ACCA Subscriptions con-trick
Many people reading this run businesses
or have experiences of businesses. Can you imagine, any business being
able to raise new finance without preparing a plan to explain the intended
use of the money. Well, ACCA is a law unto itself. An increase of £5
per member was agreed without any financial plan. 3,559 members voted for
the increase. 734 members voted against the resolution, the largest number
ever. ACCA president cast 586 delegated proxy votes for the resolution.
ACCA continues to pick members’ pockets.
The Chartered Institute of Public Finance and Accountancy (CIPFA) has recently
prepared and published a plan for the next five years and asked members
to support it. ACCA leadership, in contrast, can’t even tell its members
what its plans and aspirations are for next week. It just wants their money.
What will the Association do with the additional
£450,000? The leadership would find numerous ways of wasting the
resources. Here are some example.
Increase the pension for its outgoing chief
executive from the current £125,000.
Make good the £6 million pension hole
in its accounts. ACCA’s directors are not complaining.
Increase the salary for its outgoing chief
executive from the current £192,00.
Hire more chiefs. ACCA has increased
the number of directors from three to nine. They probably all need plush
offices, personal secretaries, expense accounts and perks
Build bigger empires for the directors. Staff
has been increasing at he rate of 20% per annum. What do they do? They
certainly are not supporting members.
Increase its contribution to The Accountancy
Foundation. The Association is currently paying £603,000 and it is
likely to double over the next couple of years.
Waste the money on fanciful ideas. Remember,
ACCA lost millions on television programme making.
Provide a library for members? No chance –
the leadership makes pious statements but members hardly get any services.
Increase the subsidy to the in-house magazine.
Accountancy & Business is a very poor magazine. ACCA members subsidise
it by £800,000. In contrast, the ICAEW sold its magazine Accountancy
for £15 million.
Increase the expenditure on the bonding sessions
of its council members. Each year more than £100,000 is spent to
entertain council members and their spouses at an all expenses paid event
held at a 5* hotel.
Waste it on International Assembly. Hardly
anybody is bothered to vote for this toothless body. Its 48 members and
their spouses have good time.