ICAEW News

ICAEW News

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Originally dedicated to fighting the proposed merger of the ICAEW with CIMA and CIPFA, this site now provides news about the ICAEW

Do you think the ICAEW rebranding was money well spent?

Thursday, May 08, 2008

Loss

The ICAEW made a large loss in 2007

Net result before JDS £1,750K (2007) £5,433K (2006)
Funding of JDS £3,389K (2007) £1,671K (2006)
Net result after tax £(1,639)K (2007) £3,762K (2006)

The result is particularly poor given that income increased from £63,615K in 2006 to £69,052K in 2007, a rise of 8.5%.

It seems that "A substantial part of the Institute's expenditure was as a result of investment in people, with headcount increasing by 9.8% to 594".

Why do they use the Nu Labour word "investment", when we all know that they mean cost?

It is a sad indictment of our profession that a council and board of over 100 accountants cannot at least manage to break even.

I assume that we may expect further increases in our subscriptions.

6 comments:

  1. Time to merge and generate economies of scale.

    ReplyDelete
  2. With ICAS, yes.

    With CIPFA, CIMA, ACCA...no.

    ReplyDelete
  3. ICAS will never merge with ICAEW.

    ReplyDelete
  4. In my humble view, that is a loss for both bodies.

    ReplyDelete
  5. It is a sad indictment of our profession that a council and board of over 100 accountants cannot at least manage to break even.

    Let me put this right:

    It is a sad indictment of our profession that a council and board of over 100 "ICAEW" accountants cannot at least manage to break even.

    Says it all doesn't it!

    Up the ACCA :)

    ReplyDelete
  6. Good point about the "ICAEW" part, I stand corrected:)

    ReplyDelete