<br />
INTELLIGENCE AND INSIGHT<br />
NOVEMBER 2014 | ICAEW.COM/ECONOMIA ISSUE 32 | ACCOUNTANCY | FINANCE | BUSINESS<br />
Lost<br />
and<br />
found<br />
Hotelier Sir Rocco<br />
Forte on UKIP, the EU<br />
and why he's<br />
rebuilding the family<br />
business he lost<br />
LATE PAYMENT<br />
JONATHAN FAULL<br />
GLOBAL UNREST<br />
BRONWEN MADDOX<br />
ALTERNATIVE<br />
BUSINESS STRUCTURES<br />
PAUL VINER<br />
<br />
The UK is feted all<br />
over the world for its<br />
code of corporate<br />
governance. Comply<br />
or explain is seen as<br />
an example of light-<br />
touch regulation that<br />
works reasonably well.<br />
But what about when it fails? No regulation<br />
will work all the time. As Tesco chairman<br />
Sir Richard Broadbent might point out,<br />
“light-touch regulation always works, until<br />
it fails”. Tesco is the most prominent recent<b<a title="Economia NOVEMBER 14 page 1" href="http://viewer.zmags.com/publication/e985b66b?page=1"> INTELLIGENCE AND INSIGHT NOVEMBER 2014 </a>
<a title="Economia NOVEMBER 14 page 2" href="http://viewer.zmags.com/publication/e985b66b?page=2"> </a>
<a title="Economia NOVEMBER 14 page 3" href="http://viewer.zmags.com/publication/e985b66b?page=3"> The UK is feted all over the world for its code o</a>
<a title="Economia NOVEMBER 14 page 4" href="http://viewer.zmags.com/publication/e985b66b?page=4"> </a>
<a title="Economia NOVEMBER 14 page 5" href="http://viewer.zmags.com/publication/e985b66b?page=5"> </a>
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<a title="Economia NOVEMBER 14 page 8" href="http://viewer.zmags.com/publication/e985b66b?page=8"> ICAEW in this issue </a>
<a title="Economia NOVEMBER 14 page 9" href="http://viewer.zmags.com/publication/e985b66b?page=9"> COVER: RICHARD ANSETT There is more technical in</a>
<a title="Economia NOVEMBER 14 page 10" href="http://viewer.zmags.com/publication/e985b66b?page=10"> EDITORIAL ADVISORY BOARD Arthur Bailey FCA, (Ch</a>
<a title="Economia NOVEMBER 14 page 11" href="http://viewer.zmags.com/publication/e985b66b?page=11"> </a>
<a title="Economia NOVEMBER 14 page 12" href="http://viewer.zmags.com/publication/e985b66b?page=12"> In review THE INTERNATIONAL PICTURE 187 companies</a>
<a title="Economia NOVEMBER 14 page 13" href="http://viewer.zmags.com/publication/e985b66b?page=13"> Scotland's new tax Homebuyers will pay a progress</a>
<a title="Economia NOVEMBER 14 page 14" href="http://viewer.zmags.com/publication/e985b66b?page=14"> THE AUDIT SUSTAINABLE FUTURES Belu Water was one</a>
<a title="Economia NOVEMBER 14 page 15" href="http://viewer.zmags.com/publication/e985b66b?page=15"> EVERYTHING ON BLACK CIVIC BLACK SPECIAL EDITION </a>
<a title="Economia NOVEMBER 14 page 16" href="http://viewer.zmags.com/publication/e985b66b?page=16"> “I didn't realise Baird has completed M&A deals </a>
<a title="Economia NOVEMBER 14 page 17" href="http://viewer.zmags.com/publication/e985b66b?page=17"> THE AUDIT As I see it Rick Waterlow is chief ope</a>
<a title="Economia NOVEMBER 14 page 18" href="http://viewer.zmags.com/publication/e985b66b?page=18"> THE AUDIT From the top O </a>
<a title="Economia NOVEMBER 14 page 19" href="http://viewer.zmags.com/publication/e985b66b?page=19"> </a>
<a title="Economia NOVEMBER 14 page 20" href="http://viewer.zmags.com/publication/e985b66b?page=20"> </a>
<a title="Economia NOVEMBER 14 page 21" href="http://viewer.zmags.com/publication/e985b66b?page=21"> </a>
<a title="Economia NOVEMBER 14 page 22" href="http://viewer.zmags.com/publication/e985b66b?page=22"> DEPENDABLE Our super experienced team have wo</a>
<a title="Economia NOVEMBER 14 page 23" href="http://viewer.zmags.com/publication/e985b66b?page=23"> THE AUDIT LORD HILL </a>
<a title="Economia NOVEMBER 14 page 24" href="http://viewer.zmags.com/publication/e985b66b?page=24"> 24 </a>
<a title="Economia NOVEMBER 14 page 25" href="http://viewer.zmags.com/publication/e985b66b?page=25"> THE AUDIT I 've always been a big fis</a>
<a title="Economia NOVEMBER 14 page 26" href="http://viewer.zmags.com/publication/e985b66b?page=26"> THE AUDIT The graph In our statistical portrait </a>
<a title="Economia NOVEMBER 14 page 27" href="http://viewer.zmags.com/publication/e985b66b?page=27"> </a>
<a title="Economia NOVEMBER 14 page 28" href="http://viewer.zmags.com/publication/e985b66b?page=28"> Michael Izza “Putting our global vision into pra</a>
<a title="Economia NOVEMBER 14 page 29" href="http://viewer.zmags.com/publication/e985b66b?page=29"> OPINION twitter.com/economiamag · face</a>
<a title="Economia NOVEMBER 14 page 30" href="http://viewer.zmags.com/publication/e985b66b?page=30"> If your business needs funding to fulfill its ambi</a>
<a title="Economia NOVEMBER 14 page 31" href="http://viewer.zmags.com/publication/e985b66b?page=31"> OPINION Bronwen Maddox “The failure – by al</a>
<a title="Economia NOVEMBER 14 page 32" href="http://viewer.zmags.com/publication/e985b66b?page=32"> George Magnus “Hong Kong's future status and ear</a>
<a title="Economia NOVEMBER 14 page 33" href="http://viewer.zmags.com/publication/e985b66b?page=33"> OPINION Sir Charlie Mayfield “A greater plu</a>
<a title="Economia NOVEMBER 14 page 34" href="http://viewer.zmags.com/publication/e985b66b?page=34"> PENSIONS AUTO ENROLMENT “I KNOW WE'VE </a>
<a title="Economia NOVEMBER 14 page 35" href="http://viewer.zmags.com/publication/e985b66b?page=35"> OPINION Jonathan Faull “These reforms will </a>
<a title="Economia NOVEMBER 14 page 36" href="http://viewer.zmags.com/publication/e985b66b?page=36"> ROARING FORTE He may have been round the track a </a>
<a title="Economia NOVEMBER 14 page 37" href="http://viewer.zmags.com/publication/e985b66b?page=37"> COVER STORY SIR ROCCO FORTE </a>
<a title="Economia NOVEMBER 14 page 38" href="http://viewer.zmags.com/publication/e985b66b?page=38"> has succeeded, although in London there's a limit</a>
<a title="Economia NOVEMBER 14 page 39" href="http://viewer.zmags.com/publication/e985b66b?page=39"> year-on-year. It was quite dramatic in terms of t</a>
<a title="Economia NOVEMBER 14 page 40" href="http://viewer.zmags.com/publication/e985b66b?page=40"> Let markets agree audit's likely future After Va</a>
<a title="Economia NOVEMBER 14 page 41" href="http://viewer.zmags.com/publication/e985b66b?page=41"> “Investors rely on the auditor as an important ga</a>
<a title="Economia NOVEMBER 14 page 42" href="http://viewer.zmags.com/publication/e985b66b?page=42"> The high price of Three years after the p</a>
<a title="Economia NOVEMBER 14 page 43" href="http://viewer.zmags.com/publication/e985b66b?page=43"> INTERNATIONAL ARAB SPRING POLI</a>
<a title="Economia NOVEMBER 14 page 44" href="http://viewer.zmags.com/publication/e985b66b?page=44"> INTERNATIONAL ARAB SPRING “Sisi is eager </a>
<a title="Economia NOVEMBER 14 page 45" href="http://viewer.zmags.com/publication/e985b66b?page=45"> DISCOVER THE REWARDS OF YOUR HARD WORK PROFESSIO</a>
<a title="Economia NOVEMBER 14 page 46" href="http://viewer.zmags.com/publication/e985b66b?page=46"> All above The tax treatment of corporate debt has</a>
<a title="Economia NOVEMBER 14 page 47" href="http://viewer.zmags.com/publication/e985b66b?page=47"> CORPORATE DEBT board investment decisions and m</a>
<a title="Economia NOVEMBER 14 page 48" href="http://viewer.zmags.com/publication/e985b66b?page=48"> But leverage is not a universal problem. Brit</a>
<a title="Economia NOVEMBER 14 page 49" href="http://viewer.zmags.com/publication/e985b66b?page=49"> arrangements so that the profit from the transact</a>
<a title="Economia NOVEMBER 14 page 50" href="http://viewer.zmags.com/publication/e985b66b?page=50"> THE STORE THAT WASN'T THERE Once lauded as a glob</a>
<a title="Economia NOVEMBER 14 page 51" href="http://viewer.zmags.com/publication/e985b66b?page=51"> Even perfectly legal reporting practices can </a>
<a title="Economia NOVEMBER 14 page 52" href="http://viewer.zmags.com/publication/e985b66b?page=52"> CHECK THIS OUT As senior executives continue to d</a>
<a title="Economia NOVEMBER 14 page 53" href="http://viewer.zmags.com/publication/e985b66b?page=53"> CORPORATE GOVERNANCE “A large part, if not all, o</a>
<a title="Economia NOVEMBER 14 page 54" href="http://viewer.zmags.com/publication/e985b66b?page=54"> T ax reforms are a central strand o</a>
<a title="Economia NOVEMBER 14 page 55" href="http://viewer.zmags.com/publication/e985b66b?page=55"> for businesses. And the B2V reform is also bringi</a>
<a title="Economia NOVEMBER 14 page 56" href="http://viewer.zmags.com/publication/e985b66b?page=56"> just don't have the systems or the processes in p</a>
<a title="Economia NOVEMBER 14 page 57" href="http://viewer.zmags.com/publication/e985b66b?page=57"> Beautiful accounting software </a>
<a title="Economia NOVEMBER 14 page 58" href="http://viewer.zmags.com/publication/e985b66b?page=58"> 58 </a>
<a title="Economia NOVEMBER 14 page 59" href="http://viewer.zmags.com/publication/e985b66b?page=59"> MENTORING Who Cares? Exactly 16 years ago Peni</a>
<a title="Economia NOVEMBER 14 page 60" href="http://viewer.zmags.com/publication/e985b66b?page=60"> BASE In September, the winners of ICAEW's 2014 B</a>
<a title="Economia NOVEMBER 14 page 61" href="http://viewer.zmags.com/publication/e985b66b?page=61"> MARTIN BURTON, INDIRA FLACK, GU PHOTOGRAPHY, RICK</a>
<a title="Economia NOVEMBER 14 page 62" href="http://viewer.zmags.com/publication/e985b66b?page=62"> A QUESTION OF CONFIDENCE How robust is business c</a>
<a title="Economia NOVEMBER 14 page 63" href="http://viewer.zmags.com/publication/e985b66b?page=63"> SPONSORED FEATURE investmen</a>
<a title="Economia NOVEMBER 14 page 64" href="http://viewer.zmags.com/publication/e985b66b?page=64"> Dealing with political and social unrest is becom</a>
<a title="Economia NOVEMBER 14 page 65" href="http://viewer.zmags.com/publication/e985b66b?page=65"> INTERNATIONAL GLOBAL UNREST …UNEXPECTED CURRENCY</a>
<a title="Economia NOVEMBER 14 page 66" href="http://viewer.zmags.com/publication/e985b66b?page=66"> that is the biggest concern, with suppliers – or </a>
<a title="Economia NOVEMBER 14 page 67" href="http://viewer.zmags.com/publication/e985b66b?page=67"> ORGANISATIONS MUST MAKE PLANS PROPORTIONATE TO TH</a>
<a title="Economia NOVEMBER 14 page 68" href="http://viewer.zmags.com/publication/e985b66b?page=68"> Pause for thought As part of ICAEW's Tomorrow's </a>
<a title="Economia NOVEMBER 14 page 69" href="http://viewer.zmags.com/publication/e985b66b?page=69"> “I don't think a computer ever has a new idea, ca</a>
<a title="Economia NOVEMBER 14 page 70" href="http://viewer.zmags.com/publication/e985b66b?page=70"> CAREER IN A NUTSHELL 2013–present chief executiv</a>
<a title="Economia NOVEMBER 14 page 71" href="http://viewer.zmags.com/publication/e985b66b?page=71"> Disruptive inf luence Duncan Cheatle says his so</a>
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<a title="Economia NOVEMBER 14 page 73" href="http://viewer.zmags.com/publication/e985b66b?page=73"> Technical The top five OECD stands firm on globa</a>
<a title="Economia NOVEMBER 14 page 74" href="http://viewer.zmags.com/publication/e985b66b?page=74"> Key developments COMPANY FRC finalises UK </a>
<a title="Economia NOVEMBER 14 page 75" href="http://viewer.zmags.com/publication/e985b66b?page=75"> TECHNICAL UPDATES amendments to f</a>
<a title="Economia NOVEMBER 14 page 76" href="http://viewer.zmags.com/publication/e985b66b?page=76"> The late, late show Late payment is</a>
<a title="Economia NOVEMBER 14 page 77" href="http://viewer.zmags.com/publication/e985b66b?page=77"> TECHNICAL LATE PAYMENT that 60% of S</a>
<a title="Economia NOVEMBER 14 page 78" href="http://viewer.zmags.com/publication/e985b66b?page=78"> Right side of the law Liz Loxton explores how </a>
<a title="Economia NOVEMBER 14 page 79" href="http://viewer.zmags.com/publication/e985b66b?page=79"> TECHNICAL LEGAL SERVICES </a>
<a title="Economia NOVEMBER 14 page 80" href="http://viewer.zmags.com/publication/e985b66b?page=80"> Delivering to small business A survey among en</a>
<a title="Economia NOVEMBER 14 page 81" href="http://viewer.zmags.com/publication/e985b66b?page=81"> TECHNICAL BUSINESS SUPPORT tax, with</a>
<a title="Economia NOVEMBER 14 page 82" href="http://viewer.zmags.com/publication/e985b66b?page=82"> Bishop Fleming: Back to school Having learned th</a>
<a title="Economia NOVEMBER 14 page 83" href="http://viewer.zmags.com/publication/e985b66b?page=83"> TECHNICAL PRACTICE PROFILE ILLUSTRATION: ARON VE</a>
<a title="Economia NOVEMBER 14 page 84" href="http://viewer.zmags.com/publication/e985b66b?page=84"> TECHNICAL DISCIPLINARIES Report listings Th</a>
<a title="Economia NOVEMBER 14 page 85" href="http://viewer.zmags.com/publication/e985b66b?page=85"> Ambition is... knowing where the smart money goes</a>
<a title="Economia NOVEMBER 14 page 86" href="http://viewer.zmags.com/publication/e985b66b?page=86"> Life 1914-2014 </a>
<a title="Economia NOVEMBER 14 page 87" href="http://viewer.zmags.com/publication/e985b66b?page=87"> “To what we owe them none of us are at pres</a>
<a title="Economia NOVEMBER 14 page 88" href="http://viewer.zmags.com/publication/e985b66b?page=88"> I </a>
<a title="Economia NOVEMBER 14 page 89" href="http://viewer.zmags.com/publication/e985b66b?page=89"> LIFE 1914-2014 “I saw the next</a>
<a title="Economia NOVEMBER 14 page 90" href="http://viewer.zmags.com/publication/e985b66b?page=90"> wandered across and exchanged souvenirs and signa</a>
<a title="Economia NOVEMBER 14 page 91" href="http://viewer.zmags.com/publication/e985b66b?page=91"> ALAMY, GETTY, HAC ARCHIVES, IMPERIAL WAR MUSEUM, </a>
<a title="Economia NOVEMBER 14 page 92" href="http://viewer.zmags.com/publication/e985b66b?page=92"> Restaurants Neil Davey takes breakfast, lunch a</a>
<a title="Economia NOVEMBER 14 page 93" href="http://viewer.zmags.com/publication/e985b66b?page=93"> Home front cooking medical records indicate that </a>
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