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July 2009

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City culture won't change easily

Simply calling for a better attitude on the part of bankers and market traders won’t be enough to make the system safer

The debate heats up

If further changes in accounting are proposed, there should be a thorough discussion about whether financial statements are the best vehicle for every purpose

When excuses are ruled out

The debate over MPs’ expenses suggests that the case for principles has never been stronger

Tweedie defends pace of reforms to EU finance ministers

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), has rejected calls to cut and paste impairment rules from US GAAP to speed up the pace of reform

Achievement award for Sir Brian Stewart

Miller Group chairman and CA Sir Brian Stewart was recognised for 'outstanding achievement' at this year's Scottish Accountancy Awards

Goldman Sachs boss backs fair value

Lloyd Blankfein, chief executive of Goldman Sachs, has backed the use of mark to market accounting at the annual conference of the International Organisation of Securities Commissions in Tel Aviv

Financial specialists targeted in drive against crime

A study of organised crime in Scotland has identified some 241 financial specialists and money launderers who have ‘specialist’ links to criminal networks

FRC tackles complexity in company reports

The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has outlined proposals to clarify company reports

Scottish Enterprise looking for new chief

Jack Perry, the CA who headed Scotland’s main development agency for the past five and a half years, says he will quit the post once a successor is found

Tesco Finance plans city jobs

Scotland's damaged reputation for financial services has been given a boost by Tesco's decision to build its retail bank in Edinburgh

Ernst & Young report predicts a decade of pain

Ernst & Young's Scottish ITEM Club has said a return to 2008's employment levels is unlikely before 2017 and although Scotland's private sector economy appears to be heading out of recession, it's doing so at a slower rate than much of the rest of the UK

Former ICAS president Sharp scoops award

Former ICAS president Isobel Sharp has been recognised for her achievement as a 'glass ceiling breaker' at an awards ceremony that celebrates the contribution of female business pioneers

Jobs market decline continues to ease

In its guide to the UK labour market, KPMG and the Recruitment and Employment Confederation (REC) Report on Jobs shows that the job market deteriorated at a slower pace in May, as the rates of decline in placements and billings eased further

CAs recognised in Queen's birthday honours list

Three ICAS members were recognised in the Queen’s birthday honours list

Risk management still not properly in place, says Deloitte

Global financial institutions have critical gaps in their risk management practices several months into the economic crisis, according to a survey by Deloitte

Calman calls for new Scottish-set income tax

The Calman Commission, which was set up to review the experience of Scottish devolution since 1998, has issued its final report

Bingo tax ruling could lead to £500m payout

Rank Group, the bingo and casino operator, has won a High Court case in its claim for a £62m refund, which could pave the way for other gaming companies to recover as much as £500m in overpaid tax

So, can you tell what it is yet....?

When someone dismisses an idea as something “drawn up on the back on a envelope” they may be missing the point. US business writer and management consultant Dan Roam says we should be using pictures more to guide our thinking, ?nd creative solutions and sell our ideas to colleagues and clients

Stand up if you think you're funny...!

A bunch of accountants in the States are keen to prove that they really can be stand-up comics

Book review

The House of Dimon, Patricia Crisafulli (Wiley, £14.99)

Business travel

Facing the future

Letters: Raising standards

I read with interest the President’s Comment (“Tone at the top”, CA Magazine June 2009) where ICAS president Douglas Nisbet argued that all company directors should adhere to strict guidelines on ethical behaviour

Strategy for survival

The struggle to fund defined benefit schemes while balancing commercial needs in the current economic climate is becoming an increasingly risky burden for employers

Push to the finish line

2012 isn’t just when the Olympics comes to London. It’s also when employers will be required to auto-enrol employees in a pension scheme and make compulsory contributions

Whittle while you work

The time may be here for employers to look closely at their employee benefits strategy as part of their efforts to tackle the effects on their businesses of the economic downturn

Access all areas

What will marketing in the accountancy sector look like in 2019? CA Magazine and PracticeWEB invited a group of marketing specialists to see how technology is changing business development for professional firms

Local heroes

Despite the downturn, the Highlands and Islands has a knack of overcoming adversity, writes Richard Goslan

Lighting up the arts

How do you celebrate a centenary while singing about the values of traditional CAs? Sponsor a musical, of course. That’s what Henderson Loggie, the firm chaired by George Hay did

Make it better

Pouring public funds into banks has stablised the financial system – but the economy is not out of the woods yet by any means, says Robert Outram

Road to revolution

Banks looking to ensure their long-term success need to embrace not only cost cutting, but also a more radical change in culture

A challenging regime for time-strapped banks

Liquidity remains the top challenge for financial institutions despite compliance deadline being pushed back

Turn it on, again

Even in a downturn there may be good reason to invest in upgrading your financial management system

Staff to pay price for non-compliance

This has undoubtedly been a challenging year already for senior officers of large businesses. As well as having to contend with the ongoing impact of the recession, the Budget delivered measures to make them personally accountable to HMRC

Reassessing staff share incentives

The UK's highest earners have now had two months to digest the impact on their pocket following the introduction of a top tax rate of 50 per cent and reduction in their basic personal allowance

Foreign affairs

Taxation of foreign profits to be reformed

Avoid being left in hot water

SMEs can ease the impact on tax bills with decisive action

Friesian farm rents

Unfortunately, beyond the farm gate no one much cares about land rentals and VAT

Going concerns

A new FRC exposure draft has brought together the latest thinking on assessment of going concern and evaluating the scope of disclosures

Guide for audit firms on transparency reports

The Professional Oversight Board has published guidance material for those audit firms required to publish a statutory Transparency Report in 2009

OSCR launches monitoring of cross-border charities

The monitoring of cross-border charities commenced last month

Rates cut

The Financial Reporting Council has announced that its levy rates will not be quite as high as outlined in its consultation paper published in December

Public sector standards body focuses on financial instruments

The IPSASB of IFAC has reaffirmed its commitment to its global convergence programme and the development of standards dealing with financial instruments

What now for agency workers?

Kim Pattullo looks at the implications of a compromise deal to put agency workers’ rights on a level footing with those of their permanently employed colleagues

Radical rethink needed on auto enrolment rules

The National Association of Pension Funds has criticised proposed rules for pensions auto-enrolment as “inflexible, bureaucratic and costly to both implement and run” in its response to the Department for Work and Pensions (DWP) consultation on the rules of how automatic enrolment for employees in workplace pension schemes will work after its introduction in 2012

Changes mooted for generic actuarial standards on data and modelling

As part of its project to develop new actuarial standards, the Board for Actuarial Standards has published exposure drafts of standards on data and modelling

FRC marks progress on promoting choice in the UK audit market

The Financial Reporting Council has published its Third Progress Report on the implementation of the recommendations of the Market Participants Group and other relevant developments regarding the audit sector

Sales and rent back market for regulation

The Government is introducing secondary legislation to bring sale and rent back agreements within the scope of Financial Services Authority regulation

Changes made to FRS 29

The UK's Accounting Standards Board has issued Amendments to FRS 29 Improving Disclosures about Financial Instruments

A clearer view

The FRC’s paper on reducing complexity articulates a cry from the heart for financial statements that are more straightforward to produce, and easier for users to comprehend. Robert Outram reports on the bid to clear up the tangled mess in financial reporting

ICAS appeal for progress

Chief executives of GAA united in call to keep momentum going

Relay great effort from ICAS marathon team

A relay team representing ICAS defied baking heat on the day to finish the Edinburgh marathon in an impressive 69th place out of 932 teams

World Congress to focus on 'sustaining value creation'

Value creation, the accountant’s role and sustainable development, Islamic finance and the impact of the G20 initiatives are among the topics agreed for the World Congress of Accountants 2010 (WCOA2010) to be held in Kuala Lumpur in November 2010

Register now for exemption

Chartered accountants looking to add internal auditing to their skills have until 31 August to register for the Advanced Diploma of the Institute of Internal Auditors - UK and Ireland (IIA) if they wish to make full use of current exemptions

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