ACCA Magazine loses more than £1.5 million a year
Until 2002, ACCA accounts used to provide details on the net cost of running its very unimpressive in-house magazine "Accounting and Business". Stung by demands for explanation of the huge losses run up by the magazine, the management decided to suppress the information. Now the accounts do not separately show the loss made by the magazine but are still described as 'true and fair'
The losses made by the magazine
are hidden away in note 3 to the 2004 annual accounts. under the
heading of "publications and other services". The net cost of
this has increased from £1.259 m (2002 figure was £1.046)
to £1.609 million.
The magazine is poor. Many
accountancy magazines (e.g. Accountancy Age) are given away free. The
ICAEW sold its magazine for a profit of £15 million. Most
advertisers also know that the magazine is of poor quality. Many
members throw it away .Yet ACCA members are subsidizing the magazine
for more than £1.5million each year.
The magazine is poor value. If it
had to sell itself, the leadership might consider improving its quality
rather than it being a vehicle for their glossy photos and
self-aggrandizement. Members should have a choice of not receiving the
magazine and demanding a reduction in their fees equivalent to the
price of the magazine.