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.

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  2. With ICAS, yes.

    With CIPFA, CIMA, ACCA...no.

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  3. ICAS will never merge with ICAEW.

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

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  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 :)

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

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