Eurozone to agree Greek €110Bn bail-out

May 3rd, 2010

Eurozone members and the IMF have agreed a 110bn-euro (£95bn; $146.2bn) three-year bail-out package to rescue Greece’s embattled economy.
In return for the loans, Greece will make major austerity cuts which Prime Minister George Papandreou said involved “great sacrifices”.
The EU will provide 80bn euros in funding and the rest will come [...]

M&As heading towards 20 year low.

September 23rd, 2009

The number of mergers and acquisitions (M&As) is on course to drop to its lowest level since 1992, it has been predicted.
A study by accounting jobs provider Grant Thornton found that 303 M&A deals have been completed since the start of July, 32 per cent less than during the second quarter of this year when [...]

CIMA signs fast track MoU with ICMAP

August 20th, 2009

According to its website, the Chartered Institute of Management Accountants (CIMA) has signed a memorandum of understanding with the Institute of Cost and Management Accountants of Pakistan (ICMAP).
Under the terms of the agreement, members of each body will be allowed advanced entry into the other’s professional examinations.  This means that ICMAP members who have completed [...]

ABA fear of twin-track Accounting Standards

August 18th, 2009

The speed at which new international accounting rules are drawn up could lead to future problems, the American Bankers Association (ABA) has warned.
In a white paper, the ABA has explained that while the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are working on tackling the same issues, they are [...]

Last orders rise as Pubs feel credit crunch.

July 22nd, 2009

The BBC reports that UK pubs closed at a rate of 52 per week in the first half of the year - a third more than the same period in 2008.  The number of pubs has dropped by 2,377 in the past year, to a total of 53,466.
In research by the British Beer and Pub [...]

KPMG report highlights rise in UK fraud.

July 22nd, 2009

UK fraud levels hit a record high in the first half of 2009, figures show, on a CIMA website article
It reads:
KPMG’s Fraud Barometer has revealed that more than 160 cases involving sums in excess of £100,000 passed through UK courts during this period - the highest number in the barometer’s 21-year history.
The total value of [...]

CFOs need ‘more influence’ in Boardroom.

July 6th, 2009

Chief financial officers (CFOs) should be given more influence at board level, a new study has suggested.
In an article on the CIMA website, a survey conducted by CFO Research Services on behalf of KPMG found that 80 per cent of firms think that the finance function should be given a greater say in strategic decision [...]

Gordon Ramsay’s own Kitchen Nightmares

July 3rd, 2009

Profits at Gordon Ramsay’s UK restaurants fell by 87% in the last year, forcing the chef to inject £3.5m of his own money into the business, the BBC reports.
His father-in-law and partner Chris Hutcheson also pumped in £1.5m to help cope with mounting debts and tax bills.
Their woes in the year to August 2008 were [...]

CIPFA and Northampton Uni offer fast-track MSc

July 3rd, 2009

Professionals with the CIPFA accountancy qualification can for the first time undertake a top-up MSc in Accounting and Finance from the University of Northampton. This innovation follows a new partnership between the University of Northampton and Chartered Institute of Public Finance and Accountancy (CIPFA).
This MSc programme has been jointly developed to recognise the level and [...]

Madoff gets 150 years for £40bn fraud

June 30th, 2009

Bernard Madoff has been given the maximum prison sentence of 150 years for his role in masterminding a massive fraud that robbed investors of $65bn (£40bn).
The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom.
US District Judge Denny Chin said he [...]