PQ news
ROBERT BRUCE Flexibility and the changing nature of work Breakfast meetings on the day after the Budget are predictable. Experts will talk through obscure tax changes and their unexpected consequences, while the assembled clients munch on croissants and bacon sandwiches. But this year was different. RSM had asked Matthew Taylor to talk about ‘The 21st Century Workforce’ and his review for the Government about change ahead in the nature of the workforce and the gig economy. This is not normal fare. Taylor is a refreshingly straightforward chap. And, from his report, he clearly thinks he is on to something. If large tranches of the workforce genuinely want to be part of a gig economy then we should rethink the structures, and the tax consequences, so that they can easily do so. And he’s clearly making a difference. Following his review, published last July, there was an announcement in the Budget that a review looking at employment status and taxation is to follow. Taylor is not one for hammering on doors. He takes the view that gaining public acceptance and support for what ought to happen should come about first. Then you don’t have to shout at politicians to achieve change. “Win the argument on principle and change will follow”, he said. He has the younger end of the workforce on his side. Who would have thought, as he explained, that Tesco would introduce an app to enable people to work the hours that they want and at any store they want? Flexibility, as he said, is a good thing. Robert Bruce is an award-winning writer on accountancy for The Times
New CIMA syllabus for summer
CIMA looks set to unveil its newlook qualification to coincide with the 2018 Football World Cup! In an exclusive interview with PQ magazine, CIMA’s Noel Tagoe (pictured) told us he will be taking his vision for the preliminary draft syllabus out to tutors this month. Tagoe was quick to stress that the key to any changes will be ‘employability’ and the long-term career success of CIMA’s PQs. He also said he was very aware that CIMA needs to deal with the issue of technology and where it fits into the syllabus, and how it will affect finance. Then there’s the thorny tpics of intangible assets and realworld costing. Tagoe confirmed the plan is to ‘soft launch’ the new-look syllabus next summer. That means students
will be sitting a new syllabus in 2019. Tagoe pointed out that all stakeholders have been part of the process from the start, something that might not have been true of the 2015 ‘big bang’ changes! He
Living in a code-free world
Building on the success of its first machine learning project, Xero has unveiled the next step in its journey towards code-free accounting – the automation of account codes and bills for small businesses and their partners. With more than 500,0000 bills entered into Xero every day, and each line of the bill edited individually, the automation of billing account codes is set to transform accounting practices, ensuring greater accuracy and reducing the time businesses
spend creating bills. Xero said that bills is the second-most commonly used feature, but it has the secondhighest rate of defaults, as many small business use very different systems. It discovered 50% of businesses use 10 or more expense codes, with many creating their own codes, which often means that information is entered incorrectly. Xero’s new AI system considers each individual business’s characteristics, then recommends account codes based on what it has learnt.
used by large recruiters has been questioned after research has found that 20% of graduates admitted they have cheated on them, or at least thought about it! Most of the cheating graduates simply got brighter friends to take the test for them. Meanwhile 60% of graduates felt that the tests aren’t a good way to find the best candidates, and are just a way for large employers to filter applicants.
long period could raise the risk of vision defects and even blindness, says a worrying new study. It appears that prolonged stress raises pressure inside the eyeball, a key risk factor for glaucoma. Using university students in the run-up to exams, scientists discovered significant increases in ocular pressure. Tiny increases raise the risk of glaucoma by 10%.
said CIMA will in future be moving away from these big four-year changes, and continuous review will be the name of the game. Interestingly, Tagoe said that the plan is to be much clearer to students about what they need to be studying. “There will be no second-guessing anymore,” he emphasised. That said, he pointed out that this will not make exams more predictable. He explained: “We will make the areas being examined predictable, like say the need to construct a budget.” Tagoe went on to say that he wants to hear everyone’s voice in the discussion, and he particularly wants to hear from PQs. • PQ will be working closely with CIMA to ensure PQs get their voices heard, so stay tuned.
KEEPING TAX REAL
The AAT has confirmed that it is not going to change its tax assessments and introduce generic tax exams. We reported in our November issue that tutors raised concerns about meetings they had had with AAT officials about a possible move towards generic tax assessments. A spokesman told PQ that after review the AAT has decided it won’t be making any changes for the foreseeable future. “Hopefully, that should put some of the worries to rest,” he said. Tutors were concerned about the idea of a ‘made up tax regime’. They stressed that AAT needed to remain a coalface qualification where students learn real legislation.
In brief Awards deadline extended We have extended the deadline for nominations for the 2018 PQ Awards to Friday 12 January 2018 – so come on, get them in! They will again be held in February in the glamorous surroundings of Café de Paris. To download an application form go to www.pqmagazine.com and click on the ‘pqawards’ button on the home page. See page 15 for more. Cheating graduates The value of the aptitude tests 6
Eyesight risk Taking multiple exams over a
Register of interest Accountancy regulator, the FRC, recently updated its
Governance Bible and Code of Conduct, and published its Register of Interests. The register got all the news coverage! It reveals, perhaps not surprisingly, that many directors and senior officials are members of the pension schemes of the Big 4 firms. CEO Stephen Haddrill even discloses that his wife is a deputy director in the BEIS, responsible for the department’s relationship management with its partner organisations, (since 2017 this included the FRC). PQ Magazine January 2018