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December 17, 2008

News Briefs

E&Y France posts 4% growth…

IFRS preparations step up…

PwC expands in China…

FINANCIAL RESULTS E&Y France posts 4% growth

Ernst & Young France’ (E&Y) revenue grew 4 percent to €794 million ($1 billion) during its financial year ended June 2008. European integration, continued investment into its business and responding to the current crisis have been the major events of the past year, the firm said.

E&Y claims it has maintained its dominance of the audit market, auditing 53 percent of companies listed on the CAC 40. However, audit activity was down 4 percent, which the firm said reflects the stabilisation of the market. E&Y said the outlook for the current year is uncertain. However, the firm is optimistic it will overcome the financial crisis.

STANDARDS IFRS preparations step up

An increased number of US professional services firms and companies are beginning to prepare for the eventual adoption of IFRS, according to a study from the American Institute of Certified Public Accountants.

Fifty-five percent of CPAs at firms and companies surveyed in September and October said they are preparing for adoption, an increase of 14 percent since an April survey.

The US Securities and Exchange Commission formally issued its proposed roadmap for adopting the international standards on 14 November. Commissioners had previously held a public meeting on the proposal on 27 August.

STRATEGY PwC expands in China

PricewaterhouseCoopers has continued its expansion in China by opening a new office in the eastern port city of Ningbo. It is PwC’s 13th office in China and first in the Zhejiang province.

PwC claimed it is the first international professional services firm to establish an office in Ningbo. The firm has appointed Toby Xu as the office lead partner. Ningbo, with a population of about 5.6 million, recorded more than CNY300 billion in GDP last year to become one of China’s most developed cities.

PwC China markets leader Frank Lyn commented: “The firm has always taken a long-term perspective in evaluating markets. We acknowledge that the impact of the current global financial crisis will not be overcome quickly, but our outlook for China is not daunted.”

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