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24/08/2001
Increased audit threshold to prove good news for SMEs
Small and medium sized enterprises (SMEs) with a turnover of up to £4.8 million, could soon benefit from a Department of Trade and Industry (DTI) recommendation to raise the threshold for statutory auditing, according to the Association of Accounting Technicians (AAT).
The recommendation, outlined in the DTI’s final report on the Modern Company Law Review, will allow businesses increased flexibility in their process of financial reporting and free to enlist the services of a professional Accounting Technician in preference to more costly alternatives.
John Vincent of the Association of Accounting Technicians (AAT) said: “This report represents a serious attempt to simplify the statutory requirements for small private companies and alleviate the burden of bureaucracy.
“However, this will place increased pressure on the Directors of these companies to act efficiently if the deadline for filing accounts at Companies House is also reduced from ten to seven months. Directors of those companies will need to be satisfied that the accounts which are filed at Companies House fully comply with the disclosure requirements of the Companies Act and Financial Reporting Standards.”
The Report also recommends that, subject to successful field trials, an Independent Professional Review (IPR) be introduced for companies with a turnover of between £1 million and £4.8 million. This review could replace the audit as a mechanism for satisfying stakeholders of financial probity. (MB)
The recommendation, outlined in the DTI’s final report on the Modern Company Law Review, will allow businesses increased flexibility in their process of financial reporting and free to enlist the services of a professional Accounting Technician in preference to more costly alternatives.
John Vincent of the Association of Accounting Technicians (AAT) said: “This report represents a serious attempt to simplify the statutory requirements for small private companies and alleviate the burden of bureaucracy.
“However, this will place increased pressure on the Directors of these companies to act efficiently if the deadline for filing accounts at Companies House is also reduced from ten to seven months. Directors of those companies will need to be satisfied that the accounts which are filed at Companies House fully comply with the disclosure requirements of the Companies Act and Financial Reporting Standards.”
The Report also recommends that, subject to successful field trials, an Independent Professional Review (IPR) be introduced for companies with a turnover of between £1 million and £4.8 million. This review could replace the audit as a mechanism for satisfying stakeholders of financial probity. (MB)
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24 July 2001
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Three company directors from two separate companies in Northern Ireland have been disqualified from their positions and banned from holding directorships for a total of 19 years after they ran up combined debts of almost £2.5 million.
Three company directors banned from holding directorships
Three company directors from two separate companies in Northern Ireland have been disqualified from their positions and banned from holding directorships for a total of 19 years after they ran up combined debts of almost £2.5 million.
19 April 2002
Seagate announces third quarter results
Seagate Technology Inc, which has two facilities in Northern Ireland, has reported consolidated revenue of $1.8 billion and Generally Accepted Accounting Principles net income of $196 million for its third quarter ended March 29.
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Seagate Technology Inc, which has two facilities in Northern Ireland, has reported consolidated revenue of $1.8 billion and Generally Accepted Accounting Principles net income of $196 million for its third quarter ended March 29.
14 June 2002
Tesco reveal three-month sales rise
Leading UK supermarket chain Tesco has revealed an 11% rise in sales in the three months to mid-May. The company saw its profits shoot up by 14% to over £1 billion in its last financial year and said recent growth had been driven by a mix of strong performance in the UK core operations and increasing sales of non-food items.
Tesco reveal three-month sales rise
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29 August 2002
ACCA calls for standards on sustainable development
The Association of Chartered Certified Accountants (ACCA) has compiled a report to be presented at the Johannesburg Earth Summit arguing for greater responsibility for accountancy practises in the pursuit of sustained development.
ACCA calls for standards on sustainable development
The Association of Chartered Certified Accountants (ACCA) has compiled a report to be presented at the Johannesburg Earth Summit arguing for greater responsibility for accountancy practises in the pursuit of sustained development.
20 August 2001
Pension scheme under-funding among FTSE 100
A growing number of the largest pension schemes in the UK are under-funded, according to the results of an annual study of company accounts being published this week by Bacon & Woodrow.
Pension scheme under-funding among FTSE 100
A growing number of the largest pension schemes in the UK are under-funded, according to the results of an annual study of company accounts being published this week by Bacon & Woodrow.
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