Practice & Industry

Insight / ICAEW highlights ‘personal finance director’ opportunities

ICAEW is launching an initiative next month in a bid to encourage chartered accountants to play a wider role as ‘personal finance director’, by providing lifetime wealth planning to help SME owners/managers and their families better manage their personal financial and investment affairs

Accounting / FRC to review impact of IFRS 9 and IFRS 15

The Financial Reporting Council (FRC) has announced the topics and areas it will focus on over the next year, which include AIM quoted company reports, the impact of new IFRS standards for revenue and financial instruments, and the effect of Brexit on companies’ disclosures

Insight / Eight out of 10 millennials reject Big Four careers

A third (33%) of millennials at small-medium sized accounting firms want to remain within this sector while 21% wish to pursue careers at the Big Four, challenging the assumption that smaller firms are a stepping stone to larger employers, according to ACCA’s recent global study

Insight / Christmas presents: dealing with possible bribe dilemmas

Bob Patchett from Croner-i Human Resources outlines the implications of the Bribery Act 2010 and considers when Christmas gift giving in the workplace might cross the line from goodwill to bribery

Insight / 92% of European businesses not ready for GDPR

With just over six months to go until the EU’s general data protection regulation (GDPR) becomes law, just 8% of businesses across Europe report they are prepared for the new measures, which include provision for fines of face fines of up to €20m for failure to comply, according to research from RSM

Tax / Glassey: Paradise Papers put spotlight on offshore financial centres

The revelations and hyperbole around the Paradise Paper undermine the value of using offshore financial centres, where levels of transparency are arguably no worse than elsewhere in the world, despite the efforts of governments to demand more openness, argues Will Glassey, partner at Mayer Brown

Insight / BDO and Grant Thornton merge offices in South Africa

BDO’s South African arm has announced a merger with two Grant Thornton offices in Cape Town and Port Elizabeth

Insight / 56% of CFOs struggling with data security

Over half of global CFOs admit that managing data security and privacy is the biggest challenge in corporate reporting and believe that lack of clarity over data ownership and governance is having an impact on reporting effectiveness

Insight / Companies failing to disclose worker information in annual reports

Despite growing public and government interest in companies’ recruitment, training and employment practices, meaningful information about employees in annual reports is still missing, according to new research from the Pensions and Lifetime Savings Association (PLSA)

Insight / Accountant banned for hiding commission on tax avoidance schemes

An accountant from Stevenage has been excluded from ICAEW membership, fined £8,000 and ordered to pay costs of £47,000 after a disciplinary tribunal found he had concealed from clients the commission received from recommending tax avoidance schemes and had ‘blatantly disregarded his duties’

Insight / Accounting job vacancies rise by 15%

Job vacancies for accounting professionals rose by 15% across the UK in the third quarter of 2017 compared to the same time last year, with Brexit uncertainties driving demand for contractors, according to recruitment specialists Robert Walters UK

Insight / UK CFOs more uncertain about future than European counterparts

Optimism is growing among business leaders across Europe and the outlook for revenue growth, hiring and capital spending is improving, although in the UK uncertainty levels are markedly higher than elsewhere, according to Deloitte’s latest European CFO survey

Insight / Businesses report £262m in annual fraud losses

Businesses reported £262m in fraud losses last year according to data from ActionFraud, the UK’s national fraud and cyber-crime reporting centre, obtained under the freedom of information act by RSM, which is warning companies need to do more to protect themselves

Audit / FRC set to revise Corporate Governance Code

The Financial Reporting Council (FRC) plans to review the UK Corporate Governance Code to focus on the need for companies to consider how they benefit wider society, following calls from a government advisory group for more support in developing a culture of social impact investment

Insight / PwC set to acquire customer relations specialist business CDecisions

PwC has conditionally agreed to acquire UK-based Salesforce consultancy, CDecisions, which specialises in customer relations for financial services firms