• Deloitte New Zealand has announced plans to
merge with corporate recovery and forensic firm McCallum Petterson
on 1 June this year…

Russell Bedford International has admitted
Cameron & Prentice Chartered Accountants as its first member
firm in Cape Town, South Africa…

KPMG Europe has appointed Richard Reid as the
firm’s new London chairman…

• Kreston International US member CBIZ has
acquired national executive search firm EFL Associates. Based in
Kansas, EFL has offices in Denver, Chicago and Boston…

Asia-Pacific

• Horwarth International member firm WHK
Group
has completed a merger with KPMG Albury and its
financial planning business unit, Excel Financial Planning. The
firm has paid an undisclosed sum of money and will issue 1.2
million shares for the New South Wales practice.

• The Committee of European Securities Regulators
has recommended the European Commission (EC) recognise the
equivalence of US GAAP and Japanese GAAP to IFRS for use on EU
markets but suggested postponing recognition of Chinese GAAP. The
recommendation was issued following a mandate from the EC in
December 2007 requesting technical advice on the equivalence of
these jurisdictions.

Deloitte New Zealand has announced plans to
merge with corporate recovery and forensic firm McCallum Petterson
on 1 June this year. The McCallum Petterson team comprises 28
professionals with centres in Auckland and Wellington. Deloitte New
Zealand chief executive Murray Jack said: “Given the challenging
conditions in the market for businesses, we anticipate increasing
demand for assistance in the area of corporate recovery so it made
sense to bolster our resources in that area. The forensics practice
will enhance Deloitte’s existing capabilities, focussing on the
opportunities surrounding the hidden risks facing many companies.
“We are confident that it will complement our strong existing
capabilities in the area of risk management and analytical tools
such as D’Tect.”

• Australian consolidator WHK Group has acquired a
series of new businesses under purchase arrangements with existing
members firms. The acquisitions consist of three accounting and
finance broking businesses spread across the states of Queensland,
Victoria and Tasmania. The total annualised revenue of the
acquisitions is more than A$2 million ($1.9 million). WHK Group is
Australia’s largest mid-tier accounting group and a member of
Horwath International.

• The convergence project to eliminate the major differences
between current IFRS and Japanese GAAP is on track to be completed
by the end of this year, according to standard setters.
Representatives from the International Accounting Standards Board
and the Accounting Standards Board of Japan met to
discuss progress of the convergence project, also known as the
Tokyo Agreement. Issues that were discussed included consolidation,
revenue recognition, insurance contracts – interaction with other
projects, liability and equity and financial statement
presentation.

CPA Australia’s Singapore division  has
appointed a new president. Chaly Mah joins the institute after a
30-year career within the accounting industry, including being
chief executive of Deloitte Southeast Asia and Deloitte Singapore.
He is currently regional managing partner and chief executive of
Deloitte Asia Pacific.

Africa, Middle East, South Asia

Russell Bedford International has admitted
Cameron & Prentice Chartered Accountants as its first member
firm in Cape Town, South Africa. Cameron & Prentice has 50
staff, led by partners Peter Prentice, Antonie van der Hoek, Chris
Norris and David Warneke. The Cape Town practice has experience in
auditing and due diligence, corporate and personal tax, management
consulting, accounting, payroll processing, company secretarial
services, wills and trusts. Commenting on the firm’s decision,
Norris said: “Cameron & Prentice is a progressive firm and we
view our link into the Russell Bedford network as a vital part of
our expansion programme.”

• The South African Institute of Chartered
Accountants
has opened a new eastern region office in
Durban.

• The Institute of Chartered Accountants of India
(ICAI) will introduce an accounting technician qualification.
India’s largest accounting institute said the qualification has
been created to cope with a growing demand for unqualified staff
fuelled by India’s strong economy. The new course will be split
into three stages requiring an entrance exam, the completion of a
technical accounting curriculum and a year of practical work
experience. The course will comprise of four papers on: accounting;
law, general commercial knowledge and business communication; cost
accounting and financial management; and taxation (direct and
indirect).

• The Dubai Financial Services Authority and the
Securities and Futures Commission of Hong Kong have announced a
joint regulatory initiative to enhance access to Islamic financial
products in Hong Kong and the Dubai International Financial Centre.
The agreement outlines a commitment towards promoting and
developing respective Islamic capital market segments, in
particular on facilitating the distribution of Islamic funds in
both business centres.

• The Arab Society of Certified Accountants (ASCA)
has released a new edition of the ASCA curriculum, which has been
validated by Cambridge University’s International Examinations. The
new curriculum aims to prepare Arab accountants for advances in the
accountancy profession and includes new standards of accounting and
auditing.

• The Chartered Institute of Management Accountants (CIMA) has
signed an agreement with the Indian Institute of Management
Calcutta
to establish a centre for the study of management
accountancy. The centre will be based at the Indian Institute of
Management Calcutta’s campus and will conduct research on changing
and improving management accountancy practices in India and the
surrounding countries.

• The Institute of Chartered Accountants of India
(ICAI) has clarified best practice treatment for foreign currency
derivatives. Although the professional body recently issued AS 30,
Financial Instruments: Recognition and Measurement, which
contains accounting for derivatives, it can only be applied
voluntarily in a year’s time. One of the key clarifications issued
by the ICAI is that entities are required to provide for losses in
respect of all outstanding derivative contracts at the balance
sheet date by marking them to market.

Europe

Nitter og Simensen Asker has joined Russell
Bedford International. The firm is located near Oslo and serves
about 190 clients that are mostly small- to medium-sized
enterprises. A significant proportion of these are engineering
companies. The majority of the firm’s work is in auditing, tax
consulting and management consulting. Nitter og Simensen was
created when Halfdan Nitter and Petter Simensen acquired an
existing audit practice in 2002.

Kreston International has admitted a new member
firm in Cyprus, strengthening its presence in the country. Prois
Audit, a four partner firm based in Nicosia, is the second Cypriot
firm to join the association.

• British firm UHY Hacker Young has promoted Chris
Kyffin-Walton to partner in its Brighton office. Kyffin-Walton has
worked at the firm for eight years and provides business advisory,
audit and accounting services to the local hotel and restaurant
sectors.

KPMG Europe has appointed Richard Reid as the
firm’s new London chairman. Reid, who joined KPMG in 1980, has
replaced Ian Barlow, who is retiring after serving as London
chairman for more than six years. Reid’s role involves
strengthening links with business leaders and communities across
London and helping to promote the City as a leading international
centre for professional services.

PricewaterhouseCoopers UK has
appointed a new director to head its forensics services team in
Scotland. Richard Neave joins from the firm’s assurance practice
where he specialised in providing audit services and regulatory
compliance advice to financial services firms.

KPMG Europe has advised the UK Ministry of
Defence on the nation’s largest single private finance initiative
to date. The £13 billion ($26 billion) initiative involves
replacing the Royal Air Force’s air-to-air refuelling fleet. KPMG
has been the principal financial advisor to the ministry on the
Future Strategic Tanker Aircraft project since 1999 and helped the
ministry establish and negotiate the commercial principles and
structure of the deal.

Deloitte UK has appointed Stuart Sparkes as a
corporate finance director in the firm’s technology, media and
telecommunications specialist M&A team. Sparkes said that the
new role should allow him to expand his horizons into the broader
media sector.

Xavier Maitrier has been appointed as director
of PricewaterhouseCoopers France’s (PwC) management consulting
business. Maitrier has more than 15 years of experience in
consulting at PwC, where he became a partner in 1997.

JHI has admitted a new member firm in Belgium.
A&F Services is a two partner firm that specialises in
financial and forensic audit, accountancy and advisory services.
The firm has clients from a variety of industries, including
maritime, pharmaceutical, production and services, hospitals,
social and not-for-profit.

North America, Latin America

PricewaterhouseCoopers US chair and senior
partner Dennis Nally has publicly argued the transition from US
GAAP to IFRS is inevitable and a positive development that would
help make America’s capital markets more competitive while reducing
the cost and complexity for multinationals.

• Michael Sorelle has joined Grant Thornton US as
an executive director and leader of the firm’s Philadelphia health
care practice. Sorelle has 19 years’ experience serving the
diversified health care not-for-profit sector. This includes
consulting on accounting and auditing issues, joint venture
transactions, bond financings, feasibility studies, merger and
acquisition analyses, reimbursement issues and financial
advising.

Deloitte US has appointed a new leader to its
mergers and acquisitions strategy department. Mark Sirower joined
Deloitte from PricewaterhouseCoopers US.

• Kreston International US member CBIZ has
acquired national executive search firm EFL Associates. Based in
Kansas, EFL has offices in Denver, Chicago and Boston. It provides
services to commercial and industrial companies, organisations at a
developmental stage and non-profit organisations in the fields of
higher education and the public pension retirement industry. EFL
recorded about $4.8 million in revenue during 2007 and has 34
associates. CBIZ is a member of Kreston International.

• Baker Tilly US member Cherry Bekaert &
Holland
(CB&H) has acquired two-partner practice
Massey + Pittman. CB&H said the acquisition provides it with a
larger presence in metropolitan Atlanta and greatly expands its
firm-wide real estate and construction industry group. CB&H
operates in almost 20 centres across Southeast US.

• The Leading Edge Alliance has admitted US firm
Jones & Roth as a member. Jones & Roth is a 61-year-old
Oregon firm with three offices and 100 staff and partners. “Our
membership in the Leading Edge Alliance enables Jones & Roth to
tap the resources of a multibillion dollar global professional
services organisation,” Jones & Roth managing partner Doug
Griesel said.

Polaris International has increased its global
membership by admitting three new member firms: Perisho Tombor
Ramirez Filler & Brown in the US, Juárez & Fú Accounting
& Consulting Group in Honduras and Webb Martin Consulting in
Australia.

• A CPAmerica member firm, Hughes Pittman &
Gupton
, has appointed a new partner to join its corporate
tax subsidiary. Heather Drake will focus on corporate tax and
business planning, and consulting clients in industries including
biomedical and pharmaceutical, software and technology development,
manufacturing and venture funds.

Grant Thornton US has been named to the 2008
Companies That Care Honor Roll for the fourth consecutive year,
joining KPMG and Deloitte among 41 organisations on the list. The
distinction recognises an outstanding and measurable commitment to
their communities.