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Weekly Catch-Up 7th May

Tuesday 7 May 2019

A look into the next 100 years of management accounting

This great article looks at future projections for the profession covering 6 domains of core knowledge and skills that management accounts need to remain relevant. These range from strategy, planning and performance to leadership, ethics and values.

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Tech and the trusted advisor

2018 Accounting Insights Survey, has identified the top five traits small business owners look for in their accountant — all of which were deemed “very important” by at least 69 percent of respondents. 

They were (in order):

  1. Being a trusted advisor;
  2. Responding quickly;
  3. Understanding the client’s business or industry;
  4. Being affordable; and
  5. Communicating clearly with non-accountants.

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Samsung arrests over £3 billion fraud

Executives of Samsung’s biopharmaceutical unit have been arrested on suspicion of fraud of Won4.5tn (£3 billion). One employee and one executive from Samsung Bioepis, which is the biopharmaceutical unit and affiliate of Samsung Biologics, were arrested and charged for falsifying and destroying evidence including accounting records and internal documents.

Although a probe was launched into the case last year these are the first arrests to be made and the two arrested employees have admitted to destroying the evidence ahead of the financial watchdog’s investigation.

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2,600 euro fine over lack of accounting records

A 90-year-old street vendor who sold woolen slippers and handkerchiefs at a market in Ambelokipi, Greece has been fined 2,600 euros for not keeping accounting records. Sousana Iliadou, who was allegedly mugged on the same day, was arrested on March 22nd for illegal trading and was held in police detention for 12 hours.

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Accounting fallout hits Metro Bank as shares plummet

Shares of the high street lender Metro Bank sank by 15% in morning trade as the true scale of an accounting error was revealed. The lender described it as a “challenging” first quarter after revealing in January that it had miscalculated the risk of weighting of commercial loans secured on property and certain specialist buy-to-let loans. It also made a 350 million cash call to make up for the short fall.

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