The most recent articles from Accountancy Age

Video: ICAEW pushes for legal privilege for tax advisers

author@nospam.vnunet.com () — Fri, 30 Jul 2010 16:33:00 GMT

Accountancy Age, Friday 30 July 2010 at 16:33:00

Institute goes to court to argue for legal professional privilege for chartered accountants giving tax advice

Kevin Reed talks to Ian Young, technical manager at the ICAEW's Tax Faculty about the institute's decision to wade into the Prudential's High Court appeal for legal privilege for its...

Watchdog begins search for lessons from crisis

author@nospam.vnunet.com (Gavin Hinks) — Fri, 30 Jul 2010 15:42:00 GMT

Gavin Hinks, Accountancy Age, Friday 30 July 2010 at 15:42:00

Advisory body to help FRC with examination of corporate reporting, audit and accounting after the crisis

The CFO of Reed Elsvier and the senior partner of PwC have joined a specially convened project to help the profession's chief watchdog learn lessons from the financial crisis....

Awareness drive needed to promote qualified accountants

author@nospam.vnunet.com (Saffron Johnson) — Fri, 30 Jul 2010 15:10:00 GMT

Saffron Johnson, Accountancy Age, Friday 30 July 2010 at 15:10:00

UK200 Group wants institutes to do more to promote their members as true professionals

Accounting firm representatives have called for the government and industry bodies to do more to promote the industry ahead of unqualified rivals....

Kingspan lines up new CFO

author@nospam.vnunet.com (Saffron Johnson) — Fri, 30 Jul 2010 14:53:00 GMT

Saffron Johnson, Accountancy Age, Friday 30 July 2010 at 14:53:00

Geoff Doherty lined up as CFO of insulation providers Kingspan

Geoff Doherty is set to join Kingspan as its chief financial officer. He will join the board as executive director on 1 January 2011, succeeding Dermot Mulvihill following his planned...

RTC FD steps down

author@nospam.vnunet.com (Saffron Johnson) — Fri, 30 Jul 2010 12:27:00 GMT

Saffron Johnson, Accountancy Age, Friday 30 July 2010 at 12:27:00

Mark Kendall resigns from the recruiter

RTC Group plc has announced the resignation of its finance director. Mark Kendall has resigned from the AIM-listed recruiter with immediate effect to pursue other interests....

Smith & Williamson promotions follow assurance reshuffle

author@nospam.vnunet.com (Saffron Johnson) — Fri, 30 Jul 2010 11:16:00 GMT

Saffron Johnson, Accountancy Age, Friday 30 July 2010 at 11:16:00

Stephen Drew and Philip Quigley take on new assurance roles at Smith & Williamson

Smith and Williamson make two new appointments as part of a plan to allow its assurance chief to focus on the national practice....

Doubts raised over future of new PAYE system

author@nospam.vnunet.com (Rachael Singh) — Fri, 30 Jul 2010 10:56:00 GMT

Rachael Singh, Accountancy Age, Friday 30 July 2010 at 10:56:00

HMRC's track record of implementing new technology raises doubts over proposals for a computerised tax account for all employees

A drastic change to HMRC's PAYE system, which will provide real-time information on employees, needs to be sufficiently funded and adequately piloted if it is to be successful in the...

Tax hike threat to Scottish businesses

author@nospam.vnunet.com (David Jetuah) — Fri, 30 Jul 2010 10:54:00 GMT

David Jetuah, Accountancy Age, Friday 30 July 2010 at 10:54:00

Plans to give Scotland autonomy for tax-raising purposes could damage its fortunes as a place to do business, says Calman Commission report

Scotland's standing as a place to do business could be dented by plans to arm its government with tax-raising powers, a new report has said....

Advisers issue warnings after AstraZeneca VAT voucher case

author@nospam.vnunet.com (David Jetuah) — Fri, 30 Jul 2010 10:26:00 GMT

David Jetuah, Accountancy Age, Friday 30 July 2010 at 10:26:00

Advisers ring alarm bells after European judges rule FTSE 100 giant must account for VAT on employee vouchers

Advisers have warned that companies could be open to probes from the taxman after European judges ruled AstraZeneca must account for VAT when passing on shopping vouchers to staff in...

Ex-Citigroup CFO pays $100,000 to settle SEC sub-prime charge

author@nospam.vnunet.com (Kevin Reed) — Fri, 30 Jul 2010 10:11:00 GMT

Kevin Reed, Accountancy Age, Friday 30 July 2010 at 10:11:00

Gary Crittenden pays $100,000 to settle charges that he made misleading SEC filings that misled investors about Citigroup's exposure to sub-prime mortgages

The former CFO of Citigroup has paid $100,000 (£64,000) to settle SEC charges alleging misleading statements in an SEC filing relating to the company's exposure to sub-prime mortgage related assets....

Mazars repeats call for audit reform

author@nospam.vnunet.com (Gavin Hinks) — Fri, 30 Jul 2010 09:36:00 GMT

Gavin Hinks, Accountancy Age, Friday 30 July 2010 at 09:36:00

Top firm begins campaign to lobby Lords for reform

A senior figure at Mazars has reiterated the need for reform to the audit market. David Herbinet made his remarks in response to news from the House of Lords that...

IASB proposes reform of insurance accounting

author@nospam.vnunet.com (Paul Grant) — Fri, 30 Jul 2010 09:30:00 GMT

Paul Grant, Accountancy Age, Friday 30 July 2010 at 09:30:00

Exposure draft aims to make “impenetrable” insurance accounting more accessible

The International Accounting Standards Board has put out proposals for changes to insurance accounting, in order to make the current “impenetrable” financial information more accessible to users of accounts....

Former PwC partner takes Vision non-exec role

author@nospam.vnunet.com (Kevin Reed) — Fri, 30 Jul 2010 09:19:00 GMT

Kevin Reed, Accountancy Age, Friday 30 July 2010 at 09:19:00

Former PwC partner John Hallam joins AIM-listed Vision Opportunity China Fund

Former PwC partner John Hallam has joined Vision Opportunity China Fund as a non-executive director and chairman of its audit committee....

Deloitte quits as auditor to American Apparel

author@nospam.vnunet.com (Kevin Reed) — Fri, 30 Jul 2010 08:44:00 GMT

Kevin Reed, Accountancy Age, Friday 30 July 2010 at 08:44:00

Deloitte steps down as auditor of fashion retailer American Apparel after discovering information that could impact the previously stated 2009 year-end figures

Deloitte has resigned as auditor of fashion retailer American Apparel. The US-listed business, which recently opened a shop within Selfridges, has replaced Deloitte with its former auditor Marcum....

Audit panellists say climate returning to 'normal': KPMG

author@nospam.vnunet.com (David Jetuah) — Thu, 29 Jul 2010 16:06:00 GMT

David Jetuah, Accountancy Age, Thursday 29 July 2010 at 16:06:00

KPMG reports audit boards say risk management is trumping shorter-term problems with financial statements caused by the economic upheaval

Audit committee members have said their focus is shifting away from heading off problems in company accounts caused by the financial crisis....

London diocese appoints Verney as FD

author@nospam.vnunet.com (Kevin Reed) — Thu, 29 Jul 2010 15:15:00 GMT

Kevin Reed, Accountancy Age, Thursday 29 July 2010 at 15:15:00

Helen Verney leaves Jewish Care role to join the Diocese of London as finance director

Helen Verney is the new finance director of the Diocese of London. She joins the diocese from health and social care charity Jewish Care, where she has served as FD...

Firms on HMRC's Time to Pay approval panel revealed

author@nospam.vnunet.com (Rachael Singh) — Thu, 29 Jul 2010 11:15:00 GMT

Rachael Singh, Accountancy Age, Thursday 29 July 2010 at 11:15:00

HMRC reveals the names of the 13 accountancy firms that are approved to conduct independent business reviews of companies seeking to defer their tax

The taxman has revealed the 13 firms approved to ascertain whether businesses will be able to pay back their deferred tax bill....

Taxman farms out debt collection in £140m chase

author@nospam.vnunet.com (David Jetuah) — Thu, 29 Jul 2010 11:05:00 GMT

David Jetuah, Accountancy Age, Thursday 29 July 2010 at 11:05:00

HM Revenue & Customs seals contracts with four external debt collections agencies in efforts to rake in an extra £140m

The taxman is farming out part of its debt collection operations to four companies in moves to rake in an extra £140m of tax debt....

Legion Group could face administration if sale fails

author@nospam.vnunet.com (Kevin Reed) — Thu, 29 Jul 2010 10:07:00 GMT

Kevin Reed, Accountancy Age, Thursday 29 July 2010 at 10:07:00

Legion Group suspends shares, negotiates with HMRC and attempts to sell its business - in a bid to avoid insolvency

Legion Group's board is in discussions to sell the business, in an attempt to avoid administration. The security services provider's shares were suspended yesterday due to it facing "significant" working...

Rio Tinto CFO joins Royal Dutch Shell board

author@nospam.vnunet.com (Kevin Reed) — Thu, 29 Jul 2010 09:51:00 GMT

Kevin Reed, Accountancy Age, Thursday 29 July 2010 at 09:51:00

Rio Tinto's Guy Elliott joins Royal Dutch Shell as a non-executive director

Rio Tinto CFO Guy Elliott is joining the Royal Dutch Shell board as a non-executive director. Elliott has served in the top finance role at the mining company since 2002....

BP chasing $10bn tax credit

author@nospam.vnunet.com (David Jetuah) — Thu, 29 Jul 2010 09:40:00 GMT

David Jetuah, Accountancy Age, Thursday 29 July 2010 at 09:40:00

Oil giant trying to secure $10bn in the wake of its financially damaging oil spill in the United States

BP is chasing a tax credit claim of $9.7bn (£6.3bn). The oil giant, which is looking to bolster its finances after the Gulf of Mexico oil spill, announced the move...

Forensic accountants called in to find missing Iraq oil billions

author@nospam.vnunet.com (Paul Grant) — Thu, 29 Jul 2010 09:32:00 GMT

Paul Grant, Accountancy Age, Thursday 29 July 2010 at 09:32:00

$8.1bn of Iraqi oil revenue intended for reconstruction has vanished, official audit discovers

The US department of defence has brought in forensic accountants to track down missing oil revenue intended for reconstruction following the invasion of Iraq....

Goodman Jones moves to online accountancy software

author@nospam.vnunet.com (Rachael Singh) — Wed, 28 Jul 2010 15:11:00 GMT

Rachael Singh, Accountancy Age, Wednesday 28 July 2010 at 15:11:00

Accountancy firm Goodman Jones labelled traditional software as "high maintenance", after signing a deal with online IT suppliers Twinfield

Top 80 accountancy firm Goodman Jones said it is "not possible" to work easily with international clients or keep staff connected without the use of online accountancy software....

Only 419 register for Liechtenstein amnesty: McGrigors

author@nospam.vnunet.com (David Jetuah) — Wed, 28 Jul 2010 13:05:00 GMT

David Jetuah, Accountancy Age, Wednesday 28 July 2010 at 13:05:00

"Disappointing" number of people taking advantage of the Liechtenstein Disclosure Facility, says law firm McGrigors

419 taxpayers have registered for the Liechtenstein Disclosure Facility out of the "thousands" eligible to do so, law firm McGrigors said today....

Millennium & Copthorne takes £5m hit after tax rules change

author@nospam.vnunet.com (Kevin Reed) — Wed, 28 Jul 2010 12:41:00 GMT

Kevin Reed, Accountancy Age, Wednesday 28 July 2010 at 12:41:00

Changes to New Zealand tax rules set to impact on Millenium & Copthorne's group interims

Hotels group Millennium & Copthorne will post a £5m deferred tax expense in its next interims after changes to New Zealand's tax rules....