The rise and rise of private equity (PE) ownership of UK audit firms is causing ripples of concern within the industry.
Continual media interest has meant the Financial Reporting Council has now officially warned firms that audit quality, independence and public interest focus need to remain the top priorities, no matter who owns the firm.
A letter, signed off by CEO Richard Moriarty, also encourages early engagement with the FRC for firms considering such changes, and reaffirms the FRC’s commitment to monitoring developments in this area.
FRC explained while ownership structures are a matter for the firms, UK law states audit firms undertaking statutory work must be controlled by qualified professionals. Moriarty stressed that it needed discussions with firms introducing private capital to be early and with full candour. It also wants to talk directly with any investors considering entering or expanding into the UK audit mark to help
explain the regulatory framework and expectations.
A leading audit partner told PQ magazine: “If everyone has sold out before you get there, how do you provide an incentive for the partners of the future?” She felt PE takes away the aspiration in firms.
“If I want to be an owner of the firm where’s my opportunity?” she said. And she felt PE was just an excuse for the current partners to max out their returns. She worried that it was all very short-sighted.
One man who also has very clear thoughts on private equity is Lord Sikka. In the House of Lords in July 2022 he moved a motion
looking at the economic and social risks created by the regulation and practices of private equity.
Turning to the recent rise of PE buying into accountancy firms, he told PQ magazine that medium firms aren’t going to be able to tackle the power of the Big 4 without capital investment. With some partners unwilling to provide it, this leaves a hole for PE to fill.
Lord Sikka believes PE is interested in accounting firms because it opens the doors to lucrative consultancy, tax, insolvency and other businesses. And he is, of course, concerned about the PE business model
in general. He explained: “It is essentially based on high leverage, high prices, low investment in productive assets, wage/staff cuts, tax abuse, asset stripping and shortterm interests ”
Looking to the future Lord Sikka said: “With PE buying firms we could be emulating the business model used in many other industries – for example, shareholders/directors of drug companies don’t need to be pharmacists, shareholders/directors of airlines don’t need to be pilots or engineers. So why do shareholders/ directors of accounting firms need to be accountants/auditors? In this model, the businesses need to be tightly regulated and will pose challenges to regulation, notions of independence, professionalism, and accountability ”
PQ magazine columnist Robert Bruce warned earlier this year that we had to “beware accountants when they get a whiff of money” around PE He was sure regulators are worried and felt reputational risks multiplies with PE. He even claimed: “It will all end in tears!”
ACCA SEPTEMBER PASS RATES
The September ACCA exam results are in, and the good news is the audit paper pass rates for both Applied Skills and Strategic Professional levels are up on June’s sitting.
AA’s pass rate jumped from 44% in the summer to 47% in September. However, at 38%, AAA (although up 1%) has the dubious honour of being the lowest paper pass rate for the
whole sitting – again.
There was good news for the Essential paper sitters, too. Both are up on June, and the SBL pass rate was 53%. Some one in five SBR sitters told the Open Tuition Instant Poll that the paper was a ‘disaster’ for them, with another 39% calling it ‘hard’. However, the pass rate jumped three percentage points to 52%.
In all some 94,040 students
entered the September sitting, which saw 107,575 exams completed.
A total of 4,013 students completed their final exams to become ACCA Affiliates.
has joined forces with to host an online roundtable discussion on what the future of accountancy is in a sustainable world.
Join us on Tuesday 29 October 2024 at 4pm (GMT) On our esteemed panel are:
• Sarah Ghosh FCMA CGMA, CIMA Immediate Past President and former AICPA & CIMA Co-Chair.
• Sharon Machado, Head of Sustainable Business, ACCA
• Amit Verma, CIPFA’s Sustainability Policy Manager
• Richard Spencer, Director of Sustainability at ICAEW
To find out more and sign up go to our Eventbrite page: https://shorturl.at/SvxTM
IN THIS ISSUE
A note from the Editor
Welcome to issue number 263, which has a real green feel about it.
We would love you to join us on 29 October for our roundtable discussion ‘Accountants will… save the planet’. Just go to https://shorturl.at/SvxTM to sign up and catch our great line-up. One of our panellists, CIPFA’s Amit Verma, outlines in this issue the green skills public sector accountants will need to order to help achieve Net Zero. How are we doing when it comes to the third carbon budget? Check out page 25.
In the news we report on the launch of ACCA’s new sustainability diploma, which looks a real game-changer, and Deloitte says restatements on climate and sustainability are growing, so the need for experts in this area will on keep growing too.
We also run the rule over the accountancy bodies’ annual reports, as only we can. Check out our reviews on pages 18 and 19.
Our cover story looks at the rise and rise of private equity looking to buy into accountancy firms. The FRC has now acted because of the huge media interest, but this money could reshape the profession before we know it.
The ACCA exam results are also out, and we report on the sad death of Anna Sebastian Perayil. Her death has put big corporate work culture under the microscope again.
Graham Hambly, Editor and Publisher, PQ magazine
News
04 Sustainability seminar
Accountants can save the planet – so come to our seminar and find out how!
05 Corporate culture
Tragic death of Big 4 junior puts spotlight on long-hours culture
06 ICAS induction
Scottish institute welcomes 400 students from around the UK
08 Sustainability diploma
ACCA launches pioneering Professional Diploma in Sustainability
09 ACCA’s numbers
Challenge of getting more exam sitters faces association
10 Training Link initiative
Training provider offering live online exam revision sessions
12 Tech news
Why apps are generating workplace stress Features, etc
14 Have your say
Accountants are not all boring; and the professional bodies need to be more transparent. Plus our social media round-up
17 ICB spotlight
All the shortlists for the famous LUCA awards
18 Annual reports
We read and rate all the accountancy bodies’ annual reports. So how did your body shape up?
20 AAT INAC exam
What the examiner wants from you when you sit this paper
21 CASSL spotlight
How to navigate your post-ACA journey
22 Your career
Why would you turn down the perfect job? It’s all about beliefs and values
23 Road to sustainability
Karen Groves explains the concepts of Corporate Social Responsibility and Triple Bottom Line reporting
24 Picture perfect
Eight of the best ways to capture the perfect LinkedIn profile picture
25 Sustainability
The green skills public sector accountants need to help achieve Net Zero
27 CIMA spotlight
How to bounce back from the setbacks (most) PQs experience during their studies
28 A question for Tom Tom Clendon explains how you can sort the ‘useful’ information from the chaff
31 Study advice
Seven ways to help you progress through your accountancy exams
32 ACCA SBL exam
Part five of Chris Cain’s series on how to pass the Strategic Business Leader exam
34 ACCA ethics report
New research has revealed the top three areas for ethical challenges. So what are they?
35 Careers
Number of accountancy firms continues to decline; our Agony Aunt’s advice on getting a mentor; and our Book Club review
36 Fun
The lighter side of life – and accountancy
The columnists
Lisa Nelson You don’t need to study harder… just study smarter 4
Robert Bruce A letter from America from our own correspondent 6
Prem Sikka Money laundering regulation is just a farce 8
Anna Kate Phelan Get yourself
LISA NELSON Study smarter, not harder
Juggling work and study as a PQ is challenging. Cognitive psychology offers valuable techniques to supercharge your learning and improve your exam performance.
Spaced repetition – revisiting study material at gradually increasing intervals – is a proven method for enhancing long-term retention. The ‘generation effect’ highlights the power of active learning – by generating answers yourself, rather than passively absorbing information, you'll experience superior recall. ‘Interleaving’ during a study session has been shown to boost learning effectiveness compared with a traditional block practice approach.
So how can you practically apply these techniques?
1. Spaced repetition: Try a flashcard app. Input key accounting concepts and schedule reminders to review at widening intervals. This reinforces memory and keeps the information fresh over time.
2. Generation effect: Challenge yourself to solve questions or recall information before checking solutions or model answers. This active engagement deepens your understanding and aids knowledge retention.
3. Interleaving: Build variety into your study sessions by alternating between topics. This approach enhances your ability to apply knowledge across different contexts. It helps to link concepts which reinforces learning.
4. Practical application: Apply theoretical knowledge to real scenarios from your workplace. Connect auditing concepts to your company's audit processes, for instance. This not only reinforces your learning but also makes it more relevant and engaging. Remember, the goal is not to simply study harder, but to study smarter.
Accountants will… save the planet?
If accountants are going to save the planet, we need the accountancy bodies to be leading the way. PQ magazine has joined forces with Rogo to see if they, and we, are on the right track. Or is it all too late?
Join us on Tuesday 29 October at 4pm for our online roundtable discussion.
We have put together a top panel of speakers from across the profession, as only PQ magazine can do. We have Sarah Ghosh, CIMA Immediate Past President and former AICPA & CIMA
Co-Chair; Sharon Machado, Head of Sustainable Business, at ACCA; Amit Verma, CIPFA’s Sustainability
Policy Manager; and Richard Spencer, Director of Sustainability at ICAEW.
This roundtable could not come at a better time, with ACCA launching a new sustainability diploma (see page 8). Ghosh has
also just completed the AICPA & CIMA/Oxford University Said Business School Finance and Sustainability course.
The roundtable will be chaired by PQ magazine’s editor Graham Hambly, and he wants to know what you want to ask our panel. Send your questions to graham@ pqmagazine.com and he will put them directly to them on the day.
To find out more and sign up for free go to https://shorturl.at/ SvxTM
A big thanks to all our sponsors of this event ACCA, CIMA, CIPFA, ICAEW and Queen Mary University of London.
Celebrating finance excellence
AICPA & CIMA recently unveiled the winners of the fourth edition of their ENGAGE UK & Ireland Finance Awards at a ceremony at Hilton Tower Bridge in London.
Sponsored by Kainos, the ENGAGE Finance Awards 2024 celebrated the accomplishments of CGMA candidates, CIMA members and partners, recognising individuals and teams who have done outstanding work to advance the finance profession and shape its future.
Among the winners on the night was Student of the Year Gavin Simpson, Finance Business Partner – Senior Analyst at Jaguar Land Rover. He was celebrated for his perseverance and resilience throughout his journey towards becoming a Chartered Global Management Accountant, overcoming the class ceiling and breaking down barriers for neurodivergent individuals along the way.
MAAT criteria change
AAT has updated its membership criteria. Although this should not impact on students/NQs too much, it maintains the route to become MAAT and start the CPD pathway, even if you do not have work
AAT stars in EastEnders!
AAT’s bookkeeping courses recently got a starring role on BBC’s EastEnders. In one storyline Cindy Beale is seeing an ex-lover’s son behind Ian’s back (typical EastEnders then). So how to continue the affair? As Cindy says, they need to find “somewhere to let loose fully and swing from the chandelier!”
Well, an AAT weekly evening class is the obvious cover story. Junior Knight signs up Cindy to
a Level 1 course at Walford West College. However, instead of the bookkeeping course Cindy is off to the Elizabeth Prince Hotel for a taster course of a different type. Check out more fun stuff on page 40
PQ JOB OF THE WEEK: Management Accountant
A leading and rapidly growing group based in Ross-on-Wye, Herefordshire, is looking to recruit a dynamic, experienced and
experience in the bank already. So, there are two ways to become a full AAT member.
Route one requires you to demonstrate your competence through work experience. If you
hands-on Finance Business Partner/Management Accountant for a 14-month fixed-term contract.
You will play a key part in helping the business to understand key areas of financial focus such as customer profitability and margin analysis, along with providing finance support to sales on complex bid submissions. Ideally, you will be part qualified/ qualified ACA/ACCA/CIMA or qualified by experience.
On offer is a salary of between
can’t demonstrate this competency then once you are approved as a MAAT you will be required to complete the MAAT CPD pathway, as soon as possible to maintain this status. That is route two.
Ongoing CPD is an essential part of maintaining your MAAT status going forward.
£40,000 and £45,000. Applications close on 1 November 2024. For more go to https://tinyurl.com/248n77mp
LUCA awards short list
The short list for the LUCA 2024 awards is now out, and we have all the finalists on page 21 of this issue.
On the training provider list are Ideal Schools, Kaplan, Open Study College, Oxbridge and Training Link.
Lisa Nelson is Director of Learning at Kaplan
Meet the winners: (back row left to right) Axl Lopez (Balfour Beatty), Gavin Simpson (Jaguar Land Rover), Louise Wilson (Rare Tea Company) and Ben Hanlin (Event Host). Front row left to right: Donal Murphy (MCS Group), Julie Bickerdyke (Moonstone FD), Simon Bittlestone (CIMA President and Association Chair), Huiming Chen (Illumina) and Rob Sherrington (Ramboll UK & Ireland).
EY employee death sparks corporate work culture debate
The tragic death of an EY employee in India, Anna Sebastian Perayil (pictured), has triggered more talk about the long-hours culture in top firms.
The 26-year-old worked as a chartered accountant for SR Batliboi, a member firm of EY Global. She died in July, four months after joining the firm. In a letter to the
firm, which has now gone viral, her mother Anita Augustine said: “Anna’s experience sheds light on a work culture that seems to glorify overwork while neglecting the very human beings behind the roles. This is not just about my daughter, it’s about every young professional
Time for corporation tax levy?
Chancellor Rachel Reeves has been urged to use the Autumn Budget to increase taxes on profiteering businesses to help solve the university funding crisis.
The University and College Union (UCU), which represents over 120,000 academics and support staff, said students must not be loaded with even more debt
because of previous governments’ failure to invest in education.
New data compiled by UCU shows a 4.3% point increase in corporation tax would raise £17 billion. This, says the union, could be used as an education levy to provide universities with much-needed extra funding and end its tuition feebased system. This would still leave
who joins EY filled with hopes and dreams, only to be crushed under the weight of unrealistic expectations.”
She went on: “Anna’s death should serve as a wake-up call for EY.”
EY’s India Chief Rajiv Memani said that the firm attaches the highest importance to the wellbeing of staff. He said: “I would like to affirm that the wellbeing of our people is my top-most priority and I will personally champion this objective.”
corporation tax, at 29.3%, below the rate set by Tony Blair (30%).
The new levy would then replace the £11bn in fees English students pay each year with publicly funded teaching grants. It would also provide an additional £4.58bn to the higher education sector, equivalent to an increase in tuition fees of up to £13,000, the level suggested by the university employer’s body.
The right accountancy course for you
Looking for an AAT, ACCA or CIMA course? Well, look no further: PQ magazine has done the hard work for you!
Check out our Course Finder page at www.pqmagazine.com – just click on the button at the top of the home page and select the body you are studying. We have listed our trusted providers that we think go that extra mile for you.
We have recently added Ideal Schools to the AAT zone, and Astranti to the ACCA and CIMA section. Both are offering top-notch provision.
So if you want to pass your next exam you need to take a look at our list. We have worked closely with all these colleges, some for over 20 years. And we believe they can get you from PQ to NQ.
ROBERT BRUCE
Only in the USA…
I always enjoy travelling through the United States, as we have been over the past few weeks. Much of the minor cultural differences that we all rely upon are upended – as is the business world. No ‘woke’ here without it being furiously denunciated. Except, of course, when it is not.
Take a brief skirmish over a shortlived threat of a strike of dockers, or longshoremen as they are known in the US. The veteran leader of the strike referred, as might be common in the UK, to the owners of the businesses as “greedy bastards”. This led to an extraordinary headline in the Wall Street Journal: ‘Profane 78-Year-Old Leads Strike by Dockworkers at US Seaports’. In what was described as “a raspy voice that comes from years of shouting at labor rallies”, he told the bosses that “they won’t be able to do anything in in this country without my f--ing people”. That turned out to be true. The strike was settled within a matter of days. But the ageist headline and what to British ears seemed the wonderfully archaic and biblical use of the word ‘profane’ lived on in my mind.
Likewise the epic battles over investors, companies and ESG strategies. In a country dominated by lawyers, rather than sensible and common sense accountants, lawsuits are flying. It is enormous fun but there is little resolution anywhere.
Robert Bruce is an award-winning writer on accountancy for The Times
Where are CIPFA students?
CIPFA now has 6,128 students, according to the 2023 Annual Report released this summer, and they are spread around the world. The majority (2,032) can be found in the UK, but there are another 1,529 in Africa, 950 in Asia and 499 in Europe. There are another 498 in the Americas, 36 in the Republic of Ireland and 584 ‘Other’.
Of these 48.3% are female and 51.7% male.
New National induction day for ICAS students
ICAS has hosted over 400 students from throughout the UK at its inaugural national induction day at Edinburgh International Conference Centre.
The institute said the event is an integral part of a new approach and a refreshed student experience that places the student at its heart, fosters peer-to-peer connections and maximises engagement with tutors.
Gail Boag, Executive Director of Learning at ICAS, said: “Today marks a UK first and provides a significant step forward in how we
train our accountants of the future. With its focus on ethics, technology and sustainability, the new ICAS
Win an AAT scholarship
Last month e-Careers and PQ magazine gave away not one but two sponsorships to AAT PQs. The
lucky recipients were Ina Prifti and Sebenele Shingwe.
And we have another scholarship to give away this month! If you need help funding the next stage of your AAT studies then we are here for you – we want to help you get qualified. Send your name and reasons why you would like to be awarded our scholarship to
syllabus is ensuring that our young business leaders are equipped to grasp the biggest opportunities and overcome challenges in a rapidly changing world.”
Holly Budge, founder of nonprofit conservation charity ‘How Many Elephants’, offered students advice to help them through their training and into their careers. She said: “My three tips to students are: Think tall, start small – don’t get lucky, get prepared. Do all the training and preparation beforehand. Number two is win or learn. No journey is linear so it’s about embracing the detours because there lie the powerful life lessons. And my third piece of advice is smile through the pain. It really works and a positive mindset is a resilient mindset.”
scholarships@e-careers.com, and you could study your next level for free.
PQ magazine editor Graham Hambly is on the judging panel to help award the scholarships, and the winner will be announced in next month’s issue.
And remember, once entered you will be put forward for the scholarship each month. So if you don’t win this time there are still other chances to pick up one of our scholarships in the future.
Forvis Mazars signs up 357 trainees
Forvis Mazars recently welcomed 357 new trainees across its UK offices. The new intake includes 65 school leavers, 219 graduates, 45 industrial placements and 28 returning placements. They will be placed across the firm’s 13 offices, with the majority based in London (148).
Director of people and culture, Tatham
Crawford-Lennox, said: “We are delighted that so many young professionals have chosen to begin their careers with us and
Check out our review of CIPFA’s annual report, along with that of ICAEW, ICAS, CIOT and ACCA, on page 18
IFRS 15 working well
The International Accounting Standards Board (IASB) has reviewed IFRS 15 Revenue from Contracts with Customers, and said the standard is “working as intended and providing investors with useful information”.
The IASB issued IFRS 15 in 2014 to improve the reporting of
join our highly regarded training programme.
Whilst it’s always exciting to welcome new joiners, this year feels particularly
revenue. It was developed with the US Financial Accounting Standards Board, in the hope of creating a consistent approach to revenue recognition across global markets.
While the overall verdict is positive, the IASB has identified a few application issued, namely:
• How companies decide whether they are the main seller or an agent in the transaction.
• How to report on payments to customers.
special as these trainees join us at the start of our new journey as Forvis Mazars.
“We hope that these individuals will not only benefit from the increased excitement and enthusiasm that can be felt across the firm, but also the variety of opportunities and experiences that will be available.”
• How IFRS 15 works alongside other IFRS accounting standards.
Revenue up 9% at PwC
PwC’s UK annual report FY24 hit the streets recently, showing group revenues up 9%, to £6.3 billion. Against the backdrop of ongoing political and economic volatility it was felt the firm had performed ‘solidly’, although growth was at a slower rate than it had originally planned for.
Some 40% of the world’s dirty money is laundered through the City of London and UK Crown Dependencies. Accountants and lawyers are central to the flow of dirty money. Yet regulation of money laundering is farcical.
Twenty-five accountancy and law trade associations act as anti-money laundering regulators, resulting in duplication, waste and obfuscation. All 25 are outside the scope of the freedom of information laws. Instead of consolidating them into a single, effective regulator they are supervised by another layer, OPBAS.
Its 2018 report noted that trade associations are adept at turning a Nelsonian eye. It said: “The accountancy sector and many smaller professional bodies focus more on representing their members rather than robustly supervising standards. Partly because they don’t believe – or don’t want to believe – that there is any money laundering in their sector. Partly because they believe that their memberships will walk if they come under scrutiny”. Little has changed.
The 2024 OPBAS report said that it “has not seen any material improvement in PBSs’ [professional body supervisors] effectiveness in the core areas of supervision, risk-based approach, enforcement, and information and intelligence sharing”. The charade of regulation continues.
In any regulatory system there is a concern that the regulators will be captured by the regulated. That is the starting point in regulation by trade associations. No trade association should be allowed to act as a regulator of any sector.
Prem Sikka is Emeritus Professor of Accounting at the University
of Essex
Tax briefs
Fixing the UK tax system
Ahead of the forthcoming Budget, UK Chancellor Rachel Reeves has outlined a package of reforms she hopes will improve the UK’s tax system.
As part of the package HMRC will be launching a consultation on electronic invoicing (e-invoicing), to promote its wider use across UK business and government departments.
She said the introduction of e-invoicing can significantly reduce
New sustainability diploma from ACCA
ACCA has launched a pioneering Professional Diploma in Sustainability, designed for finance professionals at all levels who are looking to gain a comprehensive understanding of sustainability –and accreditation to prove it.
The diploma consists of a comprehensive, integrated learning
programme, a revision kit and a three-hour exam. Offering over 60 hours of learning across four certificates and one exam, learners will gain in-depth knowledge of sustainability frameworks and ethics, sustainability strategy and management, sustainability reporting and sustainability assurance.
ACCA has been working closely with regulators globally on their requirements for sustainability auditors and this new professional diploma has been designed to meet their needs. Once completed, the professional diploma provides a comprehensive accreditation in the core areas of sustainability.
FA24 will soon be here
AAT students are reminded that the Finance Act will change from FA23 to FA24 from AAT assessments taken after 27 January 2025. Training Link’s William Boardman (pictured) said the change will affect Level 3 Tax Processes for Business (TPFB), Level 4 Personal Tax (PNTX), and Level 4 Business Tax (BNTX). Boardman explained some of the key changes will be: TPFB
• VAT registration limit increased from £85,000 to £90,000.
• VAT de-registration limit
increased from £83,000 to £88,000.
• Removal of penalty points now depends on VAT return due date for businesses that haven’t
Deloitte signs up 1,400 newbies
Deloitte recently welcomed around 1,200 new people to its awardwinning graduate BrightStart apprenticeship and industrial placement programmes, for a blended in-person and virtual
induction in over 20 UK locations.
A further 200 PQs will join in December 2024.
The firm’s graduate programme ranked number four in the latest Times Top 100 Graduate Employer and Deloitte
ACCA CEO Helen Brand (pictured) said: “The expertise of accounting and finance professionals in driving sustainable approaches to business is absolutely essential if we are to make the progress the planet so desperately needs.
“With their central role working in and for countless businesses and organisations across the world, professional accountants are well placed to play a key role in shaping the future we need. This new qualification is designed to help meet that increasing need and recognises that success is not now just about profits but about sustainability and social value, too.”
reached the penalty threshold.
PNTA
• Dividend allowance reduced from £1,000 to £500.
• Class 1 NI reduced between £12,570 and £50,270 from 12% to 8%.
• Capital gains AEA reduced from £6,000 to £3,000.
BNTA
• Class 2 NI contributions removed.
• Class 4 NI contributions between £12,570 and £50,270 reduced from 9% to 6%.
• Capital gains AEA reduced from £6,000 to £3,000.
was ranked in this year’s Top 100 Apprenticeship Employers list. During their first week, the new joiners will take part in an induction programme, which will include an introduction to the firm’s purpose, shared values, and sustainability and climate goals; as well as the importance of diversity and inclusion. There will also be opportunities to network with fellow new starters and meet early careers alumni before immersing themselves in their business area.
administrative tasks, improve cash flow, boost productivity, introduce automation and reduce errors in tax returns – all helping to close the tax gap. The consultation will gather input from businesses on how HMRC can support investment and encourage e-invoicing uptake.
ICAEW wants VAT on private schools delay Plans to introduce VAT on private school fees during the current academic year will lead to
complications for schools and HMRC, potentially affecting compliance, ICAEW has warned.
In a representation to government, the Institute recommended a delay to 1 August 2025, and cautioned that many independent schools will need to register for VAT by 1 January 2025. This will place unnecessary strain on HMRC and fail to give schools enough time to seek professional advice regarding their registration. Bringing the change in to apply to school terms starting on or after
1 August 2025 would give more time to ensure the draft legislation works as intended, ICAEW said.
Care workers left out of pocket
Care workers who have no choice but to use their own vehicles for work are being left out of pocket by ‘outdated’ mileage rates, the Association of Taxation Technicians (ATT) has warned. Rates have not been updated since 2011, despite the cost of running a car increasing substantially.
Fewer students taking ACCA exams
Fewer ACCA students entering exams has been ACCA’s most significant performance challenge over the past four years, says CEO Helen Brand in the association’s Annual Integrated Report.
She said this is despite delivering a substantial number of exams ‘to a very high standard’. That said, exam entries in 202324 were 32,479 higher than the previous year, although they are not yet back to pre-pandemic levels. ACCA had targeted for 80,762 more exams to be sat.
The stats show 28.4% of students passed an exam in the year, which is 0.5% ahead of its ambition. Analysing the impact of its resources to ensure their value, ACCA found pass rates for students using the CBE practice platform for the September 2023 exams were 13% higher than the
Restatements on climate abound
Almost half of companies (46) in the FTSE 100 made prior year adjustments to their previously reported climate and sustainability metrics this year, according to analysis by Deloitte.
The Big 4 firm’s analysis looked at the climate and sustainability disclosures in the most recently published annual and/or sustainability reports, as
of 31 December 2023.
Of the restatements made, 89% related to greenhouse gas emissions (GHG) metrics, with the remainder (11%) comprising a variety of other sustainability topics (including waste, water, diversity and inclusion, and health and safety). Some 32% of all restatements related to Scope 3 metrics – indirect emissions
global average, and 6% higher for those using the ACCA Study Hub. Pass rates for students using both resources were 15% above the global average.
Brand points out that four years ago ACCA had 544,000 students and now has 526,000. The pandemic and changes to the economic and geopolitical environment are apparent. However, it welcomed just under 100,000 in the year – its strongest recruitment year since 2019-20.
For more in-depth analysis go to page 18
that occur in the activities of an organisation (including business travel, commuting, purchased goods and waste disposal).
The most frequent reason for restatements related to a change in method or measurement approach (44%), which is an acceptable practice for GHGs under the GHG protocol, while the second most frequent reason was the correction of errors (29%).
Pack up your CIMA case
The new OCS Pre-seen for the November 2024 and February case study features BackOffice, who design, manufacture and market backpacks.
Top tutor Andrew Mower’s initial reaction was that it is a ‘great pre-seen’, although on the longer side (back to nearly 30 pages). He said hopefully everyone knows what a backpack is, and it is not a complicated product!
Mower felt the company has a great ethos – they want their product to be beautiful, useful, durable (check out the special material) and comfortable.
BackOffice also want to be sustainable, and this will be a key thing in the case. He said the other key themes are growth, quality, digital design, production and innovation.
Mower’s examinable topics included: ABC, stress testing budgets, KPIs and variance, PPE and leases, expected values and inventory.
Check out his initial thoughts on YouTube at https://tinyurl.com/3njrvch3
ANNA KATE PHELAN
Seminars to put you on the right path
It’s inspiring to see the accountancy profession leading the way in creating a better future for generations to come.
As trusted advisors, accountants are uniquely positioned to steer businesses toward sustainable practices. By integrating Environmental, Social, and Governance (ESG) principles into financial decision-making and reporting they can help organisations adopt greener policies, better manage climate-related risks and drive real progress toward global sustainability goals. This approach not only benefits the planet but also ensures long-term business resilience in an evolving world.
The ICAEW Sustainability Summit on 4 November is a free online event designed especially for finance professionals. Its purpose is to equip the accountancy profession with the insights needed to lead the transition toward net zero, socially just and nature-positive societies. ESG concerns are now essential to the ongoing impact of the profession. Key topics include ‘why nature matters to professional accountants’ and ‘climate-related risk and scenario analysis’.
Before that, on 29 October, PQ magazine and Eintech are hosting a free online roundtable titled ‘Accountants Will… Save the Planet’. This pilot event, which we hope will become a regular series, invites thought leaders to discuss the critical role accountants play in driving positive change through ESG practices. Attendees will have the opportunity to join the conversation live through the Q&A box!
Editor’s note: To find out more and sign up go to our Eventbrite page, at https://shorturl.at/SvxTM
Anna Kate Phelan
Training Link offers Live Online revision for AATs
AAT distance learning provider Training Link has introduced live online exam revision sessions.
The sessions, which will feature as part of its Blended Live study option, have been added in response to a recent survey of potential and current AAT students which revealed an overwhelming demand for interactive, accessible study options that support exam preparation.
Survey data highlights the growing preference for live online learning, with 69.5% of respondents expressing an interest in attending
live online sessions. The vast majority of these respondents (71.6%) confirmed that they could attend these sessions on a weekly
The most innovative teacher?
Senior Lecturer in Accounting and Taxation at the University of Winchester, Lim Keong Teoh (pictured), has been shortlisted for a prestigious Times Higher Education (THE) Award.
Lim, who loves to use gaming technology and real-world scenarios in his lectures, is in the running for Most Innovative Teacher of the Year at the 2024 awards.
In the classroom Lim uses a
mobile phone app that places students in a virtual café where they act as waiting staff. If they answer questions correctly they can restock food to serve their customers and win reward points. Lim has already picked up one national award this year. In April he was named Public Sector Lecturer of the Year at the 2024 PQ Magazine awards, where he was lauded for making accounting “engaging and fun”.
How good are audits?
Some 71% of audits were deemed good or generally acceptable, according to the ICAEW’s audit monitoring report 2023/24.
The larger audit firms seem to be doing better than the rest, as 88% of non-Public Interest Entity (PIE) audits carried out by larger firms were considered good or generally acceptable.
ICAEW explained that reviewers were asked to select the audits
basis, reinforcing the need for regular, consistent engagement to support their studies.
Furthermore, the survey showed that learners value flexibility in how they engage with the material. Some 91.8% of respondents stated that viewing recordings of live sessions afterwards would be useful, particularly for those who may struggle with a weekly schedule, where 16% admitted they would find it challenging to keep up.
Training Link’s Gary Hupston said: “It’s 12 months since we introduced our Blended Live study option and these results have given us a clear indication on how to make it even better and more in tune with what students want.”
• Watch out for next month’s issue when we launch the search for the 2025 PQ magazine award winners.
considered to be the most complex and challenging, so the
overall result is not necessarily representative of average audit quality, which is likely to be higher. Rama Krishnan, Chair of ICAEW’s Audit Registration Committee, said: “While there has been no deterioration in the overall result this year, it is slightly disappointing that overall performance has not improved. However, we recognise that different firms are reviewed each year which makes it difficult to make year-onyear comparisons.”
PwC division suspended in China
PwC’s China’s auditing arm has been ‘suspended’ from getting any contracts in China for six months over its work on the collapsed property giant Evergrande. The Big 4 firm has also been fined £47 million after Chinese authorities ruled it helped in the fraud cover-up.
PwC China has admitted its work on Evergrande fell “unacceptably below the standards” expected. The Chinese Securities Registrar has also confiscated the revenue PwC earned from auditing Evergrande (FRC take note!).
PwC explained it has sacked six partners over
the failings, and was looking to dismiss those responsible.
Anna Anthony to head up EY
UK & Ireland
EY has unveiled Anna Anthony as its next UK & Ireland regional managing partner, effective from 1 January 2025.
Anthony, the first woman to run the day-today business at a Big 4 UK firm, has been an EY partner for more than 16 years, and has been the managing partner of UK Financial Services and a member of the EY UK LLP board since 2021.
EY explained that in line with the UK’s FRC audit firm governance code the roles of regional managing partner and chair will be separated moving forward.
Hywell Ball will remain UK chair until a separate selection process for this position has been completed early in the new year.
‘Mixed performance’ for Deloitte UK
In contrast to double-digit growth last year, Deloitte has reported a ‘mixed performance across the business’ for the year ended 31 May 2024.
Revenue for the year increased 2% to £5.7bn. Audit and Assurance saw an 8% revenue growth, but consulting revenues contract by 1%, and the financial advisory business contracted by 2%. Distributable profit was £756m, and the total tax contribution was £1.75bn. Headcount for the year was broadly flat at 27,573.
is Head of Product at Eintech
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EDDIE HERBERT Navigating the new TCFD
The Task Force on Climate-related Financial Disclosures (TCFD) has emerged as a game-changer in corporate reporting, with far-reaching implications for accountants worldwide. As climate change increasingly influences financial markets, the TCFD framework is reshaping how businesses disclose climate-related risks and opportunities.
For accountants, this shift presents both challenges and opportunities. Firms must now develop expertise in climaterelated financial reporting, a field that requires a blend of financial acumen and environmental knowledge. This new skill set is crucial as clients seek guidance on integrating TCFD recommendations into their reporting processes.
The impact of TCFD extends beyond compliance. It’s driving a fundamental change in how businesses approach risk management and strategic planning. Accountants are now tasked with helping clients identify, assess, and quantify climate-related risks and opportunities across short, medium, and long-term horizons.
Today, initiatives like Net Zero Now have become essential. Through our climate action platform we are helping accountants and their clients navigate mandatory climate disclosure regulations. Net Zero Now’s sector-specific approach to carbon accounting aligns well with TCFD’s emphasis on industry-specific climate-related metrics and targets.
As regulators increasingly mandate TCFD-aligned disclosures, accountants find themselves at the forefront of a new era in corporate transparency. Those who adapt to this changing landscape will not only ensure compliance for their clients but also play a crucial role in building a more sustainable global economy.
Edward Herbert, Sales & Business Development Manager, Net Zero Now
The drones are coming
Large-scale drone deliveries in the Britain could be happening by 2027 under plans being rolled out by the UK Civil Aviation Authority. Pilot schemes, with the likes of Amazon, will be running by the end of 2024, despite continuing concerns over safety and airspace congestion.
The CAA said it was expecting to see “regular and routine” drone flights delivering medicine, mail and shopping.
Getting app overload?
Nearly half (43%) of accountants are suffering from app overload, according to new research from IRIS Software Group. The research reveals three-quarters of accountants are juggling up to 10 different apps in order to manage their dayto-day workloads. This reality is far from an ideal scenario. Nearly a third (30%) of those surveyed think having any more than three
apps is too much to manage.
Worryingly, nearly half of accountants (44%) IRIS surveyed said the in-house apps they use only ‘sometimes’ sync or link up with each other, and 36% said apps ‘don’t ever’ sync with others they have to use. Poor integration is a pressing problem for every size of accountancy firm – entering data into multiple
Tech sector gets mojo back
The tech sector is feeling more confident under the new government, according to recent research from RSM UK. It found that four in five (80%) tech companies feel confident their business will grow now the election is behind them.
The data also suggests many tech firms are in a stronger position financially, with over half (57%) having less debt now compared with six months ago, while a quarter
(35%) have the same amount. Fewer than one in five (17%) said they now have more debt than six months ago.
Ben Bilsland, head of technology sector at RSM UK, said: “Escalating interest rates and inflation hit technology companies hard in recent months, with many having to borrow money or make significant layoffs just to survive. Against this backdrop, technology companies are still being careful not to over-
apps with various login details, along with different user interfaces and contact lists, increases the likelihood of errors. Indeed, overwhelmingly (72%) accountants wish their apps would connect with each other.
Karen Williams (picturted), Interim MD of Accountancy at IRIS Software Group, said: “Accountants are facing serious ‘app fatigue’ that not only drains time and money, but in some cases presents a real security risk. Today’s modern firm needs a single, integrated platform that provides a 360-degree view of customers, saves time with an integrated automated work flow and enables them to manage their practice end-to-end.”
extend themselves. Many are carefully managing the debt they have on their balance sheet instead of borrowing to grow; however, this increased confidence is a good sign for the sector.”
GenAI is a ‘positive disruptor’
UK chief executives see implementing Generative AI (GenAI) as an opportunity to change the nature of work and create highly skilled workforces without reducing the number of jobs in the market, according to KPMG’s 10th annual CEO Outlook survey.
KPMG surveyed more than 1,300 CEOs around the world – 150 in the UK – in July and August, revealing that two-thirds of UK CEOs (65% and 76% globally) see GenAI as a positive
Currently, most drone flights require the licensed operator to keep it within their line of sight. As part of the new regulations drone operators will need to show they have the ‘detect and avoid’ technology for the next phase.
Xero acquires Syft
Xero has bought Syft Analytics to enhance its reporting and insights capability. Xero said the acquisition will accelerate its insights, advanced reporting and analytics offerings for customers in
disruptor, with 68% (65% globally) agreeing that GenAI remains a top investment priority.
Australia, the US, the UK and other global markets. The plan is, over time, to embed Syft’s functionality into Xero. However, it will also continue to be available as a standalone app post-acquisition. Headquartered in South Africa, Syft software is used by accountants and small businesses in over 80 countries. They use Syft to review, analyse and forecast financial outcomes. Total consideration for the purchase of Syft and related employee incentive payments will be up to $70 million.
Most UK chief executives (71% and 76% global) said GenAI will not fundamentally impact the number of jobs in the market; instead, existing jobs could be redeployed, and the new tech is expected to enable upskilling. A further one-third said it will create more jobs. This belief is replicated across the broader population of CEOs around the globe.
IRIS launches Practice in
a Box
The software group IRIS has launched a new, all-in-one solution designed to simplify accounting firms’ workflows and allow them to grow more profitably. Practice in a Box combines essential accounting services in one bundle, allowing new firms to fulfil compliance, tax filing and practice management at a click of a button. For existing firms, Practice in a Box streamlines the transition from desktop to cloud.
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Easily create accurate practice exams with Rogo’s question types, matching the new formats from AAT assessments.
We aren’t all boring!
Picking up on last month’s PQ lead story, it does seem that accountancy is at the crossroads. If we are to attract the ‘best of the best’ then we need to ditch the idea that accountants and accountancy is boring.
It has ever been thus though – my older colleagues seem to blame Monty Python for helping to cement this stereotype. Dr Paul Wells is right in your story to say it is up to us accountants to know why accounting is important – and be able to articulate that. Without this misinformation will continue to circulate.
If we see accountancy as just a process, and a very repetitive one, then graduates will be wary
of opting for a career in the profession.
It is true my degree had a very unhealthy focus on data entry. There also wasn’t a lot of information about
what accounting is and what accountants actually do.
Clear pathways don’t really exist. What, for instance is the difference between a career in the public and one in the private sector? The sheer scope and breadth of the accountancy profession is never explained.
Accountancy bodies are in competition with each other and have forgotten their shared purpose. They all need to work harder to fight the boring tag. Maybe they should even think the unthinkable and become one body with one goal.
I would like to believe the work I do makes a genuine difference to my clients.
Name and address supplied
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Time to end late entry charges
ACCA has extended the standard exam entry deadline for December 2024 by a week to 4 November. As a result, there will be no late entry period and the massive hike in exam fees that come with it.
Why can’t ACCA just introduce this as their new policy and do away with the late entry fee altogether?
I see the December results are going to be slightly later too – on 17 January 2025, a Friday. But I can’t find a reason for this anywhere on their website. Why? Are we just having to pay the price of everyone have a nice long December holiday?
Name and email address supplied
No hiding place
Tucked away on page 9 of last month’s PQ was your story ‘Time to publish exam paper again?’ How have the professional bodies been allowed to hide their exams away from public gaze?
The professional bodies talk about public interest and transparency, but at the very first hurdle they are failing on that promise. All the examining boards for school exams publish their papers, so why should the accountancy bodies be any
different?
With exams costing hundreds of pounds each, we should not only see the questions but we should be able to see our actual paper and how it was marked. How can anyone judge how fair and consistent the exams are? Who is ensuring consistency?
I understand even tutors don’t see the papers. It is little wonder the pass rates have remained low in some papers, despite the increase in online resources.
What are the arguments for not seeing the papers? It just seems to me a matter of cost.
Name and email address supplied
It was great to read on LinkedIn that Tom Sanger is now a CIMA qualified. We have followed his journey since he was shortlisted for the PQ Awards 2022. He was studying AAT then, but has quickly progressed through the exams. He said: “After three years of study, 28 first-time exam passes, two qualifications, countless early mornings, and more than a few social sacrifices… I’m thrilled to share that I’ve officially passed my final CIMA exam.”
He went on: “Making the leap into finance as part of my career change was one of the best—and toughest—decisions I’ve ever made. It’s pushed me in ways I never imagined and opened my eyes to areas of knowledge I didn’t even know existed. It’s sparked a passion for growth, broadened my perspective, and sharpened my focus on the career and values I want to build.
“I’m looking forward to enjoying some extra free time and putting my qualification to good use!”
But what touched our heart strings was his wife Lucy’s response to it all: “I am literally the proudest person!!!! You have shown such passion, dedication and commitment to your career change and AAT/CIMA studies. I am in awe of you and all of what you have achieved, all in such a short space of time a true inspiration! All whilst navigating a difficult personal journey too. But you never gave up, carried on and we got there hey!! Epic result and you’re an epic human.”
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The LUCA Awards shortlist is…
Who has made the shortlist for the Oscars of the bookkeeping world? Here are all the finalists
The judging is over and we now know the finalists for the 15th LUCA Awards, which takes place on Monday 11 November.
PQ editor Graham Hambly is the lead judge for the awards, and he recently went online to announce the successful nominees. But, in case you missed it, here is the shortlist of all the finalist:
The Bookkeeper Awards Shortlist
Student of the Year
Maria Arkell, Training Link
Eizabeth Arrowsmith, Training Link
Emilia Goubert, Training Link
Magdalena Mahdy, Training Link
Sebastian Rawski, Ideal Schools
Fanni Saffer, Ideal Schools
Karen Taylor, Independent Student
New Practice of the Year
Sponsored by Sage
Brigg Bookkeeping Ltd
KayCee Associates Limited
Liberty Accounting & Training Ltd
S J Accountancy Ltd
Small Practice of the Year
Sponsored by IRIS Software Group
ABCS UK Ltd
Busby's Bookkeeping Services
CEM Bookkeeping & Consultancy Ltd
Kirsty's Counting Services Limited
LMBA Bookkeeping Services
Jems Bookkeeping & Accountancy
Services Ltd
JQ Business Services Ltd T/A
Purple Orchid Bookkeeping
Large Practice of the Year
Sponsored by TaxCalc
Adder Bookkeeping Ltd
Cashtrak Ltd
Celtic Bookkeeping & Accountancy
Services Ltd
Double Digit Ltd
Drive Ahead Bookkeeping Ltd
Bookkeeper in Industry
Sponsored by Intuit Quickbooks
Elspeth Cordray MICB PM.Dip
Mehul Dave MICB PM.Dip
Nicola Edwards MICB PM.Dip
Aaron Lilley FICB PM.Dip
Laura Murphy C.MICB PMDip
Lynda Stone MICB
Team of the Year
CEM Bookkeeping & Consultancy
Ltd
Jems Bookkeeping & Accountancy
Services Ltd
Orchard Bureau Ltd T/A Office
Assistants
Perfect Sums Bookkeeping & Accounts Ltd
Solace Business Management Ltd TCS Guernsey
ICB Branch of the Year
Aberdeen Cambridgeshire Glasgow Lincolnshire
Bookkeeper influencer of the Year
Sponsored by FreeAgent
Julie Holland MICB
Stephanie Marshall FICB PM.Dip
Kirsty St John C.MICB PM.Dip
Kathryn Vincent MICB
Suzanna Whelan MICB PM.Dip
Client Experience
Claire Cridland MICB PM.Dip
Reem Manchee MICB PM.Dip
Lara Manton MICB
Stephanie Marshall FICB PM.Dip
Laura McCarthy MICB
Carol Webb C.FICB PM.Dip
Suzannah Whelan MICB PM.Dip
Payroll Professional of the Year
David Allen AICB PM.Dip
Stephanie Busby MICB PM.Dip
Nicola Edwards MIC PM.Dip Lorraine Gransden MICB PM.Dip
The Vendor Awards Shortlist Training Provider of the Year Ideal Schools
We run the rule over the accountancy body annual reviews and financial figures. What do they tell us?
ACCA
ACCA is now ‘supporting’ a community of 252,5000 members and 526,000 future members in 180 countries, explains the Annual Integrated Report.
Among the highlights for 23/24 was the admission of 12,569 new members, and the recruitment of 99,586 students in the year.
In all, 584,838 exams were also taken and the ACCA Study hub gets a mention, as does ACCA winning the Study Resource of the Year (for My Exam Performance) at the PQ magazine awards in 2023.
CEO Helen Brand looks at the positives and the negatives in her report. She points out that four years ago ACCA had 544,000 students and today that number has fallen to 526,000. The pandemic and changes to the economic and geopolitical environment are apparent. However, the association welcomed just under 100,000 in the year – its strongest recruitment year since 2019-20.
Brand also said that despite its best efforts ACCA has experienced overall declines in member and future member satisfaction levels. She stressed: “We are taking this as a clear call to action. We want every single member of our global community to value their relationship with ACCA.”
members in the UK, a 5% increase on the previous year.
The year saw a significant growth for the CGMA Finance Leadership Programme (FLP). Following strong interest in the UK and Ireland, FLP candidates now represent 35% of all CGMA candidates sitting the case study exams. The FLP was also made available to the foundation level, making it more accessible to an even greater number of candidates.
On the ‘goals not fully met’ side, the report says revenue for AICPA and CIMA was $18.8m above target; however, an operating deficit of $5.7m was registered.
for membership.
The separate financial statement shows operating income was £238.7 million, with a surplus after tax of £18.2m. ACCA expenditure was £224.8m.
Members paid £61m in subs, and PQs £50m. Exams brought in £83.8m and exemptions another £14.7m. ACCA employed an average of 1,310 people, and the average salary per employee was £51,850.
Total salary for CEO Brand was £500,828.
For more see https://tinyurl.com/mw76bzhh
AICPA & CIMA
The AICPA and CIMA’s Integrated Report reveals a 10% increase in the number of candidates sitting the CGMA case study exams, and a 15% increase in the number of CGMA exams delivered.
The apprenticeship programmes in England and Wales also grew, and now make up 22% of new CIMA
Last year was another recordbreaking one for membership, and CIOT welcomed 699 new members, taking total membership to 19,924. Ashford said: “We are tantalisingly close to our 20,000th member and this will be a milestone moment for us.”
The report
The new digital platform for CIMA members and CGMA candidates in April 2023 also had some problems. It led to resource constraints, capacity gaps and site issues, as well as the delayed launch for some of the core capabilities.
On page 44 of the report we discover CIMA has 116,000 members and 44,000 CGMA candidates. There were also 37,000 CGMA registrants.
It is a bit harder to separate the AICPA and CIMA when it comes to the financial stuff. Getting information about CEO pay, staff numbers and even exact CIMA student and members numbers is difficult!
For more see https://tinyurl.com/mrccffc6
CIOT
“Exam successes and a record setting year for membership remind us of our purpose to promote awareness and understanding of the tax system,” says Gary Ashford, the outgoing President in the Chartered Institute of Taxation’s annual report.
He revealed 7,534 students were registered for the CTA qualification in 2023, and by the end of the year 576 had completed their exams and qualified
shows the CIOT made an operating gain of £622,000 for the year (2022 – £801,000). The institute benefitted from increased income from membership subs, student registrations and exams, and investments in the year. Exam costs were up as a result of a return to exam centres, and there were increased staff costs, and IT expenditure rose.
The net gain on investments was £421,000, which means the net income for the year was £1,043,000.
Total income for the year was just under £10.7m, with income from student registrations and exam fees £2.7m. Education and student services costs were £5.3m.
The CIOT has reserves of £9,855,000. We are not told in the accounts how much the CEO is earning, but they show one employee was paid between £190,001 and £200,000. We are assuming that is chief executive Helen Whiteman.
For more see https://tinyurl.com/mutwmed7
CIPFA
Inflationary cost pressures and planned business investments meant CIPFA’s overall result for 2023 was a positive contribution of just £70,000, compared with £1.142m in 2022. Income dropped slightly to £28.2m, with expenses rising to £28.1m. CIPFA’s overall reserves at the end of 2023 were a surplus of £12.5m (in 2022 it was £15.5m). The reduction was driven by the revaluation of Mansell Street, which resulted in an impairment. This revaluation, says the report, reflects the overall sentiment in the market.
Membership subscriptions from CIPFA’s 13,562 members brought in £2.9m (10.4% of income) and education and training £4.8m (17.1%). On the minus side, educating and training student members cost £6.8m (24.1% of expenditure). There are now 6,128 students.
The average number of employees in the group in 2023 was 259, up from 238 in 2022. One employee earnt between £220,000 to £229,000, and we have to assume that this is outgoing CEO Rob Whiteman.
The roll-out of the Professional Accountancy Qualification (PAQ) continued in 2023. In June, the Business Reporting and Business Planning and Financial Management modules were introduced for the first time and the results were “encouraging for both”, says the report. The remaining two modules, Tax and Law and Governance and Risk, were examined for the first time in December 2023. CIPFA has its own education and training centre, CETC, which saw growth in the take up of both the Level 7 apprenticeship and the Counter Fraud Investigator apprenticeship. There was also growing demand for face-toface learning, and CIPFA promised to supply this where possible.
students into its membership base. That membership base is now 169,722 strong.
And because of the increase in student numbers, income from education and training has continued to grow, helping ICAEW to break the £20m barrier. Some £14.2m comes from exam fees and another £5.9m for student fees and charges.
Sales of learning materials can be found in the ‘Belonging and Supporting’ figures –these bring in £6m.
Total group income for the year was £142.2 million (£141.7m), with the net result after tax for the year £10m (£13.6m).
To facilitate recently qualified CIPFA students gaining dual ICAEW-CIPFA membership, the institute also developed a ‘relationship’ with an experienced ICAEW ‘Partner in Learning’ to help deliver the top-up Corporate Reporting module.
For more see https://tinyurl.com/959fch5
ICAEW
Last year was another record one for student intake at the ICAEW, with 12,225 (11,962) new ACA students joining in 2023. There are now 38,490 PQs studying the ACA qualification, with around a quarter of students based outside the UK. As the financial review says, student growth is considered crucial to the future success of ICAEW, which relies on the progression of
Subs and fees grew to £58m, reflecting the steady growth in membership numbers together with inflationary increases in prices.
Operation expenditure grew 4.8% to £129.1m.
This all means the group’s net assets at 31 December 2023 were £183.1m, an increase of £5.1m year-onyear.
April then saw a new brand launch, including what ICAS calls ‘a new visual identity’.
CEO Bruce Cartwright said ethics is at the core to the CA qualification and “we will continue to champion doing the right thing”. ICAS is trying to create a new student experience. This includes the launch of CA Advantage, an interactive platform for students. The old perennial concerns about the logbook should also have been addressed with the creation of a revised digital version. ICAS has also streamlined its registration processes, reducing the lead time from two weeks to 20 minutes to onboard new students. Last year also saw the launch of a free wellbeing helpline for students.
There are some 812 people (full-time equivalent) working for the ICAEW. The ex-CEO Michael Izza was the toppaid employee, with pay of £647,000.
Izza has now left the ICAEW, but in his foreword to the report he said the institute has begun the process of evolving the qualification for the next generation of students.
For more see https://tinyurl.com/ytkdhjzr
CA24 was being launched as the annual review was published, and Cartwright ventures this will be the biggest remake in the institute’s 170-year history.
ICAS membership stands at 23,952, with 62.6% of these male and 35.8% female. It also has 4,480 students (up 3.5% year-on-year). Interestingly, just 49.8% of members are now located in Scotland, with 40.6% living in the rest of the UK, and 9.7% working outside the UK.
When it comes to the figures the overall group loss was £1,499,000 in 2023, compared with a profit of £185,000 in 2022. The most significant reason for this loss was the planned investment in the 2023 strategic programme, which cost £2.2m.
Total revenues grew to £20.6m, with learning revenues up by £833,000, mainly due to price increases, a strong student intake and a recovery in TPS level student numbers.
Group net assets at the end of the year were just under £8m.
ICAS
Last year saw the launch of the ‘2030 strategy: Together, we will…’, which sets out ICAS’s ambitious growth plan, says the annual review.
Cartwright was paid a basic salary of £268,000 and a bonus of £77,000. With social security costs, pension and other allowances he was rewarded to the tune of £400,000, up by £20,000 year-on-year.
See https://tinyurl.com/ynr8z8t5
What the INAC examiner wants
First Intuition’s Nick Craggs looks at task 2 in the INAC assessment, and exactly what the examiner needs to see in your answers
At the time of writing, the latest AAT examiner reports have just been released. The feedback from the examiner details where students struggle and where marks are lost. Students should make sure these examiner reports are a key part of their preparation for their upcoming assessments.
The latest examiner report in the level 4 Internal Accounting Systems and Controls has a lot of really valuable feedback. There is a lot of great information in all of it, but one subject I would like to focus on is Monitor, Review and Report in task 2. This is a large task and overall worth 25% of all the marks in the assessment.
One of the weaknesses mentioned in relation to task 2 is “explaining the risk instead of explaining how the organisation can monitor, report and review the risk”. AAT students do tend to want to fix things, which is commendable. They will see a problem and then tell me what they would do to fix it, which is great, but that is not what we are looking for with a monitor, review and report type question.
In this type of question you need to break it down into three parts and make sure that you answer each part to get all the available marks. The first part of this process is the monitor part; for this we are not looking for you to tell the examiner what a possible risk is or could be. In fact, you may be told what the risk is that you need to analyse using Monitor, Review and Report. Nor are we looking for you to tell us what the company could do to solve the issue. We are looking for you to identify data that you would monitor on an ongoing basis that could indicate that there could be an issue from the risk. An example of this could be a risk of fake employees being put on the payroll and their salaries being paid to someone else. What we are not looking for is for you to say that there is no segregation of duties between the task of approving new employees and the running of the payroll, causing there to be fake people on the payroll – this a potential cause of the risk. Nor are we looking for you to tell us that the company should outsource the payroll to a third party company to solve the problem. This is a risk but we are looking for what
you could monitor that could highlight that the risk is happening. You could monitor the number of new employees every single month, and if you get a spike one month this could be due to a weakness, allowing the risk to occur. However, it doesn’t definitely prove there is a weakness and that there is definitely an issue.
This is where the next step comes in, the review stage.
The review stage is where you start to look at the underlying data and individual transactions to see if the potential issues from the risk have occurred. This is the stage where you start your investigation into whether there is a potential problem or not. Using the potential risk I mentioned above about fake employees, this might be where you start to look at individual employees and check that you have third party ID for them. Some companies might want a copy of a person’s passport or driving licence to make sure they are a real person and not some fake employee someone has slipped in the payroll. If you have now decided that there is a problem in the controls of the company you now need to report it, which as you might guess leads to the next part of the Monitor, Review and Report process.
You now need to report the issue to the top layers of management, and this could be done in a variety of ways. You may want to produce a table detailing the fake employees, and how much this has cost the company. You may want to visually display this; for example, by producing a chart showing the proportion of new employees that were not genuine starts. Ideally you would choose a medium that is suitable for the information that you have prepared. If you want to express numerical data a chart or spreadsheet might be useful, whereas if the risk is causing non-financial implications you may want to express this via a report. The subject itself isn’t that technical, but the trick is to make sure you are giving the examiner what they are looking for.
• Nick Craggs, AAT distance learning director, First Intuition
Navigating the post-ACA journey
Aydin Bolton, Chair of the Chartered Accountant Student Society of London (CASSL), speaks about his experience of finishing exams and his next steps
As I sit and reflect on passing my final ACA exams over the summer the excitement is still fresh. After years of intense preparation, balancing an exhilarating busy season, study and – when possible – a personal life, reaching this milestone is a huge relief. But now, with the hurdle cleared and qualification on the horizon, I’m faced with the inevitable question: what next?
While it’s relieving to finally see the ACA post-nominals in sight, I’ve also realised that this is such a pivotal moment in my career. It’s a moment when many of us, having dedicated so much time to qualifying, are not sure of the next steps. There’s clearly no one-size-fits-all answer, but that doesn’t mean there aren’t plenty of exciting options to explore. I’ll share how I’ve been tackling the uncertainty and offer some insights from recent events I’ve organised.
The post-exam dilemma
In a recruiting minefield it’s easy to feel overwhelmed by the sheer range of career possibilities. I was fortunate enough to find a mentor through CASSL—a senior professional who has been an invaluable guide through this uncertain time. Their insights have been invaluable, helping me understand the pros and cons of various roles, identify my skills gaps and make networking introductions to potential career paths. It’s easy to feel like you should have all the answers at this stage, but mentorship reminds you that it’s okay to ask questions and explore options without pressure.
I’ve also spoken to recruiters to get a better sense of the job market and where the demand for ACA-qualified professionals lies. While recruiters might not always direct you towards the roles you’re looking for, this has offered clarity on the different industries actively seeking our skills, whether in corporate finance, banking or other industry roles.
At the same time, I’ve been considering further qualifications to expand my skill set. One option I’m looking into is the MBA, which could open doors to leadership roles and broaden my career opportunities. It’s certainly not an easy decision, but the more I explore the clearer my path becomes.
Learning through insight
As Chair of CASSL, I’ve helped organise events designed to offer practical insights to ACA students and connect them with professionals who’ve been through this same phase.
In September, we partnered with London Business School for an open evening, bringing together LBS students who have gone back to the classroom after accountancy. A recurring theme was the value of pursuing an MBA for those looking to expand their horizons. The speakers shared how the ACA gave them a strong foundation, and how an MBA would
help propel them into roles with greater responsibility and flexibility. It was inspiring to see how their careers were flourishing after taking the leap into further education.
For those looking towards an exciting lifestyle change, our Deloitte-sponsored networking event in early October was a real standout. We gathered ACA students and Deloitte partners from the Cayman Islands and Bermuda for an evening of networking and
friendly competition at the ping-pong tables. Deloitte’s partners painted an enticing picture of working in the Caribbean: unique career growth, a vibrant lifestyle, low tax and the opportunity to work with high-profile financial services clients in a truly stunning location. The mix of adventure and career development made it clear that international opportunities shouldn’t be overlooked – especially while you are young!
Kaplan also hosted a CFA Information Session with us. This session was particularly helpful for anyone considering the Chartered Financial Analyst qualification. Kaplan’s experts gave us a comprehensive overview of what the CFA entails and how it complemented the ACA. The CFA is highly respected in investment management roles, and it was encouraging to hear how the two qualifications overlap, providing a clear route for ACA students who want to pivot into the world of finance.
Finding your path
At this stage it’s easy to feel overwhelmed by the decisions ahead. But what I’ve learned through my journey is that it’s okay to embrace the uncertainty. The key is to stay active –explore opportunities, speak to people who have already walked this path, and remember that the process doesn’t have to be rushed.
As I edge closer to becoming a fully qualified chartered accountant I’m taking time to reflect on what excites me about the future. I’m confident that the foundation I’ve built through the ACA has opened up more doors than I could have imagined, and that my journey is just beginning.
Gen Z gets vocal!
Why would you turn down the perfect job? It’s all about beliefs and values
Nearly half of Millennials in the UK (45%) have rejected a potential employer because of their values and beliefs, according to Deloitte’s 2024 Gen Z and Millennial Survey.
Now in its 13th year, the survey gathers insights from more than 22,000 Gen Z and Millennial respondents across 44 countries. Around nine in 10 Gen Zs and Millennials (90%) in the UK agree that working for a company that shares their values and ethics is important for workplace satisfaction and wellbeing. Over half of Gen Zs in the UK (54%) say they have made this clear to their employer by rejecting an assignment or project at work based on their values.
Cautious optimism
For the third year in a row, the cost of living is the top concern for Gen Z and Millennials in the UK (41% and 44% respectively). This is higher than the global average (34% of Gen Zs and 40% Millennials globally).
This is mirrored by levels of stress for UK Gen Zs and Millennials who experience slightly higher
levels of stress compared with their global peers (40% of Gen Zs and 35% of Millennials globally), with 47% of Gen Zs and 41% of Millennials feeling anxious or stressed most of the time. However, optimism about the economic outlook has been growing year-on-year since 2020. This is particularly true when it comes to personal financial, with around two-fifths of Gen Zs and Millennials optimistic about an
improvement in the next 12 months; 40% of UK Gen Z and 38% of Millennials expect them to improve (an increase of 10 and 12 percentage points respectively from 2023).
Climate anxiety
Gen Zs and Millennials in the UK are more worried about climate change than their global peers (66% of Gen Z and 64% of Millennials, a difference of 4 and 5 percentage points respectively compared with global figures).
As a result, the majority (62% of Gen Z and 60% of Millennials) have pressured their employer to take climate action, with many researching companies’ environmental impact or changing job due to environmental concerns. This is higher than their global counterparts (54% of Gen Z and 48% Millennials).
The survey found that some also take climate action as consumers; nearly a quarter of UK Gen Zs and Millennials (24% and 23%) have stopped or reduced their use of a business’ products or services if they feel they negatively impact the environment.
Kate Sweeney, partner in human capital at Deloitte, said: “In the UK, we’re seeing Gen Zs and Millennials staying true to their values as they navigate a rapidly changing world. Financial insecurity, stress and climate anxiety are impacting their careers decisions. Since the pandemic and across the market, we started to see them leave their employers for work that better aligns with their values and ethics.”
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The road to sustainability
Karen Groves explains the important concepts of Corporate Social Responsibility (CSR) and Triple Bottom Line (TBL) reporting
Ethics is assessed throughout the AAT qualification, and part of your studies will include Corporate Social Responsibility (CSR) and the Triple Bottom Line (TBL) reporting. So what are they?
CSR is an approach that contributes to sustainable development, by delivering economic, social and environmental benefits for all stakeholders (not just shareholders).
A lot of companies already commit to CSR, which involves setting environmental targets – for example carbon emissions, producing reports and taking responsibility for the company’s impact on the environment and social wellbeing. CSR usually involves companies going above and beyond what is required by regulators. An example of this could be implementing new ‘greener’ operations.
TBL reporting is used to expand the traditional company reporting of financial performance, considering both environmental and social performance. TBL is also referred to
as ‘integrated’ reporting, and consists of three Ps: People, Planet and Profit.
The triple bottom line approach was created by John Elkington in 1994. His argument was that companies should be preparing three different, and quite separate, bottom lines as follows:
1. The bottom line of a company’s People account, a measure of how socially responsible a company has been throughout its operations.
2. The bottom line of the company’s Planet account, a measure of how environmentally responsible it has been throughout its operations.
3. The bottom line of the Profit and loss account – the traditional measure of profit.
The aim of TBL is to measure the financial, social and environmental performance of a company over a period of time.
The framework has been developed to help companies demonstrate they are behaving in a
sustainable manner.
Companies that adopt the TBL approach are working towards reducing their ecological footprint by managing their resources and minimising environmental damage, both now and in the future.
Measuring performance?
Considering the three Ps – People, Planet and Profit – the following examples could be used in the workplace:
People
• Jobs created and diversity of employees
• Pay levels for staff
• Accident rates in the workplace
• Length of employee service Planet
• Gas and electricity usage
• Resources recycled
• Any pollutants produced
• Any greenhouse gases produced Profit
• Profit of an individual company
• Profit of a division or department
• Profit of a chain
• Taxes paid
Question
Identify ways an office could reduce its carbon footprint.
Answer
• Switch off lights when leaving at night to reduce electricity consumption.
• Limit printing of documents to reduce waste paper.
• Switch off computers when not in use to reduce electricity consumption.
• Turn down heating, switch off air conditioning when leaving the building at night.
• Use energy saving light bulbs.
• Ensure there are plenty of recycling bins around, to encourage staff to recycle items.
• Hold online meetings where possible to reduce travelling.
• Karen Groves is an AAT tutor and AAT Faculty Director at e-Careers
Picture perfect
Social media experts Viralyft provides eight of the best ways to capture the perfect LinkedIn profile picture
Taking the perfect LinkedIn profile photo is crucial for making a strong impression, whether you’re a graduate starting a new job or someone looking for your next job opportunity.
some space above your head and that your face isn’t too close to the camera. Look directly at the camera to establish a connection with viewers.
5. Expression
A natural, confident smile conveys warmth and approachability, so avoid a stern or overly serious expression and keep your shoulders relaxed and your posture upright.
bright hues. Neutral shades like navy, grey, black or white are excellent choices. Make sure your overall appearance is tidy.
6. Camera quality
2. Find the perfect background
Viralyft director Thomas Moore says your LinkedIn profile picture is your first impression in the professional world, so it's crucial to get it right. He explained: “Think of it as your digital handshake – it should convey confidence, approachability, and professionalism. The best photos are those where you look tidy, with natural lighting, a clean background and a warm, genuine smile. Remember, it’s not just about looking good – it’s about looking like someone people would want to connect with and trust.”
A neutral and uncluttered background works best, such as a solid colour wall, a blurred office background, or a simple outdoor setting. Ensure there’s nothing in the background that could detract from you as the focal point of the photo.
3. Lighting
Here are the eight things to do to get it right:
1. Look the part
Choose a professional outfit that aligns with your industry standards, such as a business suit or smart casual wear. It’s best to stick with solid colours, steering clear of loud patterns and overly
Natural light is best – soft, natural light from a window being ideal. Avoid harsh lighting or direct sunlight that can cause shadows. This will ensure that your face is evenly lit, with no strong shadows or highlights.
4. Framing and composition
A LinkedIn profile photo should typically be a headshot or from the shoulders up, allowing people to clearly see your face. Position yourself in the centre of the frame whilst making sure there’s
YOUR WELLBEING HUB
If possible, use a DSLR camera or a high-quality smartphone camera. Before taking the shot, ensure the lens is clean and that the photo is sharp and in focus. Use a tripod or steady surface as this will help you avoid any blurriness due to camera shake.
7. Editing and final touches
Keep edits natural if you decide to edit your photo, and adjust brightness, contrast, and sharpness slightly if needed. Ensure the photo is cropped to focus on your face and upper shoulders without cutting off important parts.
Don’t forget to check LinkedIn’s guidelines to make sure the photo meets LinkedIn’s size and format requirements.
8. Seek feedback
Get a second opinion by asking a friend or trusted colleague for feedback on your photo before uploading it. They may notice details you missed.
Securing a sustainable future
Amit Verma outlines the green skills public sector accountants need in order to help the country achieve Net Zero
The UK met its third carbon budget (2018–2022) ahead of schedule, achieving a 50% reduction in emissions compared with 1990 levels. However, a 2023 report by the Committee on Climate Change (CCC) raises concerns about delays in policy development, casting doubt on the UK’s ability to meet future emissions targets. This leads us to ask: what green skills are essential for achieving Net Zero, and how can public finance professionals contribute?
A more co-ordinated approach
As we look ahead it’s clear that the future of green skills in the UK must be shaped by a more coordinated approach – one that directly involves local authorities. Currently, many sectors essential to the green transition, such as education, renewable energy, new technologies including hydrogen, sustainable transport, manufacturing and construction are experiencing severe skill shortages. Without addressing these gaps the UK’s progress toward a sustainable, low-carbon economy is at risk.
Local authorities bridging skills gap
Local authorities are well positioned to lead the Net Zero transition due to their close ties to communities and businesses. However, they require better resources and consistent support from the central government to be effective.
The United Nations defines a green economy as “low carbon, resource-efficient, and socially inclusive”. Local authorities play a vital role in realising this vision through public-private
partnerships and community engagement. Yet, the Green Jobs Taskforce report highlights that financial constraints and fragmented policies limit their ability to implement effective green skills training.
Despite these challenges, some councils are taking innovative approaches. Manchester City Council’s Work and Skills strategy, for instance, is linking businesses and residents with sustainable job opportunities. This demonstrates how local authorities can successfully foster green jobs. However, more needs to be done at a national level to empower these local bodies to scale their initiatives.
Policy to overcome barriers
Key challenges include a lack of business confidence to invest in green skills and shortterm funding models that hinder long-term planning for local authorities. Additionally, underfunding in further education has led to a shortage of qualified instructors, widening the gap between industry needs and workforce readiness.
To overcome these barriers, a robust policy framework is needed that ensures consistent funding and integrates skills development into the broader Net Zero strategy. CIPFA recommends the following solutions: Long-term funding models: Local authorities require sustained financial support for long-term green skills programmes, including low-carbon apprenticeships.
Public-private partnerships: Government incentives can encourage businesses to collaborate with local authorities on training
programmes tailored to sector needs.
Support for further education: Collaborating with educational institutions is vital to increase the pool of qualified instructors. Investing in vocational training can better prepare future workers for a Net Zero economy.
Local authority involvement: Active participation of local governments in national initiatives like the Green Jobs Taskforce can align policies with local needs, enabling a more tailored, skills development approach.
Recognising local authorities’ role
For the UK to achieve its Net Zero goals, local authorities must be recognised as essential players in the green skills revolution. The Committee for Climate Change CCC’s 2020 report emphasises the need for clearer guidance and adequate funding to support these efforts.
Organisations like CIPFA can assist by developing training programmes, such as the CIPFA Certificate in Sustainability, which helps public sector professionals make informed, sustainable decisions. By integrating sustainability into local governance and fostering collaboration among government, businesses and educational institutions, local authorities can drive the UK towards a low-carbon and resilient economy.
Achieving Net Zero relies on mobilising local talent, leveraging green skills and equipping local authorities with the necessary tools. Through collective efforts, the UK can close the skills gap and secure a sustainable future for all.
• Amit Verma is CIPFA Sustainability Policy Manager
When the going gets tough…
We all have moments of self-doubt, when it just gets too much. Nasheen Wuisman has some advice on how bounce back from the setbacks
There are many upsides to progressing through your CGMA journey – pay rises, promotions, building a rewarding career and, most importantly, self-fulfilment. It is, however, all too common to hit a stumbling block, or even multiple blocks, along the way. There is that topic we just can’t seem to get to grips with or an exam we just can’t seem to pass, or personal circumstances that create challenges when studying, stopping us from taking that exam as planned or moving forward altogether.
For most of us, the journey can feel long and slow, and that’s when you end up relying on yourself for resilience and self-motivation.
In my experience of working with accounting and finance students I know that finding it in yourself to push forward can be extremely hard, and even the thought of progress might feel impossible. So how do you get your mojo back?
Quiet your inner critic
We can be our own worst critics; negative selftalk can be comforting at times, especially when the going gets tough and our fears take over. It is important we try to stop this, but that’s often easier said than done.
Try not to tell yourself that “it’s too hard”, or that you “can’t learn all that theory”, or that you “can’t improve your mock performance”. Instead ask yourself, “are my goals still realistic?”; “can I meet this timeline?”; and “does my routine meet my needs?” Essentially, trying to turn a negative thought into a positive one.
The self-awareness gained here will allow you to navigate your journey better. Asking yourself to consider positive changes, instead of telling yourself that all is doomed, will allow you to see that you are trying your best. Or if it is apparent
that you are not trying your best yet, it will allow you to apply the extra effort where it may be needed.
Self-motivation starts here
Review your personal motivation for being on this journey and find out what you could be doing differently to get back on track:
• Cut yourself some slack. Extend the same level of kindness to yourself as you would to a friend. Don’t say something to yourself that you wouldn’t say to anyone else.
• Accept that your feelings aren’t always fact. Write down how you feel – getting it out is of huge benefit. Releasing these feelings will then allow you to try to reframe it – for example, change “I am not good enough to do this” to “I will try again tomorrow”.
• Practice mindfulness and focus on the present. Sometimes we let ourselves get consumed with the guilt of not having studied over the past few days or weeks, and then we convince ourselves that there is not any point in studying now as we are too behind. Forget the last few days, breathe, focus on the now and what you can achieve from today onwards.
Visualise your goals
A sure-fire way of keeping your head and motivation up during your CGMA studies is to practise goal visualisation. It is one of the most popular tools suggested by sports psychologists to athletes prior to a big event to help them succeed. Its main purpose is to replicate a competitive environment while training, rehearsing specific actions, scenarios or game situations to stay engaged in the present moment.
After all, doesn’t completing your CGMA qualification feel a little bit like completing a marathon? Sit down and imagine yourself on the day you pass that exam, the relief, the sense of achievement, the praise, the pride of your loved ones, the acknowledging nod from your boss. You are going to show everyone what you are capable of. You can even imagine yourself spending an extra penny or two from that pay rise!
Take good care of yourself
Feeling under pressure is a common theme with any professional study journey, especially as you try to balance work-life-study on a daily basis. While is hard to avoid feeling overwhelmed or stressed, you can learn to manage it. Remember that this may look different for everyone, so you will have to find out what works best for you and your lifestyle – whether that’s getting more quality sleep, getting some fresh air, going to the gym or having a more balanced diet.
When we feel pressure we tend to withdraw from other people. However, we know that socialising has many benefits for both our physical and mental health. It can lighten our moods, makes us feel happier, and create a sense of belonging and community. So, give yourself time to connect with people close to you.
Never underestimate the importance of selfcare, you can still be successful and go on to achieve what you desire, but always make sure you are fuelling yourself with what your mind and body needs.
CIMA’s flexibility
One of the biggest advantages of studying with CIMA is the flexibility offered by the exams to fit around your life. You can sit your Objective Tests on-demand throughout the year and get your results straight away. You have also got some planning room around the four annual Case Study exams windows. All exams can be taken at a test centre or remotely.
You also have great flexibility around study options, giving you complete control over how, when and where you study. If you like studying with others and appreciate having a tutor on hand to answer questions, attending a course with an accredited tuition provider maybe the best option. This could be face-to-face or live online. On the other hand, if you have a lot of conflicting priorities to juggle, self-study via recorded online and distance learning provisions may better suits your needs.
Remember that every step you take, no matter how small, brings you closer to the end goal: becoming a chartered global management accountant. Keep taking those small steps, don’t compare yourself to anyone and always celebrate your progress.
• Nasheen Wuisman, Senior Manager – Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants
A question for Tom
Tom
Clendon explains how you can sort the ‘useful’ information from the chaff
The question
Do cash flow statements provide useful information to the users of the accounts?
Tom’s answer
This is a big question. It needs breaking down.
What is meant by useful information?
‘Useful’ is a key word in the conceptual framework for financial reporting. Information will only be useful if it is both relevant and faithfully represented. These two characteristics are fundamental to information being useful. If information is not relevant or not faithfully represented then it is useless.
Information is relevant if it is capable of making a difference to the decisions made by users. Financial information is capable of making a difference in decisions if it has predictive or confirmatory value.
Faithful representation means that information must faithfully represent the substance of what it purports to represent. A faithful representation is complete, neutral and free from error.
There are also four attributes that enhance the usefulness of information but are not fundamental. These are the characteristics of understandability; comparability; verifiability; and timeliness.
As you read the rest of the article look out for key words, particularly those associated with the two fundamental characteristics of relevant and faithful representation.
Who are the users of the accounts?
The primary users of the financial statements are the providers of capital – i.e. shareholders and lenders, both current and prospective. These users are looking at the financial statements in order to make decisions. Buy or sell the shares. Sack the board or vote to reappointment them. Make a further advance or call in the existing loan.
Additional
information
Cash flow statements provide additional information that is not found in the income statement. Only the cash flow statement shows how the business has generated and used cash in the accounting period. This means that users have a more complete understanding of the
business’ performance.
For example, the Profit & Loss account may show profits even if the company is suffering severe cash flow problems. Whereas a cash flow statement enables users of the financial statements to assess the liquidity, solvency and financial adaptability of a business. This is relevant as users will be interested in the going concern of the business.
In addition, cash flow statements can give an indication of the relationship between profitability and cash generating ability, and thus of the quality of the profit earned. A business that year on year reports a profit but never generates cash is said to have low quality profits – i.e. reported profits may have been generated through the manipulation of estimates and policies.
No estimates
The Profit & Loss account measures profit. This involves making a series of judgments and estimates to match costs and benefits. For example, the depreciation charge depends on an estimate of the useful life of the asset.
In contrast cash flow statements have no obvious judgments or estimates. Cash has either been received and paid or it has not. This is simple and therefore understandable. Cash flow statements are reliable and verifiable in a way that income statements are not.
No accounting policies
When preparing the Profit & Loss account, a series of accounting policy decisions are made. For example, whether inventory should be accounted for on a first in first out basis or average cost basis.
But to prepare a cash flow statement does not involve formulating any accounting policies. This makes cash flow statements simpler and therefore understandable.
No measurement issues
Assets and liabilities are sometimes measured at cost and other times at value. These decisions have a direct impact on the measurement of profit, e.g. if property, plant, and equipment is revalued then there will be more depreciation charged as it will be based on the revalued amount.
However, in a cash flow statement there are no arguments over whether to use cost or value. $100 cash is $100 cash. There is no way to revalue cash! This absence of measurement issues means that cash flow statements are still comparable between businesses even if they measure assets and liabilities differently or have different accounting policies.
Business valuation
Investors are interested in the capital value of their investments. They try to use the financial statements to assess their value. They often develop models to assess the future cash flow of entities which they then discount back to a present value. Using cash flow statements to value businesses is predictive.
Dividends and interest payments
Investors are also interested in the ability of the business to pay dividends and interest. These represent the return on the investments. Dividends and interest are paid by the reporting entity in cash. The cash flow statement therefore provides relevant information for these users to predict the likelihood that such payments will be made in the future.
Conclusion
The purpose of financial statements is to provide financial information that is useful to users in making decisions relating to providing resources to the entity. I hope that you now understand that cash flow statements are very useful to users because they represent a faithful representation of the cash inflows and outflows and that is relevant.
• Tom Clendon is an online ACCA SBR lecturer and podcaster. He loves WhatsApp – 07725 350793. Or go to www.tomclendon.co.uk
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Accountancy can be simple if you know the basics! PQ magazine has gathered together some top tutors to help us help you. Our Back to Basics videos will guide you through some of the fundamental topics of accountancy. The series includes:
Will Boardman – Tax points
Part of the AAT Tax Processes for Business assessment at Level 3, this video by awardwinning Training Link tutor Will Boardman explains tax points. In four short minutes Boardman explains the difference between a basic and an actual tax point.
Check out his video at:
https://www.youtube.com/watch?v=7NTft0Td7oQ
Jo Tuffill – Cost behaviours
Understanding a business’s cost structure is vital for its success. It is why cost behaviour is the first concept taught in management accounting. Her video runs for just seven-and-a-half minutes and explains exactly what a cost is, looking at both variable and fixed costs.
You can check out her video at: https://www.youtube.com/watch?v=mkx8HT_uc7M
Tom Clendon – Double entry bookkeeping
You should be able to master the rules of double entry bookkeeping in just eightand-a half minutes. So do you know your credits and debits? Clendon has also produced a video on assets. Check out the double entry video (3,000 people have already) at:
https://www.youtube.com/watch?v=-nYep6Il6-c
Michele Baker – Trial balance
Michele Baker will explain in six minutes how to create the trial balance and why you are doing it. Baker will let you know whether a balance is a credit or debit, and help you get to grips with ‘DEAD CLIC’. Check out the video at:
https://www.youtube.com/watch?v=TxHLSJRMaZc
Check out more great Back to Basic videos at www.pqmagazine.com Click on the video bar at the top of the page or go direct to our YouTube channel
The magnificent seven
Award-winning tutor Andrew Mower shares his seven ways to quickly and efficiently progress through your accountancy exams
Over the years I have helped thousands of students to qualify as accountants across qualifications including ACCA, ICAEW and CIMA. So here’s my seven top tips for getting through the exams as easily as possible.
1. Form good habits
This is key – right at the start of your journey become a ‘good student’.
• Study in small, achievable chunks. Little and often is best – try to study before work so you are fresh and focused.
• Focus on the process of studying, not the outcome (passing and ultimately qualification).
• Reward yourself for completing small goals. Completed a module? Treat yourself!
• Create a study environment that makes it appealing and easy to study. A nice tidy desk is a good start.
2. Create a plan
Long term: Plan out which subjects you plan to sit, when you will study and sit the exams. Think carefully about subject combinations and how soon you sit one after the other. For example in ACCA, Financial Management (FM) leads really nicely into Advanced Financial Management (AFM), and so I always encourage students to sit them as close together as possible.
Short term: Once you know when your exam is, it is crucial to schedule your time properly in the
weeks building up to exam day.
Create a study plan with everything in it – work, social events, family time and when you will study. It’s also important to schedule breaks and days off. You need to give your mind and body a rest every now and again, this is a marathon not a sprint.
3. Communicate with your employer
Ask what they can offer to support you through these times – they may allow you to work flexibly to fit in study before work, or work reduced hours in the build up to the exam day.
You should also ask about taking time off in the final few days before the exam, and of course exam day itself. The last thing you need is to be stressed, with a busy period at work just before the big day.
4. Understand the core concepts
Many students still see exams as a memory test – they memorise a topic and then recite it in the exam and hope that they pass. This sometimes works, but it is risky (and difficult!).
Instead, you should take the time to really understand the concepts you are learning. Linking it to real-world examples is a lovely way to do this – listen to business and finance podcasts and read relevant media to see how what you’re learning translates into the business world.
5. Practise to time
Any good tutor will tell you the same thing: the key to passing these exams is question practice. It prepares you for the style of question the examiner will throw at you, and helps you understand the topics being tested and how to answer them.
A scary number of students don’t do this with a timer, though. Exams are nearly always timepressured – you have a lot to do, without much time to do it.
6. Look after yourself
These exams are stressful. Some people’s jobs depend on them passing (depending on your employer).
It’s vital that you give yourself breaks. There can be in the short term while you are studying, or longer term there could be an exam sitting where you don’t sit an exam to allow for a holiday.
You must allow yourself time to exercise, socialise and spend time with friends and family. Schedule it in and you can easily still do these without compromising your study and progress.
7. Research your study options
There are several ways of studying for these exams. Students have personal preferences depending on their situation, so it’s important you explore options.
Self-study: This is usually the lowest cost route, and often involves reading lots of material yourself and trying to understand the concepts. Live classes: This is the traditional route of learning, with students attending courses in a classroom with other students, or attending a live online class with a tutor there in real time. On-demand courses: These are online courses with pre-recorded video content, which allows you to study at your own pace but with a tutor guiding you through the content.
This is still really flexible, but makes it far easier to learn and understand the core concepts – and know which topics are important for the exam.
• Andrew Mower offers study ideas, mindset advice and exam tips on LinkedIn (Andrew Mower) and YouTube (@andrewmowerAFM). He also has his own ACCA online courses (available at amalearnonline.com)
How to pass SBL (part 5)
Chris Cain continues his series on SBL looking at the link between Integrated Reporting and Integrated Thinking
Given the importance of Integrated Reporting (IR), the following notes have been produced by PASS-SBL to simplify your understanding of the link between IR and Integrated Thinking.
Integrated Reporting and Integrated Thinking
Primary purpose of an IR: To set out how the organisation’s strategy, governance, performance, and prospects lead to the creation of value over time. An integrated report benefits all stakeholders interested in a company’s ability to create value.
The IR framework: The framework includes 7 Guiding Principles that inform how disclosures should be prepared and presented:
1. Strategic focus and future orientation: An integrated report should provide insight into the organisation’s strategy, and how that relates to its ability to create value in the short, medium and long term and to its use of and effects on the capitals.
2. Connectivity of information: An integrated report should show a holistic picture of the combination, interrelatedness and dependencies between the factors that affect the organisation’s ability to create value over time.
3. Stakeholder relationships: An integrated report should provide insight into the nature and quality of the organisation’s relationships with its key stakeholders, including how and to what extent the organisation understands, takes into account and responds to their legitimate needs and interests.
4. Materiality: An integrated report should disclose information about matters that substantively affect the organisation’s ability to create value over the short, medium and long term.
5. Conciseness: An integrated report should be concise.
6. Reliability and completeness: An integrated report should include all material matters, both positive and negative, in a balanced way and
without material error.
7. Consistency and comparability: The information in an integrated report should be presented:
• On a basis that is consistent over time.
• In a way that enables comparison with other organisations to the extent it is material to the organisation’s own ability to create value over time.
The seven content elements that should be in an IR:
1. Organisational and external environmental overview.
2. Governance structure.
3. Business model.
4. Risks and opportunities.
5. Strategy and resource allocation.
6. Performance - have strategic objectives been achieved?
7. Outlook for the future performance (financial and non-financial).
Integrated Thinking
The active consideration by an organisation of the relationships between its various operating and functional units and the six capitals that the organisation uses or affects.
The six capitals of an integrated report IR: Financial; Manufacturing; Social and Relationships; Human; Intellectual; and Natural.
Integrated Thinking leads to integrated decision-making and actions that consider the creation, preservation, or erosion of value over the short, medium and long term.
Integrated Thinking supports Integrated Reporting, as it encourages connected and holistic communications that are concise and strategically focused.
• Chris Cain is an approved trainer with PwC Academy
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Pre-seen is pre-warned!
Download your free SBL pre-seen mock exam
PQ magazine has joined forces with top tutor Chris Cain, and together we will be producing a free SBL mock exam based on the pre-seen for the December sitting.
To get access to download the mock exam for free simply send an SMS to WhatsApp +07973508793
We will be updating the practice paper on 26 November.
And if you want to use our pre-seen for a proper practice you can even have it marked for £25!
You will need to send in your answer between 26 and 29 November for marking, and your paper and its mark will be returned to you on 30 November. The indicative contents answer only will be released on 30 November.
Good luck in in December!
The new era of ethical challenges for accountants
ACCA’s Sarah Lane’s research has revealed the top three areas for ethical challenges are leadership, culture and sustainability – and that ethical dilemmas are becoming more complex…
It was Global Ethics Day on 16 October, and our latest report, 'The New Era of Ethical Challenges for Professional Accountants’, highlights the evolving nature of ethical challenges and the increasing complexity of ethical dilemmas in accountancy.
The findings reveal that 55% of accountants have witnessed unethical behaviour in their career and almost one in four (24%) have been put under pressure to behave unethically in the past three years. In addition, the results also reveal that more men have experienced ethical pressure than women; 27% of males have been put under pressure to act in an unethical way, compared with 19% of females.
At ACCA we aim to support students in building their accountancy career and we carried out this research to understand what ethical challenges our members are facing both now and going forward. In building a career in accountancy you become part of a profession which is long trusted as custodians of financial integrity. During your career you will build a multitude of skillsets, which leads to an increased complexity in ethical challenges. Some 64% of respondents told us that ethical dilemmas have become more difficult to resolve in the past three years.
Ethics lies at the very heart of the accounting profession and is part of every student’s training to become a professional accountant. Ethics is commonly described as ‘doing the right thing,’ but this can mean different things to different people. Rules are black and white in their application; ethics is principles-based
and requires personal judgement to be applied in your professional career. Understanding how to apply the ethical principles as outlined in our Code (integrity, objectivity, confidentiality and professional competence and due care and professional behaviour) to ethical challenges is key and you can use the conceptual framework to do that.
We asked participants to name their top three areas for ethical challenges over the past three years. The answers were:
• Leadership and culture (40%).
• AI and technology (32% and 26%).
• Sustainability (30%).
Professional accountants look to leaders to inspire ethical behaviour and the culture of the organisation in setting the tone of the workplace. AI and technology are transforming ethical challenges; for example, if we use AI in our decision making, how do we know that information is ethical?
Sustainability is a huge growth area for professional accountants, with the extensive reporting requirements of the Corporate Sustainability Reporting Directive (CSRD) being effective in the UK and Ireland for the 2025 reporting year for most large companies. Ensuring the ethical application of the CSRD will no doubt lead to some complex ethical challenges going forward for professional accountants.
Globalisation, driven by technology, is facilitating businesses and as a result individual careers are expanding across borders. In a remote job you can work anywhere in the
world as a professional accountant – fantastic. However, this in turn creates new ethical challenges emerging due to regional variations including cultural, legal and economic factors. While the drivers of complexity in ethical dilemmas are broadly similar globally, our research underscores the importance of considering local factors in promoting and enforcing ethical behaviour. The nature of where we work has also transformed with working remotely, resulting in ethical challenges not only being more complex, but being resolved in a different, more individual way. Our research also highlights key areas for senior leadership to address in the near future. These include mental health and wellbeing, professional competence and continuous learning, technology and data ethics, ethical leadership and governance, diversity, equity and inclusion and sustainability reporting.
These insights underscore the need for robust ethical leadership and culture in organisations, and ongoing learning and development to support professional accountants in navigating these challenges in today’s evolving landscape.
If you want to find out more then to join our upcoming webinar Accounting for the Future on 28 November, where I’ll be discussing the report with some key industry experts. Click here to register.
Read the full report here and remember to check out the ethics section of our website • Sarah Lane is Head of Ethics and Assurance at ACCA
Dear Karen
Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen THE DILEMMA
I think I would benefit from having a career mentor, but where can I find one?
KAREN’S RESPONSE
There are a couple of ways you can go about finding a career mentor, someone you can go to for independent and impartial support, advice and inspiration.
You could go down the formal route by researching official mentorship schemes – some are tailored to specific sectors, while others are broader. Most of the accounting and finance professional bodies now run a mentor scheme, so they are a good place to begin your research and find out what is available. These external schemes are often free of charge and the regularity of your meetings will vary depending on the programme. It’s also a good idea to ask your employer about internal mentoring schemes as your organisation may have an initiative in place.
Alternatively, you could find a mentor in an informal way, by identifying someone in your network and reaching out to them, whether that’s a colleague or someone you look up to on LinkedIn. They may be in a role you aspire to or have specific skills you want to improve. You’re looking for a person whose expertise, insights and experience will support you to progress your career. The best way to find out if they would be open to mentoring you is simply to ask. We all like to help people and you will find they are far more likely to say yes than no, so give it a go!
• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person
Accountancy sector takes a hit
The number of active accountancy services providers is falling at a significant rate
The number of accountancy, bookkeeping and auditing companies operating in the UK has fallen by 3% in the past year, and almost 8% over the past five years.
Analysis from the Global Payroll Association (GPA) found 40,275 active companies in the sector (1.48% of all UK businesses). Five years ago the number of accountancy, bookkeeping and auditing firms was 43,575.
affected. There are currently 9,670 accounting companies (that’s 24% of the total). However, in 2018 there were 11,390, and the capital has seen a decline of over 15%.
It’s not all bad news.
The number of firms in the North West has actually increased, by 3% to 860 since 2018.
and auditing businesses suggests that more businesses are bringing their processes in-house in order to avoid the additional expense of outsourcing these services.
“You can’t blame them given the difficult economic environment we have been dealing with for a number of years, but given the importance of accountancy and bookkeeping, of which payroll plays an essential role, it’s vital that when bringing these services in-house, businesses are doing it properly.
London has been particularly
In brief
Back to the office for Amazon staff
All of Amazon’s white-collar staff will have to be in the office five days a week from 2 January 2025.
Amazon’s Andy Jason claimed being back in the office would help staff “deliver the absolute best for customers and the business” because they will be “joined at the hip with your teammates”. Only those who had agile agreements before the pandemic will be able to stay away from the office.
Many will be watching to see just how successful Amazon’s move will be.
Deloitte UK equalises paid parenting leave
Deloitte UK has unveiled a new policy of 26 weeks’ fully paid leave for all its new parents, which will
Melanie Pizzey, CEO and Founder of the GPA, said: “The stark decline in the number of active accountancy, bookkeeping
come into effect on 1 January 2025.
The move comes as new YouGov research, commissioned by Deloitte, shows that family leave is crucial consideration for employees, with nine out of 10 (87%) saying it is a major factor when choosing an employer, and 85% saying it is key for staying put.
Deloitte CEO Richard Houston said: “I am proud of the changes we are announcing – they demonstrate both the significance and value we place on looking after our people during some of the most important moments in their lives, as well as our added commitment to equality.”
PwC UK voted UK’s top graduate employer
PwC has been voted the UK’s
“This means hiring experienced staff, installing good processes, and making use of the right software platforms.”
number-one employer in The Times Top 100 Graduate Employers Survey 2024, for the second consecutive year.
The ranking is based on interviews with over 14,000 final year students at 30 UK universities. The firm was also first in the Accountancy and Actuarial sectors.
More than 1,500 graduates and school and college leavers joined PwC in 2024, and 450 students completed the summer internship programme.
For this coming recruitment season, graduates applying across all PwC’s business areas will have a final stage in person interview, with a partner or director, at one of the firm’s 19 offices across the UK.
The PQ Book Club: books you should read
Generative AI for Dummies by Pam Baker, Wiley £22.99
Generative AI for Dummies may be one of the first books to be professionally produced with the assistance of Gen AI, which seems appropriate.
To be clear, however, the author Pam Baker says she wrote it using Gen AI models to help with research and drafting only. And, she says, Gen AI currently can’t write books to a professional standard.
Her latest book is for anyone seeking to understand, use and improve their work with GenAI models and tools, and she starts with the
fundamentals.
Baker stresses that current Gen AI doesn’t create things per se –it simply generates new things from parts of old things found on its database. That means any response is limited to the confines of the data the tools have access to.
Did you know that Gen AI can be lazy, can lie, act angry and sad, and even be cheerful? This is because it learns to mimic human behaviour – with all its faults!
Another problem is plagiarism and how you use other people’s work. She reminds us that if you use Gen AI you are legally liable for any
fallout in this area.
That said, she goes on to provide a list of the specific Gen AI models that are all the rage, such as those for image outputs (like Adobe Firefly), text outputs (ChatGPT, OpenAI Codex, HuggingChat), video and audit outputs.
PQ rating: 5/5 Everyone interested in Gen AI must read this book!
Farewell Stuart!
One of accountancy education big hitters recently left Kaplan after 30 years. So it was only right that Stuart Pedley-Smith celebrated his three decades of training with a small gathering. He said it was incredible how much has changed in that time. Gone are the overhead projectors
and acetate rolls, online wasn’t even a thing and mobile phones were just for making calls.
It was great to see Clare Finch, Chris Cain, Sunil Bhandari and Mark Griffiths all in the same room too!
PQ magazine took its usual professional approach and asked Stuart’s wife Julie (an accountant too) to tell us some home truths about Stuart. Surely, he can’t
How to avoid business rates – keep snails!
A Liverpool city centre office was home to a snail farm for over a year in order to avoid tax, according to the BBC. Some 15 crates of snails had been kept of the lower ground floor of an office building in Dale Street.
It was then asserted that, under current rules, this would qualify as ‘agricultural use’, and this part of the building was thus exempt business rates!
The firm renting the space said it was a legitimate snail farming business. However, some of the boxes had barely two snails in them, and legitimate snail farmers said you need thousands of snails to create a real business.
be good at everything? Well, we discovered Stuart can cook a great paella, can do DIY (but only at his daughter’s house and not his own), buys his own clothes, and is a wonderful dog owner (cocker spaniel). So, what’s on the bad side? Apparently, he a little bit untidy, has selective hearing and is a terrible driver! Almost perfect then.
Age is no barrier to AAT
Meet Hannah. She recently passed AAT Level 2 with merit, scoring an impressive 80%. Remarkably, Hannah is just 14 years old, and is one of the youngest people ever to complete their Level 2 exams.
She studied with First Intuition, and in theory she is now qualified to do bookkeeping and entry level assistant accounting roles. She might have to finish school before all that though!
The ‘Rebels of Accountancy’ are growing
Cooper Parry call themselves the ‘Rebels of Accountancy’, and they are becoming a force to be reckoned with. On 1 October they completed two deals, welcoming UHY Hacker Young Manchester and Haines Watts Thames Valley/ Reading to the rebel crew.
The acquisitions are their ninth and tenth since 2023, quadrupling the firm’s size since partnering with Waterland Private Equity.
This latest news comes hot on the heels of the recent acquisition of London-based Salesforce consultancy, and Cloud Orca.
CEO Ade Cheatham said: “Two landmark deals over the last couple of days confirms our ambition to create the UK’s next gen professional services group. Our presence at the centre of every key UK business powerhouse – as one iconic and rebellious brand – is key to supercharging the next phase of our expansion and market leadership.”
W E V E G O T T H E L O T
Time to relax
We have three copies of Relax, the adult colouring in book, to give away this month. As one of the large print and colour frames says, ‘less is more’ – and we know giving yourself some ‘me time’ to colour away can help you cut the stress from your world.
So isn’t it time you plunged yourself into a land of peace and relaxation? There are 31 large prints to colour in on this luxuriously thick paper. To be in with a chance to win one of these books just send an email headed ‘Relax’ to giveaways@pqmagazine.com along with your name and address.
Fiendishly tough
We are giving away Super Fiendish Su Doku puzzle books this month, and have three up for grabs. There are 200 puzzles for you to take on, one puzzle per page. Perfect for coffee breaks, commutes or relaxing at home!
This book will provide you with a real daily challenge – but don’t worry, the answers are in the back.
To win one of these great little books simply email us at giveaways@pqmagazine.com with your name and address and we will put you in the hat. Head up your email ‘Super fiendish’.
Terms and conditions: One entry per giveaway please. You must send your name and address to be entered for the draw. All giveaway entries must be received by Friday 18 November 2024. The main draw will take place on Monday 18 November 2024.
A word in your ear Stuart, from Chris CainStuart and Julie Pedley-Smith, looking forward to Stuart’s paella!
