What do you do with your copy of ACCA's in-house magazine 'Accounting & Business'? Put it in the bin, line your rabbit's hutch or send it back to the chief executive. It certainly is not worth a read. The magazine is stale and heavily censored. It does not allow open discussion of the critical issues facing ACCA members: governance of the Association, lack of services to members, rigging of ballots, unilateral alteration of election candidate's statements by ACCA officials, excessive pay ands pension for ACCA directors, empire building, lawsuits against ACCA and general absence of democracy and accountability in the Association. The magazine is full of self congratulatory photos of the unelected leadership.

ACCA members should be concerned. They are subsidizing the magazine by around £800,000 each year. More than £3 million has been poured into to since its inception. It shows no sign of standing on its feet. How can it? Organizations will advertise in it if they are sure that the magazine will be read and their advertisement seen. But in its current state, it is only fit for the bin.

In contrast, the ICAEW has recently sold its magazine to Croner.CCH in part of a package that will earn £43.5 million over 10 years. The ICAEW will receive £15 million immediately and a further £10 million over 10 years. It will also pay another £1.85 million each year for using the ICAEW branding and logos.

By separating the magazine from the officials, the ICAEW developed a product that has laid some golden eggs. In contrast, the A&B staff have no independence. ACCA officials vet the contents of the magazine and delete whatever they don't like. The result is a poor magazine that has become a drain on ACCA members.