<br />
INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS<br />
ISSUE 4 | MAY 2012 | ICAEW.COM/ECONOMIA<br />
MARGARET EWING LYNDA GRATTON ROBERT SHILLER PAUL APLIN<br />
CAIO KOCH-WESER HOWARD GROSS GEOFF BARNES CATHY NEWMAN<br />
GIVING BACK<br />
MARISA CASSONI, JOHN LEWIS PARTNERSHIP FINANCE<br />
DIRECTOR, ON WHY SUCCESS MEANS SHARING THE GAINS<br />
FORENSIC ACCOUNTING | GDP BONDS | NEW ZEALAND | THE ROLE OF TRUSTEES<br />
<br />
A little bubble might be just what we need<br />
The news last month that social network<br />
Facebook had paid $1bn for 15-month old<br />
photo-sharing start-up Instagram sent<br />
observers diving for the file marked tech<br />
bubble 2.0. Formed by two standard-issue<br />
geeky Stanford graduates in their mid 20s,<br />
Instagram appears to be a classic example<br />
of an overvalued internet asset. In other<br />
words, it's a story straight out of 1999.<br />
Because it's less than a year and a half<br /<a title="economia_May page 1" href="http://viewer.zmags.com/publication/b45690b9?page=1"> INTELLIGENCE AND INSIGHT FOR ICAEW MEMBERS </a>
<a title="economia_May page 2" href="http://viewer.zmags.com/publication/b45690b9?page=2"> </a>
<a title="economia_May page 3" href="http://viewer.zmags.com/publication/b45690b9?page=3"> A little bubble might be just what we need The </a>
<a title="economia_May page 4" href="http://viewer.zmags.com/publication/b45690b9?page=4"> +DV\RXULQVXUDQFH SROLF\JRWKROHVLQLW" ,QVXUDQFHS</a>
<a title="economia_May page 5" href="http://viewer.zmags.com/publication/b45690b9?page=5"> ECONOMIA Contents May 2012 DANIEL STIER THE AU</a>
<a title="economia_May page 6" href="http://viewer.zmags.com/publication/b45690b9?page=6"> 2.80% gross † /AER* variable A savings account t</a>
<a title="economia_May page 7" href="http://viewer.zmags.com/publication/b45690b9?page=7"> ECONOMIA economia online icaew.com/economia Th</a>
<a title="economia_May page 8" href="http://viewer.zmags.com/publication/b45690b9?page=8"> Contributors EDITORIAL ADVISORY BOARD Chair: Art</a>
<a title="economia_May page 9" href="http://viewer.zmags.com/publication/b45690b9?page=9"> At Bose we DON'T call this a T</a>
<a title="economia_May page 10" href="http://viewer.zmags.com/publication/b45690b9?page=10"> In review The stories that matter most from the m</a>
<a title="economia_May page 11" href="http://viewer.zmags.com/publication/b45690b9?page=11"> THE AUDIT GADGET OF THE MONTH GADGET OF T</a>
<a title="economia_May page 12" href="http://viewer.zmags.com/publication/b45690b9?page=12"> Bad news good news Chinese consumers, as infl</a>
<a title="economia_May page 13" href="http://viewer.zmags.com/publication/b45690b9?page=13"> THE AUDIT Talking point Should Europe introduce </a>
<a title="economia_May page 14" href="http://viewer.zmags.com/publication/b45690b9?page=14"> EVENTS TO LOOK OUT FOR PUBLIC SECTOR FINANCIAL MA</a>
<a title="economia_May page 15" href="http://viewer.zmags.com/publication/b45690b9?page=15"> THE AUDIT As I see it Margaret Ewing, par</a>
<a title="economia_May page 16" href="http://viewer.zmags.com/publication/b45690b9?page=16"> members only FREE METALLIC PAINT AND UP TO 20.5% </a>
<a title="economia_May page 17" href="http://viewer.zmags.com/publication/b45690b9?page=17"> THE AUDIT Career path First impressions count. </a>
<a title="economia_May page 18" href="http://viewer.zmags.com/publication/b45690b9?page=18"> THE BIG IDEA Jim Collins Writer and researcher </a>
<a title="economia_May page 19" href="http://viewer.zmags.com/publication/b45690b9?page=19"> THE AUDIT The graph Global pay review</a>
<a title="economia_May page 20" href="http://viewer.zmags.com/publication/b45690b9?page=20"> Tales from the front line Real stories from th</a>
<a title="economia_May page 21" href="http://viewer.zmags.com/publication/b45690b9?page=21"> THE AUDIT </a>
<a title="economia_May page 22" href="http://viewer.zmags.com/publication/b45690b9?page=22"> Michael Izza Eyes on China PORTRAITS DAN MURRELL</a>
<a title="economia_May page 23" href="http://viewer.zmags.com/publication/b45690b9?page=23"> OPINION Email: economia@icaew.com twitter.com/ec</a>
<a title="economia_May page 24" href="http://viewer.zmags.com/publication/b45690b9?page=24"> DAILY INSIGHT AND FRESH ANALYSIS ONLINE </a>
<a title="economia_May page 25" href="http://viewer.zmags.com/publication/b45690b9?page=25"> OPINION Cathy Newman Pimply minions, pasties and </a>
<a title="economia_May page 26" href="http://viewer.zmags.com/publication/b45690b9?page=26"> OPINION Jason Cowley London's circus deserves a r</a>
<a title="economia_May page 27" href="http://viewer.zmags.com/publication/b45690b9?page=27"> qu_lifi</a>
<a title="economia_May page 28" href="http://viewer.zmags.com/publication/b45690b9?page=28"> Lynda Gratton The shape of work to come O </a>
<a title="economia_May page 29" href="http://viewer.zmags.com/publication/b45690b9?page=29"> OPINION Letter from America Battle of the rich li</a>
<a title="economia_May page 30" href="http://viewer.zmags.com/publication/b45690b9?page=30"> Economist Caio Koch-Weser's career has spanned Ge</a>
<a title="economia_May page 31" href="http://viewer.zmags.com/publication/b45690b9?page=31"> INTERVIEW </a>
<a title="economia_May page 32" href="http://viewer.zmags.com/publication/b45690b9?page=32"> INTERVIEW intervention] but 10- to</a>
<a title="economia_May page 33" href="http://viewer.zmags.com/publication/b45690b9?page=33"> CUT YOUR COST OF COPY, PRINT AND SUPPLIES BY 30% </a>
<a title="economia_May page 34" href="http://viewer.zmags.com/publication/b45690b9?page=34"> RISING FROM THE RUINS In the aftermath of the 201</a>
<a title="economia_May page 35" href="http://viewer.zmags.com/publication/b45690b9?page=35"> NEW ZEALAND ASSOCIATED PRESS, GETTY IMAGES econ</a>
<a title="economia_May page 36" href="http://viewer.zmags.com/publication/b45690b9?page=36"> South Africa AT A GLANCE Incredible natural resou</a>
<a title="economia_May page 37" href="http://viewer.zmags.com/publication/b45690b9?page=37"> SOUTH AFRICA IWAN BAAN MIXED HISTORY Dutch trad</a>
<a title="economia_May page 38" href="http://viewer.zmags.com/publication/b45690b9?page=38"> After helping sort out the finances at Royal Mail</a>
<a title="economia_May page 39" href="http://viewer.zmags.com/publication/b45690b9?page=39"> PROFILE</a>
<a title="economia_May page 40" href="http://viewer.zmags.com/publication/b45690b9?page=40"> “We only access either the funds that we generate</a>
<a title="economia_May page 41" href="http://viewer.zmags.com/publication/b45690b9?page=41"> PROFILE the Dutch, which wou</a>
<a title="economia_May page 42" href="http://viewer.zmags.com/publication/b45690b9?page=42"> The words below may read like an outtake from a c</a>
<a title="economia_May page 43" href="http://viewer.zmags.com/publication/b45690b9?page=43"> FORENSIC ACCOUNTING complex by its </a>
<a title="economia_May page 44" href="http://viewer.zmags.com/publication/b45690b9?page=44"> and they're very, very tough on people who don't </a>
<a title="economia_May page 45" href="http://viewer.zmags.com/publication/b45690b9?page=45"> FORENSIC ACCOUNTING understanding o</a>
<a title="economia_May page 46" href="http://viewer.zmags.com/publication/b45690b9?page=46"> Rebellious shareholders are making life uncomfort</a>
<a title="economia_May page 47" href="http://viewer.zmags.com/publication/b45690b9?page=47"> SHAREHOLDER ACTIVISM REVOLTING: WHAT HAP</a>
<a title="economia_May page 48" href="http://viewer.zmags.com/publication/b45690b9?page=48"> small group of investors, but not for the long te</a>
<a title="economia_May page 49" href="http://viewer.zmags.com/publication/b45690b9?page=49"> SHAREHOLDER ACTIVISM institutional </a>
<a title="economia_May page 50" href="http://viewer.zmags.com/publication/b45690b9?page=50"> </a>
<a title="economia_May page 51" href="http://viewer.zmags.com/publication/b45690b9?page=51"> GROWTH SUPPORTING MEDIUM-SIZED BUSINESSES </a>
<a title="economia_May page 52" href="http://viewer.zmags.com/publication/b45690b9?page=52"> “There's not enough work in a business with 50 pe</a>
<a title="economia_May page 53" href="http://viewer.zmags.com/publication/b45690b9?page=53"> GROWTH HORSES FOR COURSES As a busines</a>
<a title="economia_May page 54" href="http://viewer.zmags.com/publication/b45690b9?page=54"> CASE STUDY: STEPPING UP Chris </a>
<a title="economia_May page 55" href="http://viewer.zmags.com/publication/b45690b9?page=55"> GROWTH ICAEW FINANCE DIRECTORS' CONFERENCE</a>
<a title="economia_May page 56" href="http://viewer.zmags.com/publication/b45690b9?page=56"> ILLUSTRATIONS: GWENDAL LE BEC 56 </a>
<a title="economia_May page 57" href="http://viewer.zmags.com/publication/b45690b9?page=57"> GDP BONDS GIVING INVESTORS A TRILL GDP-linked b</a>
<a title="economia_May page 58" href="http://viewer.zmags.com/publication/b45690b9?page=58"> for developing countries that are not always able</a>
<a title="economia_May page 59" href="http://viewer.zmags.com/publication/b45690b9?page=59"> GDP BONDS leading to much lower man</a>
<a title="economia_May page 60" href="http://viewer.zmags.com/publication/b45690b9?page=60"> Taking on the role of charity trustee can do wond</a>
<a title="economia_May page 61" href="http://viewer.zmags.com/publication/b45690b9?page=61"> VOLUNTEERING </a>
<a title="economia_May page 62" href="http://viewer.zmags.com/publication/b45690b9?page=62"> “It is a good way to develop leadership skills… b</a>
<a title="economia_May page 63" href="http://viewer.zmags.com/publication/b45690b9?page=63"> VOLUNTEERING trustees and gettin</a>
<a title="economia_May page 64" href="http://viewer.zmags.com/publication/b45690b9?page=64"> Leaves you breathless As president of Baker Tilly</a>
<a title="economia_May page 65" href="http://viewer.zmags.com/publication/b45690b9?page=65"> PROFILE </a>
<a title="economia_May page 66" href="http://viewer.zmags.com/publication/b45690b9?page=66"> PwC Manual of accounting series 2012 Expert finan</a>
<a title="economia_May page 67" href="http://viewer.zmags.com/publication/b45690b9?page=67"> Briefing Outstanding tax, late payment and trust </a>
<a title="economia_May page 68" href="http://viewer.zmags.com/publication/b45690b9?page=68"> NEWS Updates BREEDON REPORT ON FINANCING A t</a>
<a title="economia_May page 69" href="http://viewer.zmags.com/publication/b45690b9?page=69"> BRIEFING PENSION AUTO ENROLMENT </a>
<a title="economia_May page 70" href="http://viewer.zmags.com/publication/b45690b9?page=70"> ACCOUNTING IT </a>
<a title="economia_May page 71" href="http://viewer.zmags.com/publication/b45690b9?page=71"> BRIEFING run PAYE systems on the w</a>
<a title="economia_May page 72" href="http://viewer.zmags.com/publication/b45690b9?page=72"> PRACTICE ASSURANCE More carrot than stick A</a>
<a title="economia_May page 73" href="http://viewer.zmags.com/publication/b45690b9?page=73"> BRIEFING </a>
<a title="economia_May page 74" href="http://viewer.zmags.com/publication/b45690b9?page=74"> FINANCIAL REPORTING Seeing it through Transpa</a>
<a title="economia_May page 75" href="http://viewer.zmags.com/publication/b45690b9?page=75"> BRIEFING to marry two sets of stan</a>
<a title="economia_May page 76" href="http://viewer.zmags.com/publication/b45690b9?page=76"> REGULATION Reporting pains The prospect of </a>
<a title="economia_May page 77" href="http://viewer.zmags.com/publication/b45690b9?page=77"> BRIEFING </a>
<a title="economia_May page 78" href="http://viewer.zmags.com/publication/b45690b9?page=78"> DISCIPLINARIES Fraud and conspiracy A 10-y</a>
<a title="economia_May page 79" href="http://viewer.zmags.com/publication/b45690b9?page=79"> BRIEFING Report listings The reports that fol</a>
<a title="economia_May page 80" href="http://viewer.zmags.com/publication/b45690b9?page=80"> In challenging times you need someone you can rel</a>
<a title="economia_May page 81" href="http://viewer.zmags.com/publication/b45690b9?page=81"> Life “Be wary of strong drink, it can make you sh</a>
<a title="economia_May page 82" href="http://viewer.zmags.com/publication/b45690b9?page=82"> THAT'S THE SPIRIT The rise of British micro disti</a>
<a title="economia_May page 83" href="http://viewer.zmags.com/publication/b45690b9?page=83"> LIFE (From left) Jared Brown,</a>
<a title="economia_May page 84" href="http://viewer.zmags.com/publication/b45690b9?page=84"> steady over the years. But this is not necessaril</a>
<a title="economia_May page 85" href="http://viewer.zmags.com/publication/b45690b9?page=85"> LIFE GETTY IMAGES economia MAY 2012 </a>
<a title="economia_May page 86" href="http://viewer.zmags.com/publication/b45690b9?page=86"> SIX OF THE BEST HEADPHONES Tuning in or zoning ou</a>
<a title="economia_May page 87" href="http://viewer.zmags.com/publication/b45690b9?page=87"> LIFE A TASTE OF ENGLAND </a>
<a title="economia_May page 88" href="http://viewer.zmags.com/publication/b45690b9?page=88"> THE MEASURE HOW TO STAY SMART AND LOOK SHARP ON A</a>
<a title="economia_May page 89" href="http://viewer.zmags.com/publication/b45690b9?page=89"> LIFE CLASS ACTS </a>
<a title="economia_May page 90" href="http://viewer.zmags.com/publication/b45690b9?page=90"> </a>
<a title="economia_May page 91" href="http://viewer.zmags.com/publication/b45690b9?page=91"> RECRUITMENT Recruitment To advertise your va</a>
<a title="economia_May page 92" href="http://viewer.zmags.com/publication/b45690b9?page=92"> </a>
<a title="economia_May page 93" href="http://viewer.zmags.com/publication/b45690b9?page=93"> RECRUITMENT WE'RE PARTNERING WITH LEADING PRACTI</a>
<a title="economia_May page 94" href="http://viewer.zmags.com/publication/b45690b9?page=94"> BRINGING YOU THE LATEST POSITIONS FOR CHARTERED A</a>
<a title="economia_May page 95" href="http://viewer.zmags.com/publication/b45690b9?page=95"> BUSINESS DIRECTORY Business directory To advert</a>
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<a title="economia_May page 97" href="http://viewer.zmags.com/publication/b45690b9?page=97"> BUSINESS DIRECTORY Training & Courses </a>
<a title="economia_May page 98" href="http://viewer.zmags.com/publication/b45690b9?page=98"> LIFE TESSA BUNNEY LIFE AFTER WORK BE PREPARED </a>
<a title="economia_May page 99" href="http://viewer.zmags.com/publication/b45690b9?page=99"> FIVE WAYS TO RAISE YOUR CONFIDENCE IN FINANCIAL R</a>
<a title="economia_May page 100" href="http://viewer.zmags.com/publication/b45690b9?page=100"> EXCLUSIVE TO ICAEW MEMBERS Win a</a>