Article in the Independent newspaper on pre-packs

Article from Monday 3 August's Independent on pre-pack administrations "Creditors are burnt as troubled companies rise from their ashes"

Taxpayer's Alliance report on lobyists

Pressure group Taxpayers Alliance has published a report saying that all public bodies in the UK should be banned from hiring lobbyists and consultants.

Moore Stephens win legal battle at House of Lords

Moore Stephens has won a House of Lords court ruling limiting auditors liability in instances of fraud, such as the Maddoff case. The ruling was in the case of Moore Stephens (a firm) (Respondents) v Stone Rolls Limited (in liquidation (Appellants).

Dunfermline Building Society report

The UK Government's Scottish Affairs Committee has published its report into the collapse of the Dunfermline Building Society. It is available online.

Treasury Select Committee Report - "Banking Crisis: Regulation and Supervision"

The UK Government Treasury Committee released its final Report following its evidence sessions this year on the Banking Crisis. The Report considers how regulation and supervision have changed, and can be further improved, in order to return to and maintain more stable banking. The full text is available online.

Auditing Practices Board issues an Update to the Bulletin containing Illustrative Examples of Charity Auditor Reports

The APB has issued Bulletin 2009/3 which "updates the example auditor’s reports in Bulletin 2009/1 for the effect of the Companies Act 2006. This Bulletin relates to accounting periods commencing on, or after, 6 April 2008 and supplements the guidance contained in Practice Note 11: ‘The Audit of Charities in the UK’ by providing illustrative examples of auditor’s reports for charities that are registered: In England and Wales, In Scotland, and In both jurisdictions. "
The Bulletin is available to download from the APB website.

Independent newspaper article - "Windfall for Tories as firms eye £4bn contracts"

Article in today's Independent on donations to the Conservative Party which have been made by accountancy firms including PwC and KPMG.

New Treasury Select Committee inquiry requests evidence

The new Treasury Select Committee inquiry on "Women in the City" is looking for written evidence. The inquiry will take evidence on the role of women in the City, developing themes which have emerged in the course of its banking crisis inquiry relating to corporate governance.
The deadline for submitting written evidence is 12 noon on Thursday 10 September and further details can be found on its website.

FCAG publishes review of standard-setting activities following the global financial crisis

The Financial Crisis Advisory Group (FCAG) has published its review of standard-setting activities following the global financial crisis. The Group was formed at the request of the IASB and the US Financial Accounting Standards Board (FASB) to consider financial reporting issues arising from the crisis. The UK member of the Group is Stephen Haddrill, currently Director General of the Association of British Insurers (ABI) who will become the new Chief Executive the Financial Reporting Council (FRC) later this year. The report is available on the IASB and FASB websites.

FRC issues update on the review of The Combined Code

The Financial Reporting Council (FRC) has published a progress report on its review of the effectiveness of the Combined Code of Governance. The review began in March 2009 and the report summarises the results of the consultations and research that the FRC has carried out to date and invites views on various aspects of the Combined Code and its application. The full text of the report is available on the FRC website.

IASB proposes improvements to financial instruments accounting

On 14 July the IASB published an exposure draft of proposals to improve financial instrument accounting for public comment. It can be found on the IASB website. It is open for comment until 14 September 2009.

"The proposals form part of the IASB’s comprehensive review of financial instrument accounting. The proposals, which the IASB believes will significantly reduce complexity and make it easier for investors to understand financial statements, address how financial instruments are classified and measured. The proposals also answer concerns raised by interested parties during the financial crisis (for example, eliminating the different impairment approaches for available-for-sale assets and assets measured using amortised cost). The IASB plans to finalise the classification and measurement proposals in time for non-mandatory application in 2009 year-end financial statements."

FRC Chief Executive Argues Against Changing the Fundamental Purpose of Accounting

On 16th July Paul Boyle, FRC Chief Executive, argued in a speech against proposals to use accounting as a public policy tool to reduce pro-cyclicality. He also challenged the proposition that accounting measures that show volatility should be adjusted to create an impression of stability. The full text of the speech is available on the FRC website.

Walker Review

Sir David Walker's interim report on corporate governance in UK banks has been published and the full text is available on the Treasury website, as is a biography of Sir David.

SFO Annual Report

The Serious Fraud Office (SFO) has published its 2008/2009 annual report. An MP3 interview with SFO Director Richard Alderman giving his assessment of the report is also available.

ICAEW publishes report on SME access to finance

The Institute of Chartered Accountants of England and Wales (ICAEW) has published a report on the lending climate for small and medium sized entities. Commissioned by the UK Government's Business Department, it is based on research carried out for ICAEW by Ipsos Mori. The report is available to download for free.

UKFI publishes Market Investments Strategy and Annual Report

UK Financial Investments Limited (UKFI), the company which was set up to manage the Government’s investments in the banks, has published its strategy for managing the Government’s stakes in RBS and Lloyds today (13 July). The document also contains its first annual report.

IASB publishes IFRS for SMEs

Last week (9 July) the International Accounting Standards Board (IASB) published a new International Financial Reporting Standard (IFRS) for Small and Medium-Sized Entities (SMEs). It's a self-contained standard about 230 pages long which is tailored for the needs and capabilities of smaller businesses, which make up around 95% of businesses.
The standard can be downloaded for free from the IASB website.

Two new HMRC consultation documents

Last week (9 July) HM Revenue & Customs (HMRC) launched two new consultation documents on modernising HMRC powers, deterrents and safeguards. They are available for comment on the HMRC website and the consultations are open until 1 October 2009.

The first document looks at "proposals for modernising and improving HMRC’s information powers, and accompanying safeguards, in two key areas". These are bulk information powers and specialist unnamed taxpayer powers.

The second document looks at ideas for a new and modernised excise checking framework, as well as ways of improving excise administrative procedures, in order to reduce admin burdens for business".

'Reforming Financial Markets' White Paper

The UK Government released its' much anticipated White Paper "Reforming financial markets" today on the Treasury department. This aims to set out the Government’s proposals for the reform of the financial system. The full text of the report is available online (176 pages with a ueful executive summary of around 20 pages).

Welcome back from the ICAS Information Service!

I've been neglecting this blog for far too long and after a very interesting couple of sessions about the use of Web 2.0 in libraries I've decided to dust off the keyboard and start blogging again!



I'll be sharing information about developments in the accountancy world and in related fields like business and management. I hope that you find these interesting and useful. Please let me know what you think.