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Every article from your latest print edition of CA Magazine

June 2009

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Bringing the house down

Hiding behind the rules is of little use if basic ethical principles have been breached. The MPs’ expenses scandal is a classic example

Expensive mistake by the old boys' club

MPs’ expenses are the hottest political potato in years, but there’s a very simple solution – what’s good for us should be good for them

Setting tone at the top

Accountants have one, so do lawyers. Should ethical codes now apply to business generally?

Reforms will by key to financial services sector

A reformed financial services sector will play an important role in Britain’s economic recovery, according to a report published last month by the Financial Services Global Competitiveness Group, co-chaired by Chancellor Alistair Darling and former Citigroup chairman Sir Win Bischoff

Expense claim MPs could face added tax burden

MPs who have been writing cheques and returning expenses because they fear for their jobs may also be liable for tax, according to Neil Whyte, tax partner at PKF

MPs blame financial crisis on bankers’ reckless behaviour

The effects of the banking crisis will be felt for generations, a committee of MPs has warned, and said it had been caused largely by the banks' own reckless behaviour

KPMG advises on Government’s credit insurance scheme

Advisors from KPMG have helped to design the government-sponsored trade credit insurance scheme announced in the recent Budget

Harman challenges City’s male-dominated working culture

Labour’s deputy leader Harriet Harman has told a campaign group, the Fawcett Society, that the forthcoming Equalities Bill would be “a catalyst for change” when it came to women getting top jobs in the City

Reform of legal services delayed

Draft legislation that is set to herald radical changes for the Scottish legal profession has been delayed following consultation. The Legal Profession Bill was due to be published in draft form by the end this month but is now expected to be out in September

IFAC calls for 'urgent' convergence so accountants are on 'level playing field'

Robert Bunting, president of the International Federation of Accountants (IFAC), said convergence and the implementation of international standards is needed to rebuild and sustain the global financial system

CEOs hang on despite the turmoil

Tough economic times have not yet translated into a spike in sackings of chief executives of the world’s biggest companies, according to a study by the management consulting firm Booz & Company

In-house fraud cases surge

Fraud committed against companies by their own employees has surged this year, new data suggest, providing fresh evidence that the recession is fuelling a rise in crime

No benefit from 2007 rule changes

A survey by Deloitte looking at how listed companies are responding to the 2007 rule changes making preliminary announcements voluntary has found they are as popular as ever

'Social accounting' is good for business, says CDS

Co-operative and community businesses across Scotland are being introduced to “social accounting” to measure their wider impact on society

Homage to the great comedy stereotype

It’s somehow ended up in the reference aisles of certain bookstores, she says, but Rosy Barnes, author of Sadomasochism for Accountants, would prefer to see her book stay in the comedy section

Tax ASBO could be mark of pride

Who’s the baddest tax avoider on the block? “Naming and shaming” through an ASBO is increasingly popular with the state as a sanction

See the funny side of public speaking

Chief executives are serious people, so what do they have in common with comedians? More than you might think, according to leadership coach Roger Edward Jones

Duvet is the latest workstation

Over a quarter of City workers are so work obsessed they can’t resist using a mobile device such as a laptop in bed before they go to sleep

Book Review

The Storm by Vince Cable (Atlantic Books, £14.99)

Business travel

Lounge around

Letters: Ready for change?

I write this letter as a former Semple Cochrane shareholder who is also a member of ICAS

Eastern promise

As the recession continues to make a global impact, accountancy firms are seeking to outsource their services – and one country that is reaping the benefits of this new opportunity is India, writes Richard Goslan

The wow factor

Doing business in India? Prepare to be impressed by its spirit, growth and energy

Lost in field work

The financial health of your customers and suppliers is vital to the survival of your own business, says Richard Goslan, but how much do you really know about them?

Road to recovery

Will the newly launched top-up credit insurance scheme help keep the wheels of credit turning?

AAA RIP

It’s hard to imagine anyone emerging from the financial crisis with their reputations as badly damaged as the banks. The main credit rating agencies have done just that, says Richard Goslan

Pump it up!

If your cash flow has turned to a trickle then schemes such as the Government-backed Enterprise Finance Scheme are there to help, reports Richard Goslan

All together now

Stable business relationships are vital to surviving in challenging times, a new survey finds

KIth and kin

Family businesses are the backbone of most economies and yet there is limited understanding of the sector and its needs and challenges

Adding value? You bet!

As chief executive of one of the world’s biggest spread betting businesses, Jim Pettigrew is giving people back control of their investments

Kings of the wild frontier

Many professional firms find that too much of their working capital is tied up in work in progress and unpaid bills. Mark Lloydbottom looks at how you can tame the lion of lock up

OK, computer?

Major reform for Europe’s insurance industry is under way and financial institutions should not underestimate the demands the changes will place on accounting and IT systems

Curiouser and curiouser still

Barclays’ sale of its exchange-trade fund business has shades of Alice in Wonderland and serves to highlight City paradoxes

Hard target

The downturn looks set to lead to more claims against accountancy firms, and it’s not just the Big Four that need to take care

VAT changes require early planning

The last 12 months have seen some major changes to VAT regulation and, despite relatively few new announcements in the Budget, there are still more to come

Form 42 deadline fast approaching

Corporates are reminded that the deadline for reporting transactions in employment-related securities to HMRC, through Form 42, is fast approaching and must be completed by 6 July

Foreign revisions

Welcome changes to the debt cap rules have been announced in the Finance Bill

Regulations at the borderline

New social security rules for 2010 are set to have a big impact on internationally mobile employees

Greater tax accountability planned with certification

The Senior Accounting Officer (SAO) certification process, announced in the Budget, marked a major step in the Government’s attempts to increase personal and corporate accountability for tax matters

Plan now or lose out

The latest Budget has taken income tax back to the bad old days of the 1970s, says Gillian Wrigley, but there should be opportunities to plan now to mitigate its effects

Developers face a VAT trap

The recent restructuring of the banks may have unintended consequences for property developers

Views on independence

Charlotte Barbour and Kenneth Gilmour report on a guide issued by ICAS

New chief executive for Financial Reporting Council

Stephen Haddrill has been named as the successor to Paul Boyle, chief executive of the Financial Reporting Council

Audit report examples are published online

The Auditing Practices Board has published Bulletin 2009/2 Auditor’s Reports on Financial Statements in the United Kingdom

FRC backs plans to use IFRS in US

Support from Financial Reporting Council encourages SEC acceptance of global reporting standards

Sustainability call at European round table

Accountants urge disclosure of key performance indicators to ensure businesses are meeting their aims

Code for our times

In the wake of the current economic difficulties, the Financial Reporting Council is reviewing the Combined Code. ICAS has responded and has made the following points

Budget pension change will damage self-employed

The self-employed, those with ?uctuating incomes and those close to retirement who need to top up their funding will be worst affected by Budget proposals to scrap tax relief for the pension contributions of high earners at their marginal tax rate

ICAS warns on US accounting changes

Recent changes to accounting rules in the United States could undermine confidence in financial reporting and should not be adopted by the International Accounting Standards Board (IASB). That’s the view of ICAS, set out in its submission to the IASB

The Scottish Chartered Accountants' Benevolent Association annual report for 2008

The Association continues to support needy members of the Institute or their dependants

ICAS Annual General Meeting on record...

Minutes of the Annual General Meeting of Members of The Institute of Chartered Accountants of Scotland held at CA House, 21 Haymarket Yards, Edinburgh on Friday 17 April 2009