PQ the
ROBERT BRUCE Where’s the financial expertise? As we head towards a general election there is one priority that we should all support. There is, and always has been, a desperate need for MPs who have some clue about things like accounting, tax, corporate governance and financial reporting. I find it astonishing that the membership of the main legislative house in this country and the main revising house have so little in the way of informed and knowledgeable membership. For years the number of accountants, tax people and others from our world who are MPs and so can directly attempt to influence some of the nonsense foisted upon us by the ignorant are amazingly few. Invariably, when you analyse the new intake of MPs after a general election you find that less than 5% are what you might classify as informed financial folk. And the members of the House of Lord’s with a similar range of expertise and knowledge is mostly made up of people who joined up because they wanted to help but then, after making a sensible and sincere effort, gave up in the face of ignorance or governments with no interest in such change. So what is needed is a phalanx of financially-minded MPs to actively encourage the accounting world to sneak expertise onto the committees that select election candidates. Once aboard they can make the case for an expansion of proper financial understanding to underpin a mass of sensible legislation, rather than the nonsense we currently get.
CIMA puts wellbeing first CIMA & AICPA are stepping up efforts to provide additional wellbeing support for its UK students, and has announced it will be working with the mental health charity Student Minds. PQs will be able to contact the AICPA & CIMA customer service team or refer to the website to be directed to relevant Student Minds and Student Space materials and resources. Student Minds was started in 2009 and was originally aimed predominantly at university students, but has broadened its scope to include those studying towards professional qualifications
and taking alternate routes into higher education. CIMA said: “Together, we can help ensure that no student is held back by their mental health.” To find out more about Student Minds visit studentminds. org.uk, or if you need mental health support and advice go to studentspace.org.uk Student Minds recently launched
its new university mental health community – the Student Minds’ Hub. The Hub is a place where students can find community, engage with training and resources, and find out how their university can put student mental health first. Student Minds explained: “We are here to empower students to find the tools, insights and information that they need.”
ACCA PER changes All ACCA PQs signing off their practical experience requirements (PER) must now sign a strict liability clause. This is among the changes made to the PER in late summer. Moving forward, all students must confirm that their PER is a true and accurate representation of their own work. Supervisors will have to complete the liability clause when signing off the PER. They will also have to upload a copy of their membership
certificate or other evidence of their IFAC membership. The association has embedded sustainability into its strategy and innovation performance objectives. Additional examples of activities of sustainable value creation have been included in the advice, to help trainees to demonstrate their achievement of this performance objective. The need for individual elements to be signed off has been removed;
only the full objectives will need to be sent to the supervisor. • For more read our in-depth article on the changes on page 24.
Time to crow
Robert Bruce is an award-winning writer on accountancy for The Times
Crowe UK took on record numbers of new trainees this year. Crowe appointed 45 PQs in January and 120 in September 2023. It will be looking for another 50-60 in January 2024. Here they are with Faisal Khan, national strategic head
of business and marketing. He gave them his insight on the importance of business development, marketing, and personal brand. As partner Vincent Marke points out, they may need a bigger room next year!
attracted 536 graduates and 99 school leavers. The rest of the trainee intake was largely made up by paid placements. The lion’s share of trainees will be based outside London, throughout the firm’s network of 31 offices stretching from Southampton to Aberdeen. Some 188 will be based in London. The firm’s audit practice has recruited the single largest group of trainees – 419 in total.
softer skills? Well, the interim MD for accountancy at IRIS, Karen Williams, is unsure. She is worried that today’s tech-savvy accountants progress quickly up the career ladder but lack the essential people skills needed to retain clients. She warns PQs that having data analytical know-how and being able to utilise AI and machine learning are key for a successful career. But if you neglect your soft skillset, it will hinder career opportunities and long-term success. Check out what she has to say on page 21.
In brief FRC issues FRED 84 The FRC has issued FRED 84 Draft amendments to FRS 102 The Financial Reporting Standard, applicable in the UK and Republic of Ireland. The amendments cover supplier finance arrangements, proposing to introduce new disclosure requirements. These would provide users of financial statements with additional information about an entity’s use of supplier finance arrangements and the effect of such arrangements on the entity’s financial position and cash flows. Comments on FRED 84 are 6
requested by 31 December 2023. The FRC expects to finalise the proposed amendments in the first half of 2024, alongside the amendments arising from the current periodic review of FRS 102 and other FRSs. RSM UK record trainee intake RSM UK has recruited a record high of 769 new students across the UK in 2023, surpassing its previous record intake in 2022 (723) by 6%, as the firm continues to invest in its long-term growth plans. Among the new trainees, RSM
You need soft skills too Are the professional bodies doing enough to help their students develop those essential
PQ Magazine November 2023
