PracticeConsultingNew ACCA guidelines

New ACCA guidelines

Two competing services for secure high-value online business-to-business payments are to work together following pressure from leading banks. Financial services industry-backed bodies Identrus and Swift are close to concluding negotiations over their rival secure online payment systems.

Identrus’s Project Eleanor uses digital certificates and has the backing of UK banks including Barclays Bank and HSBC. It is currently being piloted in Europe by Dutch bank ABN Amro.

Swift’s e-paymentsPlus is a similar XML-based messaging platform that allows banks to offer branded online payment services to their corporate customers. Both services allow ‘straight-through’ processing of payments.

ACCA has issued new guidance designed to ensure the delays and frustrations experienced by both banks and auditors when dealing with small business issues become a thing of the past. Drawn up after consultation with the British Bankers’ Association and the Auditing Practices Board, the explanatory note, written on behalf of the other main UK accountancy bodies, will be adopted from 1 November 2002.

Some 400,000 bank reports need to be completed every year and ACCA said bankers must bear in mind that failure to submit or complete bank reports within a reasonable time can have a significant effect on customers and may result in an investigation by relevant regulatory bodies.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer