Supporting its member firms in actively expanding the international focus of their businesses was the key theme of global accounting network Nexia International’s recent annual conference in Prague – its largest to date with 220 delegates from 67 countries.

Quality standards

Nexia International also reiterated its commitment to global quality standards as fundamental to its role as a leading network of independent accounting and consulting firms advising international mid-market companies.

“Global quality control is a key aspect in continuing to build a truly effective network,” said Nexia International Chairman Norbert Neu. “Delivering consistent quality of service and local expertise on a global basis is at the very heart of Nexia International.” Nexia recently appointed international audit specialist, Simon Riley, to enhance its quality control programme and ensure audit quality throughout the network.

Hot topics

As well as focusing on Nexia’s strategic direction, the annual conference considered some of the key issues facing international businesses, such as the convergence of international accounting standards, reporting requirements for small and medium-sized enterprises and increasingly complex international tax planning issues.

Speaking at the Prague conference about the introduction of international financial reporting standards for SMEs, Stephen Cooper of the International Accounting Standards Board said, “IFRS for SMEs was created in response to strong international demand from both developed and emerging economies for a rigorous and common set of accounting standards for smaller and medium-sized businesses that is much simpler than full IFRS. In a recent survey, almost 60% of accounting standard-setters said they planned to require or permit the use of IFRS for SMEs within their jurisdiction in the next three years.”

Nexia International welcomed the IASB’s continued drive towards global standards in providing a simplified, self-contained set of accounting standards and reducing the financial reporting burden. The standards will enable investors, lenders and other users to compare financial performance among SMEs. Nexia also acknowledged the IASB’s efforts to drive these developments forward against a back-drop of action required on urgent issues arising as a consequence of the financial crisis.

Norbert Neu said that Nexia International was also well-placed to advise international companies on their dealings with local tax creating authorities, many of whom are stepping up efforts to fill the holes in public finances in their respective countries. “Nexia is committed to being among the leading advisers to which internationally expanding businesses turn for expertise.”

The future

Nexia will aim to retain and enhance its existing presence in key global economic markets and to expand its footprint in specific markets such as China and mid/west coast US, according to its chairman. The network recently bolstered its presence in the US with the addition of three new member firms, as well as introducing new members in Spain and Brazil. “We will continue to seek high quality member firms with a strong presence in their local markets to reinforce our position as one of the leading independent mid-tier networks”, he said.

Two years on from its merger with SC International, Neu said that the integration of the two networks has proceeded very smoothly. It is now ranked as the 10th largest international accounting network, with turnover in excess of US$2.2 billion and more than 18,000 staff across 520 offices in over 100 countries.

For further information contact:

Sapan Parekh, SKP Group
+ 91 98231 03124
sapan.parekh@skpgroup.com

Steve Smith, Thirdperson
+ 44 (0)20 7490 8056
stevesmith@thirdperson.co.uk

Donal Watkin, Nexia International Secretariat
+ 44 (0)20 3195 6793
dwatkin@nexia.com

Note to editors:

A member of Nexia International, SKP is a professional services Group with core capabilities in a wide range of services that include crossborder business set-up, corporate services, international tax and transfer pricing, assurance and risk management, and outsourcing services. SKP’s 400 plus member team operates from five locations in India and services over 250 clients from 35 countries.

Nexia International is a leading worldwide network of independent accounting and consulting firms with 520 offices in over 100 countries, providing a comprehensive portfolio of assurance, tax and business advisory services.

With a substantial presence in the world’s major financial and economic centres, Nexia is strategically positioned to serve the diverse international requirements of its clients ranging from globally listed entities and international subsidiaries, to owner managed businesses and high net worth individuals.

Nexia member firms had combined global fee income of US$2.2bn in 2008 and Nexia was ranked the 10th largest international network by revenue in the latest International Accounting Bulletin World Survey (Dec 2008).