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IASB publishes draft guidance on fair value

The International Accounting Standards Board (IASB) has published an exposure of draft guidance on fair value measurement

HSBC highlights Scottish cities as “hot business hubs”

The UK’s business landscape is set for its biggest shake up since the industrial revolution, according to HSBC’s Future of Business report, which sees Glasgow, Edinburgh and Dundee as new areas of business growth

KPMG recognised among top employers for working parents and carers

KPMG has been named on Working Families’ first ever list of employers that do most to support their working parents and carers. KPMG was amongst the 20 organisations which made the list

Nationwide sees bleak outlook for profitability

Nationwide, the UK’s biggest building society, says depressed levels of profitability experienced in the second half of last year could continue into the next 12 months, as low interest rates squeeze its profit margins

Who wants to be a millionaire – again?

The recession has seen the number of UK millionaires fall by more than half, according to a report by the Centre for Economics and Business Research (CEBR)

Six arrested over insider dealing

Six people have been arrested as part of an ongoing investigation into suspected insider dealing

Going green “brings marketing rewards”

An expert who helps businesses reduce their impact on the environment believes that going green is one of the most powerful marketing tools available to accountancy businesses today

Financial workers escaping City

Finance professionals are so worried about the future that nearly 30 per cent are planning to leave London to find more secure employment opportunities overseas

FRC reviews past year, looks at challenges ahead

The Financial Reporting Council has published its annual report for 2008/09 and announced its annual open meeting

IFAC calls for convergence to global standards

In its annual report for 2008, the International Federation of Accountants (IFAC) has restated the need for global standards in accounting, and highlighted initiatives to help restore global financial stability

IR35 brings in only £1.5m per year in tax: PCG

PCG, the association that represents freelancers and contractors in the UK, says that the IR35 tax regulation has brought in an average of only £1.5m a year for the Government

PwC boss warns of loss of focus on transparency

PricewaterhouseCoopers boss Samuel DiPiazza says accountants risk being sued into collapse and investors could lose vital information if policymakers emphasise the importance of financial stability over transparency

More British workers support longer working lives

A majority of Britons now favour longer working lives if it means a more generous pension in retirement, a significant shift of opinion in the few years since the subject was raised by the Pensions Commission report in 2005

Firms need breathing space on pension deficits: CBI

Businesses struggling in the recession have been urged by the CBI to take immediate action to avoid being hit further by their defined benefit 'final salary' pension schemes

Young face 'tough job prospects'

Nearly half of all firms will not be looking to hire graduates or school-leavers in the months ahead, according to a survey by KPMG and the CIPD

Achievement award for Sir Brian Stewart

Miller group chairman and CA Sir Brian Stewart has been recognised for “outstanding achievement” at this year’s Scottish Accountancy Awards

Ministers "charged accountancy fees as expenses"

Nine cabinet ministers, including Chancellor of the Exchequer Alistair Darling, claimed the cost of tax advice from accountants as expenses, according to the Telegraph

Steel named as managing partner at Henderson Loggie

Newly appointed managing partner Bob Steel says his firm aims to keep growing, and it will be recruiting staff to fulfil that objective

Public sector finance at crossroads, says PwC

Public sector finance functions have to do more to earn their place at the top table, according to a report from PricewaterhouseCoopers

Standard Life chief to join RBS

The chief executive of Standard Life, has been handed a key role with Royal Bank of Scotland. Sir Sandy Crombie is to join RBS as an independent director in June, to liaise between the bank and its biggest shareholders, the major institutions.

Lending remains weak, says Bank of England

The UK’s major banks cut the amount of new loans to companies in April and stepped up significantly the removal and reduction of corporate borrowing facilities, according to a Bank of England survey

S&P revises outlook on UK to negative

International credit ratings agency Standard & Poor’s has lowered its medium-term outlook on the triple A rating for the UK’s debt to “negative” from “stable” for the first time since the it started analysing the country’s public finances in 1978

FRC warns of risks in “audit market concentration” in latest report

The outgoing chief executive of the Financial Reporting Council, Paul Boyle, has warned of concerns about the risks posed by audit market concentration in the FRC’s third progress report on choice in the UK audit market

Bank of England looks to further boost UK money supply

Concerns among Monetary Policy Committee members that a UK economic recovery could fizzle out make it increasingly likely the Bank of England will boost UK money supply by even more than £125bn

IMF concern over UK public finances

The UK Government’s response to the global financial crisis has been "bold and wide-ranging," the International Monetary Fund (IMF) has said. But it warned that high levels of household and bank debt meant the pace of any recovery was still uncertain.

European fraud survey shows tolerance for unethical behaviour

An survey by Ernst & Young examining the threat of fraud in Europe has found that a quarter of respondents think it is acceptable to make cash payments in order to win new business

Pringles VAT ruling takes bite out of Procter & Gamble

Procter & Gamble, which makes Pringles, is facing a huge VAT bill after losing its legal battle over whether their product is a potato crisp or not

Business leaders issue rallying call at ICAS event

Four leading CAs warned yesterday that Scotland's reputation has been tarnished by the crisis in banking and politics, and called on the business community to try to repair the damage

Lloyds bank to axe 625 positions

Lloyds Banking Group has announced it is cutting 625 jobs in the UK, with almost half of those posts coming from its commercial banking and specialist finance operations in Scotland

Shareholders revolt over Shell executive pay

A global backlash over executive pay escalated yesterday when investors in Royal Dutch Shell voted against its executive pay plan

FRC names successor to Boyle as new CEO

The Financial Reporting Council (FRC) has announced that Stephen Haddrill will succeed Paul Boyle as chief executive of the FRC and will be appointed as a member of the FRC board. Paul Boyle’s decision to stand down as chief executive was announced in January.

Bank of England report stirs row with FSA

Bank of England governor Mervyn King and Sir John Parker, chairman of the non-executive directors, have indicated that recent legislation under the Banking Act did not satisfactorily address systemic failure

Corporate data theft doubles in UK since 2006

Analysis by KPMG and law firm Mishcon de Reya shows that corporate data theft cases in the UK have doubled between 2006 and 2008

Scots finance chiefs out to restore nation's reputation

Leaders in Scotland’s financial services industry are to launch a campaign in London in a bid to rebuild the country’s damaged reputation

New image call for credit unions

Credit unions should no longer be seen as "a poor man's bank", according to a committee of MPs. The Scottish Affairs Select Committee has called for more support for credit unions to attract money from affluent savers

Lloyds Bank chairman Sir Victor Blank to step down

Sir Victor Blank is to step down as chairman of Lloyds Banking Group by June 2010. Following a meeting with the board, Sir Victor said it was "the right time for the Group to appoint a new chairman".

FSA scrutiny deters executives

Several senior executives have withdrawn their interest in positions at British financial institutions after the Financial Services Authority questioned their competence for the job

UK car scrappage scheme launches

Drivers with cars that are more than 10 years old can now scrap them in return for a £2,000 discount on a new model, as the car scrappage scheme begins

CBI nominates Helen Alexander as president

CBI president Martin Broughton has announced that Helen Alexander CBE, senior adviser to Bain Capital, has been nominated for election as president of the CBI

Commons Treasury Committee criticises auditors

The Treasury Committee’s third report on the banking crisis calls into question auditor independence and argues for a ban on audit firms conducting non-audit work for the same company

Myners accused of ‘naiveté’ on Goodwin

Lord Myners, the City minister, was accused by MPs on Friday of “naiveté” in his handling of the pension of Sir Fred Goodwin, the former Royal Bank of Scotland chief.

Expense claim MPs could face added tax burden

MPs may be writing cheques and returning expenses because they fear for their jobs, but they may also be liable for tax

Shorter wait for tax freedom day

Workers in the UK have to work until 14 May to cover all of the tax they must pay in 2009, says a think tank. This is a shorter wait than last year, when the so-called "tax freedom day" arrived on 22 May, the Adam Smith Institute said

Bank of England sees slow economic recovery

The Bank of England says that the UK economic recovery is likely to be slow and protracted. It has cut its growth forecast over the next two years and raised its estimate for inflation since February.

Deloitte survey finds preliminary announcements as popular as ever

Deloitte has announced details of a report looking at how listed companies are responding to the 2007 rule changes making preliminary announcements voluntary and allowing companies to announce directly their audited annual results

US plans derivatives regulations

The US Treasury wants more regulation of derivatives, the complex financial instruments that brought down some of Wall Street's biggest names

CIPFA Scotland names new chair

Derek Yule, head of finance at Aberdeenshire Council is to be the new chair of the Chartered Institute of Public Finance and Accountancy (CIPFA) in Scotland

IMF urges policy action to aid Europe’s recovery

The International Monetary Fund (IMF) says that the severe economic downturn in Europe could end during the second half of 2010, followed by a gradual recovery, but that further policy actions, especially in the financial sector, will be essential to induce this recovery

MPs start repaying expense claims

Politicians from all parties have started to open their chequebooks to repay excessive expenses claims, as they buckled after five days of rising public anger over abuses of the Westminster system.

UK company pension deficits fall in April

Surging equities markets and rising yields on government gilts helped UK company pension schemes to narrow their deficits in April, according to the latest data from the Pension Protection Fund

Retail sales rise at fastest for three years

Retail sales grew at their fastest rate in three years in April in the latest sign the UK economy is stabilizing, according to KPMG

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

UK finance sector hit harder by downturn

The effects of the global economic downturn have been felt by finance professionals in the UK more strongly than competing financial hubs in the US, Japan and Switzerland, according to the latest annual Global Financial Employment Monitor study conducted by recruitment consultancy, Robert Half

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

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

Services sector starts to feel more confident

Service sector companies in European and emerging markets have recovered much of the confidence lost as the global recession took its toll, providing another sign of green shoots after a bruising six months, according to KPMG’s Business Outlook Survey

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

Survey shows sign recession may be easing

Private sector activity declined for the thirteenth straight month in Scotland during April, but at the slowest rate since last summer, according to the latest Purchasing Managers Index (PMI) survey published by the Royal Bank of Scotland

Outlook for jobs hits a new low

The outlook for employment has hit a new low, according to a survey carried out for the Chartered Institute of Personnel and Development

RBS reports £44m quarterly loss

Royal Bank of Scotland (RBS) has announced a pre-tax loss of £44m for the three months to the end of March. That compares with a profit of £479m for the same period a year earlier

Treasury report sets out vision for UK financial services sector

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

Bank of England gives economy extra £50bn boost

The Bank of England has kept interest rates on hold at 0.5 per cent and announced that it will inject an extra £50 billion into the UK economy

Property and construction focus of major conference

The decline in the availability of credit has hit the construction and property sectors hard, but attractive long-term opportunities remain. The forthcoming Construction Management and Property Conference from CA Business Courses will outline how businesses and investors can plan effectively to take best advantage of uncertain conditions

MPs criticise ‘unrealistic’ Budget forecasts

The chancellor’s Budget forecasts that the recession would end this year and the economy would start growing again were attacked yesterday by the Treasury committee as not “realistic”

Decline in service sector slowdown raises hopes of recovery

The UK service sector showed its slowest contraction in eight months in April, according to a survey by the Chartered Institute of Purchasing and Supply (CIPS), raising hopes that the depths of the recession may be past

Harman wants to challenge City’s male-dominated culture

Labour's deputy leader wants to use controversial new legislation to help women get top jobs in the City. Harriet Harman told a campaign group, the Fawcett Society, that the forthcoming Equalities Bill would be "a catalyst for change".

SEC comes under criticism by US government watchdog

The US Government Accountability Office (GAO) has criticised the Securities and Exchange Commission (SEC), saying that rules and procedures implemented under former SEC chair Christopher Cox created an atmosphere in which enforcement attorneys believed their ability to bring actions against corporate wrongdoers had been weakened

UK recession ‘worst since 1930s’

The economy is expected to decline more sharply in 2009 than at any time since 1931 and is already contracting faster than in the early 1930s, according to the National Institute for Economic and Social Research

International securities watchdog proposes stricter rules

International Organisation of Securities Commissions (IOSCO) has published its interim recommendations on unregulated financial markets and products, designed to improve confidence in the market for securitised products

SMEs see orders and output plunge, says CBI

The UK’s small and medium sized manufacturers saw orders for goods and output decline at the fastest rate in more than 20 years, according to the CBI’s latest quarterly SME Trends survey. But firms are feeling hopeful that the pace of decline may start to moderate slightly over the next three months

Fall in permanent jobs slows in April, says KPMG

The decline in permanent job placements in the UK eased to its slowest in seven months in April while wages also fell at a slower pace, according to KPMG’s Report on Jobs, published with the Recruitment and Employment Confederation

Obama takes aim at tax loopholes

President Barack Obama has proposed outlawing offshore tax-avoidance techniques in a move that could hit US corporations with overseas divisions

European economy 'will shrink 4%' this year, says Brussels

EU economies will contract by 4 per cent in 2009, the European Commission has forecast - more than twice what it predicted at the start of the year

Job satisfaction increases despite downturn

The level of job satisfaction among UK employees has risen since 2006 despite the recession, according to a study by the Chartered Institute of Personnel and Development (CIPD)

IFAC calls for convergence of international accounting standards

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

Company liquidation numbers soar

The number of companies falling into liquidation has leaped by 56 per cent to 4,941 in the first quarter of 2009 compared to the same period a year ago, according to thelatest corporate and personal insolvency statistics released by The Insolvency Service

Spring intake at PwC attracts wide variety

PricewaterhouseCoopers says 125 new recruits have already started working at the firm in 2009 as part of a recruitment drive for the year which will see 1,000 join up

Charity puts Big Four firms in its sights

Charity Christian Aid is taking on accounting rules, and urging people to send pre-written postcards to the heads of the Big Four firms lobbying for a new accountancy rule to help developing countries

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

Financial Crisis Advisory Group writes to G20 over financial reporting issues

Financial Crisis Advisory Group (FCAG) says improved financial reporting can only be achieved if the IASB and the FASB are allowed to focus on ‘highly complicated technical work’, instead of looking for short-term reforms

IFAC releases updated handbook on auditing and quality control

The International Federation of Accountants (IFAC) has released the 2009 Handbook of International Standards on Auditing and Quality Control

Finance bill imposes curbs on tax refund claims

Businesses’ ability to recover overpaid tax would be curtailed by measures in yesterday’s finance bill, experts warned.

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