When a problem turns into a claim

Article Abstract:

The incidence of malpractice claims against accountants has risen in proportion to the expansion of accounting firms into new areas. The two types of malpractice claims brought against accountants include the large complex cases that involve large sums of money, which are extremely rare, and common claims arising from office mismanagement. Professional indemnity insurance requires that accountants take a due care of diligence in the performance of their duties to avoid errors that will lead to claims of malpractice. Errors to watch out for include: missed diary dates that cause exclusion from investments or tax penalties, a lack of supervision over junior and inexperienced staff, and taking on assignments that lay outside of the accountant's area of expertise.

Analysis, Accounting firms, Accounting services, Accountants, Malpractice, Liability insurance, Insurance

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Depreciation - a conceptual problem

Article Abstract:

The Financial Reporting Committee (FRC) of the Institute of Chartered Accountants in England and Wales has concluded the review of Statement of Standard Accounting Practices (SSAP) numbers 1, 12, 14,21 and 24 that was requested by the Accounting Standards Board (ASB). The FRC has issued a report on each of the SSAPs reviewed, with the report on SSAP 12 being issued as FRAG 2/92. In this particular report on SSAP 12, the FRC recommends that the ASB clarify its approach to two important conceptual issues relating to depreciation before proceeding with its planned revision of SSAP 12. The FRC identifies these two issues as the clarification of the definition of depreciation and the implementation of the clauses on residual value.

Standards, Accounting Standards Board, Depreciation

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Report design: handle with care

Article Abstract:

The design of an annual report can ensure that the report is effective. There are four requirements for the design of an annual report: the report must encourage readership, the information must be easy to find, major points in the text and tables must be easily understood and memorable, and the report must reinforce what is being reported. Annual reports should reflect the personality and purpose of the corporation, promote interest by investors, increase the level of confidence that investors have in the corporation, and show that the corporation is unique among its rival corporations. Corporations can use the services of design consultancies to achieve a distinctive annual report.

Methods, Business reports, Financial statements, Corporation reports, Company reports

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