BusinessCompany NewsWeek in review: 4 – 8 August

Week in review: 4 - 8 August

This week's news was dominated by the release of the Accountancy Age/PKF second annual review of football finances, while two of London's leading hotels went into administration and pension accounting standard FRS17 again reared its controversial head.

On Monday, following all the problems around the tax credits IT system, the Inland Revenue showed its generous side and offered all staff an extra days’ leave because of the stress they have suffered.

Also on Monday , we reported that accountants really are die-hard workaholics – not only do most of them make themselves available for work-related calls when on holiday, they also check their email and phone the office once a week.

Tuesday, embattled hotel chain Le Meridien lost control of two of its most famous hotels – London’s Grosvenor House and The Waldorf – following financial difficulties that led to the appointment of administrative receivers.

On the pitch, Huddersfield Town FC emerged from administration after the Football League agreed to its takeover by local businessman Ken Davy.

On Wednesday a new survey revealed that the FTSE 100 index would have to rise 50% by this time next year to clear the pension deficits of the UK’s largest companies, under pension accounting standard FRS17.

Also on the day, Greenwich Millennium Exhibition, the company that attempted to have the liquidation of the New Millennium Experience Company nullified, was itself issued with a winding-up order.

Thursday, Accountancy Age released its second annual football finance survey which showed that one in four clubs expect to make a profit as almost half of Premiership, First Division and Scottish Premier League FDs polled called for the ‘preposterous’ super-creditor rule to be scrapped.

Friday, it was revealed that the US Securities and Exchange Commission is shortly to release guidance that could make it tougher for audit firms to obtain contracts for lucrative non-audit work with their clients.

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