Moorgate Place

A blog from Michael Izza, ICAEW Chief Executive. Share your thoughts on the Institute’s activities and relevant topical issues.

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A happy new year?

As we start the New Year, the profession is probably facing greater economic uncertainty than it has done for some time.

Issues that were largely confined to the capital markets during 2008 will begin to impact on the real economy as small and medium-sized businesses struggle to deal with the constraints of a banking sector that is understandably more risk averse and less willing to lend.

Leadership is tested in adversity. There cannot be many...

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+2 2 votes

In front of the business and enteprise select committee

On Tuesday, I gave evidence to the House of Commons' Business and Enterprise Select Committee on issues surrounding the current credit environment for SMEs and going concern uncertainty.

The hearing was a valuable and timely opportunity to build a greater understanding around some of the issues that have dominated the policy and media debate over recent months. In this high profile forum, and in the context of a volatile policy environment, the ...

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+1 3 votes

Year end issues post credit crunch and the implications for Audit Committees

As I announced at the Treasury Select Committee back in November the Institute hosted a meeting of Audit Committee Chairmen on Tuesday evening which explored the issues that may affect the up-coming year end reporting cycle post credit crunch.

The credit crunch has undoubtedly brought the role and responsibilities of Audit Committees under sharper external scrutiny than ever before and the event provided an opportunity for Audit Committee Chai...

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Business sustainability

Corporate responsibility and sustainability have been two of the business buzzwords over the last few years. It’s something the Institute has been championing – not just because it was in vogue – but because we believe it’s a fundamental for the business of the future.

As I’ve blogged before, as the economic outlook continues to deteriorate, corporate sustainability programmes could be at risk from cost cutting. However, I do know that those co...

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The 2008 Pre-Budget Report

On Monday, the chancellor unveiled his second Pre-Budget report. It was a mix of eye-catching fiscal announcements designed to stimulate the economy together with a wealth of detail contained in the accompanying books and papers.

There’s no question that the Government is determined to try and spend its way out of the recession with a £20 billion package. But the question everybody is asking is whether or not it will work.

What do you think? W...

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A fiscal stimulus package that works…

This morning, the Institute published the latest wave of its business confidence monitor. It comes at an opportune time as the Prime Minister and Chancellor make the final decisions on a fiscal stimulus package intended to get the British economy through the recession.

Whatever they do, it is clear this will involve a significant amount of public money. There are five principles which I believe should be taken to heart in their deliberations:-

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Being corporately responsible

On Tuesday night, I went to the National Business Awards to present the ICAEW’s Corporate Responsibility award in front of 1200 senior figures from the business community at the Grosvenor House Hotel.

Why do I think it was important for the Institute to sponsor this award and to be associated with corporate responsibility? There’s no doubt that, with recession looming, corporate responsibility programmes will be under the financial sp...

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Worthy Winners

Wednesday night saw the 2008 Accountancy Age awards. Sadly, I couldn’t be there in person but I have heard all about a very entertaining and appropriate celebration of the accountancy profession.

This year, I was privileged to have been on the judging panel - it was great to see, read and discuss some of the great work that accountants are doing across the country. I’d like to add my congratulations to all those who won awards, especially those...

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Narrowing the Gap

Last Tuesday I was in Manchester at the launch of the ICAEW North West Region’s Women’s Network, meeting a mix of accountants who are currently working, on a career break, recently returned to work, or planning to return very shortly, some on a part-time basis. It was a very useful and interesting discussion about their experiences and some of the issues they faced.

One of the main concerns they expressed was how best to approach seeking flexib...

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In front of the Treasury Select Committee

We all know that the financial crisis has raised important questions and brought a huge array of new challenges for governments, regulators and the business and professional community. In recent weeks, fair value accounting and the role and function of the IASB have been centre stage in economic commentary – not least from such eminent figures as the Prime Minister, David Cameron and President Nicholas Sarkozy. On Tuesday, I gave evidence to the...