East Midlands Knowledge Network: Routes To University Expertise

 

United Utilities

Description and aims

Until recently, there has been little consistency in accounting standards across the globe. This lack of an international ‘standard’ has made it very difficult to compare financial data originating from one country to the next. In turn, this has caused problems for investors in obtaining true projections and investment details as interpretation differs from location to location. The implementation of the new International Financial Reporting Standards (IFRS) protocol has begun to tackle this problem by harmonising data across the financial sector.

IAS39 (Financial Instrument: Recognition and Measurement) deals with the issues of ‘fair value’ and ‘hedging’, both of which require use of regression analysis and other high-level financial mathematics not routinely used by accountants. As users of the recently-revised IAS39 protocol, United Utilities required training in the mathematical principles underlying this important reporting standard.

About United Utilities

United Utilities PLC is a FTSE 100 company with a turnover of around £2bn. Its regulated monopoly subsidiary, United Utilities Water, provides water and sewerage services to a population of some seven million people in Northwest England. Its activities involve the removal and treatment of wastewater from, and the treatment and distribution of around 1.9 billion litres of water a day to approximately 3.2 million homes and businesses.

How the project is being undertaken

Using a comprehensive ‘document of needs’ prepared by United Utilities, the University created a bespoke four-day residential professional development course. The course was delivered by members of staff from the Department of Mathematics, and was attended by ten United Utilities employees from various departments. The course utilised the new conference and accommodation facilities available at the University of Leicester.

Impacts and benefits

The treasurer of United Utilities, Mr Tom Fallon, said: ‘The feedback from those who attended was that it was a thoroughly enjoyable and useful four days.’ Mr Fallon stated that the course had given his colleagues increased confidence in the mathematics required for IAS39, and also commented ‘the residential nature of the course helped communication considerably, and the whole exercise was extremely valuable from an internal networking and team building point of view.’

Key Benefits:
• Staff Knowledge & skill levels enhanced
• Increased staff motivation through the provision of further professional development
• Knowledge exchange

For more information about the project

If you would like to hear more about this project, please contact Prof. Jeremy Levesley, Department of Mathematics, University of Leicester
Email: jl1@leicester.ac.uk
Telephone: 0116 252 3897

Duration

4 Day Continuing Professional Development residential + preparation time

University

University of Leicester

Academic Lead

Professor Jeremey Levesley

Department of Mathematics

Contact

Jeremy Levesley

0116 252 3897