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October 2009
Annual Conference underlines commitment to international
mid-market
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 260 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 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 signing up 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.”
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