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.