The most recent Government articles from Accountancy Age

Freddie Mac results boosted by accounting tweak

David Jetuah — 2008-05-15T10:00:00.000Z

David Jetuah, Accountancy Age, Thursday 15 May 2008 at 10:00:00

US Federal Home Loan Mortgage Corporation uses new accounting practices which buffer its numbers from the full effects of sub-prime fallout

The Federal Home Loan Mortgage Corporation company achieved better-than-expected results after tweaking its accounting practices. One of the main differences involved adjustments to how the US company, commonly known as...

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Farepak report passed to AADB

Our Parliamentary Correspondent — 2008-05-15T01:29:00.000Z

Our Parliamentary Correspondent, Accountancy Age, Thursday 15 May 2008 at 01:29:00

AADB to look into the Farepak report, while government is to decide what further action is to be taken

The government has forwarded an investigation into the demise of Farepak to the profession’s disciplinary body the Accountancy and Actuarial Discipline Board....

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Whitehall attacked by former chief auditor

Gavin Hinks — 2008-05-14T10:31:00.000Z

Gavin Hinks, Accountancy Age, Wednesday 14 May 2008 at 10:31:00

Capital gains tax and no-dom policy compared to building with toy bricks

Sir John Bourn, the former head of the National Audit Office, has levelled scathing criticism of Whitehall claiming it is in urgent need of reform if efficiency and effectiveness is...

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Treasury heads towards breaking golden rule

Penny Sukhraj — 2008-05-14T07:07:00.000Z

Penny Sukhraj, Accountancy Age, Wednesday 14 May 2008 at 07:07:00

According to the Institute for Fiscal Studies, the chances of a breach was 50/50, a probability that would increase if Mr Darling extended his proposals for more than one year

The chancellor’s decision to pay for the increase in personal allowances by borrowing £2.7bn will cause government to break its own golden rule, economists have warned....

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Chief inspector IDs auditors for fraud

Gavin Hinks — 2008-05-13T09:35:00.000Z

Gavin Hinks, Accountancy Age, Tuesday 13 May 2008 at 09:35:00

Report identifies some auditors as aiding criminals to conceal criminal activity

A report from a top Scottish policeman has said that fraud across the border includes company auditors helping to hide criminal dealings....

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Sceptics see debt restriction as a treatment not a cure

Rachael Singh — 2008-05-08T18:07:00.000Z

Rachael Singh, Accountancy Age, Thursday 8 May 2008 at 18:07:00

They are billed as the UK’s answer to American Chapter 11 rules but for individuals so why is the insolvency profession not keen on enforcement restriction orders?

EROs have been designed by the government to provide court protection from creditors to those who have encountered a sudden or unforeseen change in their financial circumstances, and are likely to...

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Departments shun plans for 'shadow' IFRS

Penny Sukhraj — 2008-05-08T01:26:00.000Z

Penny Sukhraj, Accountancy Age, Thursday 8 May 2008 at 01:26:00

DoH and MoD are set to opt out of planned 'shadow' accounting under IFRS

Major government departments are set to opt out of planned ‘shadow’ accounting under IFRS, scheduled in preparation for a final switch to international standards....

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UK's top business chiefs threaten tax move

Kevin Reed — 2008-05-06T13:50:00.000Z

Kevin Reed, Accountancy Age, Tuesday 6 May 2008 at 13:50:00

Uk business bosses rasie concerns over the U's ability to charge tax on their foreign dividends

Some of the biggest UK businesses have threatened to move their HQs out for tax purposes. Details emerged over the weekend of a recent meeting between the prime minister and...

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Sarbox watchdog to leave SEC

David Jetuah — 2008-05-06T12:02:00.000Z

David Jetuah, Accountancy Age, Tuesday 6 May 2008 at 12:02:00

Paul Atkins to relinquish his role at the SEC as his term of office comes to a close

An SEC commisioner at the heart of efforts to make sure the Sarbanes- Oxley millstone was not too heavy is to leave the watchdog....

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IRS plans to close the $345bn tax gap

Rachael Singh — 2008-05-02T10:31:00.000Z

Rachael Singh, Accountancy Age, Friday 2 May 2008 at 10:31:00

The Internal Revenue Service is planning new strategies to narrow the tax gap of $345bn, but has met with significant challenges.

The US Internal Revenue Service is developing fresh strategies to crack down on the estimated $345bn tax gap, but significant challenges still remain according to a recent report....

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MoD aims to recruit qualified finance chief

David Jetuah and Richard Brooks — 2008-05-01T16:36:00.000Z

David Jetuah and Richard Brooks, Accountancy Age, Thursday 1 May 2008 at 16:36:00

MoD launches new campaign to find qualified a finance director

A fresh campaign to find a qualified finance director is to be launched by the Ministry of Defence, as the government unveiled a further deadline for government to up its...

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Excessive HMRC targets to blame for lost discs

Rachael Singh — 2008-04-30T11:07:00.000Z

Rachael Singh, Accountancy Age, Wednesday 30 April 2008 at 11:07:00

It was likely employees bypassed security procedures in order to meet the targets set

The loss of two discs containing the details of 25 million people was blamed on the excessive targets imposed on the HM Revenue and Customs, a member of the House...

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Bond swap risk stays on the balance sheet

Penny Sukhraj — 2008-04-24T00:00:00.000Z

Penny Sukhraj, Accountancy Age, Thursday 24 April 2008 at 00:00:00

Banks still keeps the risk of asset-backed securities on the balance sheet in government's £50bn bond swap

Banks are to retain the risk of asset-backed securities on their balance sheets as a condition of the loan of government bonds, it emerged this week as the Treasury thrashed...

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Darling braced for off-balance sheet row in mortgage deal

Penny Sukhraj — 2008-04-21T00:00:00.000Z

Penny Sukhraj, Accountancy Age, Monday 21 April 2008 at 00:00:00

The Treasury is prepared to double £50bn offering to £100bn

The chancellor is set to come under fire over whether he will count the £50bn of bonds – offered to lenders in exchange for assets – as government debt....

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Whitehall 'gagging' clauses to be banned

Our Parliamentary Correspondent — 2008-04-21T00:00:00.000Z

Our Parliamentary Correspondent, Accountancy Age, Monday 21 April 2008 at 00:00:00

Commons Liaison Committee rails against government departments which keep commercial arrangements under wraps.

So-called 'gagging' clauses in PFI and other contracts between government departments and other public bodies and industry could be effectively outlawed if the most influential Parliamentary committee has its way....

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