New journals received

A number of journals with interesting articles have come in over the last few days. These include Taxation, which has an article on how charities can save tax as well as an op-ed on the HMRC's concept of dialogue. What to buy for business which has a special report on multifunctional copier/printers. People Management which has articles on the stereotype of finance-sector managers as well as on apprenticeships. Accounting and Business has interviews with the outgoing ACCA Chief Executive and the FASB Chairman. It also has articles on ethical behaviour, the latest issues in business travel, and, how the credit crunch may help recruitment at small and medium practices.

Journals received in the Information Service

We received a number of new journal issues today and here are details about a few of the articles in them that may be of interest. Taxation has a couple of articles on aspects of capital gains tax as well as one on the Conservative party's proposals for tax simplification. PQ Magazine has articles on whether 'wonder pills' can help students pass exams, and what The Apprentice teaches us about business. Finally, The Economist has articles on stagflation in the UK; Doha world trade talks; and, an eight page section on the world economic crisis which starts with a piece on Fannie Mae and Freddie Mac.

New books received

Three new books arrived at the Information Service today, two are from the Institute of Chartered Accountants in Ireland (ICAI) and one from the International Accounting Standards Board (IASB). The ones from the ICAI are "Slave to the clock, master of time" and "Going paperless", and the one from the IASB is "Improvement to IFRs" (May 2008). The links give further information about the books. Please email or phone us (0131 347 0138) if you would like to borrow any of them.

Times Higher Education

There's an interesting article and op-ed in today's Times Higher Education (17 July, p23 and p30–). The article is called "National power generators" and looks at how the Scottish Government is eager for universities to lead Scotland to renewed prosperity, and whether the sector is up to it.

Poynter review

Continuing with the HMRC theme, there is an op-ed in today's FT by Kieran Poynter, former Chairman of PwC and author of the Poynter review which looked at data loss at HMRC. The op-ed is entitled "Data security is not just a matter of technology" and looks at data management and security.

HMRC in the news again

There were also more stories in the news about HMRC after their accounts were published and it was found that Paul Gray, the official who stood down after the loss of personal data last year, was given a £137,000 pay-off and will be in line for a large pension later this year.

NAO HMRC report

On Monday the The National Audit Office released their report into HM Revenue and Customs Accounts 2007/2008. The audit spotted a possible £1.5bn tax credit error.

Tim Burr, head of the National Audit Office, said:“Levels of tax credits error and fraud are significant when compared with the expenditure on the scheme. I have therefore qualified my opinion on the regularity of these payments. HMRC now has a target and has developed a strategy for reducing error and fraud. It will need to monitor how the measures it adopts are contributing to the achievement of the target and to respond effectively.”“The Department must strike a balance between stopping criminals entering the VAT system and ensuring legitimate traders receive their VAT registrations without delay. Its performance in processing VAT registrations is now operating in line with targets. ”

ICAS submission on Local Income Tax

There was a lot of press coverage over the weekend and yesterday about the ICAS submission on Local Income Tax - a response to Holyrood's consultation paper 'A Fairer Local Tax For Scotland'. There were 2 articles in Scotland on Sunday: "ICAS: local income tax 'unworkable'" and "Local income tax doesn't add up, say experts", as well as articles in the Scotsman and the Herald.

Recently published reports - Wendy Alexander & HMRC

Two recently published reports are mentioned in today's press and might be of interest.

The first is the report from the Scottish Parliament's Standards, Procedures and Public Appointments Committee into the complaint against Wendy Alexander, MSP which can be found on the Scottish Parliament website. The Herald has an article on the report.

The second is the report by Kieran Poynter, Chairman and Senior Partner of PwC, into the loss of personal data at HMRC. Entitled "Review of information security at HM Revenue and Customs" it is available on the Treasury website. The FT today has an interesting article leading on from the report which looks at the importance of getting the structure right in merged organisations.

IPPR report on the Barnett Formula

A new report by the Institute for Public Policy Research (IPPR) "Fair shares? Barnett and the politics of public expenditure" calls for tax devolution to Scotland to end 'tension' over the funding system. The Herald today has a substantial article as well as an op-ed on the subject.

Six countries release IFAC convergence reports

The convergence action plans of IFAC members from six countries have been released on the IFAC website. The members are:

Federación Argentina de Consejos Profesionales de Ciencias Económicas;
Botswana Institute of Accountants;
Chinese Institute of Certified Public Accountants;
Chamber of Auditors of the Czech Republic;
Institute of Certified Public Accountants of Kenya; and
Corpul Expertilor Contabili si Contabililor Autorizati din Romania

More information about the compliance programme is available on the IFAC website

FRC hosts the Charkham Lecture on corporate governance

Professor Ira M Millstein, Senior Associate Dean for Corporate Governance at the Yale School of Management, has called for an international effort to address the problems for corporate governance created by the power and diversity of today’s capital markets and investing organisations at this year's Charkham Lecture: Corporate governance in an era of multiple capital suppliers and exotic capital instruments. The full text of the speech is available on the FRC website.

Regulation of credit rating agencies

There is an interesting op-ed in today's FT by Frank Partnoy, professor at The University of San Diego School of Law called "Do away with ratings-based rules" on the proposed regulation of credit rating agencies. This follows on from the meeting of EU Finance Ministers yesterday. The EU website has an area dedicated to credit rating agencies. The speech by Charlie McCreevy, EU internal market commissioner, last month on regulation is also available.

New Chair at the Professional Oversight Board

The Financial Reporting Council (FRC) has announced that Dame Barbara Mills will be the next Chair of the Professional Oversight Board and an executive director of the FRC from 1 October 2008. Further details are available on the FRC website.

Arnold Schilder Named to Lead IFAC's International Auditing and Assurance Standards Board

The Board of IFAC has appointed Prof. Dr. Arnold Schilder, RA, to lead the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC, beginning January 1, 2009 for a three-year term.
Further information is available in a press release and on the IAASB website.

IASB response to the credit crisis

There is an area on the IASB website which is looking at the credit crunch and the IASB's response. It includes information from meetings, speeches and interviews as well as the recommendations relating to financial reporting from the report by the Financial Stability Forum.

New journals received at the Information Service

New issues of a number of journals were received today. These included A\Plus (the magazine from the Hong Kong Institute of Certified Public Accountants); Charity Finance; Chartered Accountants Journal of New Zealand; Director; Governance ; Management Today; and, The Treasurer.

Welcome to our blog!

Welcome to the ICAS Information Service blog! We will be starting to post to our blog from Monday 7 July so please keep checking back for information on what's new in the field of accountancy and in related subjects. We will be highlighting news, journal articles, books, reports and websites that could be of interest to people.