Off-balance sheet vehicles survive redefinition

Article Abstract:

The Companies Act 1989, which promulgates into UK law the European Commission's Seventh Directive, redefines the concept of subsidiary corporations in order to bring off balance sheet vehicles back into the consolidated group. Subsidiary corporations effectively controlled by the group will have to be consolidated under the Act's rules for accounting periods beginning 23 Dec 1989. However, groups willing to relinquish control for some periods of time can ensure an arrangement where liabilities remain off the balance sheet while the benefits of profitable activities remain part of group income. The primary criterion used to determine whether a subsidiary must be consolidated is the degree of control exercised by the group over the subsidiary. Various schemes that must be brought onto the balance sheet and those schemes that can retain an off balance sheet treatment are presented.

Methods, Laws, regulations and rules, Subsidiary corporations, Subsidiaries, Financial statements

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The ostriches are definitely wrong

Article Abstract:

The Institute of Chartered Accountants in England and Wales set up the Recruitment Trends Study Group (RTSG) to study the recruitment crisis facing the accounting profession. The number of school leavers is steadily declining, and the profession is faced with increased competition for qualified graduates in the near future. The findings of the RTSG indicate that firms need to: plan early and anticipate employees needs; adopt imaginative methods such as flexible recruitment and work systems to meet staffing needs; and remain alert and proactive.

United Kingdom, Analysis, Management, Reports, Institute of Chartered Accountants in England and Wales, Employee recruitment

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