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November 2021
IN THIS ISSUE A note from the Editor Finally, the accounting profession seems to have stepped up to the mark, as it looks to lead the way in saving the world! The professional bodies are working together on this (see our lead story), which really is the only way to tackle the climate crisis – after all, we are all in this together. On top of setting themselves and members net zero targets they are also promising to push governments to create the policies and infrastructure we need for planet A (there is no planet B). Several years ago, PQ magazine and LSBU ran a conference provocatively entitled ‘Accountants will save the planet’, and it now looks like the profession have caught up with us! We really do believe accountants can made a real difference in creating a sustainable world, and we recently dropped in on the CIPFA roundtable where the finance professionals of the future talked about what sustainability means to them (see page 20). We have a session on COP26 and how we can all do more at our conference ‘Tomorrow’s World – a brighter future for accountants?’ on 24 November. Sign up (it’s all free) at https://tinyurl.com/3ztjcpuk Graham Hambly, Editor and Publisher, PQ magazine News 05 AAT relocating Association is quitting central London for a greener future in Docklands 06 Green goals ICAEW urges government to set up Net Zero Implementation Board 08 The jobs market One in six ACCA accountants changed jobs in 2020 – despite Covid 09 Value of education Overseas students worth £30bn to UK economy, says new survey 10 RSM expansion Accountancy firm to employ record number of trainees as it seeks growth
11 G7 tax move Scrapping Digital Services Tax will boost tech giants’ income, says TaxWatch 12 Tech news China toughens stance with outright ban on cryptocurrencies Features, etc 14 Have your say Can the profession accommodate working-class heroes? Why audit sharing won’t work; and a big ‘well done’ to TaxWatch. Plus our social media round-up 17 CIPFA spotlight Why finance leaders of tomorrow need to thinks about sustainability today
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18 Green taxation It’s time to get ready for the plastic packaging tax. So how will it affect you?
36 p22 A question for Tom Regular contributor Tom Clendon looks at share based payments
20 Sustainability roundtable CIPFA trainees got together (virtually) to discuss how they can help save the planet
37 Costings Our AAT guru Teresa Clarke explains how you can calculate semi variable costs
24 CIPFA viewpoint The way reporting is carried out is vital in the fight against climate change 25 CIMA spotlight The five key skills you’ll need to pass the Case Study exams 27 ACCA spotlight Why there’s never been a better time to be an accountant 28 Profile A day in the life of blended learning student Mindy Edwards 29 Journal entries Michele Baker offers some top tips on an area where students often struggle 30 ACCA AFM exam We explain the concept of free cash flows 32 AAT exams #1 Overhead absorption costing explained 34 AAT exams #2 Nick Craggs tackles a subject that appears in virtually all level 4 papers
38 Taxing times Office of Tax Simplication wants changes to tax year dates. We explain all 38 Wellbeing Why you should be good to yourself after the exams – and all in your own home 41 Careers Life at GBP Consult; Agony Aunt Karen Young’s top advice; and our book review 42 Fun The lighter side of life; and more great PQ giveaways The columnists Lisa Nelson So what do you really know about AI? 5 Robert Bruce When it comes to reporting, more really is more 6 Prem Sikka Where’s the backlash over the Pandora Papers? 8 Anna Kate Phelan How to protect yourself from internet fraud 10 Perry Gemmell Helping firms recover from the pandemic 12
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PQ Magazine November 2021
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Tomorrow’s World – a brighter future for accountants? Join LSBU Business School and PQ magazine as we host our annual conference on Wednesday 24 November 2021. Following on from the theme of our last conference, we’ll be looking forward and exploring what the future looks like for accounting professionals with another boldly titled event covering a broad range of timely & relevant topics: Tomorrow’s World – a brighter future for accountants? We’ll also be celebrating the conference being in it’s 5th year and we’ll be joined by a host of special guest experts including... • Professor Christine Helliar • LSBU’s very own Joe Adomako • GAAPweb’s Andrew Robertson • Associate Professor Gavin Brown • Richard Simms of FA Simms • AAT President David Frederick ... with many more to be confirmed! During the conference, we’ll explore... • The rise and rise of FinTech • Report on COP26 and its implications for accountants • Explore the current state of the jobs market for PQ and NQ accountants • Take a look at IFRSs and the impact of COVID-19 Due to the success of our last event, the conference will be delivered virtually and we hope you’ll join us from wherever you are in the world as we continue to shine a spotlight on the profession & the impact we have. We’ll update this page in the coming months as more speakers and sessions are confirmed so do stay tuned! Register here: https://lsbu-pq-brighter-future-for-accountants.eventbrite.co.uk
Working-class hero? I see both KPMG and now PwC have set themselves targets for employing more workingclass people. This has to be applauded, but I think it seems so old-fashioned to talk about class in this way. I just don’t think many people identify themselves by class these days. I also feel there could be unintended consequences of the move of Big 4 firms recruiting the brightest working-class kids, who might have trained to be a mechanic or plumber, and could ultimately still be earning £60,000 a year. I also saw tucked away near the back of the issue the story about working-class men being kicked off company boards to make
way for middle-class women. The accountancy watchdog said this was another unintended consequence of the race for allencompassing diversity. As a boy from a council estate, I had parents who worked in the so-called routine and manual
jobs. So, I think that makes me workingclass. But I always wanted to be an accountant and left school and took up an apprenticeship studying towards the AAT qualification. I am now studying ACCA, but still don’t earn as much as my dad, but we are both doing jobs we love! He has an old-fashioned trade that has kept him employed all his life. He also says we need more bricklayers, electricians and plumbers and less accountants, and I think he might be right! Name and email address supplied
Our star letter writer wins a fantastic ‘I love PQ’ mug! Sharing won’t work
I see the Big 4 have finally said that sharing audits with smaller firms ‘won’t work’ (see PQ October, page 9). While a key part of the proposals for audit reform I could never see the logic in this idea. In fact, I can see this as being a major problem moving forward. When an audit goes wrong in the future, and they will, it will be even harder to tell where the blame lies. The inexperienced smaller firm will be vulnerable to accusations that they were just “never up to it”, and a big failure could scupper the move before it has even had a chance to show its effectiveness. Costs will also increase at the time when many firms are still struggling to recover from the pandemic. The creation of a separate profession has to be the way forward, one that won’t be trying to sell its tax and consulting services to the same client. Name and email address supplied
Money talks
Well done TaxWatch for calling out the tech companies, yet again. No one is surprised about their failure to get VAT paid in Africa. I know someone who has just started working for Shell as a graduate
who lies about who she works for. They are paid nigh on £50,000 a year (in their first year), but have to avoid all talk of work socially, as they learnt very quickly it puts them on the wrong side of many discussions. Working for one of the
tech giants must be even worse. I think the only way they too can attract graduates is with huge pay packets, but by taking the money many graduates know they will be selling just a little bit of their soul. Name and email address supplied
We have a green issue for you this month. While we were putting it together AAT announced that it was moving its HQ out of central London to east London. Its new offices have an ‘excellent’ rating under BREEAM, ranking it in the top 10% of new non-domestic buildings in the UK on measures including energy, waste, health and wellbeing, pollution, materials and land use. AAT is also picking up on the preference of staff to have a more hybrid model of working, cutting its square footage in half. On LinkedIn Graham Divers said: “Well done AAT. A sensible, business focused initiative with work/life balance and climate change at the core. To be encouraged.” Helen Long pointed out: “No doubt many companies will be downsizing – my employer has already moved to hot desking and home working, or part home working. “But now it is looking like more will be home based with real choices being offered.” It will be interesting to see what the other accountancy bodies do. Will any of them be brave enough to move their headquarters out of London? We’ll have to wait to see. People use social media for lots of things, even deciding the name of their firm. Lee Moore recently went online to do just that. He said: “Hi, I am starting my accountancy practice on 1st October but need to decide upon a trading name. Lemur is the word I wish to incorporate in the name but I am not sure which of the below looks and feels the best for an accounting firm. Please can you vote which you think is best. Lemur 7 Accounting. Lemur Accountancy. Lemur Solutions. None of the above.” Last time we looked Lemur Accountancy was winning. Hey, we voted for it!
PQ Magazine PO Box 75983, London E11 9GS | Phone: 07765 386489 | Email: graham@pqmagazine.com Website: www.pqmagazine.com | Editor/publisher: Graham Hambly graham@pqmagazine.com | Associate editor: Adam Riches | Art editor: Tim Parker Contributors: Robert Bruce, Prem Sikka, Lisa Nelson, Anna Kate Phelan, Tony Kelly, Phil Gammon, Edward Netherton | Subscriptions: subscriptions@pqmagazine.com | Origination services by Classified Central Media If you have any problems with delivery, or if you want to change your delivery address, please email admin@pqmagazine.com
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Dear Karen Ask PQ’s agony aunt Karen Young when you need expert advice. Email your dilemma to graham@pqmagazine.com, and he will pass on the best ones to Karen THE QUESTION I recently did an interview for a job that I loved the sound of. However, since learning more about it I am no longer interested. Unfortunately, I received an email offering me the job, so how can I respond in a professional and graceful manner turning down the offer?
Life at GBP Consult Alston Owens is a CIPFA-qualified managing consultant. He has a degree in Business Administration with Law and has 15 years’ experience working in healthcare What time does your alarm go off? 6.07am (with a three-minute snooze time). There something about waking up to an alarm on an odd number. What is on your desk? Relentless by Eddie Hearn, Rubik’s Connected Cube and my trusted FRC – UK Corporate Governance Code Manual. How long is your commute to that desk and is it better now? I’ve swapped my commute for a morning walk/run – so I still get my steps in. But yes, it is 100% better. Do you have a favourite lunch? I’m a big fan of a chicken burrito.
What can you see from your desk? My daughter’s school timetable and after-school club activities; a photograph of the ‘Empire Windrush’ setting sail for England; and a picture of my wife. Which are your favourite websites? Netflix, Disney Plus and Amazon Prime. How many hours a week are spent in online meeting rooms? I have lost count – way too many. Are you spending more time working now than normal?Yes, but in a more productive way. How do you relax? A 5k–10K run
keeps me rested and ready to tackle the challenges for the next day. What is your favourite tipple? Not really one for a tipple. What’s your favourite TV show? Money Heist. What is the best film you have watched recently? Margin Call and Django Unchained. Summer or winter? Summer. All day every day. Pubs or clubs? Clubs, maybe. Do you have a hero? My father. If you had a time machine where would you go? To the 1980s, so I could pick on my older brothers.
Pap WFH works for women… Working from home boosts career progression, say half of women. A BBC survey by YouGov found 56% of women believe WFH will help them progress at work, because childcare and caring duties are easier to manage. Researchers said that two-thirds (65%) of managers agree that home working helps advance women’s careers. However, a quarter of women worried that WFH could damage their career prospects. There was also a worry that it could also lead to lower salaries in the long-term. The YouGov survey found the highest ‘believers’ that WFH benefits career among women in the 18
to 24 age range (65%) and those living in London (61%). In contrast, just 49% of women surveyed in Scotland agreed.
In brief
KAREN’S RESPONSE Once you have made your decision contact the employer as soon as possible. How you communicate your decision says a lot about you, so sending a polite email asking to speak to the most appropriate person is a good option. Speaking to the contact over the phone demonstrates your professionalism. Don’t forget to follow up with everyone you were in contact with throughout the application process directly. This not only looks good, but it can also leave the door open for any future job opportunities if you liked the company. The most important thing you need to do is make sure you show appreciation for the company’s investment. Recruiting requires time, money and resources, so remember to thank them for their time, effort and consideration. Share the technical and logistical reasons why you decided not to accept the offer. If you are interested in the position, but got another offer with better salary or benefits, for example, you should share that information. Your honesty may help that company make some changes. • Karen Young is a director at Hays. She is passionate about helping people to find the right job, and companies to find the right person PQ Magazine November 2021
Pap Top CEOs take pay cut FTSE 100 bosses took an average 17% pay cut last year, as the pandemic pushed down earnings for some of the UK’s highest paid people. The average paid to CEOs was £2.7 million, with bonuses and basic salaries down, says a study from the High Pay Centre. Just 64% of FTSE 100 firms decided the time was right to pay bonuses. And those who got one saw them fall from £1.1m to £828,000. The best paid CEO is AstraZeneca’s Pascal Soriot. He was paid £15.45m in 2020. The High Pay Centre pointed out that the Average CEO still earns 86 times more than the median earnings for ordinary UK workers last year.
Pap … and is growing on you The popularity of working from home is on the rise, according to a PwC report. It found that the more people worked from home, the more they liked it. Some 41% of respondents wanted to stay at home full-time for work, up from 29% in January. Nearly threequarters (73%) believed remote working had been a ‘success’ in the summer of 2020. That has now risen to a whopping 83%. The only downside to the survey? It was of workers in the US.
The PQ Book Club: books you should read Woke, Inc. – Inside the Social Justice Scam by Vivek Ramaswamy (Swift Press, £20) When did it become the job of the big corporations to shoulder the injustices that befall some people in society? Author Vivek Ramaswamy believes even ‘woke’ capitalists fail to see how much harm they are doing to democracy when business elites tell ordinary citizens what causes they are supposed to prioritise. His really worry is that business leaders decide on the moral questions, opening the floodgates for unscrupulous colleagues to abuse that newfound power. Ramaswamy
believes there are far more CEOs who are eager to grab money and power in the name of justice than there are CEOs who are agnostic to money and power and care only about justice. Under the guise of doing good, he says these corporate con artists hide the bad things that they do every day. “Coca-Cola fuels an epidemic of diabetes and obesity among black Americans through some of the products it sells… and implements antiracism training that teaches their employees to be less white.” None of this is by accident, he claims.
Ramaswamy once worked for Goldman Sacks and he doesn’t have anything nice to say about them! He claims Goldman said it would refuse to take companies public unless they had at least one ‘diverse’ member, when they knew every S&P 500 company could say they met the standard. PQ rating: 5/5 We loved this book, and while we don’t totally agree with the premise, too many are jumping on the woke bandwagon for private gain. 41