losing £1 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. It is hidden away in "publications and other services".
The net cost of the magazine which has increased from £1.046
million to £1,259 million.
Many accountancy magazines are given away free. The ICAEW sold its magazine
for a profit of £15 million. Yet ACCA members are subsidizing the magazine
for more than £1 million each year. Hardly an example of the business
acumen of accountants.