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Businesses are taking a new look at their risk management strategies following the recession, according to new research from the ICAEW. The findings show that many companies have made changes to the way they are exposed to and manage risks in response to the changing economic climate.
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A collaboration between ICAEW and leading economic forecaster the Centre for Economics and Business Research (CEBR) has revealed there could be a further £1.13 trillion of liabilities over and above the headline public sector debt already published by the Office for National Statistics (ONS).
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If there is to be a positive legacy of the financial crisis, it must be in the lessons that market participants have learned from extremely challenging times. As with all stakeholders in the banking crisis, bank auditors must seek lessons to be learned.
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The number of accountants in Parliament has surged after the general election. There are now 11 ICAEW accountants in the Commons.
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A director of an Oxford building company has won a prestigious enterprise education volunteer prize in the annual HSBC Young Enterprise Innovation Awards.
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As International Financial Reporting Standards (IFRS) continue to be adopted by more market sectors, ICAEW has developed an e-learning programme which helps prepare unlisted companies with a turnover over £6m.
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ICAEW guide helps businesses look forward to 2010
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ICAEW will be reviewing options available going forward on the issue of Legal Professional Privilege (LPP). It comes as the Court of Appeal announces its judgment in the case of Prudential v HMRC, deciding that LPP should not be extended to clients of non legally qualified tax advisers.
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The US Dodd-Frank Wall Street Reform Act of 21 July is an important step towards solving the deadlock situation between the US and the EU regarding exchange of information between audit firm oversight bodies.
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Over 65 ACA students of ICAEW (The Institute of Chartered Accountants in England and Wales) received prizes including seven international students from Cyprus and Singapore at a Prizegiving ceremony at Chartered Accountants' Hall on Thursday 20 May.
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ICAEW works with government and business to improve financial capability in schools and communities. We lead on improving access to the professions, a major driver of social mobility.
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ICAEW appointed to assist Dubai regulator in monitoring audit firms
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ICAEW reminds employers to file P45 and P46 forms on line and on time
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The ICAEW has called on the new Chancellor, George Osborne, to simplify the UK's complex tax system saying that it will help economic growth at a time when public spending is 53% of GDP and is out of line with tax revenues.
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Commenting on the UK coalition government's announcement that it is to reinstate an Operating and Financial Review to ensure that directors' social and environmental duties have to be covered in company reporting
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ICAEW members have backed all the resolutions proposed at this year's annual general meeting which took place at Chartered Accountants' Hall on Tuesday 8 June 2010.
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The ICAEW Global Enterprise Survey 2010 shows that businesses around the world are returning to growth, expecting challenges of accessing finance and changes in commodity prices to fade. However, increased growth and globalisation will intensify demand for resources, says ICAEW.
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The US Securities and Exchange Commission (SEC) will on Wednesday 'consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers'.
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ICAEW is reminding taxpayers that Saturday 31 July is the deadline for three things: outstanding income tax self assessment returns, self assessment tax payments, and the renewal of tax credits.
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Owners of furnished holiday letting accommodation in this country face bureaucracy and confusion when the current special tax rules end on Tuesday 6 April, says ICAEW
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Commenting on Deputy Prime Minister Nick Clegg's keynote speech today on social mobility, ICAEW chief executive Michael Izza said:
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Over 900 aspiring young professionals have set themselves up for a bright future as chartered accountants as ICAEW announces the results of the June 2010 ACA Professional Stage exams.
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'Better governance, fewer resources' - ICAEW commits expertise of members to help drive change across public sector
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If the idea of running your own business appeals, Spring is a good time for a new start but be prepared to work hard.
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The Chancellor has passed four out of five Budget tests set by the ICAEW to deliver a Budget that will help drive the economic recovery.
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The Government has today announced £6bn of saving cuts in public spending.
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Michael Izza, chief executive of ICAEW, has said that the incoming Government should follow best practice in the private sector, imposing similar levels of financial controls to tackle the fiscal deficit.
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There has been a broadening of confidence in more sectors and regions as economic recovery continues at a sluggish pace according to the latest ICAEW UK Business Confidence Monitor (BCM).
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The European Parliament is this week scheduled to vote on whether Member States should be able to exempt micro businesses from the requirements of the current EU financial reporting regime. The ICAEW supports the proposal, suggesting the debate and decision over micros' reporting requirements should take place at a national level.
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Financial experts from the ICAEW are taking part in a series of regional 'stock exchange' challenges to help provide schools and teachers with a dynamic way of engaging with personal finance education.
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As the 31 October deadline for filing paper Self Assessment tax returns approaches, ICAEW urges you to file your returns on time to make sure this Halloween is full of treats rather than tricks. Frank Haskew, Head of ICAEW's Tax Faculty explains:
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The UK's largest regulator of insolvency practitioners has published a guide to help individuals and businesses affected by insolvency.
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UK businesses have lowered expectations for 2011 as business confidence weakens according to the latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM). This suggests that economic growth next year will be slower than forecast with companies reluctant to invest and back the recovery.
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Christmas is an expensive time, but ICAEW reminds employers that annual staff parties are potentially tax-free. HMRC's festive gift allows companies an annual tax-free amount of up to £150 per member of staff. As many firms are planning a frugal Christmas party this year due to the fragility of the economy more staff parties could end up being tax-free
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Businesses need to be clear about their policies for staff during the World Cup according to the ICAEW, otherwise they could pay the penalty.
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Restoring confidence in financial services requires a joint effort
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Businesses should take the opportunity to be the driving force behind the new Local Enterprise Partnerships (LEPs), according to ICAEW.
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Michael Izza responds on behalf of the CCAB Report of the Panel on Fair Access to the Professions
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The European Commission, with internal market commissioner Michel Barnier in the lead, has today published a Green Paper on auditing, launching a wide-ranging debate on the role of audit and the suitability of the current audit regulatory framework in the European Union.
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The IASB has missed the mark with its proposed changes to the way 'Other Comprehensive Income' is presented in financial reports (IAS 1), according to ICAEW.
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While the ICAEW believes that the report 'Engaging with Tax Agents' recently published by the National Audit Office (NAO) has a number of positive recommendations, ICAEW is concerned that these will be overshadowed by a number of concerns about other conclusions in the report.
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Michael Izza, Chief Executive of the ICAEW, speaking at the ICAEW Public Policy Summit, 'Fiscal Responsibility in the New Economic Age,' welcomed over 150 high level representatives from the civil service, academia, think tanks, the investor community and Parliament amongst many others from local government and the third sector.
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The ICAEW has urged smaller businesses to make sure that they are prepared for the 1 April deadline from when VAT returns must be filed online. Currently, only 14% of companies file their returns online* but on April Fool's Day it becomes compulsory.
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"Insolvency Practitioners (IPs) continue to play their part in encouraging entrepreneurial activity that underpins corporate Britain," said Neville Kahn, global head of reorganisation services at Deloitte and Chair of the ICAEW Insolvency Group.
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ICAEW launches Europe Region. ICAEW, a leader in the accountancy and finance profession, yesterday launched its Europe Region, led from Brussels. The new Region will bring together all ICAEW's work across Europe, enhancing ICAEW's presence, activity and engagement with members and key stakeholders in the region.
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Businesses are paying a higher price for external debt finance but those who do apply are mostly successful, according to the latest Business Opinion survey from ICAEW.
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Manchester based Cooperative Group triumphed at the National Business Awards winning the ICAEW Corporate Responsibility and Sustainability award. Described as 'a beacon of best practice', the group beat stiff competition from nine other short-listed companies, including Coca-Cola Enterprises and Unilever, to take the award.
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The International Accounting Standards Board (IASB) has consulted on the development of financial reporting requirements for the extractive industries - oil, gas and mining, suggesting it could take the form of a separate International Financial Reporting Standard (IFRS).
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On 28 April 2010,the DIA in collaboration with ICAEW Middle East, held a roundtable discussion for key figures in the accountancy profession to discuss their experiences of the existing UAE insolvency framework and to provide key recommendations on how it could be improved.
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ICAEW, a leader in the accounting and finance professions, has launched a network for students in the Middle East. The network will support budding chartered accountants through events and exam support.
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The IASB yesterday released its long-awaited proposals for lease accounting. Dr Nigel Sleigh-Johnson, Head of ICAEW's Financial Reporting Faculty, has the following comments:
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Gerald Russell, the newly elected President of the ICAEW, has told the audit profession that it can crack the challenge of meeting the needs of regulators, governments and the wider public as well as investors.
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On Wednesday 17 March, the ICAEW jointly organised a breakfast event in the heart of Dubai's financial district, the Dubai International Financial Centre (DIFC), with the Dubai Financial Services Authority (DFSA) to offer a briefing on the role of audit monitoring in improving the quality of, and confidence in, financial information.
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The ICAEW is warning taxpayers that they will still be liable for a fine if they fail to submit their self assessment online by the deadline of 31 January, even though it's a Sunday this year. The advice comes as a record number of taxpayers are expected to file online, up from last year's figure of 5.8 million.
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Commenting on the Business and Enterprise Committee's tenth report, The Enterprise Finance Guarantee Scheme, Clive Lewis, Head of SME issues at the ICAEW, said:
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ICAEW, a world leader in the finance and accountancy profession, has appointed Dr Martin Manuzi as its regional director for Europe.
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ICAEW comments on G20 communiqué on accounting standards
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The regulatory burden has eased for larger companies but SMEs continue to suffer, according to the latest ICAEW Enterprise Survey. Although larger companies thought that the regulatory and taxation environment in the UK had improved, smaller businesses, often viewed as the drivers of the UK economy, remain disillusioned with the amount of bureaucracy they have to tackle.
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ICAEW financial services bill
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As the Government confirms in today's Emergency Budget that Regional Development Agencies (RDAs) across England will be abolished, ICAEW urges the Government to keep the programmes that work, while making vital savings.
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Over 1,500 aspiring young professionals have set themselves up for a bright future as chartered accountants as the ICAEW today (30 April) announced the results of the March 2010 ACA Professional Stage exams.
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At a time when charities are seeking new supporters and funding, online financial reports and accounts are an important means of worldwide communication. The internet is clearly one of the most potent and cost-effective ways of getting the charities' message across.
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Qualified chartered accountants can offer invaluable skills and expertise to help Bahrain recover from the economic downturn and achieve its Economic Vision 2030, according to Amanda Line, the Middle East Regional Director of ICAEW
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Zayed University's Institute for Community Engagement (I.C.E.), the university's outreach arm to the wider community whose mission is to support the economic and social development of the UAE, has become a Partner in Learning of ICAEW (Institute of Chartered Accountants in England and Wales).
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The US Financial Accounting Standards Board (FASB) has today published its long-awaited proposal for financial instruments accounting. This is an important proposal in light of the G20's call for one global high-profile set of accounting standards. However, Dr Nigel Sleigh-Johnson, Head of the ICAEW Financial Reporting Faculty, says it is still unclear whether or how convergence can be achieved.
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ICAEW welcomes EU-level debate on role of auditors
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The four highest achievers in this year's Corporate Finance qualifications received awards from ICAEW's Corporate Finance Faculty at a ceremony held at Mansion House on 3 November.
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ICAEW awards honorary membership to Professor Stephen Zeff
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Chartered accountants' exceptional involvement and commitment to charity and community work has been celebrated at the ICAEW Charity Awards ceremony in London.
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Companies who have contracts with the public sector are being urged to prepare for possible cuts by the ICAEW. With 6.2bn of spending reductions recently announced and further cuts expected in the forthcoming Budget and Spending Review, businesses need to be clear about their next steps, if the worse happens.
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ICAEW, a world leader of the accountancy and finance profession, says the US Financial Accounting Standards Board's (FASB) proposed rules for financial instruments accounting will make financial statements harder to understand if implemented.
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The ICAEW has been appointed by the Ministry of Finance and Development Planning in Botswana to work with the Botswana Institute of Accountants (BIA) on strengthening the country's accountancy profession. The two-year project is sponsored by the World Bank.
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Commenting on today's Comprehensive Spending Review, Michael Izza, ICAEW Chief Executive said:-
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Mr. Deepak S Parekh FCA, Chairman of the Housing Development Finance Corporation (HDFC), India's first and largest mortgage company, has become the first international recipient of The Institute of Chartered Accountants in England and Wales' (ICAEW) Outstanding Achievement Award.
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Small businesses and entrepreneurs received some positive news in the Emergency Budget.
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Finance Directors from a variety of companies including Pret a Manger and Coventry Building Society have been revealed as finalists in two new categories at the FD Excellence Awards. These celebrate the role of FDs both in the business and wider community.
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The Institute of Chartered Accountants in England and Wales (ICAEW) - the UK's largest regulator of insolvency practitioners - has launched a new group to support those working in the sector.
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The European Parliament has today voted to accept the proposal to exempt micro businesses from the reporting requirements of the Fourth Directive.
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Jamie Adams, 26, is the first person to successfully complete the ICAEW Certificate in Insolvency
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Michael Izza comments on George Osborne's first budget
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"To succeed, Local Enterprise Partnerships (LEPs) must be strongly business-led. ICAEW has long recommended greater business participation in RDAs, and the new LEPs offer a chance to strengthen co-operation between the public and private sectors in backing regional economic growth
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With Valentine's Day approaching, same-sex couples are reminded that they have the same tax rights as married couples if they decide to go into a civil partnership. Tax expert Anita Monteith, technical manager at the ICAEW Tax Faculty, explains.
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'Better governance, fewer resources' - ICAEW commits expertise of members to help drive change across public sector
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Responses to the Emergency Budget 2010 from the ICAEW. Access comment, analysis, and a range of resources.
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ICAEW, a leader of the accountancy and finance profession, is hosting a series of four international summits on the theme 'Crisis without a legacy?'. The first summit takes place in New York at the New York Stock Exchange - Euronext on 2 December, bringing together leaders from industry, academia and politics to debate whether the financial crisis will leave a legacy of fundamental changes.
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Confidence among businesses has fallen according to the latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM), indicating that the economic recovery will slow in the second half of 2010. Despite uncertainty as to the impact on the recovery of the Coalition Government's plans to reduce public spending, the BCM's financial performance indicators suggest that the financial health of UK businesses continues to improve.
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The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have today published an update on their progress towards convergence of the two sets of accounting standards.
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This week, A level results will become a reality for many young people and the ICAEW is advising those who have still not decided their next move to consider alternative routes to a fulfilling career.
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ICAEW calls for the G20 leaders to put their weight behind the development of a global framework of strong anti-corruption legislation.
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ICAEW, a leader in the accountancy and finance profession, and Hawkamah, the Institute for Corporate Governance, have today signed a Memorandum of Understanding (MoU), aimed at increasing awareness about the importance of developing and applying good corporate Governance practices in the MENA region at both the Country level as well as at the organisational level.
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The ICAEW has responded to the Financial Services Authority (FSA) and the Financial Reporting Council (FRC) discussion paper issued today. The paper considers ways of enhancing auditors' contribution to regulation.
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The Chartered Institute of Public Finance and Accountancy (CIPFA) and the ICAEW have jointly developed a new qualification for finance professionals working in the public sector that covers both International Financial Reporting Standards (IFRS) and their public sector equivalents, International Public Sector Accounting Standards (IPSAS).
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Vernon Soare, Executive Director of Professional Standards at ICAEW, welcomes the publication by the Office of Fair Trading (OFT) of its study into the corporate insolvency market
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As the Auditing Practices Board (APB) today updates UK and Irish auditing standards for the new, clarified International Standards on Auditing (ISAs) the ICAEW sees this move as an opportunity to improve audit quality.
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Before the VAT increase hits on January 4 2011, ICAEW is advising us what we do and do not pay VAT on this Christmas. VAT is the tax on consumer spending which is automatically added to the goods you buy in shops and the services you purchase.
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ICAEW has made two senior appointments to its team in Greater China as the first step in establishing an international regional office there in 2011. Douglas Lau has been appointed as Regional Director, Greater China and Linda Liran Wang joins as Strategic Development Director.
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As the Financial Services Authority (FSA) moves towards the implementation of the Retail Distribution Review (RDR) ICAEW has voiced concerns that the proposed timescales pose a risk that the retail advice and investments sector may not have enough time to transition successfully.
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ICAEW, a world leader of the accountancy and finance profession, says the International Accounting Standards Board’s (IASB) hedge accounting proposals could be a much-needed step towards a simpler standard, especially for non-financial institutions.
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Businesses are split about how they will deal with the increase in VAT, due to come into effect on 4 January 2011. 6 in 10 businesses believe that the increase in VAT from 17.5 per cent to 20 per cent will affect their organisation’s cashflow to some extent. Nearly one tenth (9%) think cash flow will be affected to a significant degree.
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Following the disruption caused by the recent adverse weather conditions, ICAEW are advising small businesses to put in place contingency plans and ensure employees are fully aware of ‘bad weather’ policies in place.
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ICAEW, a world leader of the accountancy and finance profession, has today formally launched its ICAEW Emiratisation Scholarship Scheme (IESS). H.H. Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education and Scientific Research, was the guest of honour.
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Andrew Fagg has been appointed as ICAEW’s next Finance Director. He will report into Robin Fieth, ICAEW’s Executive Director for Finance and Operations.
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Businesses in Singapore are most positive about the impact of continuing globalisation, according to an annual global survey on business sentiment by ICAEW, a world leader of the accountancy and finance profession. The ICAEW Global Enterprise Survey 2010 also found that more businesses in Singapore than in any other market plan to expand into or increase market share in other countries.
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The ICAEW Global Enterprise Survey 2010 shows that nine out of ten Malaysian businesses plan to grow over the next two years, increasing growth expectations on one year ago. The annual survey by the world leader in the accountancy and finance profession suggests, however, that ambitions in the region are still not back at pre-crisis levels.
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ICAEW warns that more work is required before the International Accounting Standards Board’ (IASB) can round up its decade-long project to develop a high-quality accounting standard for insurance contracts. The IASB’s consultation on its proposed standard, published in July, closes today.
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As the Auditing Practices Board (APB) today updates UK and Irish auditing standards for the new, clarified International Standards on Auditing (ISAs) the ICAEW sees this move as an opportunity to improve audit quality.
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ICAEW, a leader in the accounting and finance professions, has launched a network for students in the Middle East. The network will support budding chartered accountants through events and exam support.
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Confidence among businesses in the North West has held according to the regional results of the ICAEW/Grant Thornton UK Business Confidence Monitor (BCM). Despite continued challenges around access to capital and late payment problems, the BCM’s key performance indicators suggest that the financial health of the region’s businesses continues to improve.
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As Christmas approaches, many retailers are launching pop-up shops around Britain to cash in on festive spending. A temporary pop-up retail space quickly draws in customers and allows businesses to take advantage of heightened consumer spending over the festive season. Clive Lewis, ICAEW's Head of Enterprise, explains:
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25th October 2010: The Institute of Chartered Accountants of Sri Lanka (ICASL) and the Institute of Chartered Accountants in England and Wales (ICAEW) signed a Memorandum of Understanding (MoU), on Monday, 25th October 2010, which will establish closer working relations between the two bodies.
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ICAEW, a world leader in the accountancy and finance profession, comments on the appointment of Hans Hoogervorst as Sir David Tweedie's replacement as Chairman of the International Accounting Standards Board (IASB).
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The welcome reforms to corporation tax will be offset by the additional pressure placed on business by the rise in VAT and cuts to public sector spending. The Chancellor has recognised the role that small businesses in particular will play in the recovery by giving them certainty on corporation tax rates and incentives for entrepreneurs
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Yesterday, the Financial Accounting Foundation announced that Robert Herz will retire from his role as chairman of the US Financial Accounting Standards Board (FASB) on 1 October. ICAEW chief executive Michael Izza commented:
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EU internal market commissioner Michel Barnier has today proposed that the EU establishes a network of bank resolution funds to ensure that future bank failures are not at the cost of the taxpayer or destabilise the financial system.
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With the World Cup fast approaching and football fever well and truly rising, many work places will be in the mood for a football-themed office party this summer.
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Commenting on today's Budget, Michael Izza, chief executive of the ICAEW, said: "UK businesses have played their part in helping get the UK economy through the downturn - by maintaining employment and revenues.