saw the week get off to a bad start for the telecom industry as it was revealed that a potential tax liability could indefinitely tie-up almost 70% of Cable and Wireless’ net cash.
In the world of accountancy software, CODA detailed its intentions to acquire accounting software company, SquareSum.
On Tuesday president George Bush announced that former New York Stock Exchange chief William Donaldson would become the new chairman of the US Securities & Exchange Commission, subject to Senate approval.
Closer to home Grant Thornton, the liquidator of collapsed pay-TV company ITV Digital, said it was trying to recover some of the company’s assets by calling on subscribers to return their set-top boxes or pay to keep them. On the same day liquidator Malcolm Shierson endured an awful appearance on Radio Five Live as he tried to explain this policy.
Wednesday saw the the UK Treasury looks set to be handed a ‘thoroughly unwelcome Christmas present’ as the European Court of Justice finally delivers a ruling on the Lankhorst-Hohorst tax case. This bad news confirmed later in the week.
And after repeatedly being delayed, the Department of Trade & Industry finally begun its a ‘programme of research’ to assess the impact of the £1m audit threshold for small companies, which has been in place since July 2000.
On Thursday, KPMG admitted it uses utilisation rates for client-facing staff despite an earlier denial, after documentation from current and former employees was seen by Accountancy Age.
The day ended with the shock news that Sir Howard Davies is to become the next director of the London School of Economics, in a move that will see him step down from his role as chairman of the Financial Services Authority in the autumn.
Friday, AccountancyAge.com reported that ICAEW fellow Thomas Peter Dale admitted to 21 complaints in relation to his role as reporting accountant in collapsed trade finance company Versailles Group, and was excluded from the institute.
The week also ended badly for the Inland Revenue as it was accused of ‘the most extraordinary catalogue of cock-ups’ after admitting they signed up to a deal involving the transfer of properties to a company based offshore.