Finance Director's Handbook(1), Fin-Eko ENG

Finance Director's Handbook(1)

Indeks Finanse, Finanse(1), Filozofos, Fesenjan, Fenix,

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Finance Director's Handbook(1), Fin-Eko ENG

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CIMA Publishing is an imprint of Elsevier
Linacre House, Jordan Hill, Oxford OX2 8DP, UK
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First published as
Tolley’s Finance Director’s Handbook
2001
Second edition 2002
Third edition 2003
Fourth edition 2007
Fifth edition 2009
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Preface
The role of the finance director varies significantly between companies, depend-
ing to a large extent on the complexity and size of the business and the number
of executives and managers available to share in the responsibilities. Whilst some
finance directors will concentrate primarily on financial reporting, treasury and tax-
ation issues, others will have a much wider remit and be expected to provide exper-
tise and assistance in a variety of areas.
The field of financial reporting is becoming increasingly complex, particu-
larly for listed companies, where the emphasis is now firmly on transparency and
accountability. Accounting standards have become more conceptual in nature,
underpinned by a requirement for preparers of accounts to apply the spirit and rea-
soning behind the detailed requirements. For listed companies, the requirement to
prepare group accounts in accordance with International Accounting Standards
(IASs) has created new challenges, and the Accounting Standards Board’s plans to
converge UK accounting practice with international requirements over the coming
years, together with the adoption in the UK of International Standards on Auditing
(ISAs), means that all companies are likely to feel the increasing impact of interna-
tional harmonisation.
Listed companies also have significant additional reporting responsibilities under
the Combined Code and, if they are registered with the US Securities and Exchange
Commission (SEC), under the Sarbanes-Oxley Act 2002 and related SEC rules. The
current reporting requirements in respect of internal control have focused attention
on the issue of risk management and, whilst the detailed reporting requirements
apply only to listed companies, there is nevertheless much in the related guidance
that will be relevant to businesses of all sizes.
The gradual implementation of the Companies Act 2006 between 1 January
2007 and 1 October 2009 also brings further changes, and in the difficult transi-
tional phase particular care is needed in identifying whether the old or the new
requirements apply. The accounting and audit provisions of the Companies Act
2006 generally apply for accounting periods beginning on or after 6 April 2008,
although some of the new requirements in respect of auditors apply to appointments
and changes in appointments made on or after 6 April 2008. The general economic
downturn in late 2008 and 2009 has created further problems, with liquidity risk,
the availability of finance and going concern issues receiving particular atten-
tion. Up to date guidance on these and related issues from the Financial Reporting
Council and Auditing Practices Board is highlighted in the relevant chapters.
xl Preface
These are all areas in which the finance director’s input to discussions and deci-
sions is likely to be significant. I therefore make no apology for the fact that the
chapters on audit, corporate governance, financial reporting and investor relations
are the most substantial sections of this book. However, in addition to guidance in
these key areas, this handbook is intended to provide an overview of other business
issues and activities that may fall within the remit of the finance director. The book
is intended as an initial source of advice and guidance rather than as a comprehen-
sive manual, and sources of further information are indicated where appropriate.
This edition is based on legal and other requirements in force as at 31 January
2009. In the fast moving world of today, very little stands still for long and an
indication of known or expected future developments is therefore given where appro-
priate. No reference work can be comprehensive in this complex and fast changing
environment, or take account of the specific circumstances of each particular case,
and finance directors should therefore always seek appropriate professional advice.
I am particularly grateful to Sonia McKay and Andrea Oates who have contrib-
uted the chapters on ‘Employment law’ and ‘Health and safety’ respectively, and to
the editorial team at Elsevier for their help and support.
Glynis D. Morris
Chartered Accountant
Abbreviations and References

Legislation
CA 1985  Companies Act 1985
CA 1989  Companies Act 1989
CA 2006  Companies Act 2006
COSHH  Control of Substances Hazardous to Health Regulations
1999
ERA 1996  Employment Rights Act 1996
HSWA 1974  Health and Safety at Work etc. Act 1974
RIDDOR 1995  Reporting of Injuries, Diseases and Dangerous Occurrences
Regulations 1995
TULRCA 1992  Trade Union and Labour Relations (Consolidation) Act 1992
TUPE  Transfer of Undertakings (Protection of Employment)
Regulations 1981
Bodies
ACAS  Advisory, Conciliation and Arbitration Service
ACCA  Association of Chartered Certified Accountants
APB  Auditing Practices Board
ASB  Accounting Standards Board
ASC  Accounting Standards Committee
CAC  Central Arbitration Committee
CIMA  Chartered Institute of Management Accountants
CIPFA  Chartered Institute of Public Finance and Accountancy
CRE  Commission for Racial Equality
EAGGF  European Agricultural Guidance and Guarantee Fund
EMAS  Employment Medical Advisory Service
EOC  Equal Opportunities Commission
ERDF  European Regional Development Fund
ESF  European Social Fund
FIFG  Financial Instrument for Fisheries Guidance
FRC  Financial Reporting Council
FRRP  Financial Reporting Review Panel
FSA  Financial Services Authority
HMRC  HM Revenue and Customs
HSC  Health and Safety Commission
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