PIMBs Briefing - Autumn 2014
Welcome to the Autumn edition of our briefing for professional institutes and membership bodies.
In this edition Phil Salmon, haysmacintyre VAT Partner, looks at the apportionment of subscriptions for VAT purposes and Simon Bulleyment, Director of haysmacintyre IT Consultants Limited, covers the importance of data protection.
In the last issue of our briefing, Mark Leckie gave information and tips to help you make sure that your organisation doesn’t fall victim to internet banking fraud. But what about other types of fraud? In this edition we consider the robustness of internal controls.
In October we hosted, for the third year, the launch of the PARN Financial Benchmarking Survey which aims to provide the professional body sector with analysis of key financial information from annual reports in order to compare individual organisations’ performance.
This year’s report also compiled the results of a survey on reserves: the level of reserves held, the reasons for holding reserves and the process of reviewing the reserves policy. One of the key messages from the survey is that, while there are a number of areas where the sector is adopting best practice and common principles, there is not a standard approach to reserves policies. So is it time for you to review your reserves policy?
We will be tackling this topic at a PARN Finance Special Interest Group in the New Year as well as providing updates on VAT and best practice in financial reporting.
Further information on the Financial Benchmarking Survey can be found at http://www.parnglobal.com.
If you have any feedback on this edition of the briefing, or wish to discuss any of the matters raised, do contact one of our team.
Partner, Head of PIMBs
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