News in brief.
– ACCA has finally launched its hunt for a new chief executive following Anthea Rose’s decision to step down from the post. Adverts for the #150,000 a year job were placed in The Times last week and the association is hoping to hold interviews in June. Rose will be a hard act to follow after substantially increasing membership and improving the credibility of ACCA qualifications during her tenure as chief executive.
Go to www.accountancyage.com/Practice/1117132 to read more about Anthea Rose.
– The Office of Fair Trading has revealed that the publication date for its report on the professions has ‘slipped’ after being put back until sometime in March. Officials had promised a publication date at the end of February but it appears the report is still being considered within the Department of Trade and Industry. The OFT has had the final report for some weeks, but officials are yet to make their recommendations to Stephen Byers, secretary of state for the DTI.
For more details on the report go to www.oft.gov.uk.
– An accountant has been jailed for four years and two months after being found guilty by Southwark Crown Court of netting #0.5m in evaded tax, laundered through unsuspecting fellow accountants. Jay Nevin, 48, from Pyford in Surrey, set up 336 bogus businesses, which he used to claim back value added tax for business start-ups. Nevin, who pleaded not guilty, began making bogus VAT registrations as far back as 1997, and set up a network operating in London, Istanbul, Milan, Paris and Vienna. For the full story go to www.accountancyage.com/Tax/1118171
– Partners in accountancy firms should not be presumed to know everything relevant about client companies handled by other partners in the firm, according to the ICAEW. Responding to Law Commission proposals for the modernisation of partnership law, the institute said that it is ‘unrealistic’, given the huge size of many firms, to expect one partner to know all about the work of another. ICAEW special project leader Desmond Wright said it was time for specific reform to the Partnership Act 1980.
A full version of this story can be found at www.accountancyage.com/News/1118247
– Treasury coffers will this year be swelled by £5.7bn simply because people are not taking up all the tax breaks available to them. The figure was revealed by a TaxAction investigation on behalf of independent financial advisers and said financial inertia and ignorance of the tax regime were to blame. Nine out of ten UK taxpayers or 41 million people, are believed to be #140 worse off as a result.
To read more on this visit www.accountancyage.com/News/1118249
– Losses stemming from the latest outbreak of foot-and-mouth disease in the UK could be enormous depending on the type of business. But it is still too early see the extent of the damage to the country, according to Steve Ellam, partner at Oxford-based farming consultancy Ellam, Oxtoby & Peck. As the number of confirmed outbreaks increases, Ellam commented: ‘It is the worst thing possible to happen, on top of the financial hardship and the bad weather.’
The latest on foot and mouth is available at www.nfu.org.uk/info/f&ml.asp and the Ministry of Agriculture, fisheries and Food at www.maff.gov.uk/maffhome.htm
– The European Commission should ensure that a uniform standard of auditors’ independence is adopted throughout Europe as soon as possible, according to the ICAEW. Responding to the commission’s consultative paper, Statutory Auditors’ Independence in the EU: A Set of Fundamental Principles, institute president Graham Ward, said: ‘The effectiveness of the requirement for auditors to demonstrate that a responsible conclusion has been reached (on independence) will be enhanced by the commission’s promotion of quality assurance on a Europe-wide basis.’
Analysis: Accounting revolution hits Europe, page 4
– The ICAEW and PricewaterhouseCoopers have thrown their support behind proposals for the creation of a Companies Commission. The commission, proposed as part of the three-year process to review Company Law, will be designed to give business leaders, investors and advisers more flexibility to set governance and accounting standards, rather than have them laid down in law. The deadline for comments on the Company Law Review’s consultation document ‘Modern Company Law For a Competitive Economy – Completing the Structure’, was yesterday.
For more information on the Company Law Review got to www.dti.gov.uk/cld/review.htm.