Moorgate Place - Blog

    • 14 Aug 2017
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    Confidence falls back as businesses become more cautious

    This morning, ICAEW has published its Q3 UK Business Confidence Monitor which covers the period of the general election and the start of the Brexit negotiations with the European Union. Not unsurprisingly, confidence has fallen back into negative territory reversing the upward trend experienced over the last twelve months. Our Business Confidence Index now stands at -8.0, falling from +6.7 in Q2. What the underlying...
    • 24 Jul 2017
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    Working with Government on MTD and PCRT

    I recently held our first formal meeting with the new Financial Secretary, Rt Hon Mel Stride. Following the announcement on changes to Making Tax Digital for Business (MTDfB), I reiterated ICAEW’s positive response to the new timetable and changes to the implementation , which mean that MTDfB will not take effect until April 2019 and will only be mandatory at that time for businesses over the VAT threshold. As...
    • 21 Jul 2017
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    G20: Achieving financial resilience and the SDGs requires multilateral action

    On July 7th-8th, world leaders gathered in Hamburg for the annual G20 summit. At ICAEW, we hosted a G20 policy roundtable in London, convening senior diplomats, business and industry leaders to discuss the highlights of the summit and challenges ahead. The German presidency identified the key challenges and priorities for the year ahead as reforming the global financial system; implementing the SDGs to combat climate...
    • 17 Jul 2017
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    Judgement is key to determining materiality in audits

    The concept of materiality is fundamental to the audit of financial statements. Determined by auditors at the planning stage, it helps drive a more efficient and effective audit. Yet experience from practice – along with the outcomes of inspection findings and reviews – suggest that it is an area that poses practical challenges for auditors, and is one where improvements could be made. Our new guide, Materiality...
    • 13 Jul 2017
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    Today's announcement on Making Tax Digital

    Today’s announcement by the Financial Secretary to the Treasury outlining a new timetable for Making Tax Digital marks a significant shift in Government policy. The new minister has listened to the voices of our profession as well as business in acknowledging that those small businesses who fall below the VAT threshold should move to a digital tax system at a pace that works for them. This is a great outcome to...
    • 30 Jun 2017
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    Artificial intelligence and the future of accountancy

    Today, we are launching our report Artificial Intelligence and the Future of Accountancy . The report says technology is more powerful and the pace of change quicker than ever – and that AI has the capability to replace, if not supersede, humans in many areas. But I would argue there is more of a case for our reaction being ‘Don’t panic!’ than ‘We’re all doomed!’ There is understandable...
    • 20 Jun 2017
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    Chancellor puts economy and business back on the agenda

    I hope that this morning’s speech by Philip Hammond signals a more open and flexible approach by the UK Government to Brexit and in particular to its future trading relationship with the European Union. I was struck by his desire to avoid fragmentation of financial services and the principles he outlined to approaching this challenge: • A new process for establishing regulatory requirements for cross-border...
    • 7 Jun 2017
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    A vision for a strong economy: ICAEW’s priorities for the new Government

    The next Government has the opportunity to build a stronger and more inclusive economy, and to make the UK one of the very best places in the world to do business. With that in mind today we are publishing recommendations in six major areas of policy , which we see as critical for the future success of business in Britain. Drawing on the insights and expertise of our members, we are setting out the priorities which...
    • 1 Jun 2017
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    Charities should invest in leadership and infrastructure to retain public trust

    Charities play a significant role in the fabric of our national life but they are being scrutinised more closely than ever. The public expects charities to operate to the highest standards with the funds entrusted to them, and it is therefore crucial that they are honest and transparent about the difference and impact they are making. As well as being open, they also need to be resilient and financially sustainable to...
    • 26 May 2017
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    What is the accountancy profession’s role in delivering the UN Global Goals?

    Earlier this week ICAEW hosted an event which brought together representatives from the member institutes of Chartered Accountants Worldwide (CAW) to discuss the role of the profession in delivering the UN Sustainable Development Goals (SDGs). This was the first time that a group of over 80 Chartered Accountants from around the world came together to discuss the SGDs with the objective to encourage our collective CAW...
    • 26 May 2017
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    Analysing the general election manifestos

    Over the last week, ICAEW has been working through the manifestos of the three main national parties contesting next month’s UK general election. We have looked at the policies from the perspective of their relevance to six areas: • Public sector spending • Taxation • Trust in business • Regulation • Post-Brexit market access and trade • Managing the deficit Whilst it is not our...
    • 24 May 2017
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    Growth through asset based finance

    Asset based finance (ABF) has increasingly been used as a source of funding by high growth companies in recent years – from small businesses, to those owned by private equity, to innovative businesses and subsidiaries of some of the world’s largest companies. The finance sector is committed to further improving awareness and accessibility of this form of funding, but many members will still think of asset...
    • 17 May 2017
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    How much will the UK pay to exit the EU?

    ICAEW has published a report on the likely cost of the UK’s departure from the EU. The wide-ranging speculation around the potential exit charge has escalated in recent weeks. The debate has been characterized by heat and emotion and, given the complex financial relationship between the UK and the EU, it may be difficult to understand how negotiations in this area are likely to play out. As chartered accountants...
    • 15 May 2017
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    ICAEW’s framework for assuring bank regulatory ratios

    Today we are publishing our framework for assuring bank capital numbers. Its aim is to deliver confidence in the key measures of resilience for banks. Capital ratios are one of the most important ways to assess a bank’s stability, but they are currently unaudited. It is crucial that the public, regulators and banks themselves can trust these numbers, and developments since the financial crisis have heightened...
    • 9 May 2017
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    Question mark hangs over financial leadership in Government

    Given the challenges facing the UK’s public finances with a growing national debt and increased borrowing, with the negotiations and potential cost of Brexit looming ahead, with the weakening of the pound and household incomes starting to be squeezed, I am both surprised and disappointed that HM Treasury has given up responsibility for improving financial management across the UK Government. Only four years ago...
    • 9 May 2017
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    Business confidence turns positive for first time since Brexit vote

    Business confidence has moved into positive territory for the first time since the EU referendum, but businesses are still reluctant to make long-term commitments in a number of areas. That is the key finding from our latest Business Confidence Monitor (BCM). The BCM Confidence Index has risen from -8.7 in Q1 2017 to 6.7 in Q2. Whatever the outcome of the General Election on 8 June, the incoming Government will need...
    • 5 May 2017
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    Looking back at a successful 2016

    Today we are publishing our annual review and financial statements for 2016 . 2016 was a successful year for ICAEW. We saw another record year for student numbers, which have risen to 25,822 from 24,149 the year before. Our membership also continued to rise, ending the year at 147,538. On the financial side, we closed the year with an operating surplus of £0.8m and overall surplus of £11.3m when fines...
    • 4 May 2017
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    Introducing our Academia & Education Community and Corporate Governance Group

    As part of our vision of a world of strong economies, ICAEW seeks to nurture communities of professionals whose initiative and integrity help economies thrive. Our members are part of a global network of over 147,000 ICAEW Chartered Accountants. We want all our members to be able to make the most of this network, and to feel included in ICAEW’s activities wherever they are in the world. That is why I am delighted...
    • 24 Apr 2017
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    What is our individual duty to the public interest?

    As members of ICAEW, we are members of a profession that takes its duty to serve the public interest seriously, as is mentioned in the opening sections of the ICAEW and international codes of ethics. But fine though that is, and must be to preserve our long term reputation, it leads to some big questions. What is ‘the public interest’? And what does the requirement for us all to act in the public interest...
    • 7 Apr 2017
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    Retailers need to prepare for radical change with IFRS 16

    In our latest Audit Insights: Retail report, auditors warn that retailers’ balance sheets will be radically transformed by the new international accounting standard IFRS 16 Leases. IFRS 16 will apply to accounting periods beginning on or after 1 January 2019. Our report aims to help retailers and external users of their accounts understand some of the challenges that will arise and the important issues that they...
    • 6 Apr 2017
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    Apprenticeship Levy opens more doors to the profession

    Today the Apprenticeship Levy will be introduced as part of a Government drive to train 3 million new apprentices by 2020. An apprenticeship is a viable option for school leavers to progress into working life and at ICAEW, we want to make sure that those entering the profession are aware of the different routes available to them so they can choose the one that suits them best. In order to create as many opportunities...
    • 4 Apr 2017
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    Are you a champion for sustainability?

    Business is a key driver of any nation’s economic growth and plays a crucial role in building strong economies around the world. As businesses continue to face environmental, social and economic challenges, a growing number of organisations are seizing the inherent opportunities of resilient and sustainable business models. The Finance for the Future awards recognise and celebrate the role of the finance function...
    • 3 Apr 2017
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    Introducing our new brand

    I am delighted to announce that after much planning and preparation, ICAEW is today launching its new brand . The goal is for our new look to differentiate us from others in an increasingly crowded marketplace and ensure that we stand out clearly. The world has changed a lot since our last brand update 12 years ago, and so have we. We have gone from being a UK body to becoming a more international organisation, with...
    • 29 Mar 2017
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    Economic momentum cannot stall as Brexit negotiations start

    Today, the Government has triggered Article 50, starting the formal process for the UK to leave the EU in two years’ time. Over the coming months, we will start to see the respective negotiating strategies and, I hope, some degree of clarity and certainty on what both sides hope to achieve through the negotiations. We want to see a successful outcome to the negotiations that will enable UK and European economies...
    • 8 Mar 2017
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    A brighter future?

    In his opening remarks, the Chancellor said that this last Spring Budget was about taking forward the current Government’s plan to prepare Britain for a brighter future. In a fiscally neutral speech revealing spending and revenue raising measures across many different areas of government, what is perhaps more interesting is what he didn’t say – rather than what he did. As our Business Confidence...