Hitachi Consulting UK has been selected to provide the back office shared services infrastructure for Compass Point Business Services Ltd, the new joint shared services organisation wholly owned by South Holland District Council and East Lindsey District Council in Lincolnshire.
In an entrepreneurial response to the Chancellor’s Comprehensive Spending Review, the two councils have taken a proactive response to the reduction in public sector funding by replacing all its corporate
systems with the latest Microsoft-based public sector systems, which Hitachi Consulting UK have been selected to implement.
The shared systems, which include Finance, HR, ICT, and Customer Services, will help to deliver an estimated £30 million in savings to the two district authorities over the next 10 years, according to
Compass Point’s Business Plan. Compass Point will also be offering Business Process Outsourcing to other non-neighbouring councils, with the aim of reducing costs and enabling other councils to reap greater efficiency savings.
Hitachi Consulting UK is implementing the public sector version of Microsoft Dynamics AX; Dynamics CRM for the front office, which includes integration with Compass Point’s call centre scripting and
telephony; and SharePoint 2010 with an advanced Document Image Processing System together with integration via BizTalk to legacy systems. The system will go live in the next few months, and will be
supported by Hitachi Consulting’s ongoing Managed Services.
“We selected Hitachi Consulting because they had the best vision for delivering modern and agile ICT systems with both the scalability and flexibility to accommodate the needs of different councils,” said said Councillor Paul Przyszlak, Chairman of the Board of Compass Point Business Services. ***
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Steve Husk, CEO of FRSGlobal, discusses the factors financial institutions are faced with in order to equip themselves against the current regulatory environment.
The adoption of IFRS for Canadian companies is in full swing. As of January 1, 2010, Canadian companies are required to file financial statements under IFRS. Although Canadian GAAP and IFRS are similar, there are three main differences that have posed a challenge for companies: effectiveness testing, hedge accounting eligibility, and fair value measurement. While not an exhaustive list, these issues have posed the greatest challenge for Canadian corporations during the first quarter of 2010. The following paper clarifies some of the differences in hedge accounting between Canadian GAAP and IFRS and shares best practices for hedge accounting to help Canadian corporations navigate through the transition.
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