Accounting standards in the UK

Accounting standards in the UK

Accounting changes 'will be dagger to the heart' of final salary pensions

CONTROVERSIAL changes to global accounting rules could be the last nail in the coffin for final salary pension schemes.

Accountancy chief says four is a number that works in the UK

AS THE chairman of KPMG Europe, the newly created accountancy leviathan, John Griffiths-Jones is not one to shirk away from tough challenges. Currently in the final throes of integrating the firm's UK and German operations, a process that brings together more than 17,000 staff across 44 offices, the straight-talking Old Etonian is bracing himself for further upheaval.

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ICAS aims to cut risks of inexperienced pensions trustees

IN A bid to end the problems that can arise from billion-pound company pension schemes being controlled by inexperienced trustees, the Institute of Chartered Accountants of Scotland (ICAS) has unveiled an initiative to help manage the inherent risks.

NatWest Three trial likely to be delayed

THE NatWest Three will not be ready for trial in the United States in September because two of the former bankers are looking for new lawyers.

British bankers are told that they cannot fly home to await trial

THREE British bankers facing fraud charges must stay in the United States while awaiting trial, after a judge yesterday called them "a flight risk".

Barclays cleared over Enron

BARCLAYS said yesterday a US court had thrown out claims against the bank in a class-action lawsuit linked to the collapse of oil giant Enron.

Big four's dominance of audit queried

A GOVERNMENT report into the dominance of the UK's "Big Four" accounting firms has concluded that competition is being hindered and prevents smaller firms from taking a foothold among top listed firms.

Law sparks accountant safety fears

SCOTTISH accountants are demanding protection from clients whose questionable activities they must report under strict new money laundering and fraud laws.

Auditors fear US-style regulations in Europe

AUDITORS are warning that Europe could bring in onerous US-style "section 404" regulation "by the back door" if proposals to be put forward later this year are not drafted carefully.

Accountants watchdog sniffs out 'Big Four' risks

THE UK watchdog charged with preventing Enron-style accounting scandals has identified serious risks at the so-called "Big Four" accounting firms.

PwC manager fined for abuse

THE Financial Services and Markets Tribunal has directed the Financial Services Authority to fine a former accountant for stock market abuse.

First fine over stock market abuse

THE Financial Services and Markets Tribunal yesterday directed Britain’s financial regulator, the Financial Services Authority, to fine a former accountant for stock market abuse.

Watchdog bares its teeth to ward off financial scandals

A GLOBAL financial watchdog said it would boost its efforts to bring into line "uncooperative" national regulators who fail to implement international standards designed to help prevent a repeat of the financial scandals of recent years.

BoE in call for a united vision on accounting

STANDARD accounting rules are key to ensuring financial stability and there should be a renewed effort to ensure agreement on fundamental principles, the Bank of England deputy governor Sir Andrew Large has said.

Merger plans add up for accountancy bodies

THREE of the UK’s leading accountancy bodies have announced plans to merge.

Government refuses to put a cap on auditors' liability

THE government yesterday refused to cap auditors’ liability in the event of them being involved in any future Enron-style negligence case, but did propose limited protection against ruinous litigation.

Big Four of accounting 'let clients distort facts'

THE Big Four accounting firms wrongly let some corporate clients understate liabilities and distort their financial health in their 2003 accounts, America’s regulatory body for auditors said in a report.

EU vision of harmony hits a rocky road

EUROPE is heading for another D-day. From January 1, 2005, international accounting standards rather than national rules will apply to the group accounts of all stock exchange-listed companies in the European Union.

New rules to hit top firms' profits

THE top 25 companies in Britain’s FTSE-100 index can expect to see their profits cut by an average of five per cent under forthcoming accountancy rule changes, according to a new report.

Revenue issues 'plain English' tax warning

THE Inland Revenue has moved to head off any unscrupulous lawyers and accountants following the publication of the finance bill, warning them that the details of tax avoidance schemes they are now required to submit must be written in "plain English".

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