saw Ernst & Young launch a High Court bid to strike out a professional negligence damages claim against it worth a potential £2.6bn from the new board of Equitable Life.
On the same day, the Treasury came under fire over the time taken using the reformed resource accounts of government departments and public bodies to produce the first ever set of central government accounts.
On a lighter note finance directors might be conservative, number-crunchers, holding the budget purse strings tightly to their chests, but a survey revealed they have fine taste in luxury cars.
Speculation grew that the Department of Trade and Industry was to announce arrangements that will allow the Financial Reporting Review Panel to become proactive and make spot checks on company accounts.
Thursday saw reports suggesting the FSA wants the power to investigate company accounts for breaches of accounting standards and law in a move that would see the regulator become much more like US watchdog the Securities and Exchange Commission.
According to this week’s Accountancy Age/ Reed Accountancy Personnel Big Question, almost three in four FDs disagreed with a proposed graduate tax compared to less than one in five who thought it was a good idea.
And it was reported that the Treasury is to back the Financial Services Authority’s push for extra powers to clamp down on accounting abuses.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements