Watchdog warns some firms lack expertise to write clear accounts October 17, 2013 THE FINANCIAL Reporting Council is worried that smaller listed firms do not have the resources to produce useful corporate reports. The watchdog also said yesterday that only a few boards at big companies have cut out unnecessary clutter from their filings, making it difficult for investors to get a clear picture of the firm’s performance. [...]
Marks & Spencer chief heads charge against EU regulations October 14, 2013 BUSINESS leaders will this morning set out 30 EU regulations that they believe should be scrapped in order to help the British economy, in a boost for Prime Minister David Cameron’s plan to renegotiate a new relationship with Brussels. The business taskforce, headed by a team including Marks & Spencer chief executive Marc Bolland, was commissioned by the [...]
CITY MOVES | WHO’S SWITCHING JOBS October 4, 2013 Avanti Communications Group Paul Walsh, chief executive of Diageo, has joined the board of satellite data company Avanti Communications as a non-executive director. He is also a non-executive director of FedEx Corporation and Unilever. Prior to joining Diageo, Walsh held financial and commercial positions with InterContinental Hotels and in the GrandMet food business, becoming CEO [...]
Britain backs global accounting rules despite investor concerns October 3, 2013 BRITAIN still believes a specific reference to “prudence” would improve international accounting standards, but reasserted yesterday the rules as they stand are legally binding, hoping to end any uncertainty over the matter. Rules on how companies are audited, drawn up by the International Accounting Standards Board (IASB), are mandatory in Britain and elsewhere in the [...]
Boardroom pay rules are set for fresh shake-up October 2, 2013 THE FINANCIAL Reporting Council is weighing up a change to the rules governing boardroom pay, which could see executives banned from sitting on remuneration panels at other companies. The watchdog’s consultation was launched a day after new laws came into effect giving investors the right to a binding vote on executive pay. The FRC will [...]
Deloitte asks for leave to appeal its £14m fine for MG Rover work October 2, 2013 DELOITTE has launched an appeal against its £14m fine for failing to properly handle conflicts of interest when working with MG Rover. “We recognise the general desire to move on from this case but do not agree with the main conclusions of the tribunal which we feel could create significant uncertainty for individual members and [...]
Business group pushes for cap on rising rates September 26, 2013 A NEW report released today by the Confederation of British Industry (CBI) calls on the government to cap annual business rate increases at two per cent, and to review the whole system. The CBI’s research highlights how much business rates have risen in comparison to other taxes. In the decade up to the 2012-13 financial [...]
35,000 customers switch banks in first week of new scheme September 26, 2013 According to reports, around 35,000 Britons have moved their current accounts during the first week of a new industry switching scheme aimed at promoting greater competition in the banking sector. Last week the Payments Council announced the launch of the Current Account Switching Service, which involves 33 banks and building societies, including Halifax, Barclays, Bank [...]
Accountancy regulator to probe PwC audit of Berkeley last year September 16, 2013 THE UK accounting watchdog said yesterday it has opened an investigation into whether PwC was acting independently when it checked the books of UK house builder Berkeley Group. The Financial Reporting Council (FRC) said that the probe would look at PwC’s audit of Berkeley’s financial statements for the year ended 30 April 2012, as a [...]
Regulator launches investigation into PwC audit of Berkeley September 16, 2013 Regulators have announced the launch of an investigation into auditor PricewaterhouseCoopers (PwC) (release). The Financial Reporting Council is looking into PwC's audit of Berkeley. The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into whether PricewaterhouseCoopers LLP was independent when it conducted the audit of The Berkeley Group Holdings plc’s financial [...]