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    LEARNING CENTRE

    20 NOT WORLDS APARTYour finance career doesnt have to berestricted to practice or commerce,as accountants who have worked inprofessional services and businessexplain to Student Accountant

    24 RED CARPET ACCOUNTANTSBeth Holmes reveals how

    accountancy can provide thelifestyle of the rich and famous

    26 OUTSOURCINGACCOUNTANTSWhen it comes tocareers in accountancy,does outsourcing meanout of mind?

    28 CODE OF HONOURHSBC Singapores

    Anthony Kam FCCA citeshonesty and integrity as the keypersonal values which can helpchief financial officers

    143 THINGS Managing up

    15HOW TO Boost your brand

    16ON ACHIEVING MEMBERSHIP Johanna Ledingham

    DOWNLOAD ARTICLE PDFSWherever you see the download icon , click on itto download a PDF file of the article which can beread offline and printed off to help you with your studies

    SERVICES DIRECTORYClick here to find out about the services offeredby ACCA Approved Learning Partners andsubscribers to the ACCA Tuition Provider directory

    17STUDENT ENGAGE Ask the examiner special

    18PER SUPPORT Online links

    19SEVEN TOP TIPS Self-study

    DISPATCH

    06GRAPHIC NEWS Chinas luxury goods brave therecession, quiet profit warnings and assets drip away

    08 JOBS NEWS Career updates from around the world

    10NEWS ROUNDUP Global accounting and finance news

    FEATURES

    4CONTENTS

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    Brendan Murtagh

    President

    Mark Gold

    Deputy President

    Dean Westcott

    Vice PresidentHelen Brand

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    Published by the Certied AccountantsEducational Trust in cooperation

    with ACCA.

    The Council of ACCA and the publishersdo not guarantee the accuracy ofstatements made by contributors oradvertisers, or accept any responsibilityfor any statement which they may make inthis publication.

    No part of this publication may be

    reproduced, stored in a retrieval system,

    or transmitted in any form or by any means,

    electronic, mechanical, photocopying

    or otherwise, without prior written

    permission of the publishers. CAET 2010

    ISSN 1473-0979

    TECHNICAL

    RESOURCES

    29TECHNICALARTICLES

    2010-11 BUDGET:TAX MEASURESRelevant to ACCAQualication Paper F6

    (HKG) and P6 (HKG)FINANCE ACT 2010Relevant to ACCAQualication Paper F6(UK), P6 (UK) and CATQualication Paper 9 (UK)

    REPORTING CHANGESRelevant to ACCAQualication Papers F7and P2

    INDUSTRY QUESTIONRelevant to ACCAQualication Paper P2

    ANALYTICALPROCEDURESRelevant to ACCAQualication Paper P7

    STUDENT

    ACCOUNTANT

    TECHNICAL ARTICLEARCHIVE

    An archive ofStudentAccountanttechnicalarticles is available atwww.accaglobal.com/students/student_accountant/archive/

    33 NOTICEBOARD

    ESSENTIALINFORMATIONABOUT ACCA AND

    YOUR STUDIESACCA Connectcontact details, annualsubscription and examfees, exam timetablesfor December 2010and June 2011, adminreviews and otherimportant information

    Please email [email protected] with your feedback on this issue

    WHATS YOUR STORY?Why did you want to become an accountant, andwhat do you hope to be in the future? Email yourstory to us at [email protected]

    Welcome to ISSUE 18/2010 of STUDENT ACCOUNTANT

    mailto:[email protected]://www.accaglobal.com/mailto:[email protected]://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/http://www.accaglobal.com/students/student_accountant/archive/mailto:[email protected],mailto:[email protected]:[email protected]://www.accaglobal.com/mailto:[email protected]:[email protected]://www.accaglobal.com/students/student_accountant/archive/mailto:[email protected],
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    6DISPATCH

    GRAP

    HIC

    NE

    WS

    2004 2005 2006 2007 2008 2009

    EUROPE

    US

    ASSETS DRIP AWAYThe liquid assets of the largestcompanies in the US and Europehave evaporated somewhat in thepast decade. According to Ernst &Youngs All Tied Up; Working CapitalManagementreport 2010, firmshave reduced their levels of working

    capital by as much as 11% in the USand 13% in Europe since 2002.

    INDEX COMPILED BY ERNST & YOUNG

    500

    450

    400

    350

    300

    250

    200

    150

    100

    50

    0Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

    07 07 08 08 08 08 09 09 09 09 10 10

    QUIET LIFEUK quoted companies have been making less of a noiseabout profit warnings, says Ernst & Youngs Analysis ofProfit Warnings report. The number of profit warningsis falling as firms give a more realistic outlook and theeconomy slowly improves.

    LIFES LUXURIESChinas luxury goods market hasmanaged to brave the globalrecession, according to RefinedStrategies: Luxury extends itsreach across China, a report byKPMG and TNS. In it, 44% ofrespondents say they will spendas much as or more than they didbefore the crash.

    *= Decrease

    *

    = Keep the same

    *= Increase

    *= Never bought and not

    planning to buy

    *= 10%

    JEWELLER

    Y

    COSMETICS

    FOOTWEAR

    CLOTHES

    WATCH

    ES

    BAGS

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    these fields commanded hugecontract rates in the wakeof the regulatory turmoil.Hedger says the latest reformswill be expensive for UK plc,adding, Expect professionalservices firms and managementconsultancies to have a field day.

    However, Hedger says thebigger issue is around timing,questioning the wisdom ofintroducing sweeping newpowers for the Bank of Englandwhen the European economyis at breaking point. Hecontinued, Since the crashof September 2008, the FSAhad got its act together. Is theChancellor just trying to killoff a New Labour creation? Ifthe City is to keep competingwith other established globalfinance centres and combatthe threat posed by emergingcentres such as Dubai, then hecant afford to play politics withbanking regulation.

    01 REGULATORY CHANGE

    SET TO DRIVE BOOM TIMESFOR CONTRACTORS

    According to a leading recruiter,changes in the way the UKsbanking and financial systemsare regulated will impact on theskills required by employers offinance professionals. Jobseekersmay well look forward to levelsof demand for talented interimaccountants unheard of since thedays of IFRS implementation,which gave rise to a feeding frenzyamong employers and recruitmentconsultants. Tim Hedger, deputymanaging director of recruiterWH Marks Sattin, said, Changesin regulation always mean anincrease in demand for specialistskills. As that demand increases,so will the day rates of the financeprofessionals qualified to advisecompanies on new regulatoryregimes. This is exactly whathappened with MiFID and withSarbanesOxley experts in

    SINGAPOREAN

    EMPLOYERS MUST

    INCREASE SALARIES TO

    RETAIN KEY TALENT

    One of the largest recruitersin the Asia Pacific region hasurged employers to considerraising salaries to win anintensifying war for talent.More than nine out of 10 (96per cent) employers are set to

    maintain or increase the sizeof their finance teams twiceas many as this time last year.More than four in 10 (42 percent) recognise they will needto re-visit original budgetsfor new-hire salaries tomaximise the chances of offersbeing accepted by the mostin-demand candidates.

    Georgie Chong, executivegeneral manager forHudson in Singapore, said,

    02 ACCOUNTING CAREERS

    ADD UP FOR GRADUATESNearly two-thirds (63 percent) of employers with plansto increase headcount favourjunior employees over moreexperienced players, accordingto a survey by recruiter RobertHalf. The news encouragingfor graduates indicates thatGeneration Y (those jobseekersborn during the 1980s and early1990s) are becoming increasinglypopular with employers, whovalue their skill sets. One in 10chief financial officers (CFOs)and finance directors felt thatGen Y were more commerciallyaware an attribute thatcan make a key difference indemanding economic times than previous generations.

    Phil Sheridan, managingdirector of Robert Half UK,said, Graduates are having atough time getting on the jobladder, with fewer opportunitiesand more competition inmany sectors. However, forthose who want to work asfinance professionals, thereare potential openings. RobertHalfs consultants are nowadvising their more juniorcandidates to step up theirnetworking efforts and maintainan online, self-promoting profileto interact with other financeprofessionals, recruiters andpotential employers. And while

    no-one should be complacentabout their chances in thecurrent job market, candidatesshould nevertheless identifytheir dream role and targetemployers accordingly.Companies are looking tohire candidates who arepassionate about their businessand committed to the role,

    advised Sheridan. If you candemonstrate these qualities inthe interview, youre more likelyto be successful.

    Expectations are stillclimbing as candidates find iteasier to obtain new positions.Indeed, offers are increasinglybeing turned down, such arethe choices available to goodpeople. Counter-offers when employers respond toresignations by attemptingto beat the package orstatus offered to disgruntled

    employees by otherorganisations are responsiblefor some four in 10 (38 percent) instances of accountantsultimately snubbing potentialnew employers.

    8DISPATCH

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    partnership oversight boardat Grant Thornton, has told anICAS conference on the Futureof Assurance. The greatertransparency should includeclearer disclosures aboutbusiness models, related risksand management judgmentand estimates. The reportingmodel should provide the clearerdisclosures that investors need,and the role of external auditorsshould broaden to provideinvestors and others with furthervalue from their independentexamination, said Maslin.

    04 PAYE REVIEW

    The UKs HMRC has launched a

    review of the operations of PAYE,proposing that a system of realtime information is introduced,designed to improve the accuracy

    01 FATHER AND

    SON CHARGEDA former Deloitte partner andhis son have been chargedby the US Securities andExchange Commission withinsider trading, regarding thesecurities of several Deloitteaudit and consulting clients.Thomas P Flanagan and PatrickT Flanagan paid over $1.1mto settle the charges on thebasis of neither admitting nordenying the charges. The SECalleges that Thomas P. Flanaganprovided privileged informationabout clients advance earningresults and other data to his sonto enable him to trade in thesecurities of Best Buy, Sears,Walgreens and Motorola.

    02 TOUGHER

    AUDIT STANDARDS

    The US Public CompanyAccounting Oversight Board(PCAOB) has proposed tougheraudit standards relating tothe confirmation process. Theproposed standard recognisesthe importance of audit evidenceobtained from independent thirdparties and strengthens andextends the requirements forusing confirmations in the auditprocess. The proposal wouldmodernise the confirmationstandard and strengthen itsrequirements to better protectinvestors, said PCAOB actingchairman Daniel L Goelzer. Theproposed new standard wouldalso more explicitly incorporateconsideration of the risk ofmaterial misstatement due toerror or fraud into the selection,design and performance ofconfirmation procedures.

    03 FUTURE OF ASSURANCE

    Auditors and audit committeesshould be more willing toprovide information to investors,Steve Maslin, chair of the

    10DISPATCH

    ENVIRONMENTAL REPORTINGThe UK government is considering requiring large companiesto report carbon emissions in annual reports and accountsfrom 2011. A green paper says: Carbon disclosure by the UKslargest companies would act as a significant driver of emissionsreduction and create a competitive advantage in the corporatesector by establishing a level playing field, allowing consumersand investors to make meaningful comparisons.

    of the tax and welfare systems.This could enable employees tohave the correct tax deductedwhen they move jobs and couldpotentially remove the need forthe P45/P46 procedures.

    05 E&Y BRINGS IN

    NON-EXECS

    Ernst & Young is implementingthe UK audit firm governancecode across its global network,including the adoption of non-executive board members. Non-executive appointees will joinE&Ys Global Advisory Council.Jim Turley, global chairman andchief executive, said: Althoughthe code technically applies only

    to our UK business, we believeit is most appropriate for us toimplement the codes provisionson a global basis also.

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    12DISPATCH

    07 ADVISER URGES

    WATER FOCUSAsia is in the grip of a watercrisis that could set back theregions robust economic growthif left unresolved, according toa top Asian Development Bank(ADB) official. Arjun Thapan,special adviser to ADB presidentHaruhiko Kuroda on waterand infrastructure issues, said

    governments must start managingthe resource better to preventthe problem from worsening. Webelieve that the estimate recentlymade about Asia having a 40%gap between demand and supplyby 2030 is a reasonable estimate,Thapan told AFP on the sidelinesof the Singapore InternationalWater Week conference.

    08 PARTNERS LAX

    ON AUDITSPartners at accounting firmsin Singapore are not puttingin enough time auditingentities like listed firms, whilenumbercrunchers doing the workare often too inexperienced todo a thorough job, according tofindings from the Accounting andCorporate Regulatory Authoritys

    (ACRA) annual report on practicesand standards. Julia Tay, directorof ACRAs profession oversightdivision, said senior people shouldbe engaged for at least 5% of thetime on lowerrisk assignmentsand 10% on those of higher risk.She said partner involvementcould be as low as 1% of totalengagement time.

    06 HANG SENG

    LAUNCHES SERIESThe Hang Seng Indexes Company,which manages the Hong KongStock Exchange indices, hasintroduced a new series to tracethe performance of stocks whichpromote environmental protectionand good corporate governance.The Hang Seng CorporateSustainability Index Series has

    three indices, one coveringHong Konglisted companies,one for mainlandlisted firmsand a third for those listed onboth. According to the company,all constituent stocks will havetheir environmental protectionmeasures and corporategovernance assessed by anindependent advisory firm.

    Former Hong Kong Monetary Authoritychief Joseph Yam says that Hong Kong canhelp the yuan become one of the worlds majorcurrencies. The mainland currency has thepotential to take its place after the US dollar andthe euro in the global monetary system, says Yamwho is now executive vice president of the ChinaSociety for Finance and Banking a PeoplesBank of China research unit. Yam told Xinhuathat Hong Kongs position as a financial centre,and its free market environment, make it theideal place for the yuan to be internationalised.

    A recent loss of confidence in the US dollarand euro makes it necessary for a third majorcurrency to help stabilise the volatile globalfinancial market, he said. The yuan wouldbe more than suitable for this role, Yam added,as the mainland is emerging into a strongeconomic entity and has had stable economicgrowth over the past 20 years. However, Yamnoted that there is still a long way to go forthe yuan to become a major global currency,as several key conditions, including free yuanconvertibility, have to be met first.

    HK CAN HELP MAKE YUAN THIRD MAJOR CURRENCY

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