LSBF Blog - Global Matters

Britain consults on EU company accounting reforms

October 01 ,2015 | by Hari Sri

A public consultation has begun in the UK regarding sweeping new European Union reforms of company accounting, which are due to come into effect in June 2016.

The EU rules will see the Financial Reporting Council (FRC) take responsibility for the supervision of 50 accounting firms and include requirements for companies to replace their auditor at least every 20 years.

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Deloitte to revamp recruitment process to end unconscious class bias

October 01 ,2015 | by Erin O’Neill

The selection process used by Big 4 firm Deloitte has been revamped to try and stop recruiters from knowing which school or university candidates attended.

The idea is to eliminate any 'unconscious bias' that might influence decisions. A new algorithm that considers contextual information along with academic results is also being introduced.

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Company boards with more diversity perform better, finds report

October 01 ,2015 | by Claire Payne

Having at least one female executive board member means that a company's board outperforms rivals that are made up exclusively of males, according to a new report.

Women in business: the value of diversity, a report from Grant Thornton International, covers listed companies in the UK, US and India and found that diversity on executive boards could have been worth £430bn in 2014.

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Bookkeepers to benefit from UK digital tax accounts

September 30 ,2015 | by Hari Sri

The UK tax system has been undergoing some important changes, and the introduction of digital tax accounts is set to become one of the most significant.

Now a CEO of a highly respected accountancy body thinks that HRMC's latest moves could eventually have big benefits for bookkeepers.

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CEBR warns UK economy could face slowdown due to weak exports

September 30 ,2015 | by Thiago Kiwi

The Centre for Economics and Business Research (CEBR) has warned in a new forecast that the current economic recovery in the UK may not be sustainable.

Weak exports and decreasing investment in business means that any increase over the next five years could hinge on continued growth in household spending.

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SME manufacturing growth hit by skills shortage, shows survey

September 30 ,2015 | by Helen Gould

More than one in four of Britain's manufacturing SME's are having their potential for growth held back by a shortage of skilled workers according to a new survey.

MHA, the UK-wide group of accountancy and business advisory firms, has made the claim in its latest annual Manufacturing Survey, which sampled 400 mainly small and medium sized manufacturing and engineering businesses in the UK.

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Global volatility slowing financial services growth, shows research

September 29 ,2015 | by Thiago Kiwi

The latest CBI/PwC Financial Services Survey has found that financial services firms experienced slowed growth in business volumes during the three months leading to September.

The rise in overall business volumes was at the slowest pace in two years, coming on the back of almost two years of strong expansion. However, overall optimism about business was stable due to over two and half years of continuous improvement.

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Accountancy profession and natural capital go together, says report

September 29 ,2015 | by Thiago Kiwi

The issue of Natural Capital Accounting (NCA) is a concept that should be promoted among businesses, investors, governments and wider society, according to three leading professional, campaigning and business organisations.

In their latest joint paper, The Association of Chartered Certified Accountants (ACCA), Flora & Fauna International (FFI) and the Big 4 firm KPMG highlight the importance of NCA across a wide range of operations.

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US economy expected to grow faster than previously estimated

September 29 ,2015 | by Claire Payne

According to revised official figures, the second quarter of the year saw the US economy grow faster than previously anticipated.

The surprise positive news was due to strong consumer spending, business investment and residential construction, according to the US Department of Commerce.

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IASB consults on IFRS 9 interim measures

September 28 ,2015 | by Hari Sri

The International Accounting Standards Board (IASB) is going to consult on measures that need to temporarily be put into place to cover issues in the insurance industry surrounding the introduction of IFRS 9 Financial Instruments.

The new insurance contracts standard will involve significant changes, and the independent standard-setting body of the IFRS Foundation will provide a transparent process in the run up to its application in regard to the new financial instruments standard.

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Earning gap between female graduates and non-graduates is over three times, shows report

September 28 ,2015 | by Erin O’Neill

A new academic report has found that women who graduate with a degree earn three times as much as those who do not.

According to researchers at the think tank Institute for Fiscal Studies, in association with Cambridge and Harvard universities, there is a £13,200 graduate premium for yearly wages.

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HMRC outlines how businesses can reimburse electric car usage by employees

September 28 ,2015 | by Claire Payne

HM Revenue and Customs has set out how a business can reimburse employees for costs incurred by using electric cars for work purposes.

Previously, HMRC’s failure to recognise electricity as a type of fuel has been used by some companies as a reason for not making more use of the eco-friendly vehicles in their fleets. 

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Moral courage to drive value needed in boardroom, says accountants group

September 27 ,2015 | by Hari Sri

Corporate boardrooms must use "moral courage" to drive forward value, according to a global group of accountants.

The group, Chartered Accountants Worldwide, believes that the prevalence of social media and the overall culture of the digital age mean that there is now a direct link between value creation and ethics.

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Businesses lose over £200bn to cyber attacks a year globally, reveals study

September 26 ,2015 | by Helen Gould

Cyber attacks have cost businesses across the world more than £200 billion over the past year, according to new research from Grant Thornton International Ltd.

The Grant Thornton International Business Report (IBR) surveyed 2,500 business leaders in 35 countries and found that in excess of one in every six businesses fell victim to a cyber attack in the past 12 months.

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Steep rise for UK deficit follows fall in tax receipts

September 25 ,2015 | by Thiago Kiwi

Income tax receipts have unexpectedly fallen, and as a result, Britain’s deficit has risen to

£12.1bn in August. The figure represents the largest shortfall in government funding since 2012.

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5 steps to securing your dream career

September 24 ,2015 | by Claire Payne

Whether they’re studying at university or obtaining practical experience at a company, there are a lot of people working towards chasing their dream careers today. There are also many people who may not be so sure of what they have to do to get there.

Once upon a time, all you needed to do to achieve your career aspirations was demonstrate a keen interest in your chosen industry. Times have changed a lot since then, but ambition hasn’t faded. That means that achieving your goals now requires a lot more effort and a much more colourful CV.

Are you looking to enter a new career? If you’re at a loss as to what to do next, here are the five steps you should take towards securing your dream job.

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Tax avoidance crackdown nets £1bn for HMRC

September 24 ,2015 | by Hari Sri

The continued efforts by HMRC to clamp down on tax avoidance have seen definite results, according to a new announcement from Treasury Secretary David Gauke.

Under new rules introduced last year regarding accelerated payments, some avoidance scheme users have been hit by having to pay disputed tax up front.

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Oil and commodity prices cause 2% FTSE 100 fall

September 24 ,2015 | by Hari Sri

Yesterday, commodity prices declined and caused a 2% drop in morning trade on the UK market.

This meant the benchmark FTSE 100 fell below the 6,000 level, with mining shares leading the fall after commodity prices continued their downward trend.

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New EU accounting standard a challenge for banking industry, says ECB chief

September 23 ,2015 | by Thiago Kiwi

Daniele Nouy, the European Central Bank's supervisory chief, has said that the introduction of a new accounting standard for financial instruments will present a challenge for the banking industry.

The chair of the Supervisory Board of the European Central Bank said modelling for expected losses will be particularly affected.

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Deloitte reports strong growth with revenues of $35.2 billion

September 23 ,2015 | by Hari Sri

Deloitte reported aggregate revenues amounting to $35.2 billion in its most recent figures.

The new figures, covering the fiscal year ended 31 May 2015, were announced alongside the company's Annual Global Report, which also showed growth across the Big 4 firm's core practices, industry sectors and geographic regions.

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Chief economist says BoE may cut rate before any increase

September 22 ,2015 | by Hari Sri

According to its chief economist Andy Haldane, The Bank of England's next move may well be to cut rates rather than raise them as has been widely expected.

The surprise turnaround would be due to the increased risk of deflation if the UK economy does not pick up in the second half of this year.

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UK updates laws governing consumer rights

September 22 ,2015 | by Claire Payne

New laws governing how businesses in the UK operate will come into effect on 1st October 2015 as part of the Consumer Rights Act 2015.

Returns and complaints policies, staff training and terms and conditions all come under the spotlight of the new regulations.

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PwC and Sage announce new alliance to boost SME ties

September 22 ,2015 | by Thiago Kiwi

Software giant Sage and Big 4 firm PwC have announced a new collaboration aimed at pushing forward global SME connections and growing UK activities.

The accounting software company and Big 4 firm are rolling out the new project in the UK before extending it across their international operations.

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US tax law firm Burt, Staples & Maner LLP merges with E&Y

September 21 ,2015 | by Thiago Kiwi

Ernst & Young (E&Y) has merged with tax law firm Burt, Staples & Maner LLP in a move that sees the Big 4 firm expanding its international tax practice.

The law firm, based in Washington, DC, specialises in information reporting and withholding (IRW) and will be working closely with E&Y's worldwide network on international corporate tax reporting issues.

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£140bn added to UK economy by robots, says Deloitte

September 21 ,2015 | by Erin O’Neill

A new analysis of ONS labour force data by Deloitte has dug deep into the stats involving the effects of automation on the UK economy.

The new study found that in the last 15 years, jobs in sectors such as technology, high-tech manufacturing, and financial and professional services have lost 800,000 jobs to automated process or machines.

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