This week's top stories from CA Today: 13 November 2015
A round-up of the top content you may have missed this week from CA Today.
1. HMRC confirms closure of 137 offices
HMRC has confirmed the closure of 137 local offices, which it will replace with 13 regional centres as part of a ten-year modernisation plan. The tax authority did not reveal how many staff would lose their jobs, but insisted that the majority would be relocated to a regional centre.
2. OECD warns on global slowdown, while UK growth 'robust'
Global economic growth has weakened this year due to a sharp fall in emerging market economies and weak world trade, while the UK’s economy will continue to grow at a “robust pace”, according to the OECD.
3. Technical round-up: Key updates on UK Financial Reporting, IFRS and EU Audit Legislation
James Barbour, ICAS Director of Technical Policy, covering key changes to UK GAAP and international financial reporting updates.
4. Businesses still falling short in fight against cyber crime – EY
Many organisations still lack confidence in their ability to detect sophisticated cyber attacks and have inadequate information security in place, according to research by EY. EY’s Global Information Security Survey 2015 found that almost 90% of businesses do not believe their information security structure fully meets their needs.
5. Redundancy support receives boost with ICAS backing
Scottish Government Business Minister, Fergus Ewing MSP, has hailed the contribution that Scottish Insolvency Practitioners (IPS) make to the Scottish economy in a keynote address to the ICAS Insolvency and Restructuring Conference on 11 November 2015.
6. Reversal of fortune: Employee Benefit Trusts and the Rangers case
The Rangers case exemplified the widespread use of employee benefits trust (EBT) arrangements by large employers. The aftermath of the Court of Session’s decision in the Rangers case could be messy for some employers, as Donald Drysdale explains.
7. Is the UK's oil and gas industry worth fighting for?
An estimated 65,000 jobs have been lost in the oil and gas industry. Rather than dreaming about a rise in prices, oil and gas organisations need to deal with present realities and adapt to survive, argues Jeremy Cresswell.
8. Countdown to the One Young World Summit
ICAS One Young CA competition winner Inderveer (Indy) Hothi will shortly be jetting off to Thailand to attend the One Young World Summit in Bangkok from 18 – 21 November. Run in conjunction with Chartered Accountants Worldwide (CAW), Indy will join an elite group chosen by each of the main UK accountancy bodies to represent the accounting profession at the conference.
9. FRC updates guidance on UK Financial Reporting Standards
The FRC has updated the Staff Education Notes it produces for users of FRS 102. The new SEN 16 will be of interest to many preparing accounts under FRS 102, as it addresses the common area of accounting for loans between related parties with no interest or a below market rate of interest.
10. 10 accountancy facts for International Accounting Day
This week marked International Accounting Day (10 November) and CA Today put together a list of 10 interesting accountancy facts – including that bubble gum was invented by an accountant and that Mick Jagger once studied accountancy.