ACCA Magazine 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.