The unaccountable Robert Maxwell

Article Abstract:

The investigation of Robert Maxwell's alleged use of pension funds to support the price of stock in Maxwell Communication Corp (MCC) brings renewed focus on the need to reform existing laws and regulations concerning corporate governance in the UK. The collapse of the Maxwell publishing empire illustrates the risk of overcentralization of corporate power in one individual and the reliance on yearly financial reports as the prime source of company data. The Maxwell collapse also serves as a reflection of the tendency of British financial structures to depend too much on self-regulation. The mismanagement of pension funds at MCC is illustrated by intangibles totalling more than two billion pounds sterling as compared with securities worth less than one billion pounds sterling.

Newspapers, Pension, health, and welfare funds, Commercial printing, not elsewhere classified, Commercial printing, gravure, Publishing industry, Management, Usage, Investigations, Corporate governance, Maxwell, Robert, Maxwell Communication Corp., Mirror Group PLC

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Accounting for pension scheme surpluses

Article Abstract:

Pension accounting used to have to deal with deficits, inadequate funding and fear of shortfalls. Recently this problem has largely reversed, and many pension funds have surpluses. In fact some companies are applying for refunds from the Inland Revenue. Two major reasons for this change are abnormal levels of redundancy (unemployment) and a high rate of return on investments in the past decade. It requires accountants to look at the situation in a new way. Three possible ways to deal with it are (1) Reduction in contribution rates by members, (2) A refund to the employer, and (3) A contribution holiday; which is used depends on circumstances within the company. No matter what is done, full clear disclosure is important.

Accounting

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The value of housing associations

Article Abstract:

The 'Housing Association Accounting' Research Report, prepared for the Institute of Chartered Accountants of England and Wales, recommends that housing associations use the depreciated replacement cost as a basis for the valuation of housing properties. The report also suggests that the Institute Technical Committee's TR 677 should not be followed too strictly for several accounting problems encountered when dealing with deferred interest loans. The report's recommendations are consistent with the view that housing associations should be allowed to adopt relevant accounting standards that enable associations to operate and compete more effectively in an increasingly commercial environment.

Professional organizations, Economic aspects, Column, Housing development, Depreciation, Cost accounting

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