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accounting and business
INTERNATIONAL
02 /2013
THE END
OF CASH
MONEY IN A POST-BANKNOTE WORLD
brAND mASTEr
INTERvIEW: UNILEvER CFO
patents
MADNESS
Us law
FATCA
technical
ENFORCERS
3
Editor’s choice
Unilever CFO Jean-Marc Huët explains how the household products giant – whose 400
brands include Marmite, PG Tips and a dozen that bring in a billion euro each – has
turned to sustainability to drive up turnover and profi ts. See page 18
DEATH OF A DINOSAUR?
US president Barack Obama’s recent announcement of Jack Lew
as Treasury chief provoked a slew of comment about Lew’s ‘loopy’
signature – which is likely to find itself printed on new dollar bills. Is
it good enough for the notes, or should he, as suggested by The New
York Times, work on a more legible version? The brouhaha takes us
nicely to our cover feature this month, the future of the hard cash in
our pockets.
Many futurists believe that a lot of countries would benefit from
ditching paper and metal as a means of exchange. Harmless as
cash may seem, they say, it is expensive to produce, especially
disadvantageous for the poor, and a huge blessing for criminals and
tax dodgers. With new methods of payment coming on stream, 2013
could be a pivotal year in the decline of physical money.
In a complementary article beginning on page 15, we take a look at
how trade in some eurozone member states – whether or not the single
currency survives – is already taking place using old national currencies,
alternative local currencies and virtual electronic currencies.
Something else that may be on the way out is quarterly reporting.
A high-profile UK report last year attacked the practice for promoting
short-term thinking among investors and executives, and is backed
up by a growing volume of research. The European Union, for one,
is thinking of scrapping the quarterly requirement, and in the US an
increasing number of academics believe that quarterly reports do
more harm than good. Read our feature beginning on page 26.
Turning to tax, we look at how the US Foreign Account Tax
Compliance Act (FATCA), which has just come into force, is threatening
to turn the world of international tax management upside down. The
act breaks new ground because while it started off as purely a US
initiative it has gained a lot more clout through its adoption by five
European powers, as the story that starts on page 24 explains.
Lesley Bolton, lesley.bolton@accaglobal.com
PATENT PAIN
The explosion in
patent numbers
is more about
lawyers looking
for weapons than
enterpreneurs
looking for
protection for
their creativity
Page 22
HORN OF PLENTY
No other non-
energy economy
in Africa can
match the growth
of Ethiopia, and
as business
expands, so does
the demand for
accountants
Page 34
RESEARCH AND INSIGHTS APP
The new release of our app explores finance
function transformation, in particular shared
services and outsourcing. To download it, visit
www.accaglobal.com/riapp, or just search for
‘ACCA Insights’ in the iTunes App Store
BIG
AMBITIONS?
For your next
move, check out
www.accacareers.
com/international
AB
INTERNATIONAL EDITION
CONTENTS
FEBRUARY 2013
VOLUME 16 ISSUE 2
International editor
Lesley Bolton
lesley.bolton@accaglobal.com +44 (0)20 7059 5965
Editor-in-chief
Chris Quick
chris.quick@accaglobal.com +44 (0)20 7059 5966
Asia editor
Colette Steckel
colette.steckel@accaglobal.com +44 (0)20 7059 5896
Sub-editors
Loveday Cuming, Dean Gurden,
Peter Kernan, Eva Peaty, Vivienne Riddoch
Design manager
Jackie Dollar
jackie.dollar@accaglobal.com +44 (0)20 7059 5620
Designers
Robert Mills, Zack Starkey
Production
manager
Anthony Kay
anthony.kay@accaglobal.com
Advertising
Richard McEvoy
rmcevoy@educate-direct.com +44 (0)20 7902 1221
Head of publishing
Adam Williams
adam.williams@accaglobal.com +44 (0)20 7059 5601
Printing
Wyndeham Group
Pictures
Corbis
ACCA
President
Barry Cooper FCCA
Deputy
president
Martin Turner FCCA
Vice
president
Anthony Harbinson
FCCA
Chief
executive
Helen Brand OBE
ACCA
Connect
Te l
+44 (0)141 582 2000
Fax
+44 (0)141 582 2222
members@accaglobal.com
students@accaglobal.com
info@accaglobal.com
Accounting and Business is published by ACCA 10 times per year. All
views expressed within the title are those of the contributors.
The Council of ACCA and the publishers do not guarantee the accuracy
of statements by contributors or advertisers, or accept responsibility for
any statement that they may express in this publication. The publication
of an advertisement does not imply endorsement by ACCA of a product
or service.
Copyright ACCA 2013
Accounting and Business. No part of this publication may be reproduced,
stored or distributed without the express written permission of ACCA.
Accounting and Business is published by Certifi ed Accountant
(Publications) Ltd, a subsidiary of the Association of Chartered Certifi ed
Accountants.
Features
12
Trashing the cash
Do new
payment methods mean the
death of physical money?
15
Goodbye euro
Some
eurozone member states are
using old national currencies
18
Unilever CFO interview
Jean-Marc Huët explains why
sustainability is central for the
giant of household brands
22
Patently mad
The growth
of intellectual property law is
threatening to stifl e innovation
24
FATCA
The US law could
turn the world of international
tax management upside down
26
Quarterly reporting
Why it
is falling out of favour
28
Natural capital
Corporate
reporting must evolve to meet
information needs
Accounting and Business (ISSN no. 1460-406X, USPS no. 008-761) is
published monthly, except July/August and November/December
combined issues, by Certifi ed Accountant (Publications) Ltd and distributed
in the USA by SP/Asendia. Periodicals postage paid at New Brunswick, NJ.
POSTMASTER: send address changes to Accounting and Business,
17B South Middlesex Avenue, MONROE NJ 08831
29 Lincoln’s Inn Fields
London, WC2A 3EE, UK
+44 (0) 20 7059 5000
www.accaglobal.com
Audit period
July 2011 to
June 2012
148,106
Worldwide
There are six different versions of
Accounting and Business: China, Ireland,
International, Malaysia, Singapore and UK.
See them all at www.accaglobal.com/ab
Regulars
TECHNICAL
42
Audit standards
ISACA is updating
its standards to help auditors keep up
with IT systems
44
CPD: 2012 fi nancial statements
Regulators in the EU have agreed the
areas that they will focus on
47
Benefi cial owner
China’s State
Administration of Taxation has clarifi ed
the identifi cation of benefi cial owner
49
Economic value added
Tony
Grundy uses football to help explore
the value of a new business model
52
A guide for the perplexed
Our
concluding article examines best
corporate reporting practice and looks
to the future
54
Update
The latest on fi nancial
reporting, auditing, tax and law
BRIEFING
06
News in pictures
A different view of recent headlines
08
News in graphics
We show a story as well as tell it using
innovative graphs
10
News round-up
A digest of all the latest news and
developments
VIEWPOINT
30
Martin Kelly
Natural capital is
a material issue whether or not it
is assigned a fi nancial value in the
annual report
31
Ramona Dzinkowski
CFOs must be
good at everything – but that’s a pretty
tall order considering the task at hand
32
Barry Cooper
Sustainability
must be this
year’s priority,
says the ACCA
president
Your sector
33
PRACTICE
33
The view from
Ivan Lukanov of
KPMG, plus news in brief
34
Ethiopia comes of age
With
a booming economy, the country
appears to be a land of opportunity for
accountancy professionals
37
CORPORATE
37
The view from
Izabella Maczkowska
of Wavin, plus news in brief
38
A new Mongolia
The country is
setting its sights on becoming a mining
powerhouse. But is its accountancy
profession up to it?
CAREERS
59
Postgrad pages
Interested
in doing an MBA, MSc or other
postgraduate qualifi cation? We
explore the options
CPD
Accounting and Business is a rich source of
CPD. If you read it to keep yourself up to
date, it will contribute to your non-verifi able
CPD. If you read an article, learn something
new and apply that learning in some way, it
will contribute to your verifi able CPD. Each
month, we also publish an article or two with
related questions to answer. If they are
relevant to your development needs, they
can also contribute to your verifi able CPD.
One hour of learning equates to one unit of
CPD. For more, go to
www.accaglobal.com/members/cpd
ACCA
NEWS
64
CPD
Five steps to planning
65
Council
Highlights of Council’s fi nal meeting of
2012 on 24 November
66
News
ACCA’s Global Forum for SMEs launches
sustainability paper; new videos feature CFOs; ACCA
chief executive Helen Brand receives honorary
doctorate; report focuses on Canada and the green
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