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FRC: Update for audit committees
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Written by Calum Haswell   
Tuesday, 23 November 2010
The Financial Reporting Council has published updated guidance for audit committees on issues arising from current economic conditions. The update (pdf) aims to influence the thinking and focus of audit committee work during the forthcoming annual reporting season by posing some key questions prompted by recent FRC analysis of the current reporting environment.

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EC Report: How the European Company Statute works for business
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Written by Calum Haswell   
Tuesday, 23 November 2010
The European Commission (EC) has published a report on the European Company Statute and how it works for business. The Statute gives companies operating in more than one Member State the option of establishing themselves as a single company under EU law, allowing companies to operate across the European Union with one set of rules. Such companies are known as Societas Europaea (SE). The report is part of the review process of the SE Regulation and sets out its positive and negative factors of SEs, highlights trends on their distribution and analyses the problems encountered setting up SEs. The report (pdf) is available on the EC website along with a working document (pdf), which supplements it.

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BIS on role of auditors
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Written by Calum Haswell   
Tuesday, 16 November 2010
The Department for Business, Innovation and Skills (BIS) has published its response (pdf) to the House of Lords Economic Affairs Committee’s call for evidence on the role of auditors and market concentration in the audit market (html). The response first sets out the department’s, and the government’s, roles in the present structure for statutory audit based on the Companies Act 2006. The document goes on to examine the present challenge in the aftermath of the financial crisis, the role of audit and the way forward.

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BIS publish Business plan 2011-2015
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Written by Calum Haswell   
Thursday, 11 November 2010
The Department for Business, Innovation and Skills has published its Business Plan 2011-15 (pdf) on the BIS website. The plan sets out the Coalition Government’s priorities and key deliverables for BIS. Builds on and incorporates the existing draft structural reform plan (URN 10/1086) published in July 2010. It includes the Department's vision, coalition priorities, structural reform plan, expenditure and transparency.

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Georges Property Services (London) Ltd (in administration) Clark and another v Finnerty and another
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Written by Calum Haswell   
Thursday, 11 November 2010

Abstract

 

Company – Administration order. The Chancery Division of the High Court allowed the administrators' appeal against a decision of the registrar that the guarantors of a loan to a company were entitled to apply to remove the administrators pursuant to para 88 of Sch B1 to the Insolvency Act 1986. The court took the view that the registrar's concern at the consequences for the guarantors of the administrators' decision was not enough to justify the order she had made.

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Cinematic Finance Ltd v Ryder and others
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Written by Calum Haswell   
Thursday, 11 November 2010

Company – Minority shareholder – Action by shareholder – Nature of action – Locus standi of applicant to bring minority shareholder's action – Claimant with controlling interest in company seeking to bring derivative action – Whether claimant should be allowed to bring derivative action – Companies Act 2006, Ch 1, pt 11, ss 261, 263

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BIS consultation: A long-term focus for corporate Britain
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Written by Calum Haswell   
Monday, 01 November 2010

The department for business, innovation and skills has launched its review of the UK corporate governance framework with a consultation document. A long-term focus for corporate Britain: a call for evidence (pdf), available on the BIS website, provides an overview of issues in UK corporate governance and asks a number of questions of stakeholders, aiming to investigate issues such as short-termism, investor engagement, directors’ remuneration and the economic case for takeovers. The government invites responses to this consultation by 14 January 2011.

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BIS paper: Understanding local growth
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Written by Calum Haswell   
Monday, 01 November 2010

The department for business, innovation and skills has published a paper entitled Understanding local growth. This paper sets out the policies this Government plans to put in place to ensure that local areas have the tools and incentives to maximise their potential for growth. The paper (pdf) is available on the BIS website.

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Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010
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Written by Calum Haswell   
Friday, 22 October 2010
The Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010 (SI 2010/2537), which amend the Companies Act 2006 and the Auditors (Delegation of Functions etc) Order 2008 (SI 2008/496), were laid before parliament on 20 October. The regulations come into force in part on 15 November 2010 and in full on 31 July 2013.

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LBRO report on business attitudes to regulation
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Written by Calum Haswell   
Thursday, 21 October 2010

The Local Better Regulation Office (LBRO) has prepared and published a comprehensive report of business attitudes to regulation and its burdens. From The Business End of the Telescope - Perspectives on Local Regulation and Enforcement is available on the LBRO website. The report contains the input of 35 organisations, aiming to explore the ways in which a better understanding of the needs of business could improve outcomes and efficiency both for the regulators and those who are regulated, as well as consumers and communities.

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BIS resource budget to be reduced by 25 per cent
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Written by Calum Haswell   
Thursday, 21 October 2010
The Department for Business, Innovation and Skills (BIS) will reduce its resource budget by 25 per cent over the course of the spending review period. The cut to capital spending by 2014-15 will be 44 per cent, accounting for anticipated receipts. The BIS administration budget will be reduced by 40 per cent, including savings from abolition of the RDAs.Announced reductions to key BIS activities include the ending of Train to Gain and replacing it with an SME focused training programme, English for Speakers of Other Languages (ESOL) funding for people not in settled communities, and the Regional Development Agencies will also be abolished in 2012.

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