Blog - Title


  • 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…

    • 7 Apr 2017
  • 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…

    • 6 Apr 2017
  • 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…

    • 4 Apr 2017
  • 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 a…

    • 3 Apr 2017
  • 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…

    • 29 Mar 2017
  • 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 Mon…

    • 8 Mar 2017
  • The value of the new PCRT to members in business and practice

    The updated Professional Conduct in Relation to Taxation (PCRT) came into force on 1 March. Published back in November by ICAEW and other leading UK accountancy and tax bodies, it sets out clear professional standards in relation to the facilitation and promotion of tax avoidance.

    The PCRT has been in existence for over 20 years and is regularly updated. This latest update came in response to the Government’s call back…

    • 8 Mar 2017
  • The scale of the challenge

    In the coming weeks, the Government is expected to trigger Article 50 to formally start the process that will result in the UK leaving the European Union. Whilst there has been a great deal of focus on the complexity of the forthcoming negotiations, little attention has been paid to the practical work that will need to be done to amend UK legislation which derives from EU law – and also to rework EU law which may need…

    • 27 Feb 2017
  • ICAEW’s contribution to the 2017 IFS Green Budget

    For the third consecutive year, ICAEW is contributing to the Institute of Fiscal Studies’ Green Budget, which is being launched at Guildhall today. The publication provides an assessment of fiscal issues likely to be addressed in Philip Hammond’s first Budget next month.

    Our chapters in the 2017 publication examine the Whole of Government Accounts (WGA) and the Government’s debt and financing strategy.…

    • 7 Feb 2017
  • UK business starting to adapt to post-Brexit landscape

    Confidence among UK businesses remains in negative territory according to our latest Business Confidence Monitor (BCM), published today. The BCM Confidence Index now stands at -8.7, compared to -9.8 in Q4 2016.

    The good news is that confidence appears to be recovering from the shock of the Brexit vote, with businesses seeking to position themselves within a new post-Brexit economic landscape.

    Stronger growth in export…

    • 6 Feb 2017
  • Success and failure of global attempts to digitalise tax

    The Government’s response to the Making Tax Digital consultations, published yesterday, included several helpful announcements for small businesses. Not only was it good to see that Government is listening to the concerns of small businesses in the implementation of Making Tax Digital, but it is also good news that it is allowing time for further consultation on two major areas, namely what the exemption limit should…

    • 1 Feb 2017
  • Businesses must join forces to combat cyber threats

    Alongside Brexit, Trump and China, one of the recurring themes at Davos this year was technology. Many of the sessions on the agenda focused on how technological change is altering the global economy and our day-to-day lives, and considered how we ought to respond to the threats that emerge from these developments.

    Skills gap could hold back AI development

    One of the most interesting and thought-provoking sessions I attended…

    • 30 Jan 2017
  • A world of strong economies

    Ahead of the World Economic Forum’s Annual Meeting in Davos this week, Klaus Schwab, the Founder and Executive Chairman of the WEF, introduced this year’s theme as ‘responsible and responsive leadership’. In an article published in the Financial Times, he listed four primary objectives to respond to major societal concerns: first, to strengthen economic growth; second, to make market-based systems…

    • 19 Jan 2017
  • Brexit - ICAEW's priorities for the negotiations

    Just before Christmas, we sent in a submission to the Department for Exiting the European Union (DEXEU) highlighting the opportunities, priorities and concerns ICAEW would like Government to consider as it prepares for the Brexit negotiations. It is not an exhaustive list, but comprises some of the key elements that are of relevance to our members, our member firms and ICAEW itself as the professional body for the accountancy…

    • 3 Jan 2017
  • Wages and investment set to slow in 2017

    We have today upgraded our UK economic forecast from 1.8% to 2.0% in 2016, and from 1.1% to 1.2% in 2017.

    These revisions reflect a stronger-than-expected third quarter of 2016; however, the underlying outlook for the economy has changed little, with businesses still waiting for clarity over the post-Brexit trading environment before investing.

    Business investment expected to decline

    We expect business investment to fall…

    • 9 Dec 2016
  • Positive progress for PCRT, but further clarification needed from HMRC

    Monday was so-called ‘Legislation Day’ when Government issued 398 pages of draft clauses, explanatory notes, tax legislation and rates. Amongst the bundle, we discovered that HMRC has made extensive changes to the provisions in the discussion document published in August on fines for tax avoidance enablers and many of the concerns that we raised have been addressed.

    In particular, for the first time the Government…

    • 9 Dec 2016
  • Finance professionals in the public sector

    The Autumn Statement was a wake-up call to many regarding the state of the public deficit. With Government finances forecast to be £122bn worse off in the period until 2021 than forecast in March’s Budget, the new Chancellor had little choice but to break the fiscal rule in record time. As we all know, a business needs a robust and financially sound plan to get finances into the black and when the BBC’s Laura Kuenssberg…

    • 7 Dec 2016
  • An opportunity to redefine UK business for a generation

    Yesterday I participated in a roundtable hosted by Prime Minister Theresa May at 10 Downing Street with representatives from UK business. In attendance were also Greg Clark, Secretary of State for Business, Energy and Industrial Strategy and Margot James, Minister for the profession. 

    This was an opportunity to reflect on the last few months and consider the challenges and opportunities that lie ahead for UK business.…

    • 6 Dec 2016
  • Government should hold its nerve on controversial governance reforms

    The Prime Minister’s proposals on corporate governance, published today, are bold but not as radical as they could be. But different groups will find them contentious for different reasons.

    The corporate world must not lose sight of the social contract under which it operates. Business – private or public – must recognise and honour their responsibilities to society, or be held to account. At the same time society…

    • 29 Nov 2016
  • Assessing the burden of regulation on small businesses

    There weren’t many new surprises for small businesses in the Chancellor’s Autumn Statement on Wednesday. £400 million for venture capital funds to back innovative new businesses and a promise to look at how Britain can encourage longer-term investment were welcome announcements. Yet two measures – the alignment of employee and employer National Insurance thresholds and rises to the living wage – continue the trend of…

    • 29 Nov 2016
  • Chancellor wants UK to be ‘match fit’ but economy very much in treatment room

    Today’s Autumn Statement laid bare the financial challenges facing Government as it seeks to respond to a slowing economic recovery and the uncertainty caused as a result of the referendum back in June. As far as I can see, the UK economy remains in intensive care and bringing it back to health will be largely outside the Chancellor’s control.

    As I have been saying for some time, the Chancellor confirmed that…

    • 23 Nov 2016
  • ICAEW welcomes Governor Carney to Chartered Accountants' Hall

    On Wednesday evening, I was delighted to welcome Mark Carney to Chartered Accountants’ Hall. I believe it is the first time, in recent years, that we have hosted a Bank of England Governor here in Moorgate, and it is fitting that it was to discuss one of the most important topics the profession will face in our – or any – generation; the safety of the planet itself.  




    The event was the launch of the…

    • 21 Nov 2016
  • Assuring banks' capital numbers

    ICAEW has launched our framework for assuring banks’ capital numbers, and we are looking for responses.

    Banking regulatory ratios: ICAEW assurance framework is the result of a project we started in 2014. We wanted to investigate how assurance could be used to underpin trustworthiness and credibility in banks’ capital ratios and risk-weighted assets. The exposure draft we have launched today can equally be applied…

    • 17 Nov 2016
  • Boosting the UK’s export performance

    Yesterday we hosted a roundtable with Mark Garnier MP, Under Secretary of State at the Department of International Trade (DIT), responsible for high value export in financial services, manufacturing and education.

    Following my meeting with Liam Fox MP last month, this was an opportunity to continue our conversation about how we can encourage more UK businesses to export. It also allowed our members to talk directly with…

    • 16 Nov 2016
  • New guidance on practicing certificates

    One of the questions that we get asked a lot on our helplines is when a member is in need of a practicing certificate. As it is our members’ own responsibility to determine whether they should hold a practicing certificate, it is crucial that they understand when they are, and are not considered to be engaging in public practice.

    That is why ICAEW is issuing new guidance to define the scope of public practice and…

    • 7 Nov 2016