Common Purpose Rory Collins
Transcript of Common Purpose Rory Collins
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A MAGAZINE FOR MEMbERs OF thE
ACCA UKFINANcIAl sERvIcEs NEtwORk
AUGUST 2008
Islamic
nance a history
nfinancial
servicesreview
a look at the history andprinciples of this growingniche market
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2 financial services review Augu 2008
did you know?teACCA UKeie a uk.accaglobal.com onain a ea of Uk-peifi informaion add
i o your faourie i!
from the chairFinancial Services Review
Issue 87 August 2008
Editor
luy caderood
29 linon Inn Fied london wc2A 3EE
e: +44 (0)20 7059 5882
fax: +44 (0)20 7059 5858
.aagoa.om
Financial Services Review i puied
quarery y AccA. Arie are puied
in good fai iou reponiiiy on e
par of e puier or auor for ooaioned from aing or refraining from
aion a a reu of any ie expreed
erein. te opinion are no neeariy
oe of e underaing i empoy e
auor, and oud no e regarded a e
offiia opinion of AccA exep ere aed.
ti doumen a no reguaory au.
I i iued for guidane purpoe ony.
Noing onained in i doumen oud
e aen a oniuing e amendmen or
adapaion of eACCA Rulebook . In e
een of any onfi eeen e onen of
i doumen and e onen of e
ACCA Rulebook, e aer a a a imeae preedene.
A orrepondene oud e en o:
Arid loeae,ACCA UK,
29 linon Inn Fied, london wc2A 3EE
e: 020 7059 5913
fax: 020 7059 5959
e-mai: [email protected]
No par of i puiaion may e
reprodued, ored in a reriea yem,
or ranmied in any form or y
any mean, eeroni, meania,
pooopying or oerie, iou prior
rien permiion of e puier.
Welcome to this latest edition of Financial
Services Review.
Our indury oninue o e under
e poig, and e redi run and i
onequene rume on. Our pane diuion
on e opi of e redi run, ed a e
london soo of Eonomi, i no onine
and I ope a you ae ad e ane o
ie i. A in o e ideo ip an e found
on canne 3 a http://tv.accaglobal.com/.
tere a a good mixure of peaer and
opinion oied and a o of deae on raing
agenie and reguaion. I i an inereing
a and, if reean o your deeopmen,
ieing i i or 2 cPD poin. Fooingon from e ue of e deae, deai of
i an e found on page 14 and 15, a
un diuion a ed i ey memer
and ommenaor, and a ie ea a
oed y Aounany Age Inider buine
cu. we are aready panning our nex pane
diuion, in onjunion i e seuriie
and Inemen Iniue (sII), on e nex
rii ooming on e orizon: infaion. ti
deae i ae pae in Ooer and more
deai i e aaiae on e eie oon.
coninuing e eme of exporing oer
o opi, e are peaed o ae an arie
from Dr Naaie soon on Iami Finane, a
opi i a e uje of a ery popuarunime eure. te ae in European
Union egiaion i oered y a ummary of a
eure gien y our ead of EU Pariamenary
affair, Dr Daid Doye.
A ne page of e magazine, Reear
and conuaion Updae oer e ae
or underaen y AccA tenia Poiy
and Reear eam, ed y see Priddy. te
ae ongoing onuaion an e found
onine a www.accaglobal.com/publicinterest/
activities/policy_papers/forthcoming/. taing
par in reponding o onuaion, ere
reean o your deeopmen, an oun
oard cPD a e a eing a reaiey
eay ay o ge more inoed in e or of
AccA. te pane and I ae an aie roe in
i or and find i ery rearding I oud
enourage you o ge inoed oo. Gien e
ig profie of e finania erie indury,
i i imporan o mae ure a AccA and
i memer ae a mu ay and infuene
a poie, i regard o enia reear
paper and onuaion doumen.ACCA
UK, i e uppor and guidane of e
pane, i urreny exporing forging ronger
in eeen u and e FsA, and fouing on
geing AccA au in Europe and Europeanegiaion more prominen.
wor on e auumn eure programme i
e under ay. Deai of een onfirmed o
far an e found in in rief. Furer deai
and e ooing proedure i e up on e
eie in eary Augu.
te pane andACCA UKaff are ere o
uppor you. Peae do end u your idea and
feeda y onaing our neor manager,
Arid loeae, on 020 7059 5913 or
Jim beeridge
cair Finania serie Neor Pane
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contentsAccA and common Purpoe
Auumn 2008 programme for Finania
serie Neor
in brief04
04
Islamic finance a history
Iami finane i groing exponeniay,
and aounan need o underand e
prinipe underying i nie mare.
Dr Naaie soon expain
cover story
05
08
13
14
16
18
19
10
14
05European Financial Services
action plan
in June, memer ere preened i
an updae on a range of EU finania
erie direie. luy caderood
repor
saying no gracefully
o ofen do you ome under preure
o ay ye en you no you are
uniey o e ae o deier?
tea simpon o o you anay no graefuy
research and consultation update
the credit crunch your views
a ummary of e pane diuion
ciming Ou Of e credi crun
CPD making the most of your
9-5 time
aundan earning opporuniie i
an onriue oard your cPD are
rig in fron of your noe. caum
Roon oo a or-aed earning
aiiie
professional courses for Sept/October
Profeiona coure proide a ide
ariey of een inuding in-dep
oure, corporae Aounan
Updaing Programme and cPD
onferene, perona deeopmen
raining and reidenia updae
financial services network panels
10
features
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inbrief
ACCA and Common PurposeACCA is working with Common Purpose to
support members wishing to improve their
leadership skills.
Are you an inpiraiona eader or in
need of inpiraion? Inreaing peiaiaion,
mouning or preure and ong our
eaen a eader apaiy o ee opporuniie,
roaden neor and refre eir iion for
emee and eir organiaion. common
Purpoe eaderip deeopmen programme
proide a ia onex.
common Purpoe a founded in 1989
and no run more an 70 programmein 10 ounrie around e ord. Oer
120,000 eader ae een inoed in our
programme. In e Uk, more an 70% of
FtsE 100 ompanie, a e a many maer
organiaion, ae ued common Purpoe
o deeop eir eader. tey and eir
organiaion onieny repor:
eer raegi ining and deiion-
maing, dramaiay enaned eaderip
ompeenie and a greaer aiiy o appy
em in ne iuaion
an inreaed aiiy o produe rea ange,
ereer i i needed
common Purpoe deeop e noedge,
onneion and inpiraion of eader
from a aground. I i a no-for-profi
organiaion a run unique eaderip
deeopmen programme a equip
eader i e i ey need o mae a
differene a or or in oiey.
te eaderip programme for experiened
eader inude:
20:20 if you are a eader oe pereof infuene i expanding o a regiona,
naiona or inernaiona ee
Marix and Fou for experiened eader
in on and maer iy oaion
tekNOw a fexie, peronaied
programme for eader in iie and iy
region
InideOUt for eader from eera
location around the south and Eat
of England who want to ee the bigger
picture.
Pu, ere are orer programme for oe
i peifi need:
Profie i a o day riefing for eader
o an a fa-ra, eind-e-ene
ie of e pae ere ey operae
Poer Dynami i a aenging one-
day een for oe o need o no
more aou o poer or a a naiona
or European ee, and o o infuene i.
AccA a eamed up i common Purpoe o
offer memer a 10% dioun on ee unique
eaderip deeopmen programme. ti offeri aid from no uni e end of 2009. to ae
adanage of i offer, peae e-mai aren.
to find ou more aou common Purpoe,
your neare programme oaion or e nex
ar dae, ona karen Maey or ii
www.commonpurpose.org.uk .
Autumn 2008 programme forFinancial Services Network
Our lectures for the September to December
period will cover a range of topics and venues
as we work in partnership with our partner
bodies and employers. More details and
booking forms will be made available on the
Financial Services Network website in August.
An outline of the upcoming programme can be
found below.
Wednesday 10 September 18:00 20:00,
Cavendish Conference Centre (NB Please note
different time and venue)
The influence of the Mayor and Lord Mayor
on Londons economy. Speakers - Tim Parker,
the new chief executive and first Deputy Mayor
of London and a representative from the Lord
Mayors Office.
Wednesday 1 October 12:00 14:00, Cinema
2 - Barbican Centre (NB please note different
venue, provided courtesy of the SII)
Inflation the next great meltdown? A panel
discussion following on from the Credit Crunch
debate.
ti deae i eing run in onjunion i
e sII. Panei i inude Jame buan, a
oumni, eading noei and iorian oe
mo reen or i a udy of e ire of
Adam smi and Daid hume in Enigenmen
Edinurg, Capital of the Mind (2003);
brandon Daie, Managing Direor GARP Ri
Aademy, and Marin wof, aoiae edior and
ief eonomi ommenaor of e Financial
Times. cair i e crioper Jone warner.
Tuesday 11 November
Edinburgh Financial Services Lecture
venue and ime tbc
Thursday 20 November 12:00 14:00,
American Express, Victoria (NB please note
different venue)
Background to and implications of the Single
European Payments Agency (SEPA).
A presentation by Dr David Doyle, ACCAs head
of EU Parliamentary Affairs.
ti een i eing oed y our Approed
Empoyer parner Amerian Expre.
Thursday 11 December 08:00 - 10:00
Barclays Canary Wharf (NB please note
different time and venue)
EU update and debate - the implications of the
new regulations on the credit crisis
Pane and preener tbc
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feature
European Financial Services
action planIn June, members werepresented with an updateon a range of EU nancialservices directives. LucyCalderwood reports.
On 24 June Dr David Doyle, ACCAs head
of EU Parliamentary affairs, gave members of
the financial services network an update onthe European Financial Services Action Plan,
a raft of directives designed to increase the
EUs productivity and competitiveness in the
years up to 2005.
te Aion Pan a formuaed in 1999
en e EU ommiion idenified our
a of ompeiiene a a inge mare,
en ompared i e Us. Diergen
ee of ineor proeion, ouped i an
underdeeoped inemen mare a iizen
ee, reued in a dijoined, fragmenary
finania erie mare a a onfuing
o foreign ineor. te aion pan a
emerged a an amiiou programme of 42
eparae ega meaure oering eerying
from aning, euriie, inurane, aouning
andard and audiing praie, i a ie
o reaing a inge finania mare for ee
area y 2005. ti deadine a mied for
ree main reaon:
diergen inerpreaion of direie.
seemingy impe direie, inerpreed
a frameor in Uk a, ere deemed
o require o e eer aderene y ome
juridiion, for exampe e inerpreaion
of e roe of ome and o reguaor in
MiFID
ae impemenaion of direie aro
Europe. some ae agged eind in
impemening oe direie a ere
mo onroeria o a domei audiene
God paing. some ae added eir
on proedure and requiremen,
maing ompiane ime onger and more
ompiaed.
Faed i ee iue, EU commiioner
carie Mcreey ame up i a argey
aaimed ie paper uggeing e fooing
ep:
dynami onoidaion. Addreing e
idey-anoedged gap and
inonienie in ome exiing direie,
for exampe UcIts and ome IFRs
eer reguaion. A fundamena prinipe,
gien e oume of ne reguaion
a ad een deeoped up o i
poin. An eenia par of i a a
a ne direie oud ae o pa
an oigaory eonomi impa e.
Direie a faied, or ae een on
roug eing o e unorae or
ineffeie, ae een dropped
enaned uperiory onergene. ti
aimed o ring ino ine a EU uperiory
and reguaory odie, o enure ey are
In mainland Europe the culture of legislative imperative, as opposed to UKcommon law, required legislation on some important issues
a giing e ame meage. For exampe
e FsA a oniderae anioning
and ineigaory poer, u i i no
e ae in many ae, for exampe
ome of e ney reaed cenra and
Eaern European ounrie
more ompeiion, pariuary in reai
mare. te urren commiion
mandae inude greaer poer for e
Direorae Genera for compeiion,
and i a aready produed an impa
in e form of reaing don arrier in
e eeomm mare. Nex on e i
are arrier in e European aning and
inurane mare
e exerna dimenion and a ro-Aani
approa. te Uk and e ciy of london
doe no operae in a auum, u or
in onjunion i hong kong, Ne Yor
and oer prinipa finania enre;
oeer, e re of Europe doe no
operae in i ay.
Aoug Mcreey a een o gie e
empai o egiaie iniiaie, e reognied
a in mainand Europe e uure of
egiaie imperaie, a oppoed o Uk
ommon a, required egiaion on ome
imporan iue. te Direie on Paymen
Iue (sEPA) i one u piee of egiaion.
ti a inended o amend reguaion
2560/2001, aing a any paymen made
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feature
in Euro mu o e ame a a domei
paymen. te amendmen inuded redi and
dei ard paymen, i mu e proeed
on e ame day a e paymen i made, and
direie opening up ompeiion o a ider
range of paymen erie proider. A par of
e sEPA, onumer proeion for uomer
maing ro-order paymen a een
igened. ti i e exended o dire dei
in a propoa o e umied y Auumn 2008.
directive on cross-border consolidation in the
financial services sectorte European aning yem i a e momen
a ery inuar uure, i deep-rooed
proeionim. wi e commiion doe no
endore oie aeoer per e, i reognie
a aeoer do reae more oie and oer
o for onumer. A a reu, i direie
inrodued a 60-day rue ere enra an
and finania reguaory odie aro Europe
ae ju 60 day o approe ro-order
aning aeoer or merger, improing e
preiou iuaion of ong dran-ou approa.
UCITS
Dr Doye deried UcIts a a or in
progre. In e a o year e commiiona moed oer o arifying e repeie
roe of ome and o ounrie; oeer,
e mo imporan iue i e queion
of a i appen o e managemen
ompany papor. te commiion i een
o ieraie i ape o a a fund manager
in any ounry an dipere i managemen
ompany experie anyere in e EU. ti
i underanday faing reiane from e
o mo imporan managemen ompany
ranaion juridiion, e Repui of Ireand
and luxemourg.
ti iue oud ae een addreed
y UcIts Iv, i carie Mcreey a
deided o idra. UcIts Iv oud ao ae
proided arifiaion on ro-order merger
of fund. A preen a fund manager a o
domiie i fund operaion in e juridiion
ere e i eing oe fund a o a
i paed ono e onumer. UcIts Iv oud
ae arified e poiion on i and remoed
e need o domiie fund ere ey are
od, on e ai of ome ae reguaion.
For exampe, if e FsA approe a fund a
uiae for ae in e Uk, in eory i oud
e aepae o a reguaor in Frane, Finand
or soenia. I i oped a UcIts Iv i
reappear y e end of 2008, arifying a
numer of iue, u prinipay eing ery
ear erm for e noifiaion proe and e
impified propeu.
Solvency II
soeny II repreen a reouionary piee
of egiaion i ree ery imporan
dimenion:
onien auaion of eery inurane
ompanie ae and iaiiie on an
annua ai.
apia requiremen o e aed on
underining ri raer an oume
of uine
reogniion of e imporane of ri
managemen inernay, in running e
uine. A inurane ompanie of a
ize i need o e ae o reognie andmanage a ri a ey are expoed o.
curreny e EU i diuing e noion of e
group uperior in e ome memer ae i.e.
oud e ao e Finni reguaor o ae
reponiiiy for uperiing no ju e Finni
operaion u a ompany operaion in
e oer EU memer ae, inuding e
roe of fixing e apia requiremen of oe
operaion?
te oer iue for onern i a,
aoug penion are exuded from
soeny II rue, ere i a upiion
a one e group uperiory
iue are reoed, penion
may e oered y ee
rue.
The European banking systemis at the moment a very insularculture, with deep-rootedprotectionism. Whilst theCommission does not endorsehostile takeovers per se, itrecognises that takeovers do
create more choice and lowercosts for consumers
action plan (continued)
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feature
MiFID
Requiremen i i e reorded, u ere i
a queion mar oer o a exen inemen
an and o exange oud proide
pre-ranaion ranpareny. I ear a e
o exange i no find i diffiu, a
ey ae een doing i for year, u many
of e maer inemen an in Europe
ae ommened a i i a grea urden
on em - proiding inreaingy deaied
ranaion informaion on a reguar ai o
oa reguaor.
An inereing iue for many a e momen i
a of ird pary ououring, and ere MiFID
a an inereing proiion a if a ompany
ououre ome of i adiory or o a ird
pary, i mu e ae o enure a a ird
pary i equay in ompiane i a MiFID
rue a ime-onuming requiremen.
EU-US financial regulatory dialogue
tere ae een ery poiie deeopmen
ere, inuding a eer underanding of
ea oer reguaory frameor. tere are
o ai ojeie ere o aoid anoer
sarane-Oxey enario, i i errioria
impiaion, and enuring a e ae aroad frameor for reguaory impiaion
en i ome o iue u a edge fund
and priae equiy. For no e Us and e EU
ae e up a ran-Aani eonomi ouni,
i i oo a a range of reguaory iue,
from IFRs/Us GAAP onergene, o e reen
iuing of a ran-Aani euriie reguaory
frameor.
Oer iue o addre inude:
reinurane Us ompanie an urreny
e up in Europe iou oo mu
diffiuy, erea in e Us European
reinurane ompanie need o e up a
eparae uidiary, and ao ae o e
aide a uania apia requiremen
muua reogniion on EU/Us euriie
mare ere i more momenum ere
gien a 80% of e ord apia
mare are aed eeen Europe and
e Us
a of progre on IFRs and Us GAAP. te
Us a aed a Europe need o ign up
fuy o a ape and proiion of IFRs
and no inude any aea. Uni a
appen e Us i no dipene i EU
ompanie o i o i in Ne Yor
aing o repor under o IFRs and Us
GAAP.
in the pipeline
rating agencies in pie of e fa a
raing agenie ad agreed o form a
ounary ode of ondu, i doen eem
o ae ored. Agenie are erefore
eading for reguaory oerig
private equity, ie edge fund, iproay find ief ounariy proiding
more ranpareny on e naure of e
uine. Priae equiy firm i proay
e inuded in e EU apia adequay
requiremen direie
sovereign wealth funds e commiion
reognie e added aue and quaiy of
ee inemen. tey urged ee
fund o or oey i e IMF,
e Us and Europe o ome up i
more ranpareny rue i repe o
eir inemen
crisis contingency plans are i on e
agenda, o ope i e prope of an
affiiae an going u and draggingdon oer payer. we do no ae
a fai-afe arning yem o dea i i,
and progre eem o e o
updating the Lamfalussy process
ere i a need o enure a, one e
egiaion a een approed y e
European commiion, Pariamen and
couni, e memer ae don
add any more god paing o inrodue
furer requiremen and eing
proedure
priorities for the French Presidency -
redi raing agenie i erainy
e on eir agenda, a e a updaing
aouning and auaion rue in e
aning and inurane eor, enouraging
promp and fu dioure of oe y
finania iniuion, and improing e
eary arning yem and deeoping
guideine for rii managemen.
luy caderood
ommuniaion exeuie, AccA Uk
Looking Aheadclearing and settlement in the EU
Mcreey a arned e o exange
in Europe a e aned o ee a ounary
ode of ondu o ununde ome erie
and proide more ranparen and eparae
aouning eeen e ranaion, e
eemen and e earing, and more ro-
order ae. Good progre i eing made on
ununding, u ere i ery o progre on
aouning eparaion and on ae.
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feature
saying no gracefullyHow often do you come under pressure to say yes
when you know you are unlikely to be able to deliver?Tessa Simpson shows how you can say no gracefully.
We all come under pressure to say yesto requests which, even as were saying it,
we know that were unlikely to deliver or
are really annoyed about having to agree to.
The requests may come from your boss, your
peers, your staff, your partneror even your
children.
trying o e effiien a or and aing
perona demand a ome an reu in
you geing pued in eery direion. A a
reu of no aying no you may eome
oerored, mi unreaii deadine, or
eome reed, i oud damage
your repuaion.
wy do e ay ye en e ano ay no? someime i i eaue e fear
appearing unae o ope i e oroad.
we may an o ry o peae oer, or fee
unomforae aying no.
In oday marepae greaer demand
and expeaion are pu upon u, udge are
u and reduion in aff are ommon rend.
so in i amopere o an e ay no
iou reaening our jo euriy?
le imagine i ree in e afernoon and
youre ooing forard o e eening. Youre
going ou o a peia o and i a ar
ju afer 5pm, en you mee your parner for
drin and pre-eare dinner.
Your o rue in and ay: Ie ju ad
a a from e Direor. tey urgeny need e
end-of-mon anayi y omorro unime
inead of e end of e ee. can you ay on
i eening and pu i ogeer, o I an pa
e figure on in e morning?
ti may or may no ome a a reque,
depending on e managemen ye of your
o.
te preure o ay ye may e rong, due o
your onienioune, fear of o you mig
appear no o e puing your eig, or due o
your o aiude if you do.
so o an you defe unreaonae
reque, and manage oer peope
expeaion graefuy?
You don ay ye and you don ay no;
inead you ue a raegy aed ADQ.
sar y acknowledging eir reque. so
ay omeing ie: Youd ie me o ay on
i eening and prepare e end-of-mon
anayi?
ti e e oer peron no a youe
eard a eye aed for.No you disclose omeing aou your
on iuaion i o y i oud e
diffiu for you o agree o eir reque. In i
iuaion you oud ay: onig Im going ou
for a peia dinner and o and I ae o e
a e reauran y 5.15 A youre aying i
your o i reaie y you aen aid ye,
and e or e i egin o in of oer opion.
so eyre in reepie mode en you
offer e fina par of e meage, en you
a a question i offer an aernaie. You
oud ay omeing ie: woud i e Ok for
me o ome in eary omorro and ae e
anayi ready for, ay, 9am?
In mo ae you i find a, if you ae
pied your queion reaiiay, e oer
peron i agree i a youe uggeed.
If no, you go round e proe again uni you
find a ouion youre o appy i.
A deegae on one of my raining
programme praied i enique on day
one of a o day oure. he arried reae
a fe minue ae on e eond morning.
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feature
he ared i u e reaon for eing ae.
On e ay o e oure e a opped y
i manager o, iou aing a i
ommimen ere a day, aed im o
run a o-our ea and afey eion a
morning for ome ne memer of aff.
Jon reaed a i manager ye a
fairy aggreie and if e ried o argue i
orner e a uuay oued don and od o
ge on i i.
ti ime e rememered e ADQ
enique. he aid o i manager o you an
me o run a o our ea and afey eioni morning?
Ye, i o repied.
I am auay on a oure myef oday.
he dioed i informaion.
can I do i omorro morning? e aed.
No, aid i o, i mu e done oday.
Afer a momen oug e ored
roug e ree ep again.
te eion mu e run oday?
Ye, no queion anered i o.
I am on i oure oday and i run i
ree-iry, Jon dioed, en added ho
oud i e if I ran e eion from ree-iry?
we I uppoe a i ae o do!
repied i o.Jon fe immeney empoered afer a
exange a e ad neer efore een ae o
pu i poin aro and aying no a no an
opion.
Anoer exampe reae o a oman I a
oaing. se ored in an audi deparmen
i a under onan preure o deier
imey reu. se a o aff memer
don o off i re and e ad een
od e oudn empoy anyone ee.
One of e proem a a ree
parner in e firm a pu or ino er
deparmen, a aid i a urgen and none
of em onued er on er oroad. wen
Giian ried o expain a ing oudn a
ge done on ime e a od y e parner
o a aing for omeing a eir or
oo prioriy. tere a ao an oer riiim
uggeing a e oudn ope eaue e
ad een inernay promoed and a eing
ompared i e preiou inumen o
ad ored i an addiiona memer of aff,
and no one off i.
Afer diuing e ADQ enique and
praiing i i me, en a ome and i
friend e ried i ou i one of e parner,
Andy.
he aed er o or on an audi a
a on a ig deadine. se reponded, You
an me o or on i audi immediaey.
Anoedging e reque.
Ye, i i reay urgen.
I ae ao een gien a prioriy audi
o ompee for Jame, and Eieen aid e
oud e ringing in or aer oday a a
needed efore e end of e ee. we anompee eerying a one. Giian dioed
er iuaion.
coud you ae a a i Jame and
Eieen and agree eeen youree a or
i e ige prioriy and e me no i
jo o do fir?
Afer expreing urprie and annoyane
Andy ef and ad a oneraion i i
parner. tey agreed prioriie, ad a furer
meeing ere ey agreed ey needed
anoer memer of aff and pu a ne
ruure in pae for prioriiing jo. A afer
one ADQ.
Giian fe o mu more empoered and
a ine moed on o a managemen roeere e i praie i i.
Its a three-part message, easily remembered by ADQ:
A anoedge eir reque, o ey no youe eard
em orrey
D dioe omeing aou your on iuaion, o ey
no y you aen aid ye
Q finay a a queion i ead you oard a
muuay-aepae ouion.
to orro an aderiing ogan from a
reognied DIY ain: You an do i en you
AD and Q i!
tea simpon i a parner in Aquariu
Inernaiona, an Edinurg-aed onuany
deigning and deiering raining oure and
orop. For more informaion ii
.aquariuinernaiona.o.u
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coverstory
Islamic nance a historyIslamic nance is growing exponentially, and accountants
need to understand the principles underlying thispreviously niche market. Dr Natalie Schoon explains.
a little bit of history
te finania indury a ioriay payed an
imporan roe in e eonomy of eery oiey.
ban moiie fund from ineor and appy
em o inemen in rade and uine. te
iory of aning i ong and aried, i e
finania yem a e no i oday direy
deending from Forenine aner of e
14 17 enury. hoeer, een efore
e inenion of money, peope ued o depoiauae u a grain, ae and agriuura
impemen and, a a aer age, preiou
mea u a god for afeeeping i
reigiou empe.
Around e 5 enury bc, e anien
Gree ared o inude inemen in eir
aning operaion. tempe i offered
afe-eeping, u oer eniie ared o offer
finania ranaion inuding oan, depoi,
exange of urreny and aidaion of oin.
Finania erie ere ypiay offered again
e paymen of a fa fee or, for inemen,
again a are of e profi.
te ie of piooper and eoogian
on inere ae aay ranged from an
aoue proiiion o e proiiion of
uuriou or exe inere ony, i a ia
oard e aoue proiiion of any form
of inere. te fir foreign exange onra
in 1156 AD a no ju exeued o faiiae
e exange of one urreny for anoer a
a forard dae, u ao eaue profi from
ime differene in a foreign exange onra
ere no oered y anon a again uury.
In a ime en finania onra ere argey
goerned y criian eief proiiing inere
on e ai a i oud e a in o pay a
more or e an a a en, i a a
major adanage.
Islamic banking
During mediea ime (1,000 1,500 AD),
Midde Eaern rademen oud engage in
finania ranaion on e ai of sariaa,i inidenay a guided y e ame
prinipe a eir European ounerpar a e
ime. te Ara from e Ooman Empire ad
rong rade reaionip i e spani, and
eaied finania yem iou inere
i ored on a profi- and o-aring
ai. tee inrumen aered for e
finaning of rade and oer enerprie.
A e Midde Eaern and Aian region
eame imporan rading parner for
European ompanie u a e Du Ea
India company, European an ared
o eai rane in ee ounrie,
i ypiay ere inere-aed. wi
e inreaingy imporan roe weern
ounrie ared o pay in e ord eonomy,
oneniona finania iniuion eame more
dominan. On a ma ae, redi union and
o-operaie oieie aed on profi- and
o-aring prinipe oninued o exi, u
eir aiiie ere ery mu foued in ma
geograpia area.
Aoug i a no uni e mid
1980 a Iami finane ared o gro
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coverstory
exponeniay, e fir finania
ompany in reen iory aed on
sariaa prinipe a e Mi Gamr
aing proje in Egyp. Mi Gamr
a a o-operaie organiaion in
i e depoior ao ad a rig
o ae ou ma oan for produie
purpoe. In addiion, e proje
araed fund o ine in proje
on a profi-aring ai. In 1971 e
proje a inorporaed in Naer
soia ban. From a andfu of an
in e ae 1970, inuding e Iami
Deeopmen ban and Duai Iami
ban, e Iami aning indury
a gron ignifiany. sine e ae
1990 e indury a een groing
a a rae of 10 15% per year, and i
expeed o eep on groing a i rae
for ome year o ome. te numer of
an offering Iami finania erie
i groing and i no onger imied o
Islamic banks are founded
on the concept of prot-sharing and loss-bearing,which is consistent with theIslamic concept that protis for those who bear risk....Fairness, honesty, avoidanceof hoarding and avoidanceof tort are an integral part ofShariaa law
ma nie an, and arge oneniona
an are offering Iami finane roug
eir Iami windo. hoeer, e aaneee ize of fuy sariaa-aed an on a
onoidaed ai i no een remoey oe
o a of any of e arge oneniona an,
i a an impa on e ranaion ize
ey an exeue on an indiidua ai. large
oneniona an on e onrary ae
e adanage of a ig aane ee and
ruuring apaiiie a are e eyond e
urren poenia of Iami an. In addiion,
e proen ra reord of oneniona an
proide a iger degree of erainy an a
ney eaied Iami an. On e oer
and, Iami an operae ompeey iin
e eia frameor of sariaa and offer i
and experie in ruuring sariaa-ompianinrumen. tu, e o ype of payer
are ompemenary, and y oring oey
ogeer an aiee ig mare peneraion
and or on reaing e fu poenia of e
mare.
principles and prohibitions
lie eery oer ape of Muim ife, Iami
aning i goerned y sariaa and i
inerpreaion (Fiq). togeer, ee proide
e eia frameor ouining e eene
of eonomi e-eing and e deeopmen
of indiidua. ti frameor doe no
peifiay appy o Iami an, u o ife
and uine generay. Fairne, oney,
aoidane of oarding and aoidane of or are
an inegra par of sariaa a, u o are e
proiiion of ria, garar and mayir.
In rief, ee proiiion are defined a
foo:
Riba (or uury) i e predeermined
inere oeed y a ender, i
e ender reeie oer and aoe e
prinipa amoun i a en ou.
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coverstory
Gharar (or unerainy) i defined a o
noingy expoe oneef or one propery
o jeopardy, or e ae of a proae iem
oe exiene or araerii are no
erain. An exampe in e onex
of Iami finane i adiing a uomer
o uy are in a ompany a i e
uje of a aeoer id, on e ground
a e are prie i iey o inreae.
Garar doe no appy o uine ri
u a ineing in a ompany.
Maysir (or peuaion) i an een in i
ere i a poiiiy of oa o o one
pary. Mayir a eemen of garar, uno eery garar i mayir.
In e onex of e sariaa frameor,
money i een a noing more an a mean
o faiiae rade (raer an a ore of
aue). conequeny, in ominaion i e
aforemenioned proiiion, i i no poie
for Iami an o proide finaning in a
imiar faion o oneniona an. Inead,
oer ruure are appied in i e an
ofen pay a mu arger roe in e finaning
ruure and eome a parner in e proje
o e finaned raer an ju a proider of
money.
A defined in e aouning, audiingand goernane andard for Iami finania
iniuion, Iami an are founded on e
onep of profi-aring and o-earing,
i i onien i e Iami onep
a profi i for oe o ear ri. Profi
are diriued aording o a raio defined in
e onra, and any oe are diriued
equay depending on e are in e proje a
pary od. te an or finanier parner i
e ompany or indiidua eeing finaning;
e an erefore od par of e ie o e
underying ae a e, depending on i
degree of onerip.
Islamic financial products
Iami finania produ or on e ai
a e an and e uomer are e
ri of inemen on agreed erm. Profi
are diriued aed on negoiaed erm;
ri i diriued aed on e are of e
onerip. In addiion, Iami finania
produ ypiay ae an underying ae
or enerprie a require finaning. te
remainder of i arie derie e mo
ued inrumen in Iami finane.
partnership contracts
te Mudaraa and Muaraa onra are
parnerip arrangemen in i eier one
(Mudaraa) or more parner (Muaraa)
proide apia and/or i and experie o a
sariaa-ompian proje or uine. Any
profi a i generaed i diriued eeen
e parner aed on a raio a i pre-
agreed in e onra and refe a reurn on
apia, u ao e effor pu in o managing
e proje or uine. hoeer, oe are
diriued eeen e parner on e ai
of e raio of e apia proided. ti impie
a in a Mudaraa ere ony one paryproide e apia, e o i 100% orne
y e apia proider (Ra a Ma), une e
managing pary a een negigen in i
ae e ear a e o.
Mudaraa and Muaraa ranaion are
ypiay appied o priae equiy inemen
or o ae managemen-ype inrumen. In
e aer, e i of e an i eir aiiy
o ee ou inemen opporuniie and o
moiie fund. In reai finane Muaraa
onra are ofen appied o proide ome
purae pan.
cost plus financing
Muraaa onra are onra for edeferred ae of good a o pu an agreed
profi mar-up. Muraaa a a ariey of
appiaion and i ofen ued a a finaning
arrangemen, for inane for reeiae
and oring apia finaning. A peia form
of Muraaa i e commodiy Muraaa,
in i e underying ae i a pyia
ommodiy (ofen an lME ae mea).
commodiy Muraaa i mainy ued for iner-
an iquidiy managemen.
leasing
Ijara onra in Iami finane are argey
omparae i oneniona eaing onra,
in i e eee pay periodia rena
paymen o e eor in reurn for e ue
of an ae. bo operaiona eae (Ijara) and
finane eae (Ijara a Iqina or eae ending
in onerip) are permiie.
investment certificate or bond
suu i a ond-ype inrumen, u unie a
oneniona ond, e suu oder ao on
a proporiona par of e underying ae.
te suu an e aed on ea of e aoe
menioned inrumen, i e suu a Ijara
eing mo appied. te ai ruure inoe
an sPv a aquire e ae or enerprie on
eaf of e suu oder.
in brief
ti iory of finane and Iami finane i
a o onger an e a 35 year or o. I
i aed on an eia frameor a doe
no ony appea o Muim. te underying
eonomi and uine prinipe are araie
o Muim and non-Muim aie.
Aoug inere and gaming are no
permied, ere i no a anning eareaion - e apia i a faor of produion
and ene i i reognied a ere i an
aoiaed o. hoeer, purey maing
money i money iou any idenifiae
underying inemen (eer i e an ae
or an enerprie) i froned upon. terefore
e produ ruure in Iami finane a
ae an underying ae and are aed on
ri- and reard-aring eeen a parie
inoed. te Iami finane mare i groing
exponeniay, and ne payer are oninuouy
enering e mare. Aoug i i no iey o
repae oneniona finaning, i i erainy
ere o ay.
Dr Naaie soon
Naaie joined e ban of london and e
Midde Ea in Apri 2007 a head of Produ
Managemen.
te ie repreened in i arie are oe of e auor
and do no neeariy repreen oe of blME.
Islamic nance (continued)
sII offer e Iami Finane Quaifiaion
(IFQ), proiding andidae i an
inernaiona enmar quaifiaion
and a praia underanding of Iami
finane, inuding suu, taafu,
Mudaraa, Muaraa and Muraaa.
For furer informaion aou e IFQ or
i oroo, ii www.sii.org.uk.
AccA and sII ae a parnerip
agreemen, enaing AccA o offer sII
exam and quaifiaion o memer
around e ord and sII o offer
adanageou erm for AccA memer
and affiiae o eome sII memer.
For more informaion on sII peae ii
e eie aoe.
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forthcoming consultation responsesAn imporan par of AccA iniuiona or
i o onriue o e deae on enia
iue affeing uine and aounany
and o repreen e inere of i memer
in reaion o e egiaion and profeiona
andard ey ae o ompy i in
eir or. A e a oring direy i
goernmen deparmen and andard-eing
odie, AccA ampaign, ere appropriae, in
parnerip i many differen organiaion.
we ao pariipae in e or of e major
profeiona and uine organiaion o
in e Uk and inernaionay. we aue and
enourage repone o ee doumen
from our memer. time pen oring on
ee an earn you cPD poin and proide
File Name Document Name Consulting Body Response Deadline
tEch-cDR-787 Independene Audi and Reie Engagemen IEsbA 31.08.2008
tEch-cDR-773 Finania Inrumen i caraerii of Equiy IAsb 05.09.2008
tEch-cDR-780 Reduing compexiy in Reporing Finania Inrumen IAsb 19.09.2008
tEch-cDR-783 Preiminary vie on Amendmen o IAs 19 Empoyee benefi IAsb 26.09.2008
tEch-cDR-793 Preiminary vie on an Improed conepua Frameor for Finania Reporing IAsb 29.09.2008
tEch-cDR-794 An Improed conepua Frameor for Finania Reporing caper 1 and 2 IAsb 29.09.2008
te fu ex of enia poiy umiion made y AccA, a i of onuaion paper urreny eing reieed, and an iniaion o AccA memer o
onriue ommen for onideraion are aaiae from www.accaglobal.com/publicinterest/activities/policy_papers
ACCAs Technical Policy and Research
department has begun producing technical
briefing papers designed to summarise
significant developments in technical
matters.
te urren paper fou on onuaion
doumen aaiae for ommen. Fuure
deeopmen mig ee AccA proiding
ommenary on ignifian enia maer.curren paper are ied eo. to ie
ee ii .aagoa.om/puiinere/
aiiie/irary/finania_reporing/riefing
reducing complexity in reporting
financial instruments a ummary of
e Inernaiona Aouning sandard
technical brieng papersboard (IAsb) diuion paper on
reduing ompexiy in reporing finania
inrumen (puied in Mar 2008)
equity and liabilities a ummary of e
IAsb diuion paper on inrumen
i araerii of equiy i a
puied in Mar 2008. I ao riefy
reie e diuion paper diinguiing
eeen iaiiie and equiy (puiedy e European Finania Reporing
Adiory Group (EFRAG) in January 2008)
preliminary views on amendments to
IAS 19 Employee Benefits a ummary of
IAsb diuion paper on preiminary
ie on amendmen o IAs19 Empoyee
benefi (puied in Mar 2008)
the financial reporting of pensions a
ummary of e diuion paper on e
finania reporing of penion (puied
y e European Finania Reporing
Adiory Group (EFRAG) in January 2008).
te puiaion of ee paper ep o enure
a AccA i dieminaing reean eniainformaion o i memer.
If you or for an sME you mig ao find
e ide range of enia informaion and
guidane proided yACCA UKfor our memer
in e sMP mare of inere. vii www.
accaglobal.com/advisory o find ou more.
a ay of geing inoed i e or of
e aoiaion and upporing our goa of
enaning e infuene and repuaion of e
profeion. Peae do ae e ime o oo a
e i of foroming onuaion/repone
and gie your ommen and feeda. Deai
an e found eo.
research and consultation update
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the credit crunch your viewsThe Financial Services Network recentlyhosted a panel debate at the LSE entitled
Climbing Out of the Credit Crunch. This
article summarises the ow of discussionand key points raised. Please note: all participantswere speaking in a personal capacity and do not necessarily
represent the views of ACCA.
Panellists
Profeor sudipo baaarya
London School of Economics
Aan craf - Consultant
brandon Daie - GARP
Profeor Miae Mainei Z/Yen Group
Pau Moxey head of corporate
governance and risk, ACCA (chairing)
the nature of the crisis
cenraiaion of e finania yem and an
ere eieed o e groing exponeniay and
goay o e poin ere ey ere diffiu
o manage i a ey o e rii. te
rii ad on e fundamena fraiie of e
finania yem. compaeny, oer-reianeon uge It yem and a o-infaionary
enironmen reaing a ear for yied eped
o reae e rii y enouraging neer and
riier produ. te roe of edge fund a
ao menioned.
te oe repored y 20 an exeeded
primary defau on u prime y eera ime
o i a diingenuou o ame e rii on
u prime orroer.
I a poined ou a an are aiay
iiquid if eeryone oo eir money ou
a an oud go u, o i i neeary
o uppor e aning yem ere ri
i yemi. tere a een ie onro
oer iquidiy ae prie ae inreaed
exponeniay i ie onro from e an.
A fundamena reie of reguaion i needed
a ere i a fundamena proem i o e
mare or.
macro-regulation
I a eieed e rii ared in e Us. te
federa auoriie required depoi in raed
inrumen reaing an arirage opporuniy.
Iniuion, effeiey reried o AAA,
eame deperae o ouperform enmar
o aned anying raed i iger yied and
oer paid for oe produ. tere are ony o
or ree raing agenie, ey are a reguaed
oigopoy. Reguaion mae i ery diffiu o
eome a raing ageny in e Us. ban an
od raed inrumen off aane ee i
mae em ery araie i ao iger
eerage and profi; proiding an aoid
e oaiona ery ad year i affe
e mare eery 20 year or o, ey are in
oer. so effeiey, e reguaory yem
deigned o proe u auay inreaed our
ri y onenraing i.
A ey proem a a goa an
needed goa reguaion u i a impoie
o reguae e oe yem inernaionay.
te an ere no effeiey oo ig o
manage. ti i y peaer and deegae
argued a e ony rea aner a
deenraie, i.e. o ae more, maer an
i oud e eaier o reguae. Narro
an, imper o rae, ere aed for.
micro-regulation
Again, opinion differed greay on a a
needed. tey ranged from inreaed reguaion
and paing up preen defe; o inroduing
differen or of reguaion; and remoa
of reguaion aogeer on ome area u
igening in oer. A diinion in approa
a needed eeen onumer/reai and
inemen aning, refeing eir radiay
differen naure. Foued reguaion oudonenrae on depoior proeion, money
ranmiion erie and money uppy.
Miro managemen i no e ouion.
Quie, ougfu fexiiiy a needed; a good
exampe a e reue en priaiaion of
Fren an, aring i credi lyonnai.
I a argued a reguaor eemed
onfued eeen onumer proeion and
aning uperiion on e one and, and
yemi ri and indiidua an faiure on
e oer. te Finania serie Auoriy
primary roe a one of onumer proeion
u oud onumer inere poiy e
proeed if a an a aoed o fai? wa
a unarguae a a e Uk riparie
reguaory arrangemen oud no or a
ong a no one a in arge. te faiure of
Norern Ro oud no ae aued major
yemi proem u onumer onfidene
ad o e mainained.
bank failure
I i imporan o diingui a an in roue
due o a o from one i oo oo mu
ri. No oer indury a i proeion
feature
A lm of the debate, courtesy of SII, is available on ACCA TV at tv.accaglobal.com
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feature
u indiidua depoior need proeion.
we oud proe onumer u e e ig
peope ur ea oer. we need o ao
faiure, epeiay of inemen an, u
proe e fe yemi (earing) an. Many
an ae eome oo ig o manage. If e
ad more u maer an you oud ao
ome o fai iou damage.
accounting, IFRS and Basel
bae I and II ere oo impii. tey aoed
an o rae emee and reaed a arge
and unenae roe for raing agenie. I a
uggeed a bae II and IFRs ae noored e ogeer. some argued a ere
i a need o diore an and eir apia
requiremen (exaeraed y bae II) from
fair aue aouning under IFRs, i ad
proed orae in good ime, u no uied
o a donurn ere ere a no mare o
mar o.
IFRs, ome aid, a made aoun
50% onger and 50% e underandae.
te regime ad muddied e aer and
ad inreaed uneraiiy and unerainy,
i aounan aing inreaing diffiuy
deiding a ing are or.
Prie refeing aue i no aurae
aoug defau rae of 16% and 80%
reoery ere iey, prie impy 100%
defau and 50% reoery and a i e figure
i i fo roug e aoun. ti i a
fundamena proem of fair aue aouning.
Peope i no e a ee prie. Aoun
are no drien y non a iem i.e. ariou
fair aue adjumen. ban ad o raie
more apia u en rie-a our, a
ey i, an i e oer-apiaied. Mar
o mare, omined i o inere rae,
A key problem was that global banks needed global regulation but it wasimpossible to regulate the whole system internationally. The banks werenow effectively too big to manage
peny of iquidiy and oer-apiaiaion, a a
reipe for infaion.
banking
Noing a Mkiney Repor on aning i
year i aid profi per empoyee in an
are 26 ime iger an e aerage of a
eor, i a uggeed a aning aoer-paid peope o do no run organiaion
ery e. weanee in an yem mean
ey may ae ie ue o od a produ
or ere i ame from. Arguay aning oe
i profiaiiy o firy a a of ompeiion
ere are rong arrier o enry; eondy
aymmery of informaion exempified y
enmaring praie, ofing (e praie y
i a roer agree o pay for e uppy of
erie from a ird pary o a fund manager
in reurn for an agreed oume of uine
a an agreed ommiion rae), fron running
and reriion on inemen; and ay
o exernaiie u a e urren enra
uppor propping up e yem. te yem
i eeniay unompeiie and reguaion a
no eped.
Anoer peaer uggeed a an do
no ae a repuaion for good managemen.
baner no onger reeie a genera aning
raining, ey are no a peiai.
Iniuiona ineor oud demand more
ranpareny and e more arefu en ey
are offered appareny o-ri ig-reurn
produ. tere are oo fe NED aenging
exeuie managemen and oo fe o reay
underand a i going on. Perap e
need a o-ier non-exe yem, i exper
peope ae o deoe day per ee, and eo
a e radiiona non-exper non-exeuie
direor o repreen ommuniy inere.
key questionste deae igiged ee ey queion i
o e anered:
ho an aning uomer e onfiden
ere are no idden ri in a ey are
uying, orroing or ending?
ho an, or een oud, areoder
od an more o aoun?
ho an aounan improe finania
reporing o mae repor more
ompreenie and informaie,
pariuary i regard o auaion
and ri?
ho an reguaor enure a
onumer are proeed iou
uninended onequene?
If youd ie o ommen on e aoe arie or
proide your opinion on e oing queion,
peae rie o Arid loeae a e addre/
emai addre gien on e inide oer.
Noe y Pau Moxey head of corporae
Goernane and Ri Managemen, AccA,
and Ian we head of corporae
communiaion, AccA
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feature
Abundant learningopportunities which cancontribute towards yourCPD are right in front ofyour nose. Calum Robsonlooks at work-basedlearning activities.
CPD activity undertaken forACCA Realise
should be relevant to your job and/or your
career aspirations. That means a host of
work-based learning is applicable its likely
that your employer or your work environment
is putting learning opportunities your way
without your fully realising it. While many
members find external courses useful, theres
no reason why CPD should demand extra time
or financial commitment.
I quie iey a youre aready
underaing aiiy a oud oun oard
your cPD requiremen. toe fooing e
empoyer roue o cPD, for exampe, i
aready no i a e empoyer
roue peifiay reognie earning
in e orpae. If you are
fooing e uni roue, y
fouing on earning a or,
you an eaiy mee e
cPD requiremen and
enjoy a more oniou,
profiae earning
enironmen a or
ino e argain.
CPD makingthe most
of your95 time
learning back to basicsbeing oaed or igning up for an onine
oure are oiou oie for or-aed
earning. bu onider e fooing aernaie:
1. reading
Magazine and neeer and eir onine
erion an add riy o your noedge.
bu don ju ae adanage of enia
updae aaiae inaccounting & business.
trade journa for your indury eor an
ao proide inauae ineigene o ep
you underand organiaiona aenge and
in more aeray aou o finane an
onriue.
2. consulting colleaguesI may eem o ome an uniey oure of
cPD u ere no reaon y you an gain
earning roug onuing oeague. tin
aou e numer of oaion youe earned
omeing from a engy a i your o
or a riefing from a oeague. keep a reord of
en you ae earned omeing ignifian
from u a diuion, noing e ime you pu
aide i your oeague, o ey are, a
you earned and o you appy your aquired
noedge.
3. internet research
wo ne a Googe oud exend i goa
rea inoACCA Realise? we, i aready doe
for e many memer o ondu reearexerie for or purpoe. Of oure,
you may ae your on ear engine of
oie u e poin i a oe oune
oaion ere you urn o e inerne o dig
up informaion for a proje or prepare for a
meeing may oniue egiimae deeopmen
aiiy.
4. watching and learning from experienced
presenters
Preenaion i are an inreaingy eenia
eemen of e modern finane profeiona
porfoio of i, and one i empoyer
are inreaingy ooing for a i one of e
differeniaor eeen a ompeen eam
memer and a rue profeiona. by aending
preenaion made y oer, you an pi up
inauae enique and idea o adap for
youref.
5. networking events
Reay effeie neoring een are aou
more an impy oring a room. Exanging
idea and experiene i oer in imiar
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17financial services review Augu 2008
feature
roe (and een oe ore no) an epyou deeop profeionay. spend ime a e
eginning of e year reearing reean
een, and o e ime in your diary. Don
forge o ru up on your ef-preenaion and
ommuniaion i a e efore you go.
6. networking sites
tere are oune neoring eie and
onine aroom for uinee. Empoyer
ofen enourage ey peope o ue ee
ie for a o of reaon u a o ep
penerae ne mare or mae e e ue
of ne enoogy. If i oud enefi you or
your empoyer, og on, ar maing irua
ona and uid reguar ime in for aquiring
noedge.
7. shadowing colleagues/predecessors
taing on ne reponiiiie doen aay
enai forma raining i ofen don o u
o a e rig peope e rig queion. If
youe een gien a ne duy, pend quaiy
ime i e peron youre aing oer from
(if eyre i around) or an experiened
oeague. tere impy no earning ure
i i going o e more uefu o you an
one i aiey ep you o fi ino a ne
organiaion or ae on ne reponiiiie.
8. sitting on working groups and committees
vouneering (or eing deegaed) o i on
ommiee for peia proje an proideegiimae deeopmen aiiy. Epeiay
ere youre oring aongide oeague
from oer funion (or uppier or ien),
and ae o underand eir roe in a proe
ain or ae in an ouome, you mig eaiy
e aimiaing ne informaion a you go
aong. For oe o are more experiened,
or appoined o e group a e exper, you
mig in you are merey ere o impar
informaion u in fa i a grea opporuniy o
enane a ariey of of i u a airing
and faiiaing meeing, deaing i group
eaiour, eeping e group foued and
aieing an end reu. tee are ranferae
i: you an ae em i you and ueem rougou your areer.
the end justifying the means
te eer range of opion open o you
demonrae ju o generou and fexie
ACCA Realise i and o raigforard
i oud e o inorporae ome of ee
earning aiiie ino your cPD pan. If youre
i no ure, urn e a around. conidere fooing exampe of deired ouome
a mig require one of e aoe earning
aiiie:
1. to produce manuals or set standards
reaing imporan proedure a oeague
an eaiy underand and foo may fa o
e finane eam. ho i you aquire e
aground noedge you need for a faiafe
doumen?
2. to prepare for coaching oaing a more
junior oeague or peer may require you o
ru up on your on i in a pariuar a,
or indeed in oaing enique emee.
ho?
3. to prepare for a presentation if
ommanding an audiene doen ome
nauray for you, mae e mo of
opporuniie o oere oe for om i
doe, in aion. If you an eape e offie,
a onine opion are open?
4. to stay up-to-date with market trends or
technical requirements eeping area
of your indury eor or giing operaiona
manager onfidene a you no your uff
enai an eemen of reguar reading. wa
ee, oug?
5. to acquire knowledge of non-finance
functions ranferring ino anoer area of e
uine; oring i oeague from oer
deparmen; expanding reponiiiie i
promoion wo oud you earn from? I
ere inerna informaion you oud ae o
ep deeop your noedge?
6. to acquire soft skills oday aounan
need o do more an ju adding up
auae managemen and ommuniaion i
are eenia. wo oud you earn from? wa
een oud you juify aending? wa oud
you read?
7. to improve methodology eery organiaion
enefi from improemen in yem and
proee. Proje managemen i may e
in order. Do you ae em? ho are you going
o ge em?
8. to enhance controls inerna audi and
ri managemen are op prioriie for oday
finane eader. conro in pae may e
inadequae or ou-of-dae. ho i you equip
youref o mae em eer?
backing it all upOne youe panned your cPD and oug
aou e differen earning aiiie you
i underae, en e nex ep for oe
fooing e uni roue i o ar ining
aou eer your panned aiiy i erifiae
or no. verifiae cPD in a aou e
erifiae. tere are ree equay imporan
rieria for erifiae cPD:
e earning aiiy mu e reean o
your roe
you need o e ae o expain o you an
appy e earning
you need o e ae o o ome ind of
eidene or orrooraion a e earning
oo pae.
te earning aiiy exampe ere o many
earning aiiie for i a erifiae i
no on offer. Don e i approa imi your
opporuniie; e a ie more reaie and
in aou orrooraion from oeague, or
your earning oupu a eidene. Eidene a
oud oun mig inude:
repor, reie and propoa of
reommendaion
proedura manua or onro
noe made prior o, during or afer earning
preenaion ide and/or andou
ona deai of oeague o an
orroorae aiman inoie from e earning proider or
exper
e-mai onfirming e earning eion
noe from your aendar or ouoo diary
uppored y a oeague onfirmaion.
what next?
If you ad aumed a meeing AccA cPD
requiremen required our of forma raining
and ox-iing gaore, opefuy i arie a
made you in again.
wi a ie dediaed ime, you oud ae
a ruured, fexie cPD pan in pae. You
may e urpried y o mu aing a pan in
pae moiae you in fa, many memer
o approa cPD i ay repor a a
ey end up doing far more an e required
minimum. ho peaing oud a e?
caum Roon i a freeane journai.
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CORPORATE ACCOUNTANTSUPDATING PROGRAMME
MANAGEMENT ACCOUNTING, FINANCIAl
REPORTING AND TAxATION
Cardiff 21 23 October
CORPORATE ACCOUNTANTSCPD CONFERENCES
CONFERENCE B
London 24 September
CONFERENCE C
Portsmouth 2 October
CONFERENCE B
Birmingham 9 October
IN DEPTH COURSES
BUSINESS AlIGNMENT
5 September
BUSINESS PERFORMANCE TURNAROUND
8 September
THE EvOlvING FINANCE FUNCTION
8 September
ACCOUNTING IN THE US
11 September
UNIFIED PERFORMANCE MEASUREMENT
12 September
COURSE lISTING SEPTEMBER/OCTOBER 2008
Professional Courses
THE ACCOUNTANT AS STRATEGIC ADvISOR
AND INFlUENCER15 September
FRAUD UPDATE: IDENTIFyING, PREvENTING
AND MANAGING RISk
15 September
THE STRATEGIC MANAGEMENT
ACCOUNTANT
19 September
ACCOUNTING IN GERMANy AND FRANCE
22 September
ANTI-MONEy lAUNDERING AN ESSENTIAl
UPDATE
22 September
INTERNATIONAl DIFFERENCES IN
ACCOUNTING: Uk/IFRS/US COMPARISONS26 September
INTERNATIONAl CORPORATE TREASURy
MANAGEMENT
29 September
PERSONAl POwER AND POSITIvE POlITICAl
INFlUENCE
29 September
COMPANy lAw UPDATE
30 September
Profeiona coure proide a ide ariey of een inuding in-dep oure, corporae Aounan UpdaingProgramme and cPD onferene, perona deeopmen raining and reidenia updae. A e een ied ae paein london une oerie peified.
For furer informaion and o oo, peae ona e Profeiona coure team on 020 7059 5910 or emai [email protected]
vAT THE ESSENTIAlS
30 September
CONFERENCES
COMPANIES ACT CONFERENCE
15 October
AUTUMN UPDATE FOR ACCOUNTANTS,
lINCOlNSHIRE
23 25 October
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Jim Beveridge FccA (cair)
features
ACCA UK Financial Services
Network Panel
Adrian Berendt FccA (vie cair)
ACCA Ireland Financial
Services Network PanelNiall Duggan FccA
ban of soand Ireand ld
Denis Byard
Merer hR conuing
Peter Carroll
bDO simpon Xaier
Orla Collins FccAban of Ireand Priae baning ld
Rory Collins
PFPc truee & cuodia serie ld
Kieran J. Corcoran
corporae Mare, Uer ban
Christopher Forster FccA
herme Penion Managemen ld (london)
(Repreenaie of couni)
Andrew Guiney
IFsRA, PO box 9138
Paul Kehoe FccA
Aied Iri ban p
Alan Maher FccA
ING baring (Duin)
Vincent Mulvey FccA
ban of Ireand head [email protected]
Fergal OMongain
Deage landen Ireand
Christopher Forster FccA
(Repreenaie of couni)
herme Penion Managemen
David Gordon FccA
Gorin ld
Ketan Jashapara FccA
hungarian Inernaiona Finane ld
Ian Kinman
PRG suz
Vincent Mulligan
baray
Anthony Osijo FccA
James Pritchardloyd tsb
David Rawlings FccA
Reinurane Group of Ameria
LR:
Jame Priard,
Jim beeridge,
Adrian berend,
Daid Raing,
vinen Muigan
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