Down with the claim count

Article Abstract:

The level of professional indemnity claims notifications and settlements for accountants is increasing. Moreover, an analysis of the claims experience of Bowrings' Accountants' Facility shows thatmajority of the claims in England and Wales originate from tax work (59% in 1991) and audit services (22%). Suggestions on how to avoid professional indemnity claims are provided. Accountancy firms are advised not to accept workthe performance of which they do not have the needed expertise. An open intraoffice communication should be encouraged in order to prevent miniscule difficulties from developing into enormous claims. Every partner and staff member should also be required to notify all claims and situations that may result to claim. An open approach to management should be taken in order to motivate employees report possible claims. Lastly, these firms should give adequate attention on auditing and tax works as these are the areas most vulnerable to claims.

Evaluation, Indemnity

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Do not neglect the views of the industry: the Confederation of British Industry responds to the Accounting Standards Board's FRED 1

Article Abstract:

The Confederation of British Industry (CBI) welcomes the efforts by the Accounting Standards Board (ASB) to improve the standards of financial reporting in the UK. There are issues, however, that the CBI finds problematic. One of these is the the ASB's proposal to require companies to disclose information pertaining to such activities as R&D, training, marketing, and maintenance and renovations. The CBI believes that such a requirement poses significant practical problems and costs. The Confederation also objects to the restrictions that will come with the ASB's plans for the separate disclosure of material discontinued operations, and to the method for calculating gains and losses as proposed by the ASB's FRED 1. Furthermore, the CIB disagrees with the ASB's proposed requirement for additional tables. The CIB would like to have greater participation on how such issues are decided.

Accounting and auditing, Accounting Standards Board, Confederation of British Industry

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