The Book-keepers Network Institute Watch

What is a CGMA?

BKN — Thu, 10 May 2012 21:45:11 GMT

For those of you that have been wondering why CIMA (The Chartered Institute of Management Accountants) withdrew from CCAB last year, the answer is now here.

They have created a new global designation for management accountants called a 'CGMA', which stands for a Chartered Global Management Accountant.

It is joint venture utilising the resources and expertise of AICPA (American Institute of Certified Public Accountants) and CIMA, two of the world’s leading accounting organisations, to elevate the profession of management accounting.

The designation is a single global quality standard, so you can move CGMAs with confidence around the organisation and around the world. CGMAs are business strategists who apply non-financial, qualitative information alongside financial analysis to understand all aspects of a business.

You can trust CGMAs to guide and support critical business decisions and drive strong business performance.

If you are currently a CIMA member, you are automatically entitled to use the CGMA designation.

For more information on CIMA and the new CGMA designation, please use the links below:

www.cimaglobal.com

www.cgma.org

Will you be a business finance adviser ?

BKN — Thu, 22 Mar 2012 21:48:17 GMT

Qualified accountants providing a critical service to small businesses now have an opportunity to offer kite-marked financial advice to their clients with the minimum of red tape or expense following an initiative announced by the government's Improving Access to Non-Bank Debt Task Force.

Speaking of the initiative, and reiterating the government’s support for SMEs, Mark Prisk, Minister of State for Business and Enterprise, said:

‘It is incredibly important SMEs are able to access finance, particularly when the supply of credit is constrained. For businesses, a source of trustworthy, independent financial advice to guide them through the complexities of bank and non-bank finance and help them identify the most appropriate form of finance, is hugely valuable. This industry-led solution is a welcome response to a longstanding challenge: I believe that a business finance advice scheme provides businesses with the confidence to seek timely, sound advice. I want to encourage accountants and advisors to take part in this initiative, and would encourage businesses to take every opportunity to get sound, expert advice. I hope as many suitable advisors as possible take part.’

There is currently no recognised source of business finance advice for SMEs; to guide them through the complexities of bank and non-bank finance; to help them secure access to the most appropriate type of finance, to guide them on the key questions they need to consider and how they can access appropriate finance and support.

Improving access to non-bank debt task force

The Improving Access to Non-Bank Debt Task Force report chaired by Tim Breedon, CEO of Legal and General, championed sustainable finance for business. One element looked at non bank lending and advice. This has been headed by Dame Helen Alexander, deputy president of the CBI, and looked at the best means for providing this advice. Several of the Chartered bodies have supported this initiative and it is said that this should also ensure that SMEs are educated and equipped to be able to identify and access appropriate sources of finance.

As a result of the review – which concluded that accountants are the main source of information for the vast majority of SMEs – ACCA, ICAEW and ICAS have agreed to work together to create a shared scheme specifically for those qualified accountants that offer advice on finance for smaller businesses.

This means that qualified accountants will be able to offer the new Business Finance Advice service. The intention is to create a ‘kitemark’ scheme from January 2013 for the provision of business finance advice covering a full range of financing options. Businesses will then seek out those accountancy firms that provide this independent advice, incentivising those firms to offer a broader range of services to smaller business clients.

Given that the qualified finance professionals belong to reputable professional accountancy bodies, the kitemark – along with the reassurance that it will give potential clients – will be achievable at minimal cost or bureaucracy to enable accountants to keep ‘on costs’ to businesses to a minimum.

What you will be able to offer

The key aim of the new advice service is to educate businesses so that they are equipped to ask the right questions when it comes to accessing finance. There are already too many instances of entrepreneurs funding their business through the use of credit cards, which cannot be sustainable, given the high rate of interest such arrangements accrue.

Business Finance Advisers will be expected to specialise in four key areas:

Bank loans and overdrafts

In the area of bank loans and overdrafts the advice will centre on how businesses can ensure they have the best chance of getting loans or overdraft facilities and of how to ensure that they do not incur excessive charges when accessing these forms of financing.

The importance of business planning

This will be underpinned by the importance of business planning – and the role here will be for advisers to ensure that specific businesses or individuals are accessing the most appropriate finance deals to meet their needs. These will include exploring non bank financing, such as peer to peer lending, which is becoming an increasingly important source of finance for SMEs.

Business owners need to understand how to manage trade credit to their advantage. They also need to be advised on the potential of using bond markets and options – many of which will be overlooked by hard pressed SMEs who are fighting for survival or focusing on the first signs of economic recovery.

Start-up funding and equity issues

The final pillars will focus on business start-up funding and equity – a critical issue since many first time entrepreneurs will have minimal experience in these areas and will need considerable guidance and support in the early days of their fledgling enterprises. Newcomers to business development will have the reassurance that by using accredited advisers they will have the best possible support in starting and growing their business.

Finally, these business finance advisers will need to consider any future investment opportunities they will offer and how SMEs might finance activities in the export market.

We will announce more details on this initiative after 5th April 2012 when more information and details will become available.

The AAT Release Radio Adverts

BKN — Thu, 23 Feb 2012 02:14:28 GMT

The AAT have recently released several radio adverts to attract new students to enrol with The Association of Accounting Technicians.

The video clips [ http://www.aat.org.uk/radio/ ] all feature real life AAT students or professional members. Please use the links below which will enable you to watch each of the featured participants talking about their experiences via You Tube.

Visit www.aat.org.uk to find our more about the AAT and their qualifications.

Institute of Financial Accountants (IFA) New website goes live

BKN — Fri, 10 Feb 2012 03:44:13 GMT

The IFA's revamped website is now available to view for members, students, prospective members and anybody else who would like to take a look.

The main changes to the website are simpler navigation and dedicated membership and student areas - therefore, once you log in you can access areas which are not available to non-members or students.

For more details on the release of the IFA's new website please click on the link below:

http://www.ifa.org.uk/news/2012-01-31/new-website-live/

The IFA to release new website

BKN — Fri, 27 Jan 2012 02:56:26 GMT

Following on from their successful bid in gaining full IFAC membership in November 2011, the Institute of Financial Accountants have announced that they will be releasing their new revamped website on 1st February 2012.

For more details of what IFA members and students can expect from the new website, please click on the link below:

http://www.ifa.org.uk/news-and-events/news/view/283

ICAEW - Extension granted for UK-based Pathways applicants

BKN — Fri, 13 Jan 2012 12:36:36 GMT

At a Council meeting on 7 December the ICAEW agreed to extend until 31 December 2012 the period for allowing Pathways applications for ICAEW membership from UK-based applicants.

Council was concerned that some firms and individuals had not realised that the UK route under Pathways was scheduled to close at the end of 2011 and wanted to ensure that they had the opportunity get their applications in before the route closed.

To qualify for dual membership with the ICAEW you must have been a full member of one of the following UK bodies for a minimum of 5 years; ACCA, CIMA or CIPFA. For more information please use the link below.

http://www.icaew.com/en/join-us/members-of-other-bodies/pathways-to-membership/apply-for-pathways-to-membership

Will the IFA gain Full IFAC Membership?

BKN — Fri, 11 Nov 2011 02:34:14 GMT

The 'Institute of Financial Accountants' (IFA) has applied for full membership of the 'International Federation of Accountants' (IFAC).

To date, all of the bodies that have been granted full membership in the UK have been either Chartered or Certified. Therefore, it would be a huge step forward for the non-chartered bookkeeping and accounting bodies if the IFA achieve their goal.

The big announcement will take place on 17th November 2011; when the IFAC board will decide if the IFA's application has been successful.

Read the IFA news blog here: http://goo.gl/hI8HO

Links to the accountancy bodies mentioned in this article are available below:

'International Federation of Accountants' website: http://www.ifac.org
'Institute of Financial Accountants' website: http://www.ifa.org.uk

CIMA announces new Strategic Degree Partnerships

BKN — Fri, 07 Oct 2011 12:40:39 GMT

The Chartered Institute of Management Accountants (CIMA) has announced a new strategic partnership with four UK universities. The offering gives CIMA students the opportunity to acquire a bachelor’s or master’s degree whilst also studying towards their CIMA qualification.

The Universities participating in the scheme are:

Manchester Metropolitan University
Robert Gordon University
Nottingham Trent University
Aston University

Please follow the link below for more information:

http://www.cimaglobal.com/Study-with-us/Combining-CIMA-with-degrees/

ACCA June 2011 Pass Rates Released

BKN — Fri, 26 Aug 2011 12:03:20 GMT

The Association of Chartered Certified Accountants (ACCA) have released the latest pass rates for the June 2011 exam sitting.

196,000 students took more than 373,000 papers, with 6,294 students successfully completing their final ACCA examinations. A further 2,978 students completed the Certified Accounting Technician (CAT) exams.

ACCA will be moving to a new e-assessment examination model, with the first papers transitioning to the new system in 2012, with all papers being phased over the next few years. ACCA already offers Computer Based Exams (CBE), first introducing them in 1998, and has since implemented e-paper production and e-marking of its scripts.

The June 2011 Exam Session ACCA Qualification Pass Rates were as follows:

Paper F1, Accountant in Business, 70%*

Paper F2, Management Accounting, 57%*

Paper F3, Financial Accounting, 55%*

Paper F4, Corporate and Business Law, 55%

Paper F5, Performance Management, 37%

Paper F6, Taxation, 51%

Paper F7, Financial Reporting, 38%

Paper F8, Audit and Assurance, 40%

Paper F9, Financial Management, 38%

Paper P1, Governance, Risk and Ethics, 52%

Paper P2, Corporate Reporting, 50%

Paper P3, Business Analysis, 47%

Paper P4, Advanced Financial Management, 30%

Paper P5, Advanced Performance Management, 35%

Paper P6, Advanced Taxation, 45%

Paper P7, Advanced Audit and Assurance, 31%

JUNE 2011 SESSION CAT PASS RATES:

Paper 1, Recording Financial Transactions, 59%*

Paper 2, Information and Management Control, 56%*

Paper 3, Maintaining Financial Records, 57%*

Paper 4, Accounting for Costs, 60%*

Paper 5, Managing People and Systems, 57%

Paper 6, Drafting Financial Statements, 76%

Paper 7, Planning, Control and Performance Management, 45%

Paper 8, Implementing Audit Procedures, 43%

Paper 9, Preparing Taxation Computations, 64%

Paper 10, Managing Finances, 47%

* Combined pass rates for paper-based and computer-based exams.

For further information visit www.accaglobal.com.

AAT offers full membership to other bodies

BKN — Fri, 19 Aug 2011 12:19:53 GMT

If you’re a part-qualified student or full member of the ACCA, ICAEW, CIMA, CIPFA, ICAS or IFA, the Association of Accounting Technicians (AAT) is offering you AAT full membership.

The AAT recently said it has a "public and professional interest to regulate the accountancy profession for all individuals working in the finance and accountancy sector".

Therefore accountants with an accounting qualification equal to, or above the AAT’s own qualification are being encouraged to join the body.

The AAT is an associate member of the International Federation of Accountants (IFAC) and membership of the body is highly regarded by employers.

To learn more please visit www.aat.org.uk/joinmaat.

New Apprenticeships in Book-keeping

BKN — Sat, 07 May 2011 11:39:29 GMT

The Financial Skills Partnership has announced that they have successfully issued Specification of Apprenticeship Standards in England (SASE) and Specification of Apprenticeship Standards in Wales (SASW) – non statutory - compliant apprenticeship frameworks on the Apprenticeship Framework Online (AFO) website.

• Level 2 and 3 Apprenticeship in Payroll;

• Level 2 and 3 Apprenticeship in Book-keeping;

These have been issued in advance of the UK Commission for Employment and Skills deadline, and all apprenticeship frameworks have been developed using a robust quality assurance process, to ensure that learners access quality provision. The funding agencies will now begin the process of funding allocations in England and Wales, and have informed us that this will take up to four weeks.

Please visit The Financial Skills Partnership website at http://www.fssc.org.uk/771329_5.html for further information.