Accountancy Insights

One week on from the general election, this special episode of Accountancy Insights discusses the policies of the new UK government.   The Labour Party has taken power with a sweeping victory not seen since 1997. Now, it faces the same challenge that successive governments have struggled to tackle: kickstarting the UK economy. With little room for manoeuvre in the public finances, can anything mov...

In this episode of Behind the Numbers, we discuss strategies to prevent and tackle groupthink at board level.   By suppressing debate and disrupting effective decision-making, groupthink poses a significant governance challenge for firms. Notably, the recent scandal over fee transparency at wealth manager St James’s Place – which has set aside £426m for client refunds – has been blamed on groupthi...

In this episode, we discuss important developments in corporate reporting, including amendments to UK GAAP, new standards IFRS18 and IFRS19, and the timeline for implementing IFRS S1 and IFRS S2. We also discuss the evolving VAT treatment of private hire vehicles as a result of recent court cases and how the Treasury may seek to respond.   Philippa Lamb is joined by Sally Baker, Head of Corporate...

In this ICAEW Insights In Focus episode, we discuss the use of artificial intelligence in audit.    Depending on who you talk to, generative AI is either going to revolutionise the way auditors work or replace certain roles in the sector entirely. The truth probably lies somewhere in between. So, how are auditors beginning to use AI? And how can practices sift marketing fact from fiction and navig...

In this episode of the ICAEW Insights podcast, we discuss upcoming changes to company size thresholds and what they mean for reporting requirements. Plus, with capital gains tax in the headlines, we explore the rules and restrictions when it comes to selling residential property.    Philippa Lamb is joined by Sally Baker, Head of Corporate Reporting Strategy, and Caroline Miskin, Senior Technical...

In this special bonus episode of Insights In Focus, we meet new ICAEW CEO Alan Vallance to discuss the leadership lessons of his career.    Alan is an ICAEW Chartered Accountant and joined the Institute as CEO in April 2024. His career has spanned various sectors and countries, as well as detailed experience in leading membership bodies RIBA and the Chartered Insurance Institute in recent years.  ...

In this Insights In Focus episode, we discuss how accountants can build the skills needed to take on leadership and executive roles during their careers.     In a recent report by the Financial Times, one anonymous headhunter was quoted as saying: “If America is run by lawyers, then the UK is run by accountants.” It’s backed up by the data, too: around one-third of today’s FTSE 100 CEOs have previ...

In this episode, we discuss why the arrival of the 2024/25 tax year is particularly busy for accountants, and the main changes to be aware of from 6 April. Plus, six months on from the passing of the Economic Crime and Corporate Transparency Act, we learn what progress has been made to enact its various provisions.   To shed light on those two topics, Philippa Lamb is joined by Stephen Relf, Techn...

In this Insights In Focus episode, we discuss how changes to the funding of British farms could affect the UK’s broader economic resilience.   As a result of Brexit, British farms will stop benefiting from the EU Common Agricultural Policy by the end of 2027. The policy paid subsidies largely regardless of land use. Now, farmers need to transition to new schemes established by the UK’s devolved ad...

In this Insights In Focus episode, we discuss the contents of the 2024 Spring Budget and their likely impacts on the UK economy. The Spring Budget was delivered against the backdrop of recession and persistent inflation. While the Chancellor had better-than-expected headroom for delivering tax cuts, the UK economy and its public finances are still navigating a difficult road to recovery. And, with...

In this Insights In Focus episode, we catch up with ICAEW Chief Executive Michael Izza ahead of his stepping down from his role later this month.   Izza has been with ICAEW since 2002 and Chief Executive since 2006. In that time, he’s steered the Institute through the global financial crisis, the pandemic and the early stages of a global technological revolution.   Host Philippa Lamb discusses wit...

In this episode, we discuss how firms can maintain momentum on the International Standard of Quality Management, as well as changes in preparation and filing as a result of the Economic Crime and Corporate Transparency Act. We also hear about ICAEW’s new podcast, The Tax Track, and changes to the Engaging in Public Practice certificate.   Philippa Lamb is joined by Alex Russell, Head of Audit and...

In this Insights In Focus episode, we discuss the future of audit and corporate governance reform.   Back in May 2022, after years of reviews and consultations, the government announced its plans for reform. The key proposals included the area of a new audit regulator, a wider definition of public interest entities, and ensuring that FTSE 350 firms would not be wholly reliant on the largest audit...

In this Insights In Focus episode, we discuss what 2024 is likely to bring for businesses and their accountants.   Beyond a Spring Budget and elections on both sides of the Atlantic, there are few certainties for the coming 12 months. Looking at ICAEW’s Business Confidence Monitor and forecasts from the Office for Budget Responsibility and the Bank of England, 2024 is likely to be another challeng...

In the second of two special Insights In Focus episodes, guest host Mark Rowland shares news and views from COP28 in Dubai. This episode focuses on capacity building within the finance profession and making the business case for a nature-positive transition.   Mark is joined in the studio by Sarah Reay, Climate Change Manager, ICAEW; Jessica Fries, Executive Chair, A4S; and Mardi McBrien, Chief of...

In the first of two special Insights In Focus episodes, guest host Mark Rowland shares news and views from COP28 in Dubai. This episode focuses on the importance of transition plans in achieving net zero.   In the studio, ICAEW Climate Change Manager Sarah Reay and Resilience First’s Shazre Quamber-Hill explain why transition planning is a vital part of the COP28 agenda. And on the conference floo...

In this Insights In Focus episode, we explore the contents and implications of the Economic Crime and Corporate Transparency Act 2023. After a challenging route through Parliament, the Act finally received Royal Assent in late October. It promises sweeping changes to Companies House and reporting requirements for SMEs. Crucially, it also covers where accountability will lie for economic crime. Man...

The ICAEW Insights podcast explores the month’s top stories in accountancy.   In this episode, we explain how ICAEW members can apply for dual membership with the Chartered Institute of Public Finance and Accountancy (CIPFA). We also discuss the key points and learnings from this year’s Cyber Security Awareness Month and hear how ICAEW’s Resilience and Renewal campaign is progressing.   Philippa L...

In this Insights In Focus episode, we explore strategies to expand and upskill Britain’s workforce.  Low unemployment is currently twinned with high vacancies, leading to a tight labour market. One cause is an increase in the number of economically inactive. And ICAEW’s Business Confidence Monitor has flagged a lack of non-management skills as an escalating challenge for the nation’s employers.   ...

In this episode, we discuss a new content series recently launched by ICAEW: ‘Resilience and renewal: building an economy fit for the future’.    The campaign explores the main challenges facing the UK economy and how chartered accountants are integral in addressing them. Plus, we share key deadlines for those filing self assessment returns and the penalties that may be handed down should they be...

In this Insights In Focus episode, we discuss professional ethics and seek to answer the age-old question: why do good people do bad things?   Accountants are increasingly acting as an ethical compass for their employers and clients. It’s a natural fit for a profession that has a deep understanding of business and a professional duty to act in the public interest, but it’s also a weighty responsib...

The ICAEW Insights podcast explores the month’s top stories in accountancy.    In this episode, we discuss Labour’s proposals for removing VAT exemptions from private schools and the disagreement over just how much money it would raise for the public purse. Plus, in our final CPD update before the new regulations come into force on 1 November, we answer ICAEW members’ most frequently asked questio...

In this Insights In Focus episode, we analyse the health of the UK economy through the lens of the Prime Minister’s pledges for 2023.   Back in January, Prime Minister Rishi Sunak made five pledges for the year ahead. Three of those related to indicators of economic and fiscal health: halving inflation, stimulating growth, and reducing the national debt. With 2024 rapidly approaching, how is the P...

The ICAEW Insights podcast explores the month’s top stories in accountancy.   In this episode, we discuss the contents of the International Sustainability Standards Board’s first two published standards; ICAEW’s role in the newly launched E-Commerce Trade Commission; and firms’ responsibilities under new CPD regulations launching 1 November 2023.   Philippa Lamb is joined by Sally Baker, Head of C...

In this Insights In Focus episode, we analyse the UK’s current economic turbulence through the lens of the commercial property sector.   With capital values down 15% in the last year, has bricks and mortar lost its attractiveness to investors? And, with inflation remaining stubbornly persistent, what do trendlines in the sector tell us about the UK economy as a whole?   Host Philippa Lamb is joine...