Inside ICAS: January update from the Office Bearer Team
An update from the ICAS Office Bearer Team on what’s been happening at ICAS over the past month.
President Catherine Burnet CA, Deputy President Bruce Pritchard CA and Vice President Indy Hothi CA bring you a monthly round-up of ICAS news.
Catherine Burnet CA, ICAS President
“ICAS has just launched a new ED&I campaign with some really interesting and though-provoking content for Members and Students. The ‘Championing Unique Perspectives’ campaign will run throughout 2021, and will involve a series of interviews, feature articles, podcasts, and webinars covering a diverse range of topics relating to ED&I. This is an opportunity for ICAS to positively contribute to the many vital discussions happening in this arena by profiling our diverse CAs and providing a safe space for Members to learn from shared experiences.”
Bruce Pritchard CA, ICAS Deputy President
“January can be a challenging month at the best of times but it’s even more so this year as the pandemic continues. If you haven’t yet signed-up, I’d encourage you to think about joining the #ICASWellTogether campaign. The campaign was launched earlier this month to support Members and Students of all fitness levels to take time out by participating in a collective wellbeing journey. It’s good encouragement for doing more exercise and is an opportunity to engage with your local ICAS network.”
Indy Hothi CA, ICAS Vice President
"2021 has got off to a good start on the webinar front with a number of very successful webinars already held and available to watch on demand. How to lead like an entrepreneur was attended by 122 delegates from the UK, USA, Luxembourg, Hong Kong, Switzerland and South Africa and provides excellent food for thought for anyone thinking of starting up their own venture. The panel of speakers are truly inspiring and really show the versatility of the CA qualification."
Other news and updates
In January ICAS launched a new offering to Practice firms. Evolve replaces the 'CA Practitioner Service' and offers firms increased benefits as well as more choice in the level of service. The Practice Support Team has also introduced a new online bookings system to help make it easier and more convenient for Members to arrange a phone call or online meeting with one of the team.
Highlights from our policy and influence work include:
- Chief Executive Bruce Cartwright CA wrote to HMRC to follow up on the request to have automatic late filing penalties waived due to coronavirus pressures on member firms for self-assessment tax returns that are due in by 31 January.
- Her Majesty's Privy Council approved the recent governance changes, which were approved by the membership at the Special General Meeting in November 2020. The revised Rules and General Regulations have an effective date of 12 January 2021.
- Following the publication of HMRC's response to its Raising Standards in the Profession consultation, the seven Professional Bodies who are responsible for the guidance 'Professional Conduct in Relation to Taxation' met to discuss standards in the tax profession and the impact of HMRC’s preferred recommendation: the introduction of professional indemnity insurance for all tax advisers. ICAS is secretary to the Group.
- The Citizens Assembly issued its report to the Scottish Parliament. ICAS was one of the experts who gave evidence to the Assembly.
- A4S issued a report on the accountancy profession's response to COVID-19, which ICAS contributed to.
- ICAS submitted its thoughts to the Charities SORP Committee on areas of the SORP which should be considered for revision.
- The Pensions Research Accountants Group published its revised guidance on pension scheme financial statements and going concern. ICAS is a member of the working group.
Our series of Ask ICAS webinars has returned in 2021 with the following now available to watch on demand:
- 14 January: Ask ICAS: 2021 – what you need to know
- 21 January: Ask ICAS – an update from Companies House
Our ICAS Insights webinar series will also continue throughout 2021, with our first webinar of the year, How to lead like an entrepreneur, held on 12 January.
We also held a Career Conversations webinar on 20 January for those who are considering a career as a CA. Chaired by ICAS Deputy President Bruce Pritchard CA, the webinar provides an opportunity to hear from three CAs who have all recently taken giant strides on their own successful CA careers.
TC exams have run for all six subjects and 250 students have been enrolled onto courses for TPE leading to exams in May 2021.
Materials for the new TPS syllabus have been shared with the Financial Reporting Council (FRC) for review.
That’s all for this month’s round-up. Look out for your next update of 2021 towards the end of February.
The latest episode in the CA Agenda podcast was released last month when Vice President Indy Hothi CA interviewed our President Catherine Burnet CA.