NQ magazine, April 2016•

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An online magazine for newly qualified accountants and those in the final stages of their qualification. It's packed full of careers advice, industry news and topical features on the state of the accountancy industry across the globe. A must-read for aspiring accountants everywhere.

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<ul><li><p>THE VOICE OF ALL NQs</p><p> CYBER </p><p>SECURITY</p><p> Self-interest rather than regulation is the </p><p>way forward, says report</p><p> SALARY </p><p>CHECKER</p><p> Are you being paid what you should </p><p>be?</p><p> Contact usemail: </p><p>graham@pqaccountant.com</p><p>twitter: @pqmagazine</p><p>facebook: pqmagazine.com</p><p>call: 020 7216 6444</p><p>April 2016</p><p> TAX </p><p>SIMPLIFICATION WHY TWO TAXES </p><p>SHOULD BE MERGED </p><p>INTO ONE</p><p>Page 14</p><p> TOP CAT WE SPOKE TO SHARON </p><p>HARRIS, WHO WAS </p><p>RECENTLY NAMED PQ </p><p>MAGAZINES NQ OF THE </p><p>YEARP18 </p><p>P17</p><p>P10</p><p>P8</p><p> What are the pros and cons of using a recruitment consultant to nd your next role?</p><p> YOUR CAREER</p><p> ETHICAL DILEMMA</p><p> What should you do when your boss wants you to write a biased report?</p><p>Page 12</p><p>ALL THE NEWS YOU NEED</p><p>and a whole lot more </p><p>Pages 5 and 7</p></li><li><p>workingbettertogether</p><p>T +44 (0)20 8408 9999 E info@walkerdendle.co.uk www.walkerdendle.co.uk </p><p>redefining financial recruitment</p><p>Finance Manager</p><p>Middlesex</p><p>60,000 65,000 + benefits</p><p>Responsibilityforleadershipofthemanagement</p><p>accountingfunctionof3</p><p>Preparationandreviewofmonthlymanagement </p><p>accountspack</p><p>Drivingforwardbusinesspartneringacrossthebusiness;</p><p>improvingstakeholderrelationships</p><p>Improvementofsystemsandprocessestoensuresmooth</p><p>deliveryofreportingtimetable</p><p>QualifiedCIMA,ACCAorequivalent</p><p>StrongunderstandingofIFRSandUKGAAP</p><p>Provenpeoplemanagementskillswithpreviousline</p><p>managementexperience</p><p>Financial Analyst</p><p>Surrey</p><p>55,000 + benefits</p><p>Preparationofconsolidatedfinancialreportandregional</p><p>results</p><p>Identifyingandjustifyingvariancesandanomaliesto</p><p>forecast</p><p>Offeringtechnicaladvicetoregionalfinanceteamswith</p><p>emphasisonP&amp;Landbalancesheet</p><p>Assistintheintegrationofacquisitionsintothefinancial</p><p>reportingsystem</p><p>QualifiedACA/ACCAorequivalent</p><p>SoundunderstandingofIFRSandgroupaccounting</p><p>HighlyproficientonMSoffice,HFManadvantage</p><p>Excellentanalyticalandcommunicationskills</p></li><li><p>COMMENT</p><p>Leasing is the big story</p><p>We are again shining the light on leases this month. We know, that is two issues in a row now, but we honestly believe this is big news! The new standard, IFRS 16 Leases, replaces accounting standards introduced more than 30 years ago and considered no longer fit for purpose. </p><p>What is being proposed is a major revision to the way companies account for leases. And there are a lot of leases out there. It has been estimated that listed companies alone </p><p>have US$3.3trn of them, of which 85% do not appear on the balance sheet. How can investors and others get a truly accurate picture of a companys lease assets and liabilities? In industries such as aviation, shipping and retail leases are a key component in how they operate. </p><p>IASB chair Hans Hoogervorst says that when IFRS 16 becomes effective in 2019 it will result in a substantial change to many companies balance sheets. All leases will be recognised as assets and liabilities by lessees, better reflected the underlying economics (read Hoogervorsts thoughts on page 22).</p><p>Before you get there you should read about Sharon Harris, our NQ of the Year. The first thing she did when she qualified was burst into tears from the relief. Its OK, once she had recovered the rest of the day was spent with a big smile on her face! See page 18 for more. </p><p>We have a great, honest piece by Walker Dendles Phillippa Lusty about why you should use recruitment consultants (page 8). We believe that using one is a bit of a no-brainer. It is how the market works, so use it to your advantage. It is, after all, a free service. With the help of Hays we also produce an NQ salary checker you wont find this anywhere else! </p><p>Graham Hambly, Editor (graham@pqaccountant.com)</p><p>EDITORS COMMENTS </p><p>NUMBER CRUNCHING</p><p>Number of NHS finance </p><p>professionals who feel valued by the public and patients P5</p><p>5%</p><p>and rising the number of self-</p><p>employed workers in the UK P14</p><p>4.7m </p><p>Percentage of large companies </p><p>to have reported some form of security breach P16</p><p>81%</p><p>The total amount of leases held by listed companies P22</p><p>US$3.3trn</p><p>Average salary for NQ working in the corporate sector, according to the Hays salary checker P10</p><p>39,942</p></li><li><p>5NEWS</p><p>NQ Magazine April 2016</p><p>New CPD Centre for </p><p>all ACCA members ACCA members now have exclusive access to a range of </p><p>continuing professional development (CPD) courses through </p><p>a new online CPD Centre provided by BPP Professional </p><p>Development.</p><p>The new CPD centre is a dual-branded platform that both </p><p>parties hope will deliver a smooth booking process, making </p><p>online CPD course purchases easier. On offer are 150 </p><p>high-quality courses and learning packages that have been </p><p>specifically designed to fit around the schedules of busy </p><p>business and finance professionals.</p><p>To celebrate the launch of the new site, BPP is offering </p><p>ACCA members 20% off their entire online catalogue until </p><p>30 April. You will need to use the code ACCA2016 at the </p><p>checkout to redeem the offer. </p><p> Deloitte publishes socio-economic data </p><p>In an effort to dismiss some of the myths about social </p><p>mobility Deloitte has become one of the largest UK </p><p>employers to publish data on the socio-economic and </p><p>educational background of its partners and staff. </p><p>A sample of 1,000 staff shows 43% of Deloitte </p><p>employees attended a non-selective state school, 16% </p><p>an academically selective grammar school and 20% an </p><p>independent school. The data also revealed 51% were the </p><p>first in their family to go to university, while 9% received </p><p>free school meals.</p><p> Women earn 17,000 less </p><p>New research has shown that women in accountancy earn </p><p>17,000 less than men. Total remuneration for women </p><p>in accountancy stands at an average of 67,680, while </p><p>men earn 84,970. Men also did better when it comes to </p><p>bonuses. The average bonus for men was equal to 18.2% </p><p>of their basic salary; it was 13.9% for women. The only </p><p>good news, if there is any, is that the gender pay gap is </p><p>shrinking. </p><p> Aspiring to reach the top? No thanks!</p><p>European countries are lagging behind developing </p><p>countries when it comes to female ambition in the </p><p>workplace, according to the Hays Global Gender Diversity </p><p>Report 2016. Just 11% of women in the UK believe they </p><p>need to reach the most senior levels, MD or CEO, in order </p><p>to feel successful in their careers, compared with 14% </p><p>of men. This compares with 28% of women in Malaysia, </p><p>22% in Colombia and 18% in the UAE. In contrast, British </p><p>women are much more satisfied in reaching mid/senior </p><p>level roles. Almost four in 10 women in the UK (36%) say </p><p>they would need to reach director level to feel successful. </p><p>IN BRIEF</p><p>Feeling valued? NotNHS nance workers Just 5% of NHS finance professionals feel valued by the </p><p>public and patients, says a new briefing survey from the </p><p>Healthcare Financial Management Association (HFMA).</p><p>Luckily, faint praise is not what motivates accountants </p><p>for working in the NHS. The latest NHS Finance Function </p><p>in 2015: England report found that for well over two-thirds </p><p>(71%) of respondents it is public sector values that keeps </p><p>them going. Improving patient care is a motivation for 60% </p><p>of those surveyed.</p><p>Finance professionals working in the NHS also feel their </p><p>departments provide real value for money well, 89% think </p><p>so.</p><p>Despite the challenges of grappling with tight financial </p><p>statements and trying to add value to patient care, some </p><p>two-thirds of accountants say they would like to spend the </p><p>rest of their career working for it.</p><p>In all, 16,211 finance professionals are currently working </p><p>in the NHS, a 3% rise on 2013 figures. </p><p>The survey worryingly revealed that there is still a large </p><p>imbalance between the number of women working in finance </p><p>roles and those in the top jobs. Some 62% of finance staff </p><p>are female, but only 26 % of FDs are women.</p><p>Sharon Harris (right) of Agchem Project Consulting recently </p><p>picked up her NQ of the Year trophy from Lisa Dendle of </p><p>Walker Dendle at the PQ magazine Awards. Harris said: If </p><p>I had told my 16-year-old self that, at the age of 52, I would </p><p>be a chartered accountant with an honours degree I think </p><p>I would have asked them what they had been drinking. In </p><p>the past 12 months Sharon has been accepted as a CIMA </p><p>member and gained the ACMA, CGMA designation. She </p><p>also received a rst class honours degree from Manchester </p><p>Metropolitan University in Sustainable Performance </p><p>Management. </p><p>Read all about her on page 18.</p></li><li><p>Drive yourcareer withpqjobs.co.uk </p><p>PQ jobspqjobs.co.uk</p></li><li><p>7NEWS</p><p>NQ Magazine April 2016</p><p>Preparing for the futureThe CFO of the future may need to bring much more </p><p>multidisciplinary skill set to the job, according to Finance </p><p>2020: closer than you think, a new report from Robert Half.</p><p>The report says the nance function faces what is possibly </p><p>the biggest era of transformation in its history. Process </p><p>automation, corporate digitisation and the ongoing need to </p><p>protect assets while managing costs are conspiring to bring </p><p>even more pressure on nance professionals.</p><p>For many CFOs the priority is to meet regulatory </p><p>compliance mandates, but in the long-term it is to keep pace </p><p>with changing technology. </p><p>So, what were perceived to be the most important skills </p><p>to develop over the next ve years? Greater knowledge of </p><p> nancial software packages was seen as the biggest technical </p><p>skill that needs to be mastered (cited by 45% of CFOs). </p><p>Leadership, communication and commercial acumen were </p><p>seen as the soft skills nance professionals need to develop. </p><p>The traditional </p><p>audit process is </p><p>not delivering </p><p>enough, claims </p><p>the ACCAs head </p><p>of audit and </p><p>assurance, Andrew </p><p>Gambier. </p><p>Following </p><p>a series of </p><p>roundtable </p><p>discussions </p><p>he said that </p><p>in developed </p><p>countries there </p><p>were strong views </p><p>that while the audit </p><p>and assurance </p><p>process was important, it was neither timely nor offered </p><p>insights as to where businesses could have done better.</p><p>He said that in countries where audit is still being </p><p>developed it was valued far higher than in countries where it </p><p>has been long established. </p><p>Gambier said that investors had said they want real insights </p><p>into how a company could have addressed risk better and </p><p>where they could have maximized pro ts.</p><p>Gambier went on: While the traditional approach might </p><p>reassure regulators and company bosses, its usefulness to </p><p>investors is shrinking all the time, prompting questions over </p><p>its future. Business leaders expect information in real time, </p><p>so why do we expect investors to wait months for the audit </p><p>reports?</p><p>He felt that auditors need to look at how they can use </p><p>technology to deliver high quality audits in a more ef cient </p><p>and timely manner. </p><p> For more read the ACCA report The Future of Audit. </p><p>First management accounting standard BSI, the British Standards Institution, has published PAS 1919 </p><p> the worlds rst management accounting standard. The guide, </p><p>sponsored by CIMA, is designed as a best-practice guide to </p><p>management accounting, de ning what good looks like.</p><p>The PAS provides a framework to support decision-making </p><p>and supports improved performance. It sets out four outcome-</p><p>based management accounting principles:</p><p> Communication provides insight that is in uential </p><p>encouraging insightful communication that drives better </p><p>decisions across an organisation.</p><p> Information is relevant reviewing past, present and forward-</p><p>looking performance management information.</p><p> Impact on value is analysed understanding an </p><p>organisations strategy and business model.</p><p> Stewardship builds trust balancing short-term commercial </p><p>interests against long-term value for stakeholders.</p><p>Audit must now evolve or die </p><p>Threat of court over new UK sugar tax Soft drinks manufacturers look set to take Chancellor George </p><p>Osborne to the European court over his discriminatory sugar </p><p>tax.</p><p>The new tax put forward in the recent Budget may never </p><p>see the light of day, as Coca-Cola and other drink makers put </p><p>together a legal challenge to the proposals.</p><p>The soft drinks manufactures look set to argue in the </p><p>European courts that the tax, due to levied from 2018, is </p><p>discriminatory because it will not hit other beverages with high </p><p>sugar content. </p><p>This is not an idle threat. There have been successful </p><p>challenges to similar tax moves in Denmark and Finland. Last </p><p>year, the European Court of Justice also blocked Scotlands </p><p>plan to enforce minimum alcohol pricing.</p><p>Chancellor Osborne was hoping the 24p a litre tax on high </p><p>sugar products would help raise 520m a year. </p><p>Many fruit juices and smoothies contain more sugar than </p><p>the traditional cans of zz, and should be included in the new </p><p>sugar tax, according to some experts. Its a no-brainer to </p><p>include fruit juices and smoothies in the levy, says University </p><p>of Liverpools Simon Capewell.</p><p>Among the drinks that would be exempt, for example, is a </p><p>Krispy Kreme Strawberry Kreme milkshake, which contains </p><p>21.8g of sugar per 100g. That is double the amount of </p><p>sugar found in Coke (10.6g per 100ml). A McDonalds large </p><p>strawberry milkshake contains 74g of sugar, 50g of which </p><p>is added. Thats 12 teaspoons of sugar and is 160% of your </p><p>recommended (aged 11 and over) daily dose.</p><p>Andrew Gambier</p></li><li><p>8 NQ Magazine April 2016</p><p>YOUR CAREER</p><p>And the hunt begins: youre on the market and the </p><p>time is ripe to take the next step along the path </p><p>of your financial career. Perhaps your current </p><p>employer cant give you the opportunities you need to </p><p>progress, or perhaps it is just time for a change. You have </p><p>a clear picture of what you are looking for in terms of </p><p>remuneration, location and role now its just about finding </p><p>that perfect job. So do you go to a recruitment consultant?</p><p>Reasons not to</p><p>Bad press: In the world of recruitment, a common myth </p><p>about consultants is that they are shallow, pushy salesmen </p><p>Phillippa Lusty outlines the </p><p>pros and cons of using a </p><p>recruitment consultant from </p><p>both the individuals and the </p><p>companys perspective</p><p>and women just </p><p>looking to make a </p><p>quick buck. Unfortunately, </p><p>in some cases this may be true, </p><p>but on the flip side a good recruitment </p><p>consultancy relies heavily on its reputation </p><p>and by building positive, long-standing working </p><p>relationships with clients and candidates alike.</p><p>Fees: Clients looking to fill a vacancy have to remember </p><p>that, like your company, a consultancy is a commercial </p><p>business and works speculatively. It will invest on your </p><p>behalf on advertising, job boards and mail shots, taking a </p><p>risk with you too: no placement, no fee.</p><p>Going direct: With the rise of in-house recruiters, online </p><p>job boards and professional networking sites that seem to </p><p>cut out the middle man, are recruitment agencies becoming </p><p>obsolete? The nature of the business is changing, but in this </p><p>chaotic world of apparently endless opportunity the role of a </p><p>recruitment consultancy is as valuable as ever. Heres why</p><p>Why use a recruitment consultant?</p></li><li><p>9NQ Magazine April 2016</p><p>YOUR CAREER</p><p>Why use recruitment </p><p>consultants? </p><p>Experts in their field: Recruitment </p><p>consultants are career match-makers who </p><p>specialise in their own niche in regards to sector </p><p>and location. They are therefore great advisers who </p><p>have their fingers on the pulse; it is their job to know their </p><p>market.</p><p>Remove the stress: Whether you are looking for a job or </p><p>looking for someone to fill a j...</p></li></ul>