Institute news
Exceptional Costs, Exceptional Challenges
CIMA research published earlier this year — "Exceptional Costs, Exceptional Challenges" — revealed that total restructuring costs for all FTSE 100 businesses (including exceptional and nonexceptional costs) increased to £8.2 billion last year, up 30% from £6.3 billion the year before. The research also showed that exceptional restructuring costs were the most frequently recorded type of exceptional cost by FTSE 100 businesses last year.
Andrew Harding, FCMA, CGMA, chief executive—Management Accounting at the Association of International Certified Professional Accountants, said: "Resilience is key. Businesses are having to adapt to a range of tough new challenges in the form of [the] rise of e-commerce, the shift to sustainable business models, and growing regulatory scrutiny." This would be accentuated by the impact of the coronavirus and Brexit, he added.
The report highlighted the role that CFOs and finance directors play in navigating restructuring — as corporate stewards steering a company towards sustainable growth whilst delivering long-term value to shareholders.
Call for research proposals
CIMA has launched a call for research proposals on two broad topics relating to technology developments and climate-change reporting. The broad topics are:
- The links between management accounting concerns and practices and contemporary developments in technology (eg, big data, blockchain, social media, and artificial intelligence).
- The links between management accounting concerns and practices and contemporary developments in climate-change reporting and sustainability.
The first stage of the call offers up to £7,500 of seed corn funding to early-career researchers and experienced researchers looking to conduct feasibility studies. Applications close on 28 August.
The second stage offers up to £30,000 to experienced researchers, with a deadline of 13 November.
For more information, visit cimaglobal.com or email research@aicpa-cima.com.
2020 CIMA Council elections
Newly elected members
The following members have been elected for their first term as members of Council, to serve from the close of the Annual General Meeting on 3 June 2020 until the close of the Annual General Meeting in 2023:
Chrishan Mendis — North West England and North Wales (EC6)
Ciu Yan — North West England and North Wales (EC6)
Re-elected members
The following members have been re-elected to serve for another term on Council from the close of the Annual General Meeting on 3 June 2020 until the close of the Annual General Meeting in 2023:
Sarah Ghosh — Central Southern England constituency (EC11)
Jannette Watson — South East England constituency (EC12)
The following member has been re-elected to serve for another term on Council from the close of the Annual General Meeting on 3 June 2020 until the close of the Annual General Meeting in 2022:
Mustafa Muchhala — Central Southern England constituency (EC11)