Accountancy Age articles from September 2007

Accountancy Age archives from September 2007

In defence of pre-packs.(selling prior to insolvency)
September 4, 2007... Byline: barry ross In defence of pre-packs A number of recent high profile cases have cast a critical light on a process used by most, if not all, insolvency firms in the UK A- the pre-pack. In short, this is where a deal to sell the...

silver service.(Silverjet, British airline)(Company overview)
September 6, 2007... Byline: Nicholas Neveling silver service It is the summer of 2005 and John Bavister is sitting in a room at the Royal Ocean Racing Club. It is here that he bumps into an old colleague A- serial entrepreneur Lawrence Hunt, the founder...

View from the board: Loyalty card.
September 6, 2007... Byline: Mark Freebairn View from the board: the loyalty card Too often candidates say to me: 'But I've worked for the same company for seven years. If I don't move now, surely I'll look institutionalised'. Well, much as it would...

Rules are there for a reason.
September 6, 2007... Byline: David Coates Rules are there for a reason John Redwood's strategy to improve Britain's economic competitiveness was unveiled in mid-August following a carefully constructed week of media hype. Among the main proposals was...

Seeing the future.(role of accountants in corporate accountability)
September 6, 2007... Byline: david bent Seeing the future A strange thing is happening. Leading companies are making important decisions about their future, but only involve the finance department when the decision has been made. They do not trust...

VAT battle over close-ended funds will run to bitter end.
September 6, 2007... Byline: Nicholas Neveling VAT battle over close-ended funds will run to bitter end Tax Nicholas Neveling The fierce battle between fund managers and HM Revenue & Customs over the VAT payable on management fees of close-ended...

A fair cop?(fair value accounting)
September 6, 2007... Byline: Alex Hawkes A fair cop? September could be an awkward month for US banks. It's reporting season, and the expectation is that the sub-prime loan losses that have been hitting the stock markets for the last two months are now,...

Offshore firms can't escape taxman.
September 6, 2007... Byline: Kevin Reed Offshore firms can't escape taxman Tax Kevin Reed The taxman has warned service companies that just because they are offshore does not mean they are exempt from legislation designed to crack down on them....

People and moves...
September 6, 2007... Byline: rachael singh People and moves... Job to die for: lloyds tsb autolease fd Foot down, our gong for job of the week goes to Alan Lunt, who takes the hotseat as finance director at Lloyds TSB autolease, the fleet management...

on the money with Gavin Hinks.(Column)
September 6, 2007... Byline: Gavin Hinks on the money with Gavin Hinks You've got to hand it to John Connolly, chief executive at Deloitte; things look like they are going to plan, and very nicely too, thank you very much....

Firms won't ditch audit.(Brief article)
September 6, 2007... Byline: Alex Hawkes Firms won't ditch audit I may be the only one thinking this, but what I'm really looking forward to is firms' negotiations with their clients over audit liability. The firms, for fairly obvious...

firm favourites.(Terra Firma Capital Partners)
September 6, 2007... Byline: Kevin Reed firm favourites After years of failing to pull off a mega-merger, EMI has found itself bought up, with chief executive Eric Nicoli and FD Martin Stewart stepping down as a result. New owner Terra Firma has come...

Quantity transcends quality as reporting is still not up to scratch.
September 6, 2007... Byline: David Jetuah Quantity transcends quality as reporting is still not up to scratch David Jetuah Companies are too often issuing bland statements in their annual reports, according to a report by Merchant. Of the...

taxman is sending out the wrong message Do as you would be done by. As a maxim for decision making, you cani?1/2t go far wrong with this line of thought. If iti?1/2s good enough for you, then iti?1/2s good for others. However, the Federation of Small Business has acc.
September 6, 2007... Byline: Accountancy Age taxman is sending out the wrong message Do as you would be done by. As a maxim for decision making, you can't go far wrong with this line of thought. If it's good enough for you, then it's good for others. ...

ICAS turns on charm for ICAEW.(Institute of Chartered Accountants of Scotland; Institute of Chartered Accountants in England & Wales)(Brief article)(Column)
September 6, 2007... Byline: TS ICAS turns on charm for ICAEW Have relations thawed between the ICAEW and ICAS? Readers will remember that ICAS made unpleasant comments about the institute's proposed merger with CIPFA, leading to a serious falling...

Domicile showdown.(Brief article)
September 6, 2007... Byline: TS Domicile showdown TS apologises for being a bit late with this, but there was an interesting live broadcast on Radio 4 recently about tax and a remarkable comment by one of the nation's top tax commentators. Richard...

HMRC dismisses emails.
September 6, 2007... Byline: TS When TS is having a bad day at the Towers and finds itself swamped by the frenetic, adrenaline-fuelled world of all things accountancy, it takes a peek through HMRC's announcements for some light relief. This week HMRC's...

Silly season.(Brief article)(Column)
September 6, 2007... Byline: TS Looks like the silly season is still well and truly in its pomp. TS was treated to a particular gem from a 'Big Five' firm recently. It has been discovered that 'the number of high profile, big money divorce cases seen through...

LTA makes advertising i?1/2boobi?1/2.
September 6, 2007... Byline: TS LTA makes advertising 'boob' TS likes to trawl through advertising standards notices, it's helped the Age out with a couple of stories about the ICAEW and HM Revenue & Customs recently. But it seems TS wasn't keeping a...

Taxman holds hands up over online filing.
September 6, 2007... Byline: Nicholas Neveling Taxman holds hands up over online filing Nicholas Neveling There is still a 'long way to go' for HM Revenue & Customs before its online systems are up to scratch, chairman Paul Gray has admitted. ...

KPMG lead the way on audit.(Brief article)
September 6, 2007... Byline: Nicholas Neveling KPMG LEAD THE WAY ON AUDIT A flood of AIM companies seeking IFRS guidance helped KPMG to become the only auditor in the UK with more than 400 listed clients, the firm has said, writes Nicholas Neveling. ...

'Quickie' insolvencies help preserve jobs.(pre-packs)
September 6, 2007... Byline: Kevin Reed 'Quickie' insolvencies help preserve jobs Kevin Reed A controversial technique, used to save struggling businesses by the insolvency industry, rescues more jobs than traditional methods. 'Pre-packs', where a...

PartyGaming in BDO indemnity mystery.
September 6, 2007... Byline: David Jetuah PartyGaming in BDO indemnity mystery David Jetuah PartyGaming is facing questions over liability promises it is thought to have made to BDO Stoy Hayward over the US ban on online gaming. The company...

Annual reports millstone gets heavier.
September 6, 2007... Byline: David Jetuah Annual reports millstone gets heavier David Jetuah Annual reports are seven pages longer this year than last year, a 7% increase, and are expected to bulk up further over the next 12 months. According to...

Taxman clueless over Arctic costs.
September 6, 2007... Byline: Kevin Reed Taxman clueless over Arctic costs Kevin Reed The taxman has never estimated the legal cost of taking the Arctic Systems' case, it has admitted in revelations that are likely to open questions about the...

MPs to probe corporation tax.
September 6, 2007... Byline: Parly MPs to probe corporation tax Our Parliamentary Correspondent An investigation into why almost two thirds of the UK's biggest businesses ended last year paying little or no corporation tax is set to be launched by the...

English rugby wins tax advantage... but for the next World Cup.
September 6, 2007... Byline: David Jetuah English rugby wins tax advantage... but for the next World Cup David Jetuah The taxman is to offer a boost to Rugby's grass roots that could help the England rugby team win the World Cup A- next time around....

Bright defends Independent Insurance audit cover-up claims.
September 6, 2007... Byline: david jetuah Bright defends Independent Insurance audit cover-up claims David Jetuah The former chairman of Independent Insurance has angrily refuted claims that key details of an internal audit were suppressed. Along...

Backing the rising stars.(Accountancy Age Accountant of the Year Award)(Brief article)
September 13, 2007... Backing the rising stars Pegasus Software, one of the leading suppliers of accounting software in the UK, is proud to announce its sponsorship of the prestigious Accountancy Age Accountant of the Year Award. In today's competitive...

Learning curve.
September 13, 2007... Byline: George Bickerstaffe Learning curve Given that there are some 10,000 business schools around the world, choosing an MBA is not just one of the important decisions people make A- it's also one of the most daunting. The...

Talent spot.(talent retention in mergers and acquisitions)
September 13, 2007... Byline: Andrew Shapiro- Talent spot While senior management were busily poring over the metrics and the vision of taking on the Big Four, let's hope someone whispered one word in the ears of Robson Rhodes and Grant Thornton, when news...

Take the lead.
September 13, 2007... Byline: Ap Eigenhuis and Robe can Dijik Take the lead The unremitting change that has affected the financial services industry in recent years shows no sign of abating. Compliance has become the industry watchword over the past decade,...

Personal touch.(coaching)
September 13, 2007... Byline: Paul Denvir and David Tovey Personal touch Time. It's what everyone seems to want these days. We have devices to help us manage it more effectively and with their help we fill every minute we have. Sometimes the parameters...

In the classroom: CPD matters.(continuing professional development)
September 13, 2007... Byline: bob hawken in the classroom: CPD matters Continuing professional development has been defined in many ways: one is as the set of learning activities that develop and maintain capabilities to enable professionals to...

India: Challenges and goals.
September 13, 2007... India: Challenges and goals While concerns abound over the impact of the crisis in the US housing market on the global economy the International Monetary Fund has said that booms in China, Russia and India would allow the global economy to...

Face up to facts.
September 13, 2007... Byline: Brendan Barber, TUC Face up to facts It's hard for anyone working in human resources to avoid the hype around online social networking. Employers around the country are finding that sites such as Facebook, MySpace and Bebo are...

Taxman vows to clear online filing hurdles.
September 13, 2007... Byline: Nicholas Neveling Taxman vows to clear online filing hurdles Technology Nicholas Neveling System glitches and attempting to convince a sceptical public about the benefits of online filing have been major challenges for...

The shortlist.
September 13, 2007... Byline: Accoutancy Age The shortlist Practice Awards Global Firm of the Year BDO Stoy Hayward Deloitte Ernst & Young Grant Thornton KPMG PricewaterhouseCoopers Large Firm of the Year PKF ...

Regulatory demands see AIM clients jump ship to Big Four.
September 13, 2007... Byline: Nicholas Neveling Regulatory demands see AIM clients jump ship to Big Four Audit Nicholas Neveling The diversity of auditors working for AIM companies has always seen London's junior exchange held up as the model...

Online.
September 13, 2007... Byline: Nicholas Neveling ONLINE This week's top stories on accountancyage.com/sector Britannia victory Britannia Building Society has successfully challenged the taxman to pay back tax it took on bonus payments the...

Inspired thinking.
September 13, 2007... Inspired thinking Our experts look at how companies can best innovate to remain ahead of the business game What do you consider to be the most significant obstacle to innovation? Craig Aston, sales manager, IBM Global...

People and moves...
September 13, 2007... Byline: rachael singh People and moves... Job to die for: cfo, mccarthy & stone Michael Ball receives our gong for the job of the week for bagging the chief financial officer position at housebuilder McCarthy & Stone. Ball was...

Corporate worries.
September 13, 2007... Byline: Alex Hawkes Corporate worries Corporate tax departments could be facing their private equity moment. The National Audit Office has revealed that as many as a third of large corporates pay no tax. Like the Treasury Select...

Car giants take different exits off the IFRS highway.
September 13, 2007... Byline: David Jetuah Car giants take different exits off the IFRS highway David Jetuah Varied accounting methods for pensions and leases mean that car companies' accounts are not comparable, according to ratings agency...

Accountant of the year.(Brief article)
September 13, 2007... Byline: Accountancy Age Accountant of the Year Technically innovative, with sound judgement and proven leadership ability. Does that description remind you of anyone you know? If it does, then they embody the qualities on which we have...

Taxman gets unreal.
September 13, 2007... Byline: CIPFA Taxman gets unreal Over the past year a joint economic committee of the US Congress has been investigating the issues of taxing enterprises that exist simply on a computer server. Its findings are due to be published very...

PICK AND MIX.(Master of business administration degree programs)(Brief article)
September 13, 2007... PICK AND MIX What should be in a pick of the MBAs programme A- look out for the following: l Pre-programme courses (optional or required) on quantitative methods l An orientation programme before the programme starts to meet...

on the money with Gavin Hinks.(Editorial)(Brief article)
September 13, 2007... Byline: Gavin Hinks on the money with Gavin Hinks Accountants can display some peculiar characteristics, as two apparently unrelated recent studies demonstrate. First, a third of all accountants take their...

great tax debate needs reason and reliability The TUC has got the bit between its teeth on tax. Not content with attacking the tax status of private equity i?1/2 and prompting a parliamentary inquiry as a result i?1/2 secretary general Brendan Barber has now tur.
September 13, 2007... Byline: Gavin Hinks great tax debate needs reason and reliability The TUC has got the bit between its teeth on tax. Not content with attacking the tax status of private equity A- and prompting a parliamentary inquiry as a result A-...

Court threat over directorsi?1/2 reports.
September 13, 2007... Byline: Penny Sukhraj Court threat over directors' reports Penny Sukhraj Company directors could face court action if annual reports fail to tally with the accounts, under new rules over directors' statements. The Financial...

Tax judges block i?1/2156m scheme.
September 13, 2007... Byline: Nicholas Neveling Tax judges block [pounds sterling]156m scheme Nicholas Neveling A group of 64 millionaires who bought into a multi-million pound tax avoidance scheme marketed by KPMG have had their attempts to claim...

PwC vows to hold top spot.(PricewaterhouseCoopers)(Brief article)
September 13, 2007... Byline: Kevin Reed PwC vows to hold top spot Kevin Reed PricewaterhouseCoopers became the first UK firm to achieve a turnover of more than [pounds sterling]2bn in a year this week, while announcing lacklustre results. ...

Governance advisers in controls case.
September 13, 2007... Byline: Kevin Reed Governance advisers in controls case Kevin Reed A corporate governance advisory group is being sued for [pounds sterling]150,000 by an ex-employee accusing it of failing in its corporate governance. ...

tory duo launch green financial reporting initiative A Conservative think tank led by Ecologist editor Zac Goldsmith (pictured) and former environment minister John Gummer has called for large listed business to disclose their greenhouse gas emissions in.
September 13, 2007... Byline: Nicholas Neveling tory duo launch green financial reporting initiative A Conservative think tank led by Ecologist editor Zac Goldsmith (pictured) and former environment minister John Gummer has called for large listed business...

Corporates shun investor audit demands.
September 13, 2007... Byline: Penny Sukhraj Corporates shun investor audit demands Penny Sukhraj Investors are set to be rebuffed in attempts to have more information on audit committees, after a meeting of senior company directors held last week by...

Lib Dems move on non-doms.
September 13, 2007... Byline: Parly Lib Dems move on non-doms Our Parliamentary Correspondent Non-domiciles are set to come under further attack this weekend as the Liberal Democrat party conference kicks off in Brighton. The Lib Dems are opposed...

Institute canvases member opinion.(Institute of Chartered Accountants in England and Wales)
September 13, 2007... Byline: Kevin Reed Institute canvases member opinion Kevin Reed The ICAEW has recruited researchers to ask members about their current sentiment for the institute and its strategy. The institute has hired Gracechurch...

PricewaterhouseCoopers to probe Max Petroleum share option scandal The suspension of two senior executives at oil group Max Petroleum, over the issue of undisclosed share options, is to be investigated by the AIM companyi?1/2s auditors PricewaterhouseCoo.
September 13, 2007... Byline: Nicholas Neveling PricewaterhouseCoopers to probe Max Petroleum share option scandal The suspension of two senior executives at oil group Max Petroleum, over the issue of undisclosed share options, is to be...

City blast for Sports Direct.
September 13, 2007... Byline: Nicholas Neveling City blast for Sports Direct Nicholas Neveling The City panned embattled retailer Sports Direct this week, after the company once again failed to make basic financial disclosures in its latest market...

S&W to list in 2008 as profits surge by 39%.(Smith & Willamson)(Brief article)
September 13, 2007... Byline: Kevin Reed S&W to list in 2008 as profits surge by 39% Kevin Reed Smith & Willamson has targeted 2008 to list on the markets, chairman Gareth Pearce has confirmed. After months of speculation, Pearce told Accountancy...

Awards 2007: The final countdowni?1/2.(2007 Accountancy Age awards)
September 13, 2007... Byline: Accountancy Age Awards 2007: The final countdowna[bar] The shortlist for the 2007 Accountancy Age awards is out. Shortlisted for Blue Chip finance director of the year are Trevor Dighton of G4S, Ian Dyson at Marks &...

Green groups suffer reporting blow.
September 13, 2007... Byline: Penny Sukhraj and Nicholas Neveling Green groups suffer reporting blow Penny Sukhraj and Nicholas Neveling Attempts to have companies disclose their environmental and tax obligations on a country-by-country basis...

Website: Tax fraud case.
September 13, 2007... Byline: Penny Sukhraj Web Sight: tax fraud case The US tax fraud case involving former KPMG employees took a surprising turn, when one of the five remaining defendants pleaded guilty and agreed to co-operate with state prosecutors...

BDO doesni?1/2t expect US i?1/2capital calli?1/2.
September 13, 2007... Byline: Alex Hawkes BDO doesn't expect US 'capital call' Alex Hawkes BDO Stoy Hayward's senior partner Jeremy Newman has said requests for funding from BDO International firms by BDO Seidman are 'hypothetical' and that he does not...

i?1/2Coaching helps me do my job betteri?1/2.
September 13, 2007... 'Coaching helps me do my job better' Chris Stooke, chief financial officer, Catlin Group Chris joined FTSE 350 insurance group Catlin in March 2003 after a 24-year career with Price Waterhouse and PricewaterhouseCoopers, where he'd...

Assessing the damage.
September 20, 2007... Byline: peter charles Assessing the damage The summer meltdown in the global credit markets looks sure to have an impact on UK business. The problem for finance directors returning to their desk after the summer break is to try and...

go carefully.
September 20, 2007... Byline: Richard King and Katie Philipson go carefully Next month, 1 October to be precise, will see the introduction of further provisions of the Companies Act 2006. As is to be expected with such a major legislative change, many of...

Green overload.(green taxes bill)
September 20, 2007... Byline: Matthew Elliott, Tax Payers' Alliance Green overload All three major parties are publicly committed to shifting taxation towards green taxes. They bill this as a move from taxing 'goods' to taxing 'bads'; a move from taxing...

People and moves...(Colin Child finance director of DTZ Holdings)(Brief article)
September 20, 2007... Byline: rachael singh People and moves... Job to die for: FD of dtz holding Colin Child takes the title for our gong of the week. This month Child becomes group finance director of DTZ Holdings, a global property adviser, and will...

Fooli?1/2s value.(fair value accounting of Glaxo's securities)
September 20, 2007... Byline: Mike Leyland Fool's value At first sight, fair value accounting has an obvious validity A- but then so did current cost accounting. As deputy treasurer for Glaxo from 1992 to 1995, I argued strongly that 'marking to...

Battlelines drawn in CFC conflict.
September 20, 2007... Byline: Nicholas Neveling Battlelines drawn in CFC conflict tax Nicholas Neveling As the crucial consultation on the taxation of foreign profits closed at the end of last week, battle lines were already being drawn as between...

on the money with Gavin Hinks.
September 20, 2007... on the money with Gavin Hinks I like Zac Goldsmith, son of errant billionaire Jimmy and editor of The Ecologist. His magazine is a good read and he has some interesting things to say on the environment. But I can't...

IFRS 8: what is it good for?
September 20, 2007... Byline: Tim Bush IFRS 8: what is it good for? Early this year, the biggest single body of investors, in the world's largest IFRS-using capital market (the ABI, NAPF and IMA) objected to the European Union's adoption of IFRS 8, the...

Practice Management Software of the Year.
September 20, 2007... Byline: Nicholas Neveling Practice Management Software of the Year The Practice Management Software category makes its debut at the Accountancy Age Awards in 2007, and for many this is a long overdue addition to the awards category...

CAMERA ANGLE.
September 20, 2007... Byline: Alex Hawkes CAMERA ANGLE Jessops, the retailer, announced three profit warnings earlier this year. Now it has lost its finance director in moves some are suggesting represent a boardroom struggle. Analysts are worried that...

delicate balance.
September 20, 2007... Byline: Damian Wild delicate balance are corporate governance crises behind us? our experts explain why no one can afford to let their guard down Is corporate governance now under control? Anthony Carey, partner at Mazars and...

checklist.(duty reminders for financial directors and advisers)(Brief article)
September 20, 2007... Byline: Richard King and Katie Philipson checklist FDs l Make sure all your board members understand their duties under the Act l Set up training on directors' duties for new appointments to the board l Do not ignore the...

Sybil the Cat.
September 20, 2007... Byline: TS Alistair Darling has brought a cat to Number 11, it emerged last week, the first cat to roam around Downing Street since Humphrey left amidst rumours that Cherie didn't like cats. But Darling's cat is not there to mark a break...

A dog's life at AAT.
September 20, 2007... Byline: TS A dog's life at ATT When TS is not encouraging PRs to pick up the lunch bill, one finds oneself cooped-up in the dark interiors of TS Towers. So you can imagine the shock when TS turned up at the cocktail party...

Mike plans a farewell tour.(Mike Rake )(Brief article)
September 20, 2007... Byline: TS . . . and Mike plans a farewell tour So farewell then, Sir Mike Rake (or should we say Auf Wiedersehen, after the KPMG Europe merger?). Mike is leaving the profession to become chairman of BT and at the end of the month...

Antoni?1/2s a jailhouse rocker . . .(Anton Colella of Institute of Chartered Accountants of Scotland )(Brief article)
September 20, 2007... Byline: TS Anton's a jailhouse rocker . . . TS may not have been invited to January's ICAS Burns Night supper yet we feel so sure it's an oversight that's about to be put right that we've cleared the diary, got the family tartan...

is fair value fair enough? The running debate about the worth of fair value accounting is set to receive a further injection of energy over the next few weeks as banks puzzle over how to report the value of the derivatives and financial instruments that.
September 20, 2007... is fair value fair enough? The running debate about the worth of fair value accounting is set to receive a further injection of energy over the next few weeks as banks puzzle over how to report the value of the derivatives and...

Frosty.(Ken Frost and Michael Izza)(Brief article)
September 20, 2007... Byline: TS ICAEW activist and blogger Ken Frost has been known to ruffle the feathers of the great and good at the 'tute on a number of occasions, particularly leading up to its failed merger attempt way back in October 2005. He even...

Fraud case reveals risk of ignoring disclaimer warning.
September 20, 2007... Byline: Penny Sukhraj Fraud case reveals risk of ignoring disclaimer warning Penny Sukhraj A warning has been issued that firms risk being sued unless they include the right kind of disclaimer in their audit contracts. Lawyers...