total qualified staff, the average percentage of female partners stands at only 9.7%....