Archive for October, 2008

Young guns re-energize accounting profession.

Thursday, October 30th, 2008

Young accountants are breathing new life into the profession, a new report suggests.

A study by CCH, part of Wolters Kluwer UK, and published on the CIMA website, reveals that 80 per cent of under-25s working in the sector consider the occupation to be energetic and enthusiastic.

Overall, 53 per cent of accountants think their job is dynamic, compared to 28 per cent of the general public.

Martin Casimir, CCH executive director, explained that the reason for this gap is that members of the profession are wrongly viewed as being behind the times.

“However, by adopting advanced technologies such as paperless audits and document management systems, accountants’ clients will begin to change their perception,” he stated.

Those operating in the field are embracing new advances at work as well as in their day-to-day lives and this is something which should continue, Mr Casimir added.

Wolters Kluwer UK provides a range of consultancy services across various sectors including human resources, education and manufacturing.

ACCA claim CFO Euro summit success

Thursday, October 30th, 2008

Over 100 senior CFOs from Poland and the wider Central and Eastern Europe (CEE) region attended a prestigious and extremely successful conference held by ACCA in Warsaw on 17 October, claims an article on the ACCA website.

The inaugural CFO European Summit brought together CFOs in a wide variety of industry sectors from across the CEE region to discuss best practice, to network and share ideas on the role of the CFO in today’s challenging business environment. Panel sessions covered areas such as investor relations, human capital issues (the ’soft skills’ required by the modern CFO) and the strategic liquidity and investment management issues made particularly topical by the global credit crisis.

Guest speakers included Ludwik Sobolewski, president of the Warsaw Stock Exchange, who told delegates that the credit crunch required CFOs to continue to act responsibly, which was the key to avoiding future such crises. But he said that Poland was in relatively good condition, with no major structural problems and that it was a good time for Polish businesses to consider expansion, given the cheaper assets that might be available, in addition to continuing to manage their businesses with due regard to effective financial and cost management. partners with

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Financial reporting too complex? You decide.

Tuesday, October 21st, 2008

CIMA is supporting the Financial Reporting Council in its project to reduce complexity in corporate reporting.

Their chief executive, Charles Tilley, has joined the advisory panel to the project along with other high profile members. They are are also undertaking a series of interviews with FTSE 350 companies and an online survey with people involved in the communication of financial performance, such as CEOs, finance and other directors, financial controllers, treasurers and company secretaries.

And, you can share your views too in CIMA’s online survey about Financial Reporting.

ACCA’s President visits Africa

Monday, October 20th, 2008

On the ACCA website it reveals:

ACCA’s Sustainability Reporting Awards programme, which recognises organisations for excellence and transparency in environmental, social and sustainability reporting, is to be launched in Zambia next year, Richard Aitken-Davies has announced during his first visit to Africa as ACCA President.

In an address to senior figures from Zambian business and government, Aitken-Davies spoke of the importance of promoting a culture of greater transparency, and commented on the perceived enthusiasm and open-mindedness of Zambian businesses towards the need for sustainability reporting.

‘I believe that by promoting the award to organisations in Zambia, and by working in partnership with other sustainability stakeholders here, we can make a real difference,’ said Aitken-Davies. ‘Educating, building awareness and, above all, securing the commitment of companies to raising standards.’

CIPFA proposes LGPS regulation changes

Monday, October 20th, 2008

A CIPFA report based on the findings of a survey of Local Government Pensions Scheme (LGPS) managers will recommend that changes are needed to simplify and modernise the LGPS investment regulations.

In their report to the CIPFA Pensions Panel (who commissioned the work), a group of senior LGPS managers, under the chairmanship of Peter Scales OBE, is considering a number of detailed recommendations aimed at clarifying the rules on permitted investments and borrowing, and the use of overseas investment managers.

Speaking yesterday at the IRR Local Government Pension Investment Forum, Peter outlined the emerging findings and reported that the working party is currently finalising it’s report and recommendations in light of current financial and economic conditions, with a view to submitting its final report later this year.

CIPFA plans to work with both the Department for Communities and Local Government (CLG) and LGPS administrators to use the suggested changes to improve investment management within a stronger, modern investment framework.

CIPFA supports local government IFRS

Monday, October 13th, 2008

CIPFA/LASAAC has announced a new governance framework for the Code of Practice on Local Authority Accounting. The new Code for 2010/11, when local authorities will complete their transition to IFRS-based reporting, will be prepared under the oversight of the Financial Reporting Advisory Board (FRAB) rather than the Accounting Standards Board (ASB) as for previous years.

Under the new governance framework CIPFA/LASAAC remains the accounting standard setter for local authorities. The Code will also continue to be the authoritative source of accounting guidance for local authorities across the UK, although it will no longer be badged as a Statement of Recommended Practice (SORP).

Nick Bennett, Public Sector partner at Scott-Moncrieff and Chair of CIPFA/LASAAC* said:

‘The new FRAB-linked framework for the Code will allow local government to participate directly in the same standard setting process as central government and the NHS for the first time. I am delighted that we have also been able to bring the best of the ASB’s regime into the new framework.’

The new governance framework will also formalise certain aspects of the FRAB’s processes. In particular the role of International Public Sector Accounting Standards (IPSASs) will be specified for the first time. The EU-adopted versions of IFRS remain the top level in the UK public sector accounting standard setting hierarchy. IPSAS will be used to assess any interpretations or adaptations for the public sector context.

UK banks’ £37bn bail-out unveiled by PM

Monday, October 13th, 2008

The government is to inject up to £37bn of taxpayer cash into Royal Bank of Scotland (RBS) Lloyds TSB and HBOS, says the BBC.

RBS is to raise £20bn with a further £17bn to be put into HBOS and Lloyds TSB. Barclays intends to raise £6.5bn without government help.

Taxpayers will own about 60% of RBS and 40% of the merged Lloyds TSB and HBOS.

The chief executives and chairmen of both RBS and HBOS are to resign, after their banks were forced to ask for the bail-out money.

The Treasury cash forms part of the government rescue plan announced last week.