Business &amp; Accountancy Daily

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HR | People in the news: RSM, Haines Watts, PKF Littlejohn

This week's news of professional moves in the sector includes RSM International appoints a European regional leader, Haines Watts hires its first group managing director in 14 years, a member of the audit team is promoted to partner at PKF Littlejohn

6 Jul 2018

Careers

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Tax | 100 countries ready to exchange offshore account information

The OECD has published a new set of bilateral exchange relationships established under the common reporting standard’s (CRS) multilateral competent authority agreement, marking a major enlargement of the global network for the automatic exchange of offshore account information

6 Jul 2018

Business | Simplified SME contract for government work

The government has launched a new, simplified public sector contract (PSC) designed to make it easier for businesses to apply for government work

6 Jul 2018

Image for us regulator fines credit suisse 30m over bribery charges

Business | US regulator fines Credit Suisse $30m over bribery charges

Credit Suisse Group is to pay around $30m (£22.6m) to US regulator the Securities and Exchange Commission (SEC) to settle charges the bank obtained investment banking business in the Asia-Pacific region by corruptly influencing foreign officials in violation of Foreign Corrupt Practices Act (FCPA)

6 Jul 2018

Tax | Record £1.4m owed in minimum wage underpayments

A record 22,400 minimum wage workers are to receive a total of £1.4m in backpay, latest HMRC statistics reveal

6 Jul 2018

Tax | Hammond rules out immediate action on business rates

Chancellor Philip Hammond has rejected pleas from MPs to consider further reform of business rates in light of the current problems facing high street retailers, but has indicated that the government is looking at ways to level the playing field with digital-only businesses

6 Jul 2018

HR | Supporting staff and managers through redundancies

David Price, CEO and wellbeing expert at Health Assured, provides advice to employers on how to minimise employee stress caused through redundancy by reducing uncertainty and supporting staff and managers

6 Jul 2018

Careers

Leadership & Management

5 Jul 2018

Image for ifrs 16 leases tips and advice construction companies part 5

Finance | IFRS 16 Leases: tips and advice for construction companies - part 5

Rebecca Farmer, partner at EY, considers the complex accounting issues facing construction companies when applying the new lease standard, IFRS 16 Lease, offering tips and advice on dealing with control issues, specialised materials and judgment calls

5 Jul 2018

Finance | 30 million people at risk of poor pension planning

Potentially some 30m working age people are failing to save enough for retirement and risk not being able to afford the lifestyle they want in later life, according to research from the Pensions and Lifetime Savings Association (PLSA) which suggests more needs to be done to educate pension savers on planning for their future

5 Jul 2018

Pensions

Image for jersey tightens anti money laundering legislation

Finance | Jersey tightens anti-money laundering legislation

Jersey has introduced new legislation designed to strengthen the Crown dependency’s capabilities to fight financial crime in response to the findings of Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (MONEYVAL) report

5 Jul 2018

Finance

Financial Reporting

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Business | £19m data-sharing boost for Scotland’s public sector

Better data sharing between different bodies could give a significant boost to Scotland's public finances after an exercise conducted by Audit Scotland identified nearly £19m of fraud and error across the public sector

5 Jul 2018

Image for hmrc updates guidance registering client trusts

Tax | HMRC updates guidance on registering client trusts

HMRC has updated its guidance for tax agents and advisers on registering a client’s trust online, to show the types of trust which must be registered and the deadlines for doing so

5 Jul 2018

Business | Employees pressured to compromise ethics

Employees across Europe are coming under increasing pressure to compromise ethical standards, according to a survey by the Institute of Business Ethics (IBE), while almost a third have come across examples of misconduct at work

5 Jul 2018

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Business | Game over for Scottish video retailer

Kenny Craig, partner, and Ken Pattullo, regional managing partner, of Begbies Traynor have been appointed provisional liquidators to Scottish video games retailer Game Centre Ltd, which has ceased trading with the loss of 39 jobs

5 Jul 2018

Restructuring & Insolvency

Image for frc raises queries half corporate reporting reviews

Finance | FRC raises queries in half of corporate reporting reviews

The Financial Reporting Council (FRC) wrote to almost half of the companies whose accounts it reviewed over the past year, raising issues about corporate reporting practice directly with their boards, according to its first public listing of the corporate reporting review (CRR)

5 Jul 2018

Finance

Financial Reporting

4 Jul 2018

Image for bannerman paragraph clarified what it means auditors

Finance | Bannerman paragraph clarified: what it means for auditors

Following uncertainty about use of the Bannerman clause, ICAEW has issued revised guidance, Technical Release 01/03AAF The audit report and auditors’ duty of care to third parties. Helen MacNeill ACA, senior technical writer at Croner-i, explains the implications for auditors

4 Jul 2018

Auditing

Corporate Governance

Audit Regulations

Image for mike suffield take over top director role frc

Finance | Mike Suffield to take over top director role at FRC

The Financial Reporting Council (FRC) has named Mike Suffield as acting executive director of audit and actuarial regulation following the announcement that the previous postholder Melanie Hind (nee McLaren) is to step down to take up a family opportunity overseas

4 Jul 2018

Leadership & Management

Image for mps pressure frc over bhs findings

Finance | MPs pressure FRC over BHS findings

MPs are demanding the Financial Reporting Council (FRC) provides more details of its investigation into PwC’s auditing of BHS as a going concern prior to the retailer’s sale for £1, now that its previous owner, Taveta Group, has lost a court appeal to prevent full publication of the regulator’s findings

4 Jul 2018

Auditing

Corporate Governance

Audit Regulations

Image for bull are tax policy and populism pulling opposite directions

Tax | Bull: are tax policy and populism pulling in opposite directions?

Announcing unexpected tax changes on Budget day without prior consultation will always be open to public opposition, as has been seen in the past with the majority of unwelcome taxes being abolished just days later, explains George Bull, senior tax partner at RSM

4 Jul 2018

Finance | EY picks up SIG audit from Deloitte

FTSE 250 specialist buildings group SIG has appointed EY as its new external auditor, replacing Deloitte who were ousted after shareholders at its annual general meeting (AGM) voted by a large majority against the firm’s reappointment following the discovery of a £3.7m profits overstatement

4 Jul 2018

Auditing

Corporate Governance

Image for fca publishes rules extension regulation regime

Finance | FCA publishes rules for extension of regulation regime

The Financial Conduct Authority (FCA) has published its near final rules on the extension of the senior managers and certification regime (SM&CR) to almost all regulated firms so that firms can understand what steps they need to take to prepare for its implementation

4 Jul 2018

Business | FCA plans financial services directory

The Financial Conduct Authority (FCA) is consulting on plans to publish a new directory to help consumers and firms check the status and history of individuals working in financial services, with the aim of widening the information publicly available and putting it all in one, user-friendly place

4 Jul 2018

Image for ciot warns hmrcs failure mediate disputes

Tax | CIOT warns of HMRC’s failure to mediate disputes

CIOT is calling for HMRC to stick to its policies for handling and resolving disputes with taxpayers, after the institute’s analysis suggested HMRC is continuing to litigate when there is a less than 50% chance of success, contrary to its own framework, which is resulting in an increasing number of tribunal cases

4 Jul 2018

Business | Liverpool luxury housing development enters administration

Andrew Watling, partner, and Simon Campbell, director, from Quantuma have been appointed joint administrators over Herculaneumco Ltd, a company which is developing Herculaneum Quay in Liverpool, a tower block intended to house 118 luxury apartments

4 Jul 2018