Accountancy Age articles from September 2006

Accountancy Age archives from September 2006

Spread the word by Moblogging.
September 1, 2006... Byline: Katie Holliday Spread the word by Moblogging Almost all the latest mobile phones come equipped with an in-built camera: some people make good use of them, while others merely use them to send pictures to their friends. But...

FDs face exposure check.(financial directors)
September 7, 2006... Byline: Peter Bartram FDs face exposure check Is the case of the NatWest three, extradited to the US to face charges of 'wire fraud', an isolated case, or should finance directors be concerned about the broader implications? ...

Positive outlook as UK bucks European trend.(United Kingdom's economic conditions)
September 7, 2006... Byline: Nicholas Neveling Positive outlook as UK bucks European trend Nicholas Neveling UK FDs have been told to expect robust economic conditions next year even though the rest of Europe is in the doldrums -- because they are...

Audit fees set to tumble as liability reform bites.
September 7, 2006... Byline: Penny Sukhraj Audit fees set to tumble as liability reform bites Audit Penny Sukhraj Will auditor fees really drop with reforms to auditor liability? That is the claim made by Tim Bush, director at Hermes...

supporting accountancy.(Alliance & Leicester Commercial Bank PLC)
September 7, 2006... supporting accountancy Alliance & Leicester Commercial Bank is a proud supporter of the accountancy profession and seeks to encourage excellence within this sector. To that end we are sponsoring the prestigious Accountancy Age Awards for...

company reports.
September 7, 2006... Byline: Nicholas Neveling Company reports Corus of approval Despite reporting a mediocre set of interim results last week, FTSE 100 steel group Corus received a boost from analysts at investment bank Credit Suisse. Corus FD...

View from the educators: new best friend or worst enemy?(continuous professional development)
September 7, 2006... Byline: Si Hussain VIEW FROM THE EDUCATORS: new best friend or WOrst Enemy? With the finishing tape in sight for the second full year of compulsory continuous professional development for accountancy, it seemed to us as good a...

Taxman eyes 'secret city's' cash.
September 7, 2006... Byline: Alex Hawkes Taxman eyes 'secret city's' cash Tax Alex Hawkes The taxman is increasingly interested in the 'secret city', the network of private equity and hedge funds that have hitherto avoided the public...

Swing it, say it, see it.(international financial reporting standards expained at conferance )(National Society for Prevention of Cruelty to Children holds Conker Cup)(corporate blogging book by Debbie Weil)(Brief article)
September 7, 2006... Byline: Michelle Perry Swing it Autumn is officially upon us. And in honour of this cherished season, the NSPCC is hosting its Two Cities Conker Cup on 5 October, to be held in Birmingham and London. Don't forget your youth. ...

The wrong trousers.(looking smart is of great help)
September 7, 2006... Byline: Michelle Perry The wrong trousers In some jobs it is advantageous to not look the part. TS sometimes dresses up and pretends to look smart in order to hoodwink leading accountants into a false sense of security. ...

Accounts of John Reid's department remain in limbo.(accounts of United Kingdom. Home Office)(Brief article)
September 7, 2006... Byline: Michelle Perry accounts of John Reid's Department remain in limbo The Home Office's accounts will not be cleared until 2008, Michelle Perry writes. The body's finance director told Accountancy Age in an interview this week that...

Bring this court to order.(first case by Accountancy Investigation and Disciplinary Board)(Brief article)
September 7, 2006... Byline: Penny Sukhraj Bring this court to order! The first public tribunal by the Accountancy Investigation and Disciplinary Board gets under way next week. The hearing, against Ian Jon Shelton and Pricewaterhouse- Coopers...

New DTI FD is Charles Clarke's brother.(Department of Trade and Industry appoints Mark Clarke as financial director)(Brief article)
September 7, 2006... Byline: Michelle Perry A family affair Funny how things work in government. As one brother is cast asunder from the flock in disgrace -- see Charles Clarke's dismissal from the Home Office earlier this year, another Clarke is welcomed...

You do the Maths.(accounting education)(Brief article)
September 7, 2006... Byline: Gavin Hinks you do the maths Is an A level in accountancy worth it? Cambridge University recently suggested it was a soft option and said applicants should not rely solely on such vocational subjects for entry to the...

A successful handover.(succession planning is rare)(Survey)
September 7, 2006... A successful handover A recent survey found only 20% of firms feel they have addressed their succession planning successfully. This implies that 80% feel they have not addressed their succession planning issues successfully. I observe...

Ian Mackintosh rows with FTSE chairman.
September 7, 2006... Byline: Nicholas Neveling Accounting Standards Board boss Ian Mackintosh almost certainly cost himself a few invitations to the golf course last week when he criticised FTSE chairmen for their 'misplaced nostalgia' for UK GAAP. After...

John Griffith Jones' cufflinks.(KPMG A/S unable to appear in Polo Championships)(Brief article)
September 7, 2006... Byline: Alex Hawkes Tragic news for the pride of KPMG. The firm will not be appearing in the Pro-Am City Polo Championships, taking place this Saturday. Though Mike Rake, the firm's chairman, is a keen Polo player, he is away this...

recurring cash flow nightmare If you are the finance director or the accountant in a small company there's nothing more likely to keep you awake at night than your cash flow. It's a nightmare because as all small businessmen will tell you, cash goes out.
September 7, 2006... Byline: Gavin Hinks recurring cash flow nightmare If you are the finance director or the accountant in a small company there's nothing more likely to keep you awake at night than your cash flow. It's a nightmare because as all...

Giant chains accused of bullying small enterprise.
September 7, 2006... Byline: Nicholas Neveling Print error costs St Ives [pounds sterling]2.8m Nicholas Neveling St Ives, the printer of Harry Potter and Accountancy Age, is reviewing its internal controls after accounting errors at one of its...

ECJ called on to decide on [pounds sterling]3bn 3G licence tax question.
September 7, 2006... Byline: Alex Hawkes ECJ called on to decide on [pounds sterling]3bn 3G licence tax question Alex Hawkes The 3G mobile operators will today discover if they are likely to be successful in an audacious attempt to recover more than...

Giant chains accused of bullying small enterprise.
September 7, 2006... Byline: Nicholas Neveling Giant chains accused of bullying small enterprise Nicholas Neveling Great Britain's finance directors have accused the UK's largest companies of strangling small enterprise and conducting business...

Competition Commission probes retail payments.
September 7, 2006... Byline: Kevin Reed Competition Commission probes retail payments Kevin Reed The Competition Commission has put the finance departments of the UK's biggest grocery retailers into the firing line over their payment regimes to small...

Euronext installs Sarbox barricade.
September 7, 2006... Byline: Penny Sukhraj Euronext installs Sarbox barricade Penny Sukhraj Euronext said that it will put in a Dutch buffer body to prevent companies listed on its exchanges being subjected to Sarbanes- Oxley rules. The...

IFS must consider business.
September 7, 2006... Byline: Alex Hawkes IFS must consider business Alex Hawkes The Institute of Fiscal Studies' latest report into the tax system will need to treat business taxation as a key priority, a senior tax adviser has said. The...

KPMG demands access to ongoing audit files.(Financial Reporting Committee)
September 7, 2006... Byline: Penny Sukhraj KPMG demands access to ongoing audit files Penny Sukhraj Incoming auditors could be allowed access to files of their predecessors, under radical plans being considered by the Financial Reporting Council as...

Cadbury judgment due on tuesday.
September 7, 2006... Byline: Alex Hawkes Cadbury judgment due on Tuesday Alex Hawkes A crunch ECJ decision on the use of controlled foreign companies rules is expected next week. Cadbury Schweppes' case against the UK government over the ...

City salaries hit [pounds sterling]65k and rising.
September 7, 2006... Byline: Kevin Reed City salaries hit [pounds sterling]65k and rising Kevin Reed Accountants working in City banks were celebrating average salaries of [pounds sterling]65,000 this week, but recruiters warned there may be...

Alternative methods.(Deloitte & Touche L.L.P. starts new training process)(Brief article)
September 7, 2006... Byline: Nicholas Neveling This week Deloitte revealed that instead of locking staff in a meeting room when it comes to employee training, they would bring in a singing duo to motivation. Deloitte have been using the services of two...

Lib dems: tax dukes' windfalls.
September 7, 2006... Byline: Nicholas Neveling Lib Dems: Tax Dukes' windfalls The Liberal Democrats are demanding that Britain's multi-millionaire dukes should face a windfall tax designed to claw back some of the European Union farm subsidies after the...

Defendants billed to save cash for ICAS members.(Institute of Chartered Accountants of Scotland)(Brief article)
September 7, 2006... Byline: Kevin Reed Defendants billed to save cash for ICAS members Kevin Reed ICAS is set to charge defendants costs in complex tribunals -- before the case has even been concluded. The move will see the institute obtain early...

Buyers looks to get model-maker out of a fix.(Brief article)
September 7, 2006... Byline: Kevin Reed Buyers look to get model-maker out of a fix Administrators are looking to craft the survival of Airfix, Britain's last model-maker, writes Kevin Reed. Grant Thornton partners Keith Hinds and Joe McLean are...

YOu're never too big to learn.(secondments)
September 14, 2006... Byline: Chris Beer YOu're never too big to learn Secondments are without doubt a popular option for larger organisations and those with international operations. The opportunity for professional development, enhanced...

View from the board: recruiting a winner.
September 14, 2006... Byline: damian wild view from the board: recruiting a winner Finding a new chief executive is never easy -- especially at a grand old institute. In the good old days there were two courses of action. Over a good lunch, a...

Lower the drawbridge.(immigrants number get a surge after the expansion of European Union )
September 14, 2006... Byline: Chris Monnington Lower the drawbridge It will have come as little surprise to anyone who has recently visited a UK pub, hotel, restaurant, shop, garage, construction site or factory shop floor that there has been a huge influx...

THE Music Man.(Richard Huxtable resigns from Royal Philharmonic Orchestra )
September 14, 2006... Byline: Alex Hawkes THE Music Man Richard Huxtable, the finance director of the Royal Philharmonic Orchestra, recently did something very unusual. He told his boss that the RPO, for which he has worked for the past six years, ought to...

Copper bottom line.
September 14, 2006... Byline: Nicholas Neveling copper bottom line Over the last year few companies have been able to match the spectacular performance of copper giant Kazakhmys. Last year it listed on the London Stock Exchange, and before...

The great debt let-off.(personal insolvency legislation changed)
September 14, 2006... The great debt let-off There has been much debate about the changes in personal insolvency legislation introduced on 1 April 2004. The purpose of the changes was to encourage risk taking and stimulate enterprise. However, since this...

Pensions regulator hits back at dealmaker gripes.
September 14, 2006... Byline: Nicholas Neveling Pensions regulator hits back at dealmaker gripes corporate finance Nicholas Neveling The Pensions Regulator has hit back at dealmakers who have criticised it for slowing down the...

On the money.(restructurings)(Brief article)
September 14, 2006... Byline: Anthony Hilton on the money with Anthony Hilton Companies have gone bust since the dawn of capitalism, but not the way they do now. Restructurings used to be relatively simple in so far as there were...

Tee off, chip in, putt out.(golf)(Brief article)
September 14, 2006... Byline: Michelle Perry Tee off For all you golf lovers out the Ryder Cup is just around the corner. Ireland's K Club plays host to the greatest players from Europe versus the USA. rydercup.com/2006 Chip in The beauty of...

Sceptics challenge need for 'mini-audits'.(new service from Institute of Chartered Accountants in England and Wales)
September 14, 2006... Byline: Kevin Reed Sceptics challenge need for 'mini-audits' TECHNOLOGY Kevin Reed The ICAEW's plan to introduce a 'mini-audit' service for clients under the audit threshold has been met with some reservations. ICAS...

3G protests fall on deaf ears at ECJ.
September 14, 2006... Byline: Alex Hawkes 3G protests fall on deaf ears at ECJ tax Alex Hawkes It was a bold effort, but looks likely to be unsuccessful. The attempt by the 3G operators to reclaim more than [pounds sterling]3bn in VAT from the...

IFS review set to make waves.(Mirrlees report by Institute for Fiscal Studies)(Brief article)
September 14, 2006... Byline: Alex Hawkes IFS review set to make waves Alex Hawkes Of all the reviews of tax policy currently underway, the Mirrlees report could prove to be the most influential. The report, commissioned by the Institute for Fiscal...

Debt defaults expected to surge.
September 14, 2006... Byline: Nicholas Neveling Debt defaults expected to surge Nicholas Neveling Finance directors have been warned that surging debt multiples and rising interest rates will see an increase in the number of debt defaults in the next...

Job to die for: Regional director, Lloyds TSB.
September 14, 2006... Byline: Rachael Singh People and moves... Job to die for: REgional DIrector, Lloyds TSB Nick Elliott picks up the gong for this weeks job of the week, joining Lloyds TSB Commercial Finance as regional director. The former KPMG man...

Reading between the lines.(online accounting)(Brief article)
September 14, 2006... Byline: Kevin Reed reading between the lines Differentiation between different kinds of online accounting technology platforms is confusing the marketplace. There are now quite a few companies offering this type of service to...

Evans' Mysis earner.(ARRIVA PLC changes its investment plan)(Hiscox PLC moves to Bermuda)(Howard Evans gets increase in pay package at MISys Inc.)(Brief article)
September 14, 2006... Byline: Nicholas Neveling COMPANY REPORTS Evans's Misys earner Howard Evans, the finance director of FTSE 250 IT group Misys, saw his annual pay package for the year ended 31 May 2006 fall to [pounds sterling]574,596, from [pounds...

drive for greener cars.
September 14, 2006... drive for greener cars Stewart Whyte, director at Fleet Audits There are many ways to waste fuel. The first is to cover unnecessary mileage, and not enough companies are asking whether every journey is really necessary. Another issue...

new IT service launched.
September 14, 2006... Byline: Alex Hawkes ONLINE This week's top stories on accountancyage.com/sector new it service launched A new online accounting service is to be launched by the IAAITC, the group representing accounting practitioners...

The shortlist.
September 14, 2006... The shortlist Global Firm PricewaterhouseCoopers KPMG Deloitte Ernst & Young BDO Stoy Hayward Grant Thornton Large Firm Johnston Carmichael Bishop Fleming Bentley Jennison Medium Firm ...

Treasury secrecy.(corporate taxes)(Brief article)
September 14, 2006... Byline: Alex Hawkes We all know that the Treasury can get fiercely secretive about consultations. So TS was not surprised to hear the following story. We understand that PwC wanted to advise some of their clients about what was going on...

Twisting the night away.(Richard Huxtable of Royal Philharmonic Orchestra (London, England))(Interview)(Brief article)
September 14, 2006... Byline: Alex Hawkes Twisting the night away To our surprise, Richard Huxtable, the finance director of the Royal Philharmonic Orchestra, whom we interview on page 19, did not turn out to be the biggest fan of classical music. Odd, we...

Cost of Mirrlees review.(Brief article)
September 14, 2006... Byline: Alex Hawkes Of all the facts about the Mirrlees review into the tax system, the cost of the project was the one TS found most intriguing. The whole shebang is to cost [pounds sterling]625,000, the Insititute for Fiscal Studies,...

ice ice baby.(Ice Bar at Soho)(Brief article)
September 14, 2006... Byline: Kevin Reed It's all ice ice baby! TS doesn't expect to be taken out by the great and good of accountancy to a bar so freezing cold that you have to put on a super-duper parka and be served your cocktail in a...

Cut the rap at ACCA.(Association of Chartered Certified Accountants signs agreement with Hong Kong Institute of Certified Public Accountants)(Brief article)
September 14, 2006... Byline: Kevin Reed Cut the rap at ACCA ACCA members, often described as the leather elbow patch-wearing type, will have to smarten up their act and start donning some bling, if the recent agreement with the Hong Kong Institute of...

The judges.
September 14, 2006... The judges Sir Digby Jones: Former CBI general secretary and now adviser with Deloitte Rachel Elnaugh: Entrepreneur and former panellist on Dragons' Den. Mike Rake: Chairman of KPMG International Justine Greening:...

Double first is a score to die for PrciewaterhouseCoopers has become the first UK accountancy firm to top [pounds sterling]2bn in fee income in a year. While it should come as no surprise given the firm's growth rate, it still marks a huge success for PwC, which added so.(PricewaterhouseCoopers L.L.P. (London, England))(Brief article)
September 14, 2006... Byline: Gavin Hinks Double first is a score to die for PrciewaterhouseCoopers has become the first UK accountancy firm to top [pounds sterling]2bn in fee income in a year. While it should come as no surprise given the firm's...

Tax burden hurts tobacco makers.
September 14, 2006... Byline: Nicholas Neveling Tax burden hurts tobacco makers Gallaher Tobacco, the maker of Silk Cut and Benson & Hedges, has warned that increased taxation of tobacco products has made trading conditions for the industry...

Profession prepares to swoop on the conference season.
September 14, 2006... Byline: Alex Hawkes and Kevin Reed Profession prepares to swoop on the conference season Alex Hawkes and Kevin Reed Representatives of the profession are to descend on Brighton this weekend, as partners from the Big Four...

Institute calls for an end to squabbling.(Institute of Chartered Accountants in England and Wales)(Brief article)
September 14, 2006... Byline: Kevin Reed Institute calls for an end to squabbling Kevin Reed The ICAEW has delivered a plea for unity between accounting bodies. Institute president Ian Morris last night issued the call in a conciliatory speech to...

Man group cast wide net.(financial director needed as Peter Clarke being promoted)(Brief article)
September 14, 2006... Byline: Nicholas Neveling Man Group cast wide net Nicholas Neveling Man Group is to cast its net wide in its search for a replacement for the UK's highest paid FD Peter Clarke, who was promoted to chief executive last week. ...

European ruling in Cadbury case sparks tax relief fears.
September 14, 2006... Byline: Nicholas Neveling European ruling in Cadbury case sparks tax relief fears Nicholas Neveling Tax relief on interest faces further threats after the European Court of Justice this week delivered a key ruling on the UK's...

Call to charge defendants upfront.(Institute of Chartered Accountants of Scotland can face financial dificulty due to regulatory compliance)(Brief article)
September 14, 2006... Byline: Kevin Reed Call to charge defendants upfront Kevin Reed As the Accountancy Investigation & Discipline Board held its first public proceedings, an institute has urged it to review its funding structure so that large cases...

Charities attack standards body over 'failure to consult'.
September 14, 2006... Byline: Penny Sukhraj Charities attack standards body over 'failure to consult' Penny Sukhraj The IASB has been accused of failing to meet its duty to consult after ignoring demands from charities to increase corporate transparency...

UK and Europe set to collide over joint audit.(European Union)
September 14, 2006... Byline: Penny Sukhraj UK and Europe set to collide over joint audit Penny Sukhraj The UK risks a major clash with the European Union if a plan for joint auditing goes ahead. A senior member of the profession delivered the...

IASB in charities row.
September 14, 2006... Byline: Penny Sukhraj IASB in charities row The IASB has become embroiled in a row with charities after flatly ignoring their call for companies to tell stakeholders what they are doing in developing countries, writes Penny Sukhraj....

Boom times come to an end for the Big Four.(accounting services firm see a heavy growth due to international financial reporting standards)(Brief article)
September 14, 2006... Byline: Kevin Reed Boom times come to an end for the Big Four Kevin Reed Without an IFRS or Sarbox on the horizon to drive fee incomes in the near future, the boom times are over for the Big Four, PricewaterhouseCoopers chairman...

Ewing to contest top FD award.(Ferrovial Margaret Ewing to contest for Blue Chip award for financial director)
September 14, 2006... Byline: Nicholas Neveling Ewing to contest top FD award Nicholas Neveling Just months after guiding her company through a takeover by Ferrovial Margaret Ewing, BAA's finance director, will challenge Trevor Dighton from...

Tribunal opens doors on 'dishonest' accountant.(Ian Shelton of TransBus International charged of fraud)
September 14, 2006... Byline: Penny Sukhraj Tribunal opens doors on 'dishonest' accountant The financial controller of Mayflower's principal subsidiary, Transbus, was this week accused of 'wearing a badge of dishonesty' because he failed to make basic...

GSK settlement.
September 14, 2006... Byline: Alex Hawkes GSK's settlement with the Internal Revenue Service in the US over transfer pricing is not just about suspicions about corporates dodging their tax bills. It is also about a row between international authorities as to...

Lothian hit by mail backlog.(Her Majesty's Revenue and Customs looking for overseas property of british residents)(iSoft Inc. to hear decision from Accountancy Investigation & Discipline Board)(Accountancy Age nominated for three awards by Association of Online Publishers)
September 14, 2006... Byline: alex Hawkes Going for a gong Accountancy Age has been shortlisted in three categories in this year's prestigious Association of Online Publishers Awards. AccountancyAge.com has been shortlisted for best business website, while...

Oxera challenges dealmaker status quo.(Brief article)
September 14, 2006... Byline: Nicholas Neveling Oxera challenges dealmaker status quo corporate finance Nicholas Neveling The Financial Reporting Council's debate on choice and competitiveness in the UK is primarily an audit issue. But some...

US AND THEM.(executive remuneration rules)
September 14, 2006... Byline: Marcus Peaker US AND THEM Boards of UK companies have had to adapt over the last few years to executive pay taking a disproportionate prominence in corporate life and in the relationship between a company and its shareholders....

Hot on property.
September 14, 2006... 14 september 2006

hire or purchase.(business enterprises need an accountant)
September 21, 2006... Byline: Clive Lewis hire or purchase One in three new businesses will have ceased operating by the end of their third year, often because they have exhausted their cash resources. New business owners often fail to appoint an...

learning to succeed.(starting new businesses)(Viewpoint essay)
September 21, 2006... Byline: Paul Davis learning to succeed Most professional jobs require some sort of relevant qualification or diploma, normally obtained by passing a specific test or exam. But when it comes to setting up a new business, there's nothing...

A word of advice.(technology application in accounting needed)
September 21, 2006... Byline: David Reynolds A word of advice A recent Treasury report puts UK productivity around 13% lower than the G7 average. The findings are cause for concern, and should certainly worry the accountancy profession. In fact, not only...

less is moore.(Fiona Hotston Moore of Moores Rowland)
September 21, 2006... Byline: Philip Smith less is moore As we walk around the Paddington Basin office development in search of an appropriate photo-shoot location, Fiona Hotston Moore talks about her first few months in the hot seat at Moores Rowland....

Bespoke systems.(change in information technology services)
September 21, 2006... Byline: Lesley Meall Bespoke systems The past few years have been a period of significant change for many accounting practitioners. Firms have needed to take on board numerous new regulations and standards, while dealing with...

listen and learn.(educating client about bookkeeping and bank reconciliation)
September 21, 2006... Byline: Bob Harper listen and learn You know the type of client -- a jobbing builder, trading as a limited company, turning over about half a million a year. They know everything about the building game -- and nothing about...

Measured success.(Fiona Hotston Moore )(Brief article)
September 21, 2006... Byline: Philip Smith measured success Fiona Hotston Moore is one of few female managing partners in the accountancy world, and is currently the only one in the top 50. She acknowledges there are still glass ceilings in the...

Star performer.
September 21, 2006... Byline: Philip Smith Star performer Without finance, there would be no movies and this is especially true in Britain, where the film industry has long complained of a lack of support from the government and investors. Cut to Fiona...

What the experts say.(raising money for business, debt, planning)
September 21, 2006... Byline: Philip Smith Graham Apperley, Horwath Clark Whitehill Before considering sources of funding and the issue of giving up equity, a company must devote time to developing a strategy. If the company has a clear idea of what it...

Institute offers assurance service to address new audit threshold gap.(Institute of Chartered Accountants in England and Wales )
September 21, 2006... Byline: Philip Smith Institute offers assurance service to address new audit threshold gap Moves are afoot to plug an apparent gap in the audit market, created by the increased audit threshold to companies with a turnover of more than...