AUMA has been developing and building electric actuators and valve gearboxes for over 50 years. It supplies a wide range of industries including water, power, oil & gas and general industry.

As a global organization, with 2,600 employees and over 40 entites worldwide, AUMA is facing a growing complexity regarding financial and tax compliance, changes to existing business models as well as mergers & acquisitions. In order to keep pace with these challenges AUMA was searching for a reliable partner who is able to support its development and to deliver high quality and efficient services on a global stage.

For this reason,  AUMA relies on the global network from Kreston Bansbach.

“We wanted to deliver more efficient co-ordination of the group audit and the consolidated financial statements as soon as possible,” said Eike Neumann, the Kreston Bansbach lead partner. “In addition, we enhanced managing AUMA’s international consulting project and teams.”

As a result, we also work together on other consultancy-intensive projects such as international transactions, international and complex transfer pricing, expansion projects as well as assisting the establishment of new AUMA companies and cross-company reorganisation projects.

Our expert team carries out complex and detailed work, such as financial, tax and legal due diligence in the context of transaction projects. We delivered on time, on budget and within all required legal deadlines.

“It was the right decision to engage Kreston as our trusted consulting company for numerous complex national and international projects. Especially the global coverage and presence of the Kreston network has proved to be a real value and key enabler for the success of our projects”, said Christoph Neubauer, Group Director Finance & Controlling.

Our Chinese firm, Brighture, has provided a comprehensive newsletter on recent tax changes for businesses and private individuals.

The newsletter covers new financial and tax policies, service cases, Brighture salon, Kreston updates, and their business structure.

Please download their latest Newsletter here.

Tax experts from Kreston predict digitalisation of tax and transfer pricing will be dominant issues for the next two years,   in addition to base erosion and profit shifting (BEPS).

In a survey of attendees of Kreston’s International Tax Conference, a significant number of respondents indicated that BEPS and Transfer Pricing (both 19.35%), along with tax digitalisation (17.26%), were the top three issues likely to be at the forefront of industry debate.

Tax avoidance and evasion (15.48%), harmonisation of tax (11.31%) and tax investigations (10.7%) were also highly ranked, highlighting the public and political scrutiny these issues continue to receive around the globe.

Notably, one of the most contentious tax issues globally – the debate over the potential levying of wealth taxes – was viewed as least likely to dominate the agenda, with only 6.55% of respondents putting it in their top three choices.

Mark Taylor, Chair of the Global Tax Group at Kreston International, said:

“These figures bear out our conversations within the Kreston International network: that the BEPS project and transfer pricing continue to dominate the international tax landscape for multi-nationals.

“The fact that tax digitalisation came second in our poll reflects the belief that governments across the globe have this high on their agenda. As ever the tax landscape globally continues to evolve and this is only likely to accelerate in the post-Covid era as individual countries look to rebalance their economies.”

The findings of the survey were initially presented at the 2021 International Tax Conference, held virtually on 24 March. The event brought together nearly 130 global tax professionals from 41 different countries across the Kreston network.

Our Mozambique firm, Kreston Mozambique, has been busy using the Kreston network to its advantage with many new client successes.

Kreston Mozambique recently won a very successful three-year contract by utilising the Kreston network leveraging off the international network and working with two other Kreston firms based in Uganda and Myanmar.

They also won a proposal for a business valuation project working with Kreston South Africa to complete the work together. The client was “extremely happy with the high standard of professional relations and services that Kreston provided.”

We pride ourselves on the quality of work that all our Kreston members around the world deliver.

Our Malaysian firm, Kreston John & Gan, recently acted as Reporting Accountant for an Initial Public Offering (IPO) and listing on the Malaysian LEAP market.

The LEAP Market is an adviser-driven market that aims to provide emerging companies, including small- and medium-sized enterprises with greater fundraising access and visibility via the capital market in a cost-effective and efficient way. It is accessible only to qualified investors (as prescribed under the Malaysian Capital Markets and Services Act 2007).

Please click here to read the full article and find out more about this exciting development.

Alison Birch, VAT partner at UK firm Mitchell Charlesworth, looks at where the UK has got to, 3 months after Brexit.

We are 3 months post Brexit – how is it going?

The dust is starting to settle.  It has been a shock to many businesses (and the consumers that have been stung for additional charges they were not expecting) as I think the theory of the Brexit changes were a bit different to the reality.

What were the main challenges?

In the first few weeks we received a number of queries regarding duty on UK/EU transactions due to a lack of understanding of the origin rules and that this is not necessarily where the goods start their journey.  Some businesses were importing goods from a 3rd country to the UK (and paying duty) and when they were selling to EU customers, they didn’t realise that duty was payable again.  As a result, they were less competitive as duty was essentially due twice on the same product.  The same will apply to EU businesses moving goods to the UK that are not of EU origin so they may want to consider the use of customs warehousing in their initial country of importation if they know some of their goods are coming to the UK.

From an administrative perspective, there have been delays with paperwork, postponed accounting references not being added to the import declaration, confusion reconciling invoices with the various paperwork (or lack of) and rather lengthy delays in UK VAT registrations.  However, the UK tax authorities have now caught up with the backlog and things are running more smoothly.

Is there any good news?

There have been some positives.  The introduction of the marketplace changes means that non-UK businesses that were registered for VAT in the UK before 1 January may no longer be required to if they sell through a marketplace.  This is because the marketplace may become responsible for the VAT on the onward sale.   Non-UK businesses that do not use a marketplace but sell to UK customers are able to improve the buying experience for customers due to new rules for imports under £135.  If the value of the consignment is under £135, instead of making the customer responsible for the import and paying additional charges (which may mean they send the product back), the vendor registers for UK VAT and charges this VAT to the customer.  There is no import VAT in this scenario, just VAT on the sale which is administratively much easier and results in the same amount of VAT being paid to HMRC.

What are the new freeports that have been announced?

We have limited information at the moment, but it is expected they will operate like a customs warehouse.  Therefore, although they are physically in the UK, they are outside the VAT and customs area so goods should be able to be moved in and out of the Freeports, to and from locations around the world, free of any import obligations.  It should also be possible to sell goods without VAT in a Freeport.

About Alison Birch

Alison has worked in VAT for over 20 years, both in professional practice and industry.  She has dealt with VAT issues in a variety of sectors including retail, media, manufacturing and healthcare.   Alison has also spent time overseas assisting a large business restructure its global supply chain and has recently been assisting businesses with the introduction of VAT in the Middle East.

Alison is a member of the firm’s Making Tax Digital team which offers businesses practical guidance on how to manage the forthcoming changes to the tax system.

Alison joined the firm as senior manager in 2016 and was promoted to partner in 2018.  Alison is also a qualified homeopath and treats patients in her free time. Click here to contact Alison

On March 25^th Kreston hosted our inaugural International Tax Conference with over 100 delegates from across the Kreston global network taking part.

The conference was chaired by Mark Taylor, head of the global tax group in Kreston, and  Tax partner at Kreston Duncan & Toplis. Guillermo Naervez, Technical Director for the group, and Tax partner from Kreston FLS in Mexico updated delegates on tax developments and specific regulatory changes that affect clients worldwide.  We were also able to introduce the Tax groups’s regional directors who help co-ordinate tax insight across their international areas:  Jelle R. Bakker in Europe, , Surandar Jesrani for the Middle East , Susan Li for Asia Pacific China,, Ganesh Ramaswamy for Asia Pacific India, Don Reiser in North America, Reynaldo Balladares Saballos, for Latin America and Mamadou SARR in Africa.   Delegates took part in breakout groups looking at specific topics around trading areas and markets to share knowledge and insights from their clients and industry perspectives. This is planned to be an annual event for all tax specialists across the Kreston network.

LONDON – Leading global accounting network Kreston International has retained its place as the 13th largest accountancy network worldwide, according to the latest edition of the World Survey rankings from International Accounting Bulletin (IAB).
Last year, Kreston International delivered 4% growth globally, reaching total fee income of $2.41 billion. The network came in 14th in terms of total staff, with 22,354 employees globally.
In terms of practice areas, Kreston ranked 9th for Accounting ($217.7 million), 14th in Audit and Assurance ($863.9 million), 13th in Tax ($570.8 million) and 13th in terms of Advisory ($369.5 million). Kreston’s growth in the Advisory space reached 60%, putting it in the Top 5 overall.
On a regional level, Kreston ranked 15th in Europe ($731.8 million), 13th in North America ($1.07 billion), 19th in Latin America ($34.6 million), 14th in the Middle East ($35.4 million), 16th in Africa ($27.3 million) and 13th in Asia-Pacific ($508.8 million).

Published annually, the IAB World Survey includes fee income from 52 global organisations, 30 networks and 22 associations, and is considered the global benchmark for the accountancy sector. Overall growth for networks was 3%, with total revenue reaching $210 billion.

Liza Robbins, Chief Executive of Kreston International, said:

“Despite the challenges of the past year, it is highly gratifying to have performed so well in this year’s World Survey rankings. Delivering growth in such a challenging market is a testament to the commitment and hard work of our member firms and their teams. Looking ahead, we believe strongly that Kreston will continue to go from strength to strength, as our members support their clients both locally and around the globe.”

The Brazilian firm B2finance integrated SAP into SantoDigital’s business process.
B2finance offers corporate accounting, tax, financial and payroll outsourcing services, and it is the only company in Brazil that provides Business Process Outsourcing (BPO) with SAP Business One Hana technology coupled.
Download the Case study here.

The new deal, by Mark Taylor 

Shortly before Christmas, the UK and the EU agreed a new trade deal which is now in place, bringing a new degree of certainty and optimism to businesses on both sides of the English Channel.

The deal runs to 1,246 pages of text, with summaries, side agreements and additional political declarations on a range of sensitive issues. While some have compared this to the agreement the EU has with Canada, it is fair to say that the deal is unlike another other trade deal the EU has signed to date.

The largest bilateral trade pact in history, this is the first modern trade deal to disintegrate a trading partnership, erecting and defining barriers between markets, rather than opening them.

While the deal avoids the no-deal scenario which would have seen trade reverting to World Trade Organisation (WTO) rules, in many ways the deal will make trade with the EU more complicated than it was previously. It is also likely that the agreement will evolve during its implementation as issues are identified and resolved and as precedents are set, with many elements having been included as ‘political declarations’ rather than in the treaty itself, meaning they do not have the same legal strength.

Crucially, the agreement allows for goods to be traded without tariffs or quotas, provided they meet so-called ‘rules of origin’ that define how much content in a product is derived from each area.

The deal enables the UK and the EU to set their own rules on ‘geographical indications’ which are rules to protect the quality and reputation of foodstuffs produced in particular regions, and the deal established a review mechanism which means the two sides can choose to coordinate their rules at a later date.

UK granted “Third Country listing” status

The EU has also agreed to grant the UK so-called ‘third-country listing’, meaning the UK is confirmed as having the necessary animal health and biosecurity standards required to export livestock and animal products to the EU. Moving and transporting goods by road and air will be unlimited, and there are detailed commitments on air freight handling and passenger rights.

Throughout the negotiations, one of the main sticking points was the issue of how to balance the UK’s desire to set and enforce its own regulations and support British businesses as it sees fit, with the EU’s reticence to allow the UK to give its businesses an unfair advantage while having free access to European markets.

As a compromise, the two sides have agreed to a series of dispute resolution mechanisms with provisions to ensure fair competition. Regarding state aid, the UK is to create an independent body to oversee its own subsidy control regime and both sides will be able to regulate goods within their own markets.

If any side reneges on their commitments in areas including climate change, labour rights, tax and state aid however, disputes will be heard by an independent tribunal. This aims to dissuade either side from deviating from their commitments, without limiting their freedom to do so if they wish, although this would risk the imposition of tariffs in future.

Fishing and trade

Regarding fishing rights, the EU agreed to reduce the quantity of fish EU vessels can catch in British waters by 25%, with annual negotiations to set the volumes each party can catch in one another’s waters. This was a politically charged issue but both sides have agreed to a compromise on their initial positions.

While the deal does ensure tariff free trade in products, it does not comprehensively cover services, including financial services, which account for more than 40% of the UK’s exports to the EU and 80% of the UK’s economic activity. Instead, the political declarations include an agreement to try and reach a memorandum of understanding by March 2021. This memorandum will mean the two sides would agree to recognise each other’s rules, allowing the finance industry to trade across the UK and EU border as soon as possible. For now, businesses in the services sector have lost their automatic right to access EU markets and will face some new restrictions.

Replacing the existing rights for workers’ qualifications to be recognised as being equivalent to those awarded in each member state, the deal establishes a process under which Mutual Recognition of Professional Qualifications (MRPQs) can be agreed for each industry. While this falls short of having agreements in place immediately, it sets out a process for regulators and industry bodies to work together to establish these agreements in future.

Trade friction in return for flexibility

In some areas, the UK has accepted a greater degree of friction in trade with the EU in order to have the flexibility to strike deals with other countries. One example of this can be seen in the agreements on agriculture, where agreements on rules designed to protect the quality and reputation of foodstuffs produced in certain regions are kept vague and there is no agreement for the two sides to recognise each other’s rules to protect humans, animals and plants from diseases and pests. This means British farmers wanting to export to the EU may need certifications which weren’t required while the UK was a member of the EU. There are also new restrictions on certain animal food products, with, for example, uncooked meats needing to be frozen at -18C if they are to enter the EU.

In some fields, such as medicine, the UK and EU agreed to consult one another on proposals to change technical regulations or inspection procedures and will endeavour to cooperate with a view to strengthening, developing and promoting the adoption and implementation of internationally agreed guidelines. In other areas, such as aviation, certificates issued by UK and EU agencies will be recognised by both parties from the outset.

Freedom of movement

Freedom of movement was a contentious issue throughout the referendum period and the subsequent negotiations. Seeking to balance the need for professionals to work in other countries and the public desire to end or curtail freedom of movement, a compromise has been struck.

Under the deal, people can visit EU countries for up to 90 days in a 180 day period without a visa, but a visa or work permit may be required if a person is transferring to an international branch of a company, carrying out contracts to provide a service to a client in a country in which their employer has no presence, or providing services in another country as a self-employed person. However, there are some exemptions for people in specific occupations who can work in the EU visa-free for up to 90 days, although this list is by no means exhaustive with sports professionals, artists and musicians among others not being included.

There will be some new checks at borders, such as safety checks and customs declarations and additional paperwork is required for goods being transported into the EU. The EU will be checking these have been completed from day one. Paperwork is also required for goods entering the UK, but the government has said it will delay most checks for six months to allow people to get used to the new system. It is therefore very important to ensure that all relevant paperwork is completed properly before goods are dispatched in order to avoid delays or backlogs. It is difficult to predict the scale of any disruption this will cause at borders but this is likely to be exacerbated by any additional issues created by COVID-19.

The new trade deal is complicated and there are many important elements which will change how companies must operate in the years ahead. If your business operates in or trades with the EU, we recommend speaking to one of our dedicated advisers who can provide detailed professional advice and guidance to help you continue to operate as successfully and seamlessly as possible.

this article was published by Duncan & Toplis in January 2021

Our Chinese firm Brighture has provided a comprehensive article on recent tax changes for businesses and private individuals.

Please download their latest Newsletter here

GUILLERMO NARVAEZ
International Tax Technical Director of the Kreston International Tax SIG
Kreston FLS, Mexico

For many decades, international tax (INTAX) advisory has been a key feature of the most important business-focused service firms. In many countries, this service was initially provided by accounting firms before extending to legal firms too. Why is it relevant to large international law/ accounting firms to advise on INTAX? In my view, the reason lies in the following points:

• INTAX is highly specialised. And INTAX is becoming ever more complex.
• INTAX is a subject always related to multinational companies (MNE). This is obviously due to operations being carried out or with effects in more than one jurisdiction.
• INTAX means competitiveness among jurisdictions; different states will compete to win foreign investment, which will generate wealth in their territories.

Competitiveness between states expands the possibilities of the MNEs to distribute their activity among multiple jurisdictions with the purpose of achieving greater fiscal efficiency. The freedom of choice to decide where a business is going to do certain activities contributes to forecasting the net global tax rate an MNE may pay. This is, in a nutshell, an exclusive attribute of the jurisdictions identified as ‘sovereignty’.

Accordingly, the jurisdictions create an offer for the MNEs to carry out tax strategies using various elements such as royalty and interest payments, hybrid operations, permanent establishments, strategies related to capital gains, or complicated corporate structures in several jurisdictions with attractive low or nil tax impact, among many other elements to assess.

As if these were not enough, in 2015 the OECD1 launched the BEPS2 project, trying to stop the shifting of profits to jurisdictions where no value was generated to the taxable activities. This generated a straight and quite clear implication – an urgent need for MNEs and companies doing international operations to be advised to efficiently face the new reality in INTAX.

Kreston’s INTAX experts and global collaboration has advantages over many other organisations; with more than 200 firms located in 110 countries, we cover the main economies of the world in areas where MNEs perform a large part of their operations.

There is a tendency to assume that only the large accounting firms (Big Four) or law firms are able to provide INTAX services. Yet good advice on international tax is provided by specialists who collaborate with other firms, regardless of company size.

Kreston’s INTAX experts and global collaboration has advantages over many other organisations; with more than 200 firms located in 110 countries, we cover the main economies of the world in areas where MNEs perform a large part of their operations.

The Kreston Academies Benchmark Report is a joint annual publication that assesses the finances of almost 1,400 academy schools in 300 academy trusts. This represents 15% of all academy schools in the UK.

After the 2018/19 academic year saw academies turn a budget surplus for the first time in four years, this year’s report shows growth in the sector slowed from 10.8% to 7.8% due to the COVID-19 pandemic. While schools did see a significant reduction in costs for staffing, maintenance, and utilities resulting from fewer pupils being in school during the lockdown, much of this money was invested in technology and other resources to enhance the sector’s remote learning capability for the current academic year.

Other key figures from the report include:

• 70% of academy trusts saved money on the cost of supply workers
• 85% planned to continue investing in IT in the future, partly to support distance learning
• The number of trusts in cumulative deficit has fallen from 8% to 5% over the last year
• Nearly 60% of trusts submitted claims for additional funding for pandemic related costs in the 2019/20 academic year
• Larger multi-academy trusts (MATs) with eight or more schools were more likely to have at least one school in an individual deficit position (67%), compared to trusts with four or fewer schools (29%)

Unlike other state-funded schools, the finances of academy schools are often not included in government figures. As a result, the Kreston Academies Benchmark report gives valuable insight into the finances of academies, which constitute 35% of all UK state-funded schools.

Pam Tuckett, Chair of Kreston International’s Academies Group: “On the face of it, the report suggests the financial picture for the sector is relatively strong as school closures have cut many of the costs traditionally associated with running a school, such as staffing, heating and lighting classrooms that would typically be full of pupils.

“However, this masks the budgetary pressures relating to the increased cost of deep cleaning and the heavy investment that is being made in technology to limit the impact of disruptions to pupils’ education. The findings show that the impact of the pandemic will be felt for many years to come.”

Kreston is delighted to welcome Greece-based new member firm Hellenic Auditing Company to the network.

Founded in 2010, Hellenic Auditing Company is headquartered in Athens, and provides audit and assurance, consulting, and tax services to businesses across the region.

Hellenic Auditing is a member of the Institute of Certified Public Accountants of Greece. The firm works across a variety of sectors including real estate, retail, manufacturing and professional services.

Georgios Batsoulis, President and CEO, Hellenic Auditing Company: “As we exit from the Covid-19 pandemic, we know our clients are looking for opportunities overseas and being part of the Kreston’s network gives us access to many colleagues who can help them. We are also excited to provide advice and support for companies looking to invest in Greece, which is a growing market for international investment.”

Liza Robbins, CEO, Kreston International: “We are so pleased to welcome Hellenic Auditing Company to the Kreston network. It is an excellent firm that is really committed to enabling international business success.”

VIRGINIA COOK
Marketing Director
Kreston International, United Kingdom

We are delighted to announce the appointment of Virginia Cook as Kreston International’s Marketing Director. Virginia has over 25 years of experience in international professional service marketing and business development.

Virginia joins from Moore Barlow, a top 70 UK law firm, and has extensive experience working in senior global and regional marketing and business development roles for accounting firms, including Roffe Swayne, BDO, Arthur Andersen and Coopers & Lybrand / PwC. In Virginia’s previous position, she was on the Marketing Board at international accounting and legal network Ecovis and worked on the successful merger of two law firms during the pandemic.

Virginia’s initial focus will be developing Kreston’s purpose and focusing Kreston’s marketing on supporting member firms’ business development.

Liza Robbins, Chief Executive, Kreston International: “I am thrilled with Virginia’s appointment. Virginia has a wealth of experience in professional services and international networks. Her in-depth understanding of the marketing challenges facing firms will enable her to deliver commercial solutions.”

Virginia Cook, Marketing Director, Kreston International: “I am excited by the opportunity of joining Kreston. Economies and businesses need forward-thinking advisers to help them grow post-pandemic. Kreston has a great foundation on which to build, and I look forward to working with the firms to enhance the marketing value they get from their membership.”

ANDREW WALLIS
Corporate and International Tax Partner
Kreston Reeves, United Kingdom

The UK has consistently ranked as one of the best places to locate a holding company due to its robust legal system, relative political and economic stability, geographic location, time zone, language, low costs of company administration and attractive tax environment.

Given Brexit, however, should companies be looking elsewhere – such as Ireland or the Netherlands – to locate their holding companies? In short, although both Ireland and the Netherlands have their attractions and will of course remain within the EU, we do not think that the attractiveness of the UK will be greatly diminished by Brexit.

A whole range of tax issues should be considered when determining the best location for a holding company. Although the final decision will depend on a group’s unique circumstances and priorities, key considerations include the factors outlined below, which continue to position the UK as an attractive holding company location regardless of its non-EU status.

Corporate income tax rate

The UK has the lowest corporate tax rate of the G7 group of countries: 19%. The fact that this is not as low as Ireland’s 12.5% tax rate for trading income may not matter, given that most holding companies will not have significant business activities.

Withholding taxes

One of the most attractive features of the UK is that it does not impose withholding tax on the payment of dividends by a company. This means that profits can be returned to parent entities/shareholders with no tax leakage.

The UK also has the most extensive double tax treaty network in the world; the rate of withholding on payments of interest and royalties is often reduced from the non-treaty rate of 20%, or can even be exempt. Further, as the UK seeks to agree free trade deals with non-EU territories, there is the potential for term treaties to become even more generous and widespread.

Taxation of dividend income

Dividends and distributions received by UK companies are typically exempt from corporate income tax regardless of whether they are paid by UK or overseas companies. In particular, subject to specific anti-avoidance cases, the following are exempt:

• Distributions from controlled companies
• Distributions from portfolio companies (<10% shareholding)
• Distributions in respect of non-redeemable ordinary shares.

Taxation on sale of subsidiaries

The ‘substantial shareholding exemption’ (SSE) exempts any capital gain on the disposal of shares in a subsidiary (UK or overseas) in cases where:

• More than 10% of the shares in the subsidiary have been held for a continuous 12-month period during the 6 years preceding the date of disposal
• The company being disposed of has been a trading company, the holding company of a trading group, or the holding company of a trading subgroup.

Though Ireland has its own version of SSE and the Netherlands has a participation exemption, the generosity of the UK’s SSE should not be overlooked.

Controlled foreign company rules

Like many jurisdictions, the UK has controlled foreign company rules. However, the UK has moved to a much more territorial basis of taxation that can mitigate the application of the CFC rules by offering a broad range of exemptions and exceptions. These include a tax avoidance gateway test, an excluded territories exemption, a low profits exemption and a low profit margin exemption.

Of course, both Ireland and the Netherlands have now incorporated controlled foreign company rules into their domestic legislation under the EU Anti-Tax Avoidance Directive.

Capital taxes

The UK does not impose capital taxes (stamp duty) on the issue of shares by a UK company, although most transfers of shares in a UK company are subject to stamp duty at 0.5%.

GIACOMO CARNAGO, Associate Partner
CLAUDIO DEL GUERCIO, Manager Tax & Global Services
Kreston TDL, Italy 

With the conversion of Law Decree 104 dated 14 August 2020, which took place on 13 October 2020, it will be possible to proceed with the revaluation of business assets and equity investments, as well as the realignment of tax values.

• Subjects that can proceed with the revaluation: Resident corporations and public/private entities carrying on a business activity and adopting national accounting standards, as well as partnerships carrying on a business activity, sole subject companies, resident non-commercial entities and non-resident entities with a permanent establishment in Italy.
• Assets subject to revaluation: Each tangible and intangible asset, as well as each equity investment in subsidiaries and associates under the provisions of article 2359 of the Italian Civil Code, entered as a fixed asset in the financial statements for the financial year ending 31 December 2019. Therefore, there is no longer an obligation to revalue all assets belonging to the same homogeneous category. Immovable property assets for business activities involved in the production or exchange of such assets are excluded.
• How to proceed with the revaluation: It is possible to make a revaluation only for civil law/accounting purposes, with subsequent strengthening of capital, or also with fiscal acknowledgement of the higher values against the payment of a 3% substitute tax (payable in three annual instalments). Although not prescribed by the law, it is advisable to back up the revaluation with estimates or appraisals (preferably drawn up by third-party professionals), also to support the reports of directors and auditors who must show the criteria that were used, as well as certify that the value falls within the limits described under article 11 of Law 342/2000.
• Effective date of revaluation: The revaluation can be made in the financial statements for the year ending 31 December 2020. If acknowledged for tax purposes, the higher values will be acknowledged from the following period (2021). If the revalued assets are sold (e.g. sold for a money consideration, allocated to shareholders, etc.) before 31 December 2024, the tax basis of the relative capital gains/losses will be calculated on the value of the asset before the revaluation.
• Accounting aspects: The acknowledgement of higher asset values will be matched by the acknowledgement of a revaluation reserve in net equity. If the higher asset values are acknowledged for tax purposes, the reserve will be considered tax deferred. However, it will also be possible to release this reserve by paying a substitute tax of 10% of the revaluation surplus.
• Realignment of tax values (also for IAS adopters): The possibility of realigning tax values to the higher book values acknowledged in the financial statements following the one in progress as of 31 December 2019 (31 December 2020 for ‘solar’ entities) is provided for. This opportunity is available not only to OIC adopters, but also to IAS adopters. The realignment is completed through the payment of a 3% substitute tax, which must be matched by the restriction of an equity reserve in suspension of taxation for an amount corresponding to the freed-up value. This reserve may be freed up as described above.

AUNALI MERCHANT
Senior Manager – Tax
MMJS Consulting, UAE

For most of the twentieth century, the Gulf Cooperation Council (GCC) region, comprising six Arab nations, has relied heavily on revenue from fossil fuels and natural gas to support economic growth. Since the beginning of this millennium, global trends have indicated a move away from reliance on hydrocarbon energy sources to alternative and renewable energy resources.

In response to this shift in long-term global outlook, the GCC nations have been developing various industry sectors to augment fiscal needs and achieve growth – including power, real estate, tourism, logistics, trade and manufacturing. However, recent volatility in oil prices owing to decreased global demand has increased the emphasis GCC nations must place on tax revenue to maintain fiscal stability, build investor confidence, attract foreign direct investment, and support economic growth.

Implementing tax regimes can be a complex task, one that has taken decades in developed economies. Also, since most GCC businesses are unaccustomed to being subject to extensive taxes and allied regulations, governments must tread carefully to maintain the delicate balance between ease of doing business and tax regulation.

Though most GCC countries have historically had taxes in the form of corporate, payroll and withholding taxes, along with a common customs code, there have been rapid tax developments across the GCC since 2017. In 2016/17, the GCC collectively agreed on the introduction of VAT and excise tax based on common frameworks.

The United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) introduced VAT regimes from 1 January 2018, with the Kingdom of Bahrain following suit from 1 January 2019 in a phased manner. Currently, the Sultanate of Oman is set to introduce VAT with a go-live of April 2021. These GCC nations, including Qatar, have also introduced excise tax targeting tobacco and allied products along with energy/aerated/sweetened drinks.

Though the general rate of VAT agreed between the GCC nations is 5%, KSA increased its general VAT rate to 15% from 1 July 2020. Kuwait has indicated the implementation of VAT and excise tax by 2022.

As part of the inclusive framework on the OECD’s BEPS initiative, most GCC nations have introduced recommendations through domestic legislation, which is significantly changing the tax regulatory landscape in the region. Such measures – including transfer pricing, economic substance and country-by-country reporting requirements – will assist the move towards greater tax transparency and exchange of tax information.

Oman has also indicated a tax on high income earners by 2022 to bring down fiscal deficit, which could be seen as a paradigm shift in tax policy for the region.

Though greater tax regulation and transparency offers much-needed economic and fiscal stability in the region, businesses looking to establish or expand presence in the GCC should take heed of the changing tax landscape and plan carefully to minimise their exposure to any unfavourable tax outcomes.

CA SAURABH PANWAR
Tax Partner Manager – Direct Taxes 
SNR & Company Chartered Accountants, India

In India and globally, the supply and procurement of goods and services digitally have undergone exponential growth with the expansion of information and communication technology. Indeed, e-commerce is now growing significantly faster than the global economy. The Indian tax authorities are constantly taking stock of new developments and introducing necessary changes to the Indian taxation laws to ensure that digital transactions are taxed appropriately. One such change is the levy of tax on non-resident e-commerce operators, effective from 1 April 2020.

The Finance Act, 2016 initially provided that a resident carrying on a business/profession, or a non-resident having a permanent establishment (PE), in India shall deduct an equalisation levy of 6% (the ‘2016 Levy’) on the amount paid/payable for certain specified services (e.g. advertisement) to a non-resident service provider, if the aggregate amount of consideration for the specified service exceeded INR 100,000 in a financial year.

Effective from 1 April 2020, the Finance Act, 2020 has introduced a new levy of 2% on the e-commerce operator on receipt of consideration for online sale of goods or services, made or provided or facilitated by it (on an amount of at least INR 20 million in aggregate) from:

• An Indian resident
• A person using an Indian IP address when purchasing such supplies/services
• Non-residents only in the following cases:
• Sale of advertising – targeting an Indian resident or Indian IP user
• Sale of data – collected from an Indian resident or Indian IP user.

Provisions in brief

Definitions

• E-commerce includes:
• Online sale of goods owned by the e-commerce operator
• Online provision of services provided by the e-commerce operator
• Online sale of goods or provision of services, or both, facilitated by the e-commerce operator.
• An e-commerce operator is a non-residentwho owns, operates or manages a digital/electronic facility or platform for online sale of goods or online provision of services or both; but does not include an e-commerce operator having a PE in India and supplying goods or services effectively connected with such PE, or where such a transaction is liable for the 2016 Levy.

Compliances for non-resident e-commerce operators

Every e-commerce operator will be required to make equalisation levy payments quarterly, as follows:

Availability of tax credits

In general, non-residents paying taxes in India could obtain tax credits for these in their country of residence under the relevant DTAA. The equalisation levy has been introduced under a separate legislation rather than under the Income Tax Act. Thus, determining the availability of credit for the equalisation levy in the residence country is going to be challenging.

Conclusion

The new equalisation levy on e-commerce operators could impose on them a significant compliance burden and additional costs. The peculiarity of these businesses in earning millions of revenues without any physical presence has certainly been a matter of concern for countries with a large customer/IP user base. Modern ways of doing business do need such taxes, and all these measures are simply India’s response to the changing times.

IVO CLAYS
Tax Partner
Kreston MDS, Belgium

A few years ago, the Belgian government introduced a new tax regime for holders of investment accounts with a combined value of more than €500,000. However, this tax was abolished when a judgement by the Belgian Constitutional Court found it discriminatory. On 2 November, the newly elected government has proposed a new tax on investment accounts, broadening its scope to address the concerns of the Constitutional Court.

Personal scope

Both physical and legal persons are subjected to the new tax on investment accounts. Investment accounts held by a legal structure (including a trust or foundation) are deemed to be held by the person who qualifies as the founder of that structure.

The tax applies to both residents and non-residents (physical persons as well as legal persons) holding a Belgian investment account, unless a double tax treaty prevents Belgium from levying tax on the assets of non-residents.

Material scope

The tax is aimed at investment accounts with an average value of more than €1 million during a given period. All financial assets held in the investment account are taken into account to determine the average value of the account, as opposed to the previous tax on investment accounts that excluded certain financial products. Life insurance contracts with an underlying investment account also seem to be in scope.

Shares are excluded, provided that they are not held in an investment account (e.g. registered shares) unless the anti-abuse rule applies (see section on anti-abuse rule).

Since the tax aims to subject the investment account to tax (and not the person holding it), it is not necessary to divide the value among all accountholders. However, this could lead to some strange consequences.

Tax rate

The investment accounts in scope are subjected to a yearly tax of 0.15% on the average value of the account, calculated based on its value at quarterly reference dates (31 December, 31 March, 30 June and 30 September).

Exemptions

Exemptions would apply for certain financial companies such as banks, insurance companies, pension funds, and so on.

Anti-abuse rule

A refutable presumption applies that splitting up accounts, converting financial assets and transferring assets to a foreign legal person are done with the intention to evade tax. Such actions, taken as from 30 October 2020 (i.e. the day that the initiative was leaked in the Belgian media), are neglected for purposes of the investment account tax.

Conclusion

Although the new tax on investment accounts has some similarities to the old one, the scope is much wider since it applies to physical persons as well as legal persons (both residents and non-residents). The first reference period will begin on the first day after publication in the Belgian Official Gazette (expected at the beginning of 2021) up to 30 September 2021.

MARK TAYLOR
Director and Head of Tax Advisory
Kreston Duncan & Toplis, United Kingdom

The COVID-19 crisis has impacted many areas of society, and for the UK government it has resulted in huge levels of spending to support businesses and individuals through the pandemic.

The government’s current debt stands at £1.8 trillion, and it’s expected to borrow £400 billion in total this fiscal year as the country continues to work through uncertain times. To compensate for this, there’s little doubt that UK taxes will rise – and soon.

Chancellor Rishi Sunak recently commissioned a report by the Office for Tax Simplification (OTS). OTS has now published its initial findings, which recommend a major overhaul of capital gains tax (CGT) to help the government recover some of its expenditure. Proposals include:
• The possible alignment of CGT rates with income tax
• Measures against the retention of profits in small companies to extract as capital when ceasing, rather than taking dividends during a company’s lifetime
• Taxpayers not benefiting from both an inheritance tax exemption and CGT uplift when someone dies.

Currently, there are four rates of CGT. Basic rate income tax payers pay 18% on second homes and buy-to-lets, and 10% on other assets; for higher-rate taxpayers the rates are 28% and 20%, respectively.

Landlords may be set to make the biggest losses once these measures are put into place, but they might be better off holding onto their buy-to-let properties rather than incurring a CGT charge by selling up. Alternatively, we may see a surge in landlords selling properties before the changes come into play. Each individual’s circumstances will be different.

The report has also called for the government to reduce the annual CGT allowance, or annual exempt amount – which currently means the first £12,300 of gains from assets such as shares and property are free of CGT. This could reduce to between £2000 and £4000.

Since the government is on track for a £400 billion deficit this year due to COVID-19, it’s likely that the Chancellor will be encouraged to make significant changes in the coming months. Indeed, such measures are anticipated to be announced in the Chancellor’s next budget on 3 March 2021.

These proposals, if implemented, will have major implications on businesses and taxpayers both in the UK and overseas. If you’d like advice on CGT or IHT, get in touch with our experts today.

GERMÁN MOYA 
Tax Manager
Kreston AS, Ecuador

In 2020, a new tax regime for micro-enterprises was established in Ecuador, affecting income tax, VAT and tax on special consumption. To qualify as a micro-enterprise, a taxpayer (whether a company or an individual) must have an annual income below US$300,000 and up to nine employees. The amount of income will prevail over the condition of number of workers. The following activities are excluded from the regime: those related to the banana sector, construction contracts, transportation activities, fuel traders, professional service provision, liberal occupation, dependency relationship, and capital income, among others.

Micro-enterprises remain in this regime for up to 5 years, as long as they do not exceed the specified limits in terms of income and number of employees. Subsequently, they will be subject to the general regime.

Among the obligations of taxpayers who avail themselves of this regime are:

• Keep accounting under the International Financial Reporting Standards for SMEs.
• Present declarations and annexes when appropriate.
• Keep the sales receipts that support its operations for a period of no less than 7 years.
• Provide information to the Tax Administration when required.

The Tax Administration publishes on the institutional website the registry of taxpayers subject to the tax regime for micro-enterprises in force for each fiscal year. Those who are in this regime are subject to a tax rate of 2% on gross income (without deducting costs and expenses). Before, they were taxed 22% on net earnings.

The tax on special consumption, income tax and VAT declarations are made twice a year. If the taxpayer has unrecognised income in this regime, they must also file an annual income tax return; this regime allows filing every 6 months (rather than monthly). Also, these small businesses will not be withholding tax agents, unless they are qualified as such.

New micro-enterprises starting their economic activity since 2018 enjoy the income tax exemption for 3 years from the first fiscal year in which operating income is generated. Therefore, they must generate net employment and incorporate national added value in their production processes.

SUSAN LI
Director International Business CEO
Brighture, China

The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly issued the Notice on Preferential Tax Policies for Imported Exhibits Sold during the China International Import Expo (CIIE) (CAIGUANSHUI [2020] No. 38). With effect from 12 October 2020:

• Import duties, import VAT and excise are exempted for import exhibits sold in reasonable quantities during the fair. However, such tax relief shall not cover goods prohibited by the state from importation.
• For the exhibits sold within the exhibition period in excess of the quantity or quota as stipulated, and the exhibits not sold within the exhibition period and not returned abroad after the exhibition, taxes shall be levied subject to the regulations of the state.
• The List of Exhibitors and the List of Exhibits Sold during the Expo shall be submitted exclusively to Shanghai Customs by the organiser, namely China International Import Expo Bureau and the National Convention and Exhibition Center (Shanghai) Co., Ltd.

In accordance with the reform and deployment of the collection system for social insurance premium by the State Council and the People’s Government of Shandong Province, Qingdao Taxation Bureau, Qingdao Finance Bureau, Qingdao Human Resources and Social Security Bureau and Qingdao Medical Security Bureau jointly issued the Circular on the Collection by Tax Authorities of Corporate Social Insurance Premium ([2020] No. 4), which stipulates that, effective from 1 November 2020, all social insurance premiums of enterprise employees will be collected exclusively by tax authorities.

• Scope: Basic pension and medical insurance premiums (including maternity insurance), work-related injury insurance premiums and unemployment insurance premiums for employees paid by employers; basic pension and medical insurance premiums paid by individual industrial and commercial enterprises that do not have employees, non-full-time employees who do not participate in the employer’s basic pension and medical insurance schemes, and basic pension and medical insurances paid by other workers on flexible engagements.
• Mode and period of payment: Payers shall, in accordance with the current methods and channels, register with the social security (medical insurance) agency for participating in the insurance and personnel changes and declare the premium payable, and make payment to the tax authorities as per the amount ratified by the social security (medical insurance) agency. In case of an enterprise, payment for the current month should be made before the end of the month; in case of a worker on flexible engagement, the amount payable should be paid into the designated bank account before the 20th of each month.

To deepen the reform of ‘power delegation, management and service’ and enhance the business environment, 13 governmental departments (including the State Administration of Taxation) jointly issued the Notice on Measures to Promote Tax Payment Facilitation and Improve Taxation and Business Environment (SAT [2020] No. 48), which provides that electronic invoice reform shall be implemented step by step:

• Effective from December 21, 2020, the electronic VAT special invoice will be applicable to newly registered taxpayers in 11 districts including Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Anhui, Guangdong, Chongqing, Sichuan, Ningbo and Shenzhen, with drawees nationwide. Meanwhile, the scope of drawees of electronic VAT special invoices issued by taxpayers who are already covered by the pilot implementation in Ningbo, Shijiazhuang and Hangzhou, are expanded to the whole country.
• Effective from January 21, 2021, the electronic VAT special invoice will be applicable to newly registered taxpayers in 25 districts including Beijing, Shanxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Fujian, Jiangxi, Shandong, Henan, Hubei, Hunan, Guangxi, Hainan, Guizhou, Yunnan, Xizang, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang, Dalian, Xiamen and Qingdao, with drawees nationwide.
• Upon the implementation of the electronic VAT special invoices in various regions, where local newly registered taxpayers need to issue paper general invoice, electronic general invoice, paper VAT invoice, electronic VAT invoice, paper motor vehicle unified invoice and paper second-hand motor vehicle unified invoice, they can receive the tax UKey to issue the invoices. On the other hand, tax authorities will issue tax UKeys free of charge to newly registered taxpayers, and provide free electronic VAT special invoice issuing services for taxpayers relying on the public service platform of VAT electronic invoices.

There will be efforts to build a national electronic invoice service platform and tax network trusted identity system by the end of 2021, and to establish a management/service mode matching the electronic invoice, so as to facilitate the use of invoices by market entities and promote the construction of smart taxation.

HANNAH ROYNON-JONES
Director
Alex Picot Trust, Jersey

Jersey offers a clear, tax-neutral environment with no capital gains tax or inheritance tax. Here, we provide the highlights of Jersey’s tax regimes and some recent important changes to tax legislation (as of 11 July 2020). The Jersey tax year runs from 1 January to 31 December.

The ‘High Value Resident’ regime

A preferential tax system is available to high net worth individuals:
• Minimum Jersey tax contribution of £145,000 per annum (20% on first £725,000 of income, 1%on excess).
• Inclusion of Jersey rental income within the
£725,000 minimum requirement of income (Jersey Budget 2019).
• Move from ‘high value resident’ regime to 20%Jersey taxpayer status. After 10 years’ residency in Jersey, high value residents have the option to become an ordinary Jersey resident taxpayer, if this suits their current circumstances.

Company tax

The following company tax rates apply:

From Year of Assessment (YA) 2019, all Jersey companies must file a set of accounts with their company tax return. Previously, a set of accounts was only required for companies that pay tax at 10% or 20%.

Jersey has introduced ‘economic substance’ legislation, effective from YA 2019. The company tax return now includes more detailed questions about a company’s activity and management/control, to assess whether it meets the economic substance test. The type of information provided on the return can be as thorough as staff qualifications, timesheets and location of board meetings.

This has been an important change to the tax system and it is more important than ever to ensure a company is managed and controlled in Jersey to guarantee its Jersey tax residence.

Extracting Funds

No tax is paid on income in a company, the extraction of funds is taxed at either 20% or 26% in hands of the individual plus LTC contribution at 1.5% or 1.95%. 20% tax paid on income in a company, any extraction of funds is received with 20% tax credit.

If standard rate taxpayer, only LTC at 1% to pay. If marginal rate taxpayer, additional 6% to pay plus LTC at 1.3%. N.B. Any extraction of funds from a company is only taxable up to the level of accumulated income in the company.

The introduction of fixed calendar deadlines in 2020 for paying corporate income tax (CIT) has created a much clearer compliance cycle for Jersey companies.
• CIT will become payable in two fixed-date instalments (31 May and 30 November) after the Year of Assessment.
• A separate category of earlier payment date
(31 March and 30 September) was set for
‘large remitters’.
• Estimated assessments will no longer be issued to all taxpaying companies in advance of payment deadlines. All companies will be responsible for calculating and paying the correct amount of income tax on time, at the new installment and
‘balance due’ dates.
• Importantly, there is no change to the CIT filing deadline. All companies must continue to file CIT returns by 31 December in the year following the YA.

Trust taxation

Jersey taxes are not applied to trusts where all beneficiaries reside outside Jersey, and Jersey tax is not payable on distributions to non-resident beneficiaries. Highlights:
• Jersey trusts are taxed at 20%.
• Taxed on gross income, as trusts do not get
a deduction for expenses (except Jersey rental income).
• Distributions from Jersey companies up to trusts have a tax credit if that company is taxed at 10%or 20%.
• Income distributions to Jersey resident beneficiaries of the trust come with a 20% tax credit.

ROUVEN WILLIMANN
Director Corporate Services
a&o Kreston, Switzerland

Following the failure of its Corporate Tax Reform III 2017, Switzerland adopted the Federal Act on Tax Reform and AHV Financing (TRAF[1]) on 19 May 2019.

The TRAF came into force on 1 January 2020 and has had a major impact on the tax burden on companies and permanent establishments in Switzerland. In addition, the parameters for the attractiveness of Switzerland and the cantons as a business location have changed. Established business models must be reviewed from a tax point of view and challenged regarding their tax efficiency.

With TRAF, Switzerland meets all OECD and EU standards and remains an attractive and successful location to do business. One of the most pivotal measures, to remain a top destination for international operating companies, was the reduction of the ordinary tax rate. Switzerland now offers ordinary effective tax rates from as low as 11.5–14% in most of its cantons.

Against the background of the rapidly changing international developments in corporate taxation, however, there is a constant need for action. Today, even more than in the past, a robust national and international tax structure must be underpinned by a well-planned defence strategy.

Companies and permanent establishments that were subject to the cantonal holding, domicile or mixed company privileges needed to reconsider the impact of the TRAF on their tax burden. Some companies had to reassess the group structure and the most favourable business location within Switzerland for their business going forward. As a consequence, some corporations have transferred some or all of their substance to another canton for tax as well as operational reasons.

Abolition of the privileged cantonal regimes

With the TRAF, all regimes were abolished as of 31 December 2019. As a result, all profits of a holding, domicile or mixed company are now fully subject to cantonal and communal income tax from 2020 onwards (income from qualifying investments will continue to be subject to a participation exemption).

As a transitional rule, those companies can disclose hidden reserves (goodwill) by way of a ‘step-up’, and write them off for tax purposes over a period of 5–10 years. Taxable profit will be reduced as a result.

Procedures

These hidden reserves (goodwill) are regularly disclosed as part of the income tax return filing (for the first time with the 2019 tax return). Hidden reserves are disclosed either based on a Federal Supreme Court decision made in 2012 or based on the new TRAF.

If hidden reserves are disclosed in the tax balance sheet based on the 2012 court decision, the corresponding amount is shown as a taxed hidden reserve in the tax balance sheet. As a result, the taxed hidden reserve is subject to capital tax.

Based on TRAF, the hidden reserves are determined only by a tax administration’s assessment. In principle, the TRAF step-up does not affect the tax balance sheet and so the hidden reserves determined are not subject to capital tax.

[1] In German, STAF; in French, RFFA.

Over 120 attendees joined us at the Trading Internationally online event held on 23 November 2020. The topics discussed at the event proved particularly relevant to our listeners, and generated a lot of questions for our panel to address.

As the UK now grapples with further Coronavirus restrictions and the Brexit transition period coming to an end on 1 January 2021, there are tough implications for UK businesses that need to trade internationally.

Our panellists explored how UK businesses would continue to trade internationally drawing on insights taken from the two surveys conducted by Kreston UK members firms earlier this year. The panel offered commentary on a wide range of themes, including Brexit planning and overcoming barriers to international trade.

You can now comfortably view the video recording of this event on Kreston’s Vimeo channel.

Kreston members can also view the event page for more information.

Kreston UK member firms will shortly gather for a virtual tax conference to continue the exchange of experiences and insights around their tax offering.

The conference, scheduled for Wednesday 18 November 2020, will be devoted to specialist discussions in small break-out groups, followed by a feedback session.

Kreston members can view the event page for more information.

As the UK now grapples with further Coronavirus restrictions and the Brexit transition period coming to an end on 1 January 2021, there are tough implications for UK businesses that need to trade internationally.

A leading panel of guest speakers from the UK network of Kreston member firms will meet on Monday 23 November 2020, 14:00-15:00 (UK time) to offer commentary on a wide range of themes, including Brexit planning and overcoming barriers to international trade, whilst offering insights and help to businesses wanting to trade internationally going forward.

Kreston members can view the event page for more information.

Kreston is delighted to welcome Kreston Mozambique to the network

Founded in 1995, Kreston Mozambique (ex Grant Thornton Mozambique) is a full-service audit, tax and advisory service including outsourcing, payroll and secretarial work.

Kreston Mozambique works across a variety of sectors including Financial Services, Real Estate, Energy & Natural Resources, Technology & Communications and Travel & Tourism The firm joins Kreston from the Grant Thornton network and is accredited by OCAM, the local regulatory body.

Dev Pydannah, Managing Partner, Kreston Mozambique says: “Joining the Kreston network demonstrates our enthusiasm for further international growth and bringing opportunities to Mozambique. We are looking forward to being part of, and developing, the Kreston brand both here in Mozambique and, along with our neighbouring Kreston firms, across Southern and Eastern Africa.”

Liza Robbins, CEO, Kreston comments: “We are thrilled to welcome Kreston Mozambique to the network. It is an excellent firm that demonstrates their commitment to international business. Adding Mozambique to the Kreston network demonstrates our commitment to expanding our presence and offering across Africa, with new firms in Zimbabwe and Tanzania joining us in the last year.”

The Member Awards and Appointments document has been created to illustrate the high quality of Kreston member firms and reflects some of our members’ most significant achievements throughout the period of 2018-2020.

Kreston International had record attendance at its last World Conference in New Delhi held on 27 Nov – 1 Dec 2019, with 155 delegates representing 66 firms and 43 countries.

The conference was heavily focused on business content to help members increase collaboration and win more business together, in line with Kreston’s strategy to deliver greater benefits and greater business opportunities to members.

The feedback was overwhelmingly positive with 92% of delegates indicating they found the conference excellent or very good.

A few key moments from our members were captured during the conference. If you missed these on our social pages, you can watch the videos here.

We are now looking forward to Kreston’s Europe & World Conference to be held on 21 – 24  October 2020 in Madrid, Spain.

Kreston is pleased to welcome Mexico based firm, Quezada Fernández to the network.

Quezada Fernández has a strong international profile and extensive experience assisting clients in cross-border trade, especially with the USA, strategically placing their office in Tijuana, Mexico bordering the USA. They are a full-service audit, tax, transfer pricing, and information technology firm.

Elias Quezada, Director at Quezada Fernández said: “I am delighted to begin exploring the international opportunities available to our firm and clients.  It gives us great pleasure to represent Kreston in Mexico.”

Liza Robbins, CEO at Kreston International said: “We are delighted to welcome Quezada Fernández to Kreston, enabling us to further develop Kreston’s presence in Mexico benefiting our member firms and clients.”

Quezada Fernández joins five existing member firms in Mexico.

Kreston is pleased to welcome Zimbabwe based firm, MJV Chartered Accountants to the network.

Founded in 2014, MJV Chartered Accountants is a full-service audit and tax firm with additional strength in risk and advisory, assurance, entrepreneurial and consulting. The firm is accredited as a training office by the Institute of Chartered Accountants of Zimbabwe (ICAZ).

Modern Mutumwa, Managing Partner at MJV Chartered Accountants: “MJV continues to grow everyday thanks to the confidence of our clients. We cover many industries such as financial services, manufacturing, commodity broking, real estate, education and local authorities.

“Being a part of the Kreston network demonstrates our appetite for international growth and bringing opportunities to Zimbabwe. We can’t wait to see what the future holds.”

Liza Robbins, CEO at Kreston International said: “MJV Chartered Accountants are an excellent firm that demonstrates their commitment to international business. We are thrilled to welcome them to Kreston.”

Kreston is delighted to welcome Kreston Kairos as a member firm in Tanzania.

Kreston Kairos is a full-service audit and tax firm, with additional strength in transfer pricing, accounting, and information technology.

Commenting on the appointment, Baraka Mbonalibha, Managing Partner said: “Being in an international network is an important part of our strategic growth plan and we look forward to connecting with other members from around the world for our mutual benefit.”

Liza Robbins, CEO of Kreston International said: “We are delighted to have Kreston Kairos join our network and we look forward to a prosperous and ongoing relationship.”

Kreston is delighted to welcome Cyprus based firm, Kreston Ioannou & Theodoulou, to the network.

Founded in the early 1990s, the firm is a fast-growing, top ranked firm in Cyprus with 6 partners and 52 staff operating from offices in Nicosia and Limassol.

The firm has a strong international profile, with more than half of its business focused internationally. The firm has extensive experience assisting clients in cross-border trade, mainly in Europe, Middle East and the US, with staff speaking a multitude of languages (Greek, English, Italian and Russian).

Kreston Ioannou & Theodoulou is an audit, tax and advisory firm, with additional strength in corporate services. The firm has a deep understanding of international business through Cypriot structures, direct and indirect tax advisory and extensive advisory knowledge as well as experience in mergers and acquisitions and financial due diligence. In addition, the firm offers technology advice and tailored solutions including customer engagement, process automation and electronic money transactions.

The firm is represented at the Board of the Cyprus Securities and Exchange Commissions (CySEC); the Institute of Certified Public Accountants of Cyprus Small and Medium Sized Audit Firms Committee and is certified by the ICPAC (Audit Quality and AML Compliance).

The management of Kreston Ioannou & Theodoulou said: “Joining Kreston’s extensive global network is a natural choice, enabling us to access the wealth of experience offered by the members.”

Liza Robbins, CEO at Kreston International said: “We are thrilled to welcome such a strong internationally focussed firm as Kreston Ioannou & Theodoulou to the network and we look forward to their active contribution to Kreston.”

Kreston Ioannou & Theodoulou joins existing member firm Kreston Proios in representing the network in Cyprus.

Rich takes over from Bent Kofoed, who steps down after four years as the Chair

After four years at the helm, we are sad to say goodbye to Bent as the Chair of Kreston. Bent has been a part of Kreston for twenty years, playing an active role as soon as he joined as part of Kreston Denmark.

Bent joined the Kreston Board in 2006, overseeing significant change within Kreston, including Kreston’s transition from Association to network in 2011. He also held the role of European Secretary for a number of years.

Bent assumed the Chair of Kreston at the 2015 World Conference held in Rio, Brazil. As Chair, Bent led the recruitment of the new CEO, culminating in the appointment of Liza Robbins in August 2018, agreeing to stay on for a further year to oversee the transition of the CEO role to Liza.

Everyone at Kreston would like to take this opportunity to thank Bent for his tremendous contribution to the Kreston network and to the Kreston board in his roles as Director and Chair.

With Bent’s retirement from the Kreston Board, we are delighted to announce the appointment of Rich Howard as the new Chair of Kreston.

Rich is a Kreston stalwart whose involvement in Kreston’s activities began in 2005 when CBIZ and Mayer Hoffman McCann (MHM) joined Kreston.  Since then, he has been involved as a leader of the Global Audit Special Interest Group and a frequent speaker at Kreston World and Regional conferences each year.  Rich has been a Board member since 2014 and previously held the role of Deputy Chair and is a member of the Quality Group Executive Committee.

Rich is an MHM Shareholder and CBIZ Director having joined the organizations in 2002 and is based in the firm’s Orange County, California office.  Over the last 17 years, Rich has held a number of different positions which have included being a member of MHM’s Board of Directors, the Executive Committee, the Professional Standards Group, the National Director of Quality Control and the West Region Attest Practice Leader.

Rich has lived the Kreston network, making introductions between various CBIZ and MHM offices and other Kreston member firms around the world in order to help both CBIZ, MHM and the wider Kreston community with their international work.

Kreston Chair, Rich Howard: “This is an exciting time to be at Kreston as we continue our evolution as a network and find new and unique ways to help our members do more international business together.  I am looking forward to my new role with Kreston, assisting the network and its members with the execution of our strategic plan and continuing to build the platform that supports our long-term growth and development.

“We are building something very special at Kreston, with a high performing team in place and really demonstrating the value Kreston can bring to international clients.

“I would like to say a huge thank you to Bent and congratulate him on his accomplishments as Chair and I am looking forward to the challenges ahead.  I am proud of the journey we have taken to this point and am very excited about what the future holds for Kreston.  We have only just begun!”

Global network of independent accounting firms, Kreston International, has announced that it has moved to new headquarters in the City of London.

The move reflects the network’s growing prominence and the desire of its members to have a central office that matches the forward-thinking image of the network itself.

Based in WeWork Moor Place (Moorgate, London), Kreston is now in the centre of seven floors of buzzing, vibrant and entrepreneurial businesses, just the sort of businesses that Kreston firms like to work with.

The new headquarters allows Kreston members to visit and hold their own international client and intra-firm meetings on the premises.

Kreston’s CEO, Liza Robbins:

“We have been looking for an office space that works for Kreston and reflects the ambition of the network. Working in this agile and modern space will be a catalyst for all the great things that we are doing at Kreston, and it will help us go from strength to strength.”

Having a great new headquarters requires an equally vibrant team to fill it. Kreston is delighted to announce the following appointments.

Content Marketing Manager, Hana Ball:

Originally from New Zealand, Hana joins Kreston from Engage Technology Partners, a cloud-based recruitment platform. Hana holds a degree from Victoria University of Wellington, majoring in Marketing and Management.

Member Services Manager, Katarzyna Grabarczyk:

Fluent in English, Polish and Spanish, Katarzyna (Kat), is an experienced member services specialist focussed on working with our European members. Kat joins Kreston from Morison KSi. She holds a Master’s degree in English literature from the University of Gdansk.

Member Services Executive, Xinxin Cusack-Huang:

Fluent in English and Mandarin, Xinxin has joined our Member Services team focussing on the Asia Pacific region. Xinxin has a degree from Ocean University of China, majoring in Cultural Industry Management, and a Master’s degree in HR Management & Consulting from the University of Bath.

Commenting on the appointments Strategic Marketing Director, Marc Charlton, said:

“We are delighted to have built a small but energetic team here at Kreston, to serve the needs of our member firms, and help the Kreston offering reach businesses all over the world. In just a few short weeks Hana, Kat and Xinxin have already had a significant impact on how we do things at Kreston and we can all look forward to a bright future for the network.”

Mr. Gérard Catein, Managing Partner of the firm Catein Gérard with Mrs. Ellen TOGNISSO ADJAHI, President of Exco Africa at the signing of the contract

Kreston member, Exco Africa, continues to develop an effective and strong network across Africa and announces the admission of the firm Catein Gérard based in Antananarivo, Madagascar to it’s network.

Founded in 1976 by Mr. Gérard CATEIN, Catein Gérard provides the services of Accounting, Audit, Legal & Tax Assistance, Consulting, Social and Training, based in Antananarivo, Madagascar.

“We are pleased to be part of a human-sized network and we are committed to strengthening the presence of the Exco Africa brand regionally and internationally.
Thanks to our very complete network of professionals, our collaboration can only be fruitful ”
Gérard CATEIN, Senior Partner of Catein Gérard

“We are pleased to welcome Catein Gérard to our Exco Africa network. Exco Africa is now well represented in Madagascar by a quality firm with talented and competent professionals.
Our goal is to develop and build a strong and vibrant brand across the continent and we are on the right track. ”
Ellen TOGNISSO ADJAHI, President of Exco Africa

Kreston is pleased to welcome Dublin based firm, BFCD. BFCD has been in existence for over thirty years and has thrived on building long term relationships across its diverse range of clients.

There are three partners in the firm, Margaret Deehan, Dara Ó Gaora and Luke Prendergast.

BFCD Partner, Dara Ó Gaora FCA:
“We are very pleased to be joining Kreston whose values of trust, responsiveness, quality, integrity and collaboration align very much with the BFCD ethos. Being part of the Kreston network will help us service our varied client base with their international business. We look forward to being part of the Kreston family and contributing to the overall success of the network.”

Kreston CEO, Liza Robbins:
“The Republic of Ireland is an important market for Kreston firms looking to support their clients in their international business. We look forward to BFCD playing a big part within the wider Kreston network and enjoying all the benefits of being a Kreston member”.

BFCD will be participating at both the Kreston UK and Kreston EMEA (Poland) conferences.

Kreston International kicked off the new year with the annual Kreston India conference, hosted this year in Kolkata. The conference was well represented, with 27 attendees from 11 Kreston member firms.

Local host firm Kreston GPA warmly welcomed delegates to Kolkata. Kreston Director and Managing Partner of Kreston SGCO Sunil Goyal opened the conference, and Kreston CEO, Liza Robbins presented the new Kreston strategy with a focus on increased business opportunities for member firms.

The conference was made up of five sessions over the two day period, which included:
– Understanding Caseware
– Concepts of business and transaction structuring
– Outsourcing opportunities for chartered accountants
– Technological framework for risk based audit
– Case studies on structured finance

Comment from Liza:
“The Kreston India conference goes from strength to strength and is now a must attend event for all Indian firms and Kreston member firms with commercial interests in India. Kreston Indian firm are forging very close alliances and sharing process and best practice thinking to serve national and increasingly international clients.”

On behalf of all attendees, thanks are due to Ajay Agrawal, Ankita Agrawal and all the partners and staff of Kreston GPA for their warm hospitality and for showcasing Kolkata to the great enjoyment of all delegates.

The location for the 2020 India conference will be in Chennai and Kreston’s 2019 annual world conference is due to take place in New Delhi 27 November-1 December.

Kreston has significantly added to its offering in the United Arab Emirates (UAE) after admitting award winning Morison Menon Group, headquartered, in Dubai to the network. The firm, which will rebrand as Kreston Menon upon entry, joins existing member Awni Farsakh & Co as representative in the region.

Established in 1994 by Managing Partner and Chairman, Raju Menon, the Group now has 18 Partners and over 250 staff based in 8 offices, covering all major cities & economic zones, offering the full range of audit, accounting and consulting services to over 2000 clients.

For the last 6 years Raju has ranked within the “Top 100 Indian Business Leaders in the Arab World” by Forbes Middle East and Morison Menon has won several prestigious awards including the “World’s Greatest Brands Award” by AsiaOne, the international business magazine, for 3 consecutive years.

Liza Robbins, Kreston CEO, said:
“I am delighted to welcome Raju and his team to Kreston. The admittance of Morison Menon Group gives us additional representation in this important region and the Group’s decision to brand upon entry is testament to their commitment to quality and to the key values so important within the Kreston network. I look forward to working with Raju again going forward”.

Raju Menon added:
“To be admitted as a member of Kreston International is an excellent development for our firm. Through this strategic alliance and, by taking the Kreston brand, we hope to further raise our profile and credibility in the accounting market place and to further serve our regional and international client base by collaborating with our fellow member firms across the network.”

Please join us in welcoming Kreston Menon as our new network partner in the United Arab Emirates.

For further information please email Liza@kreston.com in the first instance.

Photographed left to right:

Shibu Abraham – HR Manager, Sudhir Kumar – Partner & Head of Corporate Communications, Raju Menon – Chairman and Group Managing Partner, Khalid Al Shams – Group CEO.

Kreston member firm, Kreston Reeves, found that in recent research; UK private businesses, despite the greatest period of political uncertainty for over a decade, are optimistic and predicting strong growth for the next three years.  Future growth is most likely to come from domestic markets yet, despite the UK’s decision to leave the EU, Europe remains a key market.

The research – published in a report called Going for Growth: UK company growth strategies to 2021 – was conducted over the summer of 2018 and is based on the views of 530 privately owned businesses from across the UK, 80% of which with a turnover below £25m.  The report aims to better understand the hopes and aspirations of businesses towards growth and the barriers to growth as Brexit draws ever closer.

The survey reports that 60% of privately-owned UK businesses have seen growth of 25% or more over the past three years, with 58% predicting growth over the next three years of 25% or more. Businesses also appear optimistic about Brexit, with 47% seeing Brexit as a business opportunity and 45% say their growth plans have been positively affected by Brexit.  Just 24% perceive Brexit as an obstacle and only 24% think it has negatively affected their growth plans.

A third (32%) of the survey’s sample generate between 50-100% of their revenues from their immediate geographic location.  And the UK is set to become an even more important market for businesses, with 56% believing their immediate geographic location to be the most attractive market for future growth.  But it is not necessarily a case of ‘Britain first’ – 46% of the business surveyed believe Europe to be highly attractive for future growth.

Andrew Griggs, Senior Partner at Kreston Reeves, said:
“Many UK businesses still appear to be thinking local when our world is increasingly global.  Whilst it is true that businesses will continue to grow in their domestic markets, the evidence of limited international ambition at a time when UK businesses should look to wider international markets has to be worrying.”

The Going for Growth report highlights include:
– 60% of businesses have grown by more than 25% over the past three years.
– 58% of businesses remain positive that they will grow by more than 25% over the next three years.
– 34% expect to see growth come from investment in new technology.
– 31% of businesses will finance growth through retained profit.
– 21% believe business uncertainty to be the biggest barrier to growth. Access to funding (20%) and increased competitor activity (20%) follow closely behind.
– 35% of businesses fail to scenario plan and prepare for eventualities that may impact their business.
– 35% of businesses have no international aspirations at all.
– 28% say they are unable to resource international expansion, with 27% saying the lack of experience holds them back.
– 32% say they would like help in finding international customers.
– 47% see Brexit as a business opportunity, with 45% saying their growth plans have been positively affected by Brexit. Just 24% perceive Brexit as an obstacle and only 24% think it has negatively affected their growth plans. The remaining businesses remain uncertain.

Andrew said:
“UK businesses are bullish about future growth, despite the uncertainty in the economic and political landscape.  They are, however, sensibly cautious about how future growth will be funded, turning to retained profits or organic growth.

“It is surprising, however, that given political and economic ‘uncertainty’ is considered the primary barrier to growth, that so few businesses scenario plan and prepare for future uncertainties.  We would expect to see and encourage more businesses to prepare for future threats to their revenue.”

Perhaps the greatest concern highlighted by Going for Growth is the reliance on UK customers and limited international ambitions.

24% of businesses surveyed generate up to a quarter of their revenues from Europe, compared with 21% from North America and South America, 23% each from the Middle East and Asia Pacific, and 22% from Australasia.

Resourcing international expansion holds back 28% of businesses, with a further 27% saying lack of experience is the main barrier.

Andrew said:
“A quarter of businesses told us that they simply do not know how to access international markets, which suggests that all the time, effort and money successive UK governments have invested in encouraging UK businesses to expand internationally is not yet working.  There is clearly more that can be done.

“The advice and support businesses need to support international expansion is quite straightforward.  They want help in identifying customers, partnering opportunities to spread risks and better government support and incentives.  Accountants and other advisers also need to play a greater role in advising businesses on international growth.”

Going for Growth: UK company growth strategies to 2021 is published by Kreston Reeves.  A copy of the report can be downloaded here www.krestonreeves.com/goingforgrowth.

Kreston CEO Liza Robbins joined 200 business leaders recently for the 10th Duncan & Toplis Directors’ Briefing Meeting held in Lincolnshire.

The conference, held near Grantham hosted seven speakers from the world of business, finance, academia and politics.

Owners of some of the regions’ largest businesses were in the audience, including from B&C Express, Househam Sprayers, Pygott & Crone and Wilkin Chapman.

This year’s theme was creative connections and joined-up thinking and attendees were invited to share ideas, experiences and best practice on many of the most important business challenges of the day.

Adrian Reynolds, Managing Director of Duncan & Toplis and Chairman of Kreston UK said:
“This event shows just how much business potential there is here in the East Midlands region. The speakers’ varied backgrounds and expertise made for an engaging and thought-provoking event for attendees to discuss, debate and share knowledge”.

2018 marks the tenth annual Directors’ Briefing and we continue to attract big names from the world of business. With just five months to go until Brexit, this year’s theme of creative connections and joined-up thinking is arguably more important now than ever.”

Speakers included Dominic Bunning, senior FX strategist for HSBC who discussed the opportunities and challenges facing businesses in the run up to Brexit and Vice President of the British Chamber of Commerce, Sarah Howard, who explained how her organisation was “relentlessly championing” businesses on the issues of Brexit, skills shortages and staff challenges.

Liza updated all on her role at Kreston International and her plans for the future of the network.

Duncan & Toplis has 11 offices throughout the East Midlands.

Pictured is Liza, left with Dominic; Adrian, Sarah and additional speakers, Paul Richmond, Managing Director of The Gro Group; Ruchi Aggarwal, Director of Lincoln International Business School and Helen Doughty, Director of SHD Composites Materials.

Representatives of Kreston Netherlands and Kreston UK teamed up recently to present a seminar to clients on the implications of Brexit.

After an introduction made by Martin Hommersom of Van Herwijnen Kreston, Andrew Griggs, of Kreston Reeves presented on the survey “Going for Growth”. Andrew explained that UK businesses expect to gain from Brexit, although threats are also recognised. Matthew Creevy, also from Kreston Reeves then explained the fiscal consequences that businesses might face, with a “Cliff Edge Brexit” being worst case scenario.

The Dutch perspective on Brexit was given by Dennis Schoemaker and Gerard Janssen.  Dennis, from Kreston Lentink, challenged members from the UK, stating that the Netherlands are an excellent choice to set up an (intermediate) holding company for operations in other EU countries. Gerard, from Van Herwijnen Kreston, then presented on the issues that UK and Dutch businesses will encounter when preparing for Brexit, including legal and M&A implications.

The seminar concluded with a prediction about 29th March 2019. A Cliff Edge Brexit is not to be expected (to date, a preliminary Brexit deal has been announced, therefore this prediction seems to be correct). Nonetheless even with a soft Brexit, it is important that all clients prepare for it.

132 delegates and 41 companions attended from 32 countries at the Windsor Court Hotel in New Orleans, USA, recently.

Bent Kofoed, Chairman of Kreston opened with the AGM and then Liza Robbins, Kreston CEO presented Kreston’s strategic plans for the years ahead.

Our key-note this year was futurist Patrick Schwerdtfeger of Trend Mastery, a leading authority on technology trends. Patrick’s first thought-provoking session was entitled “Anarchy”.  Patrick highlighted that today’s leaders need to understand the trends in today’s technology and that to succeed, they need to understand the dynamics of disruptive innovation and the implications of an increasingly decentralised world.

“Build a culture of innovation! Build a team of leaders! these are exciting times. The next ten years will be nothing like the last ten!” This was the primary message in Patrick’s interactive second session and that by reviewing technology developments at a strategic level and identifying the trends tying them all together, leaders can think more about modern technology and the opportunities available.

Other presenters included Mark Koziel, Executive Vice President of the AICPA who summarised ‘The State of the Accounting Profession’; Jerry Grisko, President and CEO of CBIZ and Chris Spurio, President of CBIZ’s Financial Services Division gave an overview of CBIZ, its services and the business opportunities available in the US.

Additional networking and knowledge sharing took place during Audit and Tax break out groups.

The final day of business included a Brexit presentation from the UK’s perspective, given by Board Director and Chairman of Kreston UK, Adrian Reynolds from Duncan & Toplis.

With a focus on the success of secondments, Andrew Sandiford from Bishop Fleming, UK; John Warner from BHP, UK; and Martin Power, Chairman of Bentleys, Australia, gave an entertaining insight into the development of the programme to date and the involvement of their firms. Tanya Morris from the International Office concluded with an update on the application and secondment offer procedure.

Liza commented:
“It was excellent to meet so many of our members at the conference. Our annual conference is an excellent opportunity to learn more about each other and the participation of all will really help to develop more working and trusted relationships.”

The 2019 conference will take place in New Delhi, India from 27 November until 1 December.

Stuttgart in Germany was the location for Kreston’s 2018 German speaking tax conference which took place last week.

Hosted by Kreston Bansbach, 30 tax specialists from Kreston firms in Germany, Switzerland and Austria were in attendance.

The economies of the German speaking areas of these three countries are closely aligned and Kreston members in the region continue to work together to mutual advantage.

The agenda focused on the latest developments in tax when doing business and when looking to move or cross border between the three countries.

Dagmar Brösztl-Reinsch, Managing Partner of Kreston Bansbach and Kreston European Regional Secretary commented:
“Our German speaking conferences continue to go from strength to strength and the rising attendance year on year highlights the importance to our members of understanding the tax implications in our neighbouring countries and to further developing their business relationships”.

As part of their social programme, delegates enjoyed a visit to Stuttgarter Bierfest, the equivalent of the famous beer festival Octoberfest in Munich.

Exco, Kreston’s network in France, held its 2018 conference in Toulouse, the capital of France’s southern Occitanie region.

Over 300 partners were in attendance, where the main theme focused on investment and the development of business growth strategies.

The conference was opened by Pierre Vieillard President of Exco www.exco.fr supported by Kreston Board Director and Exco CEO, Franck Parker, who updated all on developments within the Group.

Kreston’s CEO, Liza Robbins presented on Kreston’s position in the world market and future strategy.

Social and networking events included dinner in Aeroscopia, the French aeronautical museum situated in Blagnac and the second day was devoted to an excellent team building exercise in Toulouse, concluding with a gala dinner at Vanel Spaces a contemporary venue with spectacular rooftop views across Toulouse.

Details of Exco 2019 will be announced in due course.

Congratulations to UK firm Kreston Reeves, crowned the UK’s best large accountancy practice at the prestigious annual Accounting Excellence Practice Awards. The ceremony took place on 20 September at the Intercontinental Park Lane Hotel in London’s West End.

The awards aim to recognise and celebrate the finest in the profession by showcasing firms and individuals who are driving service standards to new heights.​

Kreston is pleased to announce that Kreston UK firm Duncan & Toplis has won the Outstanding Advisory or Client Project of the Year Award at the British Accountancy Awards 2018. Attended by over 800​ guests from the industry, the ceremony took place last night at the Grosvenor House Hotel in London.

The British Accountancy Awards, run by Accountancy Age, are regarded as the industry’s most prestigious accolades, pinpointing professional development and highlighting those that have demonstrated excellence in their profession.

Duncan & Toplis were also nominated alongside fellow UK member, James Cowper Kreston for Mid-Tier Firm of the Year.

Managing Director of Duncan & Toplis and Chairman of Kreston UK, Adrian Reynolds said:
“We are all delighted to have won the British Accountancy Award for ‘Outstanding Advisory or Client Project of the Year 2018’. The client project was our involvement from inception to the opening of the International Bomber Command Centre in Lincoln. The centre doubles as a memorial to the 57,861 men and women, many of whom were based in Lincolnshire, that gave their lives whilst serving Bomber Command and is also a living archive to achieving the 3 r’s – Recognition, Remembrance and Reconciliation. We continue to support this worthy project. www.internationalbcc.co.uk ”

Pictured- Adrian, centre with his team collecting their award.

Kreston held its second Future Leaders’ conference in London, attracting nearly 50 delegates from 12 countries.

Following a welcome reception at The Grange Tower Bridge Hotel, the conference opened with an introduction to Kreston by European Regional Director, Dagmar Brösztl-Reinsch from Kreston Bansbach. Dagmar gave attendees an overview of Kreston, its history and the vision for the future of the network and then recently appointed Kreston CEO, Liza Robbins introduced herself and offered an insight into the values and traits that are important when leading an international network.

The theme of the main business agenda, presented again by Tim Sayers from PDW Group, looked at leadership behaviours in the context of developing and leading high performing teams and the attributes needed to make the team a success. Through a range of activities, including breakout sessions, Tim and his team facilitated a great mix of coaching and professional acting and the event concluded when delegates presented their findings to the rest of the group.

Liza commented:
“It was excellent to welcome returning and new future leaders to this conference and to see them interactive so well with each other. Succession has been identified as among the top issues facing the accounting profession and I feel sure we will be in very capable hands over the coming years.”

Delegates then enjoyed street food and competitive crazy golf at Swingers Golf and a fun team building challenge at famous London attraction, The Crystal Maze Live Experience.

This year’s Kreston Denmark Conference was held in Helsingør, the port city in eastern Denmark famed for its 15^th century Kronborg Castle, (immortalised as Elsinore in William Shakespeare’s play Hamlet).

Delegates, which included Kreston CEO Liza Robbins, were welcomed on 6^th September with dinner and networking.

Commencing with the AGM, the business agenda included technical and practice management sessions which this year focused on strategies for development within the profession and technical tools and working papers. Kreston Chairman Bent Kofoed and Liza updated all on Kreston International strategy and Kreston Denmark also launched details of its new collaborative intranet platform.

Bent said:
“This was one of our best conferences to date. There was lots of energy and a great atmosphere amongst the 35 delegates. The new Kreston Denmark intranet platform was well received, and we owe our thanks to those in “Kreston Next Generation” who have worked hard on its development. I was pleased to welcome our new CEO Liza Robbins to the conference who immediately made many connections within the Danish group.”

Kreston’s China conference took place at The Crowne Plaza Chengdu City Centre Hotel in Chengdu, the capital of China’s Sichuan province, attracting 73 delegates, including 9 from outside of the region.

The 4-day event commenced on 5^th September with a welcome and networking dinner and after introductions from Chairman Xiao and Partner, Yin Wang, from host firm Huapu Tianjian CPAs LLP, Kreston Asia Pacific Regional Secretary Edmond Chan presented an International Office update which included a welcome message by video link from Kreston’s new CEO, Liza Robbins.

Jungiao Yin, Partner of Hunan Jianye CPA’s, a member admitted this year, gave an overview of the firm; Alan Ling from McLean Delmo Bentleys in Australia discussed investment strategies and Tiffany Chiu from Kreston Reeves in the UK presented on Brexit and its implications.

Key Note was Dr Lei Zhou, Managing Director of Shanghai Dragonboat Investment Management Limited who presented “Belt and Road Initiative, Challenge and Opportunity” an interesting insight into the challenges and opportunities of the Chinese development strategy.

The business sessions concluded with individual breakout groups where delegates discussed Managing Partner; Audit, Tax, Valuation and Construction Engineering issues.

Edmond commented:
“This was an excellent conference. Kreston’s growth in the region has continued this year with the admittance of two members that now sees us represented in over 25 major cities. We are pleased to welcome them to the Kreston China group and to the network and the continued strength of our national relationships – gives real meaning to our brand positioning – Kreston. Knowing You. Thank you to our hosts Huapu Tianjian CPAs, for their support and organisation”.

Kreston has added to its offering in Qatar after admitting Kreston SVP, formerly SVP Chartered Accountants, to the network. The firm will work closely with existing member MP&P Accounting and Auditing in Doha.

Offering audit, accounting, tax and consultancy services, Kreston SVP is headed up by Managing Partner Sheji Valiyakath and 3 Partners.

Liza Robbins, Kreston CEO, said:
“The admittance of Kreston SVP gives us additional resource and valuable representation in this important region. The firm’s decision to brand upon entry is testament to their commitment to quality and to the key values so important within the Kreston network. We look forward to working with Sheji and team in future”.

Musthafa Bakar, Partner of Audit and Advisory commented:
“To be admitted as a member of Kreston International is a remarkable development for our firm. Through this strategic alliance and, by taking the Kreston brand, we hope to further raise our profile and credibility in the accounting market place and to serve our growing international client base by collaborating with our fellow member firm in the region and with those across the network.”

Exco Africa, the African network of Kreston member Exco France, held its annual African Conference in Saly-Senegal this year.

The meeting was held from 4th – 8th July 2018 at the Lamantin Hotel and Partners from Exco Africa and Exco France were in attendance.

The theme focused on “2020 business growth strategies” and how to make entrepreneurship simple and natural. The business sessions included discussions following on from seminars held in Vienna in January and Casablanca in March, including how to nurture business growth. Exco Africa define themselves as a “community of business gardeners”, their strategy focused to help clients grow and perfect their businesses.

Members from Exco Africa also updated all on regional developments and presented their plans for the coming year.

The conference concluded with the election of Mrs. Ellen Tognisso, Partner of Exco FIDAF, Benin to President of Exco Africa and Mr. Abdoulaye Camara, Managing Partner of Exco Senegal to Chief Executive Officer.

Ellen commented:
“First of all, I want to thank all the Partners of the network for appointing me President of Exco Africa. I am enthusiastic and excited to have been appointed this position and will rely on the active support of all my associates to carry out the task entrusted to me. We can consolidate our achievements together but also achieve our own goals of success, prosperity, expansion and visibility”

Abdoulaye added:
“This four-day event was very constructive with all participants showing great team spirit both in terms of exchange and collaboration during both our business and social programmes. In my role as Chief Executive Officer we will continue to build and develop relationships and I will spare no effort to achieve our strategic objectives, notably the geographical expansion and increased visibility of Exco Africa”.

Pictured, delegates visiting the Renaissance monument.

Kreston has significantly added to its coverage in Africa after admitting a network of six independent members that will sit under the umbrella brand Kreston South Africa.  Each firm will also take the Kreston name.

The offices, located in Johannesburg, Pretoria, Bloemfontein, Durban, Stanger, Cape Town, Jeffrey’s Bay, and Mafikeng house 18 Partners and over 300 professional and support staff.

Jon Lisby, Kreston CEO, said:
“The admittance of Kreston South Africa has given us additional representation in eight major locations. The network’s decision to brand their offices upon entry is testament to their commitment to quality and presents the offices as one cohesive branded firm from the start. Nationally Kreston South Africa is well placed to compete in a challenging economic market”

Heinrich Möller, Partner of Kreston Pretoria commented:
“I am delighted that our network has been admitted to Kreston International. We are proud to take the Kreston name and to incorporate its values into our firms. We look forward to working with existing members across the region, forging important relationships and raising the profiled of Kreston International”.

Picture:
Back, left to right; Rodney Goldes – Partner; Phillip Kaliati – Senior Manager, Consulting; Imülde Sullivan – Senior Manager, Tax; Helga Lotter – Partner; Dewan van Bergen – Senior Manager Accounting​; all from Kreston Pretoria.
Seated; Kreston Director of Quality and Professional Standards, Andrew Collier with Heinrich.

​​Kreston International is pleased to announce that Kreston UK firms James Cowper Kreston and Duncan & Toplis have been shortlisted in the British Accountancy Awards 2018.

The British Accountancy Awards, run by Accountancy Age, are regarded as the industry’s most prestigious accolades, pinpointing professional development and highlighting those that have demonstrated excellence in their profession. Nominated in the Mid-Tier Firm of the Year category, James Cowper Kreston and Duncan & Toplis will be pitted against some of the best accountancy businesses in the country with a turnover between £10-£25m. Duncan & Toplis have also been shortlisted for Outstanding Client Project of the Year.

Robert Holland, Managing Partner of James Cowper Kreston said:
“The British Accountancy Awards are a sought after accolade which is widely recognised as a mark of excellence for a firm. The judging committee stated this year that they have had a surge in the calibre of entries, so to be shortlisted against such stiff competition is testament to the hard work and excellence of the teams and firm as a whole. We are thrilled to have been nominated and look forward to finding out the results at the award ceremony later this year.”

Managing Director of Duncan & Toplis and Chairman of Kreston UK, Adrian Reynolds added:
“We are extremely pleased to have been shortlisted at the British Accountancy Awards for Outstanding Client Project of the Year and Mid-Tier Firm of the Year. To have been shortlisted for Mid-Tier Firm of the Year alongside fellow Kreston members James Cowper Kreston is a great achievement.

Kreston is an exceptional network of accountancy firms that continue to do great work and the teams should be proud to have their accomplishments recognised in this way. As Chair of Kreston UK and as Managing Director of Duncan & Toplis, I am delighted and would like to wish the two teams good luck for the final round.”

Attended by over 1000 guests across multiple firms, the award ceremony will take place on 26th September at the Marriott Hotel, London.

Kreston’s 2018 Asia Pacific Conference was held at the Fairmount Makati Hotel in Manila from 5 – 8 July.  Hosted by local member firm MG Madrid & Company, 66 delegates from 15 countries were in attendance.

During the business sessions Kreston Director of Quality and Professional Standards, Andrew Collier updated all on Kreston strategy and MG Madrid introduced Eric Magcale, Managing Partner and Founder of EMJ & Co CPAS who gave an insight into doing business in The Philippines. Clive Relf from Kreston Reeves, presented Doing Business in Europe with a focus on Brexit and Meera Rajah from James Cowper Kreston updated all on the Future of UK VAT; Risks to businesses post Brexit and VAT and International Trade.

Members who also presented included Mark Tu from Top New in Taiwain who looked at current tax issues and opportunities available in the country and Pawel Brejzek from BPG Polska Audyt, who updated all on the importance of Poland to investors.

The group then split into Audit and Tax breakouts to update each other on recent developments and to discuss future best practice.

Our Key Note this year was Mr Chun Wee Chiew, Regional Head of Policy at ACCA for the Asia Pacific (ASEAN ANZ) regions. Chun Wee’s session, “Professional Accountants the Future – Generation Next” offered important strategies and processes for firms to consider when attracting, retaining and engaging the next generation of accountants.

Kreston Asia Pacific Regional Secretary, Edmond Chan commented:
“This was an excellent conference and it was great to see so many of our Partners from outside of the region in attendance.  Thank you to all at MG Madrid and the International Office for their organisation. The Asia Pacific Conference continues to be an important event in Kreston’s calendar and is an essential aid to the development of collaborative business opportunities and of profile raising in the region. I look forward to our 2019 conference”.

Kreston is pleased to announce that Adrian Reynolds, Managing Director of UK firm Duncan & Toplis and Chairman of Kreston UK has been appointed to the Kreston Board effective 1^st October 2018. Adrian is one of four Directors who represent the network in the EMEA region (Europe, Africa and Near East).

Adrian commented:
“I am delighted to have been appointed to the Kreston International Board. I look forward working with the Board at this challenging and exciting time for Kreston and I hope that I can make a positive contribution”.

Adrian replaces Clive Stevens from Kreston Reeves, who will retire from the Board.

In the same election, the following Board Directors were re-elected for a further two year term:

EMEA Region:
Dagmar Brösztl-Reinsch, Kreston Bansbach, Germany
Franck Parker, Exco France

North America:
Rich Howard, CBIZ MHM, USA.

Asia Pacific:
Nigel Banks, Bentleys NSW, Sydney, Australia
Sunil Goyal, Kreston SGCO, Mumbai, India

Kreston CEO, Jon Lisby said:
“On behalf of the Kreston Board and the global membership, thank you to all of the candidates for their participation and commitment to further serving Kreston. We congratulate Adrian on the election and I am confident that he will make an excellent contribution to the network’s continued progression”.

The International Office is pleased to announce that Kreston UK firm Clive Owen has been named Accountancy Firm of the Year at the recent North East Accountancy Awards.

The awards recognise excellence within the fields of finance, accounting and tax from all industry sectors operating in the North East of England.

Over the last year the firm has continued to grow, appointing two new partners and expanding its staff team to more than 100. The dedicated tax team has grown to 11, seven of whom are CTA qualified tax advisers.

The firm has also rebranded during the year and launched a new, mobile friendly website alongside the implementation of new systems to increase efficiency. The firm plans for further organic growth leveraging technology to deliver efficiencies and service improvements for their clients.

Its recent achievements are impressive, including securing grants for clients totalling almost £30m in 2017, bringing its 6-year total to more than £200m, which has helped create or safeguard more than 10,000 jobs. The firm has also helped to establish two new grant programmes with funding of £15m+ available to applicants.

The award success follows acknowledgement for Clive Owen’s corporate finance team in Experian’s annual UK and Republic of Ireland mergers and acquisitions report in which it ranked number two in the North East, based on the volume of M&A transactions completed in 2017.

The education team continues to expand and now works with over 100 schools in the region and recently co-authored the seventh Kreston Academies Benchmark report.

Tony Luckett, Managing Partner at Clive Owen said:
“I am very proud that Clive Owen LLP has been acknowledged as the leading independent accountancy firm in the North East.

“The firm works closely with its clients to learn about their businesses and offer a bespoke, personal service that is professional, relevant and proactive. To receive this independent endorsement is incredibly rewarding and testament to the hard work of the talented team right across the firm.”

Kreston member Iberaudit Portugal won tender to audit the General Meeting of Partners of the Sporting Clube de Portugal (Sporting CP) in Lisbon on 23^rd June.

Sporting CP is one of the big three clubs in Portugal along with S.L Benfica and FC Porto and is the most successful national sports club, boasting more than 14,000 titles, 22 European Cups, 109 Olympic athletes and a series of national, European and world records. The club is currently ranked 38^th in UEFA club rankings.

Kreston Iberaudit Portugal audited the process of accreditation, voting and the counting of votes.

Pictured are Partners of Kreston Iberaudit Portugal at the stadium.

Kreston’s member network in Australia, Bentleys, has appointed Tony Sacre, the former head of the Sydney Stock Exchange, as its new Chief Executive Officer (CEO) effective 1 August.

Tony brings to the role almost 25 years’ experience in banking and financial markets, including senior roles with ANZ, Commonwealth Bank, the Bank of Sydney, the AME Group, NAB, JP Morgan and HSBC.

He also has extensive international experience, having worked in financial markets in New York for five years and is a regular financial commentator on Chinese television.

Tony is looking forward to continuing to build Bentleys’ capabilities to achieve sustained growth across its Australian, New Zealand and Chinese operations.

“The accounting and advisory sector, particularly in the mid-tier, is undergoing a period of significant change as new technologies and increased competition re-shape the way services are delivered,” he said.

“With an extensive footprint in Australia, New Zealand and China, Bentleys is well-placed to capitalise in this changing environment. In addition, our relationship with Kreston provides a broader network of global capability for our clients.

“The SME sector continues to emerge as the engine room in many economies around the world, and particularly so in Australia. Advice is critical to SME success, and Bentleys is at the forefront of providing this guidance to business.

“I am delighted to be joining such a proactive and innovative accounting and business advisory firm, and look forward to working with the National Management Board and the Bentleys team to continue and enhance our growth trajectory.”

Chair of Bentleys’ National Management Board, Martin Power, commented:

“Tony has a depth of skills and experience that would be extremely valuable to Bentleys’ integrated advisory focus.

“With significant experience in financial markets, Tony has experienced business from all perspectives – from mum and dad operations through to major companies and large hedge funds.

“Tony is a highly experienced leader and has the connections and mindset to deliver strong growth for Bentleys. His experience with mid-market businesses, and in the resources and agribusiness sectors, will prove invaluable.”

Tony holds a Bachelor of Business (majoring in accounting), a Masters of Business Administration (MBA), is a qualified CPA and has qualifications from the Australian Institute of Company Directors. He is a lecturer in executive leadership and finance at Kaplan.

Outside of work, Tony is a dedicated runner and will compete in his first New York Marathon later this year. Tony, his wife Emma, and their children, live in Sydney.

Congratulations to Clive Stevens, Kreston Board Director and Chairman of UK firm Kreston Reeves, who was honoured June 21st at the Kent Excellence in Business Awards, the KEiBAs, for his outstanding contribution to business in the county.

In awarding Clive the ‘Outstanding Contribution to Business in Kent’, the judges praised his role in building one of the country’s largest accountancy firms, his role in Kreston International, and his contribution to the accountancy profession, where he sites on the Council of the Institute of Chartered Accountants.

The judges singled out his wider contributions to Kent and its thriving business community including his role as Chair of Turner Contemporary, on the Board of the inward investment agency Locate in Kent, and as a trusted adviser to local businesses including Quex Park.

In addition, the judges also highlighted Clive’s role as a Kent Ambassador and his appointment as Deputy Lieutenant of Kent.

On collecting the award, Clive Stevens said: “This award means a great deal to me. My heart and passion has always been in Kent and to support the great businesses we have in this county whether that is through the work we do at Kreston Reeves or through the various other roles I enjoy. It is humbling to know that I was nominated for this award by my friends and colleagues, but it is of course only possible because of the great team that surrounds me.”

Andrew Griggs, Kreston Board Director and Senior Partner at Kreston Reeves added:
“Clive Stevens has been at the heart of the Kent business community for more than 40 years and the whole firm, our clients and friends of the firm will join me in passing on our warmest congratulations. It is well deserved and I am sure he will continue to shape the Kent business community for many years to come.”

The International Office is pleased to announce that Kreston UK member firms, Kreston Reeves and Duncan & Toplis, have been shortlisted in the Large Practice of the Year category in AccountingWeb’s 2018 Accounting Excellence Awards.

The awards, now in their 8^th year, aim to recognise and celebrate the finest in the profession by showcasing firms and individuals who are driving service standards to new heights.

This is the first time that two Kreston members have featured in this category together.

Andrew Griggs, Senior Partner of Kreston Reeves and Kreston Board Director said, “I am proud that in a world where ‘change is the new norm’ we continue to demonstrate best practices in the accounting sector, driving service standards to new heights and helping us meet the growing needs of our clients.

“I am particularly delighted that the firm’s bold, holistic vision has been recognised in this award and I look forward to the results in September”.

Chair of Kreston UK, Adrian Reynolds added:
“It’s a real achievement to be shortlisted for the Accounting Excellence Awards, and to have two Kreston UK members as finalists in the Large Practice of the Year category is exceptional.

Duncan & Toplis and Kreston Reeves have done great work in the last year and the teams should be proud to have their accomplishments recognised in this way. As Chair of Kreston UK and as Managing Director of Duncan & Toplis, I’m delighted and I’d like to wish the two teams good luck for the final round.”

The winners will be announced at a ceremony in central London on 20 September.

Further information regarding the awards can be viewed here.

Delegates from 18 countries attended the 22nd Latin American Conference at The Presidente Intercontinental Hotel in Mexico City from 6 – 8 June.

The agenda included presentations covering Cryptocurrencies; Anti-corruption; Tax Strategies, Transfer Pricing and Brand Development. Andrew Collier, Kreston’s Director of Quality and Professional Standards updated all on Kreston’s strategy and the Quality Review process.

Francisco Bracamonte from host firm Kreston BSG and Kreston’s Latin America Regional Director said:
“This successful event again brought members together from across the region and from the wider network, offering opportunities to build new and develop existing business relationships”.

Prior to the conference, all members of the Kreston Board met and were introduced to Kreston CEO Jon Lisby’s successor Liza Robbins. Liza offered delegates an insight into her vision and plans for Kreston’s future strategy during a presentation in the main session.

Bent Kofoed, Kreston Chairman added:
“It was excellent that Liza was able to join us for this important conference and had the opportunity to meet with the Board and colleagues from around the world. Kreston Latin America is dedicated to and continues to support the development of the Kreston brand across the region which will lead to more collaborative business opportunities”.

The Catalan Association of Accounting and Management, ACCID, has announced that Mercè Martí, CEO and Chairwoman at Kreston’s Spanish network, Kreston Iberaudit and President of Grupo20 Association, has been presented with the ACCID “Professional Career” Award, during the 5th ACCID and APC Conference which was held recently.

Congratulations to Mercè on receiving this special accolade.

The conference, which took place at The University of Vic in Catalonia, looked at “New Trends in Accounting, Control and Finance” and was attended by 300 entrepreneurs, executives and professionals.

Pictured – Mercè is presented with her award by Daniel Faura, President of ACCID.

Kreston has expanded its coverage in The Netherlands to Maastricht, after admitting Audit and Tax firm A&D Accountants to membership.

With its admittance supported by existing Kreston member firms in the Netherlands, A&D Accountants has a Partnership of 3 plus 25 staff based in two office locations.

Jon Lisby, Kreston CEO, said:
“I am delighted that our Group in the Netherlands continues to grow and to build a quality collaborative network in the region. Maastricht is a good geographical fit with our existing firms and we now have outstanding representation in over 14 major locations. Our thanks go to Martin Hommersom of Van Herwijnen Kreston, who co-ordinated the recruitment of the firm on our behalf”.

Managing Partner of A&D Accountants, Joep Versteegh MSc commented:
“It is excellent to be admitted as members of Kreston International. The admission process has been seamless and we are looking forward to developing productive and beneficial relationships with our fellow members in The Netherlands and the global network”.

(Pictured left to right are Tjitse Schurer from existing firm Bentacera; Partners Ralph Dobbelstein, Camille Quaedvlieg and Joep from A&D Accounting and Dirk Beck from existing firm Kreston Syncount​)

The 2018 Kreston EMEA Conference was held in Zurich, Switzerland where 139 delegates from 31 countries were in attendance.

Kreston European Regional Secretary Dagmar Brösztl-Reinsch of Kreston Bansbach opened the conference and then Manuel Vogel and Henri Pisari from local members a&o Kreston and Fiduciaire Michel Favre presented an overview of their firms, the economy and updated all on the practices of doing business in Switzerland. In addition, Manuel introduced Marc Rudolf, Director at Greater Zurich Area AG, the official Investment Promotion Agency for the economic region of Zurich.

Kreston Director of Quality and Professional Standards, Andrew Collier gave an update on the networks performance and development strategy to date.

The second part of the business programme consisted of break out groups again focusing on the core groups of audit and taxation.

Lead by Andrew Collier, the audit session included an update on Professional Standards; an IFAC SMP Committee update by Alex Peal, Partner at James Cowper Kreston; a discussion around the impact of Data Analytics and AI on member firms to date and Rich Howard from MHM presented a regulatory update from the US.

Petra Uylen from Kreston Grip Audit chaired the international tax breakout with debate taking place around Brexit and Post-Brexit tax plans; Trumps US Tax Reform and Tax Ethics after BEPS.

Both groups also took part in networking sessions with time spent discussing matters relevant to assurance and tax compliance.

The business programme concluded with an energetic and fun presentation from Geoff Ramm, creator and author of Celebrity Service & OMG Marketing. Geoff’s presentation set out to challenge and inspire our members, offering award-winning ideas to help create a great client experience which in turn can lead to lucrative repeat business.

The excellent social programme included a walking tour of Zurich, chocolate tasting session and lunch cruise on Lake Zurich where delegates and companions took in the beautiful scenery.

Dagmar commented:
“This was another excellent programme in a fantastic location which provided exceptional opportunities for our members to network, discuss international referrals and business opportunities. Our audit and tax special interest groups are going from strength to strength and are of significant value to those who attend, building those relationships which are key to the development of the network”

The 2019 EMEA Conference will be held in Warsaw, Poland.

The 13th Kreston International VAT conference took place in Zurich, Switzerland, prior to this year’s EMEA conference.
20 members of the Special Interest Group from 12 countries met and heard interesting updates on VAT in Switzerland; introduction into US Sales Tax; VAT highlights in the Netherlands, and the VAT treatment of Land and Property in the UK.

Thomas Lachera, Chair of the Group, also lead on two networking sessions, the first of which looked at ways in which the group can improve their working practices and collaboration including use of Kreston’s intranet Klick and the use of collateral to emphasise each firms’ VAT services and products.

The VAT conference concluded with an open discussion on a Kreston VAT country report and VAT registration processes for non-established businesses in each of our members’ respective countries.

Thomas commented:
“Our conference was once again a great success and thank you to all members who joined us in Zurich and who presented during the sessions. Our continued meetings are especially important to the further development and collaboration of the group and I look forward to welcoming additional members to Warsaw in 2019”.

Liza Robbins has been appointed to succeed Jon Lisby as Kreston’s CEO with effect from August 1st.

Liza joins Kreston after nine years as CEO of top 10 global association Morison KSi. Liza, a marketing and business development leader and visionary has been instrumental in the development of the association, expanding its coverage to over 80 countries and leading on the successful merger of Morison International and KS International.

Jon Lisby, Kreston CEO commented:
“I am delighted that we have succeeded in securing Liza and considerable thanks are owed by the network to the Kreston International Chairman and Board for the thorough and extensive recruitment exercise that has been completed so successfully.
Liza has a proven international track record as a change agent and has extensive experience in the fields of information technology, media as well as professional and membership services. With the technology revolution already disrupting the global accounting profession, I have no doubt that Liza will be an exceptional asset to our network and the further development of our growth strategy. Liza is accustomed to working at Board level and I really am looking forward to supporting her during the period leading up to my retirement”.

Bent Kofoed, Kreston Chairman, said:
“I am proud that with Jon’s leadership, Kreston now spans 200 firms in over 125 countries. Liza is a perfect successor to Jon; her extensive corporate acumen and dynamism will build on the strategies already in place advancing our network’s brand and global business to the next level”.

Liza commented:
“I have followed and admired Kreston International for many years so I am absolutely thrilled to be joining the network as CEO on 1st August 2018. Kreston is a world class organisation that thrives by skilfully and uniquely combining deep personal relationships with superior global expertise. Kreston is extremely well placed to deliver lucrative opportunities to member firms and their clients and I am excited to drive the network to its next stage of development and further strengthen our partnerships”.

 Over 100 delegates from 15 Kreston firms across the UK and Ireland attended the 2018 Conference at the Radisson Blu St Helier Hotel in Jersey recently to share best practice and to discuss developments in specialist groups including Managing Partners, Outsourcing, HR & Advisory, IT, Tax, Audit, Healthcare and Marketing.

Chairman of Kreston UK and Managing Director of Duncan & Toplis, Adrian Reynolds commented:
“Thank you to Jersey members Alex Picot Chartered Accountants and Alex Picot Trust for hosting this excellent event. The feedback from each of the group sessions highlights the importance and value of the conference, seeing a further strengthening of future collaboration and client service. With a growth of 7% this year, Kreston UK and Ireland are strong nationally and as a combined organisation would now rank as the 12th largest UK accounting firm generating fee revenues of £153.4m”.

Adrian took over the Chairmanship of Kreston UK following the two-year term of John Warner of BHP. Adrian thanked John for his leadership of the group.

Derek Rhodes, Director of Alex Picot Trust added:
“It was a pleasure to organise and host the 2018 conference which was very well attended and puts Jersey firmly on the map among our Kreston colleagues. Kreston conferences are always excellent opportunities for us to expand our own personal networks and the break-out sessions proved very beneficial for our own team who took part in sharing knowledge and technical updates”.

​The conference concluded with dinner at Tiffin Marina Restaurant, located in a picturesque quayside position.

The 2019 conference will take place in The Isle of Man. Further details will be available in due course.

Exco Africa, the African network of Kreston’s French member, Exco France, held its 2018 African Legal and Tax seminar in Saly, Dakar from 5th – 7th April.

The workshop included discussions on transfer pricing, managers revenues and looked at the tax implications regarding enhanced corporate optimisation strategies. There was a focus on new legal, regulatory, social and technical updates which will affect the 15 African countries where Exco has representation.

Youssoupha Diallo, President of Exco Africa commented:
“During this event, we discussed ways in which we can develop our African Legal and Tax best practices and skills. We also looked at strategies to further raise the profile of Exco Afrique and Kreston in our region. Through this annual international meeting it is our aim to inform and educate our staff so they can expand their skills in trans-border tax development.”

Sybel Akuesson, Partner of FCA Benin said:
“It is excellent to be part of Exco’s third African Legal and Tax seminar. We now have outstanding representation in over 20 African countries which includes those where we have several branch offices. Our success over the years is down to the dedication of our African members to build a quality collaborative network in the region. Exco is well placed to compete in this challenging economic market”

Kreston GV Italy has expanded its range of services to offer tax, corporate, accounting, labour and payroll assistance.

The new entity, Kreston GV Italy Tax & Global Services, together with Kreston GV Italy Audit, Kreston GV Italy Consulting and Kreston GV Italy Capital, now places Kreston GV Italy as one of the leading firms in the Italian market.

The establishment of the new service line has resulted in 7 Partners and 50 staff joining the firm and, together with the addition of Kreston GV Italy Consulting in September 2017, sees Kreston GV Italy’s projected revenues in 2018 to be approx. € 14 million.

Gian Paolo Carnago, Managing Partner of Kreston GV Italy Tax & Global Services said:
“We are very happy for the opportunity to be part of the Kreston family, particularly after having had a previous long-standing collaboration with another major international network. Kreston is a new and exciting challenge and we are delighted to be involved from the very beginning to help develop a stronger presence in Italy for the Network with regards to tax, corporate, accounting, labour and payroll services. We will put all of our experience, our enthusiasm and our desire into meeting this challenge and to ensure Kreston’s continued development”.

Giovanni Varriale, Managing Partner of Kreston GV Italy added:
“I am very proud of the development of this project and delighted to welcome new Partners to Kreston. With the addition of this business line, Kreston GV Italy are now able to offer a complete and integrated service and our colleagues from around the world will be able to count on us to assist with any international opportunity.”

Partners from the new entity will have an opportunity to meet Kreston colleagues and present on developments at the firm at Kreston’s European conference in Zurich in May.

Pictured left to right:
Antonello de Gennaro: Partner of Kreston GV Italy Tax & Global Services; Gian Paolo Carnago: Managing Partner of Kreston GV Italy Tax & Global Services; Giovanni Varriale: Managing Partner of Kreston GV Italy “global”;Cesare Suglia and Umberto Ruta, Partners of Kreston GV Italy Consulting.

Kreston is pleased to announce that member ALH van Herwijnen & Co in The Netherlands has rebranded as Van Herwijnen Kreston.

Van Herwijnen Kreston is the latest of our firms to adopt the brand and details were introduced to staff at a launch party recently.

Van Herwijnen have also adopted Knowing you. as their strapline, adding strength to those firms that are already adopting key elements of our brand platform.

At the event, Managing Partner Martin Hommersom presented on reasons behind the name change and branded promotional items and collateral was available to review.

Martin commented:
“Branding as Kreston will raise our profile regionally and help raise that of the network across the world. Working across time zones in many regions, we can, together with our Kreston Partners guide our clients to success. We are confident that if a client needs advice that stretches beyond our own expertise – or territory – we can find the right partner to help. We aim to be as close to our Kreston members as we are to the clients who value our counsel. Kreston. Knowing you”.

Also in attendance was Jaap Sommerkijk, Director of administrative services firm ABC Lingewaard. Currently in collaboration with Van Herwijnen Kreston, the plan is for both firms to merge in April.

The next stages in Van Herwijnen Kreston’s brand strategy include launching a new website  www.vhkt.nl in March and sending communications to clients to gradually update them on the transition to the new brand.

Pictured left to right: Kenny van Oort, Jaap Sommerijk, Martin Hommersom, Rien van Herwijnen (Founder and Senior Partner) and Patrick van de Langenberg.

Kreston has announced that due to health reasons which now prevents international travel, Jon Lisby is to stand down as Kreston CEO.

The search for a new CEO is now underway.

Once the new CEO is appointed, Jon will change his role to Chief Operating Officer and will remain with the network to facilitate a smooth changeover and assist the new CEO before retiring from Kreston on 31 May 2019.

Jon said:
“It is so disappointing that my final period with Kreston has been spoiled in this way. I have thoroughly enjoyed my time in the CEO role and am proud of the achievements made together with the Board, Members and International Office team.”

Kreston Chairman, Bent Kofoed commented:
“The Board and the membership worldwide have been saddened by news of Jon’s illness. This was not how we anticipated his period as CEO would end.  Since his appointment in January 2006, we have progressed to a network with a globally co-ordinated quality monitoring and inspection process. We are seeing sustained growth in the number of firms adopting Kreston branding and have a significantly raised global profile. We have expanded from 70 countries to over 110, and our aggregate fee revenues, despite the global economic crisis have risen from US$1.1bn to US$2.4bn”.

The 2018 Kreston India Conference was held in Hyderabad recently, where 45 delegates attended including colleagues from the UK and Australia.

The programme was varied with excellent key note presentations covering Wealth Management and Succession Planning; Outsourcing and opportunities for SME’s in India and Insolvency – Law & Practice.
Host firm Kreston P. Murali Advisors provided an insight into the investment opportunities available in Telengana state – the youngest state to be formed in India and Andrew Collier, Kreston’s Director of Quality and Professional Standards updated all on the global landscape and Kreston’s Knowing you. strategy.

Internationally acclaimed speaker, Vinod Menon from the Art of Living Foundation took an informal session entitled ” Engineering yourself to the finish line” which included meditation, yoga and breathing techniques.

Sunil Goyal, Kreston Board Director and Managing Partner of Kreston SGCO said:
“This conference was excellent, from the venue, audience, topics, speakers and social events and we more than met our objectives of learning new aspects of all practice areas plus forming new and developing existing relationships with our colleagues. Although Jon Lisby wasn’t in attendance due to health reasons, Andrew’s presence made a difference to the profile of the conference.

Andrew commented:
“This was a great conference. Colleagues from our firms in India collaborated to examine the range of services that can be offered to their clients. The conference was superbly organised and the social events offered a great opportunity for delegates to build trust and have fun together. It was clear from the conference that India will continue to grow strongly in the future and Kreston’s Indian firms are ideally placed to assist any business looking to expand into this market. This was an outstanding conference and our thanks go to the Kreston SGCO team, Kreston P.Murali Advisors Pvt,Ltd and Kreston Rangamani for the organisation”.

The UK news is awash with comment and speculation following the collapse of Carrillion – the multi-national contractor and services provider. Surprise is not limited to how it is that the group could have such a spectacular fall from grace or how it was able to secure significant UK Government contracts when its market capitalisation was in free-fall. There is also a degree of curiosity about why the Group has been liquidated on an order of the English Courts when advisers were lined up to handle its potential administration only a few days earlier.

Whatever the explanation, for some lucky enough to work for or with Carrillion on its UK public sector contracts, life seems set to remain unchanged for the time being. For those engaged on private sector contracts in the UK and elsewhere, however, work is more likely to cease abruptly. For suppliers and sub-contractors owed money, bills will remain unpaid affecting the cash flow of businesses throughout the supply chain. For those severely affected, one thing is for certain. It will not help to ignore the problem and hope it goes away. It won’t.

Joint venture partners face the prospect of having to buy-out Carrillion’s activities from PwC, the special managers appointed to assist the Official Receiver, the UK Government officer charged with the winding up of the Carrillion companies. Some may see this as an opportunity, others may see it as a burden but, whatever the view taken, swift action is likely to be required.

Competitors by contrast may be more sanguine about the departure of Carrillion from the market – the loss of an aggressive competitor might help improve industry margins in the short term. Indeed, in some of the private sector contracts, there could be opportunities to step in to complete contracts; to recruit key personnel; or even to acquire now defunct business units.

For those unfamiliar with the turbulent world of English insolvency, access to good advice in the coming weeks will be key. If your business is affected by the issues raised, therefore, we would be pleased to hear from you. Kreston International’s network of firms across the globe stand ready to assist in any way we can.

Author:
Peter Whalley, James Cowper Kreston

Kreston has significantly added to its coverage in China with the admittance of three members.

Shantou Shante CPAs, a seven-partner firm ranked No.1 in Shantou City;
Hunan Jianye CPAs, headquartered in Changsha and with 6 provincial branches and 250 staff in Hunan Province and Wuhan Kangli CPAs, a five-partner firm with over 100 staff in Hubei Province join Kreston China.

Jon Lisby, Kreston CEO, said:
“It is excellent that our Kreston China group is continuing to grow. We now have outstanding representation over 25 major cities including several branch offices. The group’s success over the years is down to the dedication of Kreston Asia Pacific Regional Director, Edmond Chan and of our firms there, to build a quality collaborative network in the region. Nationally Kreston China is now ranked within the Top 10 networks and is well placed to compete in a challenging economic market”

Edmond Chan added:
“I am delighted that we have secured these three quality firms to represent the brand in the region. Their admittance will definitely strengthen the Kreston China network”.

(Pictured are the Partners of Wuhan Kangli CPAs with Jon Lisby and Edmond Chan).

Kreston has announced that Nam Nguyen Consulting in Ho Chi Minh, Vietnam has joined its membership adding to its offering in the country.

The firm, which offers non-audit services including Market Entry, Financing and International Tax, will work closely with Kreston VN Auditing & Consulting, Kreston’s existing audit firm in Hanoi.

Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Nam Nguyen Consulting to the network to strengthen our offering in Vietnam. The firm has a clear focus on Multinational Corporations and their client list is a testament to the quality of their service offering”

Managing Director, Nam Nguyen, pictured, commented:
“”It is excellent that we have been admitted to Kreston. We now have the opportunity to work with our local Kreston colleagues to mutually benefit our clients and the wider membership. As Kreston’s emphasis on trust aligns well with our own values, it will further enable us to continue to provide seamless and consistent quality services to existing and new clients in Vietnam’s fast-growing market”.

Exco Afrique, the African network of Kreston member Exco France continues to develop its effective and strong network in Africa by admitting audit, accounting and consultancy firm Cacoges as member. Cacoges is based in Congo-Brazzaville.

Cacoges, formed in 2010, is headed up by Partners Brice-Voltaire Etou-Obami and Reich Fresney Tsoumou.

Senior Partner Brice-Voltaire said:
“We are proud to join Exco Africa and the Kreston network, and we are committed to maximizing the Exco Africa brand presence regionally and internationally and to working collaboratively to ensure mutual success.”

Youssoupha Diallo, President of Exco Africa, commented:
“We are delighted to welcome Cacoges to Exco Africa and to the global network. We have been looking for a quality firm to represent us in The Congo. Our ambition is to continue to develop and build a strong and dynamic brand across the continent. This can only be done by admitting members of this quality and we are on the right track “.

The admittance of Cacoges comes soon after Exco Africa and Kreston expanded its presence in North Africa.

Kreston has announced that Cam Accounting & Tax Services., Ltd in Phnom Penh City, Cambodia, has joined its membership expanding its coverage in Southeast Asia.

Established in 2016, the firm offers audit, accounting, tax and consulting services to a wide range of industry sectors including Pharmaceutical, Insurance, Shipping, Garment & Footwear, Construction, Real Estate and Hospitality.

Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Cam Accounting to the network. The firm is ambitious, focused and has an exceptional record for quality. They are an excellent addition to our membership in the Asia Pacific region”

Managing Partner, Keat Heng commented:
“We are very pleased to be a member of Kreston International. We strive to be a firm of excellence and we look forward to working with our global members and to adhere to Kreston’s values, quality and international standards”.

Kreston’s member firm in Jersey, Alex Picot Trust have announced that Jersey Finance, the body that represents and promotes Jersey as an international financial centre has reinforced Jersey’s position on tax transparency.

Derek Rhodes, Director at Alex Picot Trust commented:
“Jersey is a highly regulated jurisdiction yet recent media coverage around the Paradisde Papers has perhaps underminded this reputation. We wanted to share this update from Jersey Finance about the recent OECD (The Organisation for Economic Co-operation and Development) recognition with our colleagues as it relates directly to Jersey’s commitment to transparency. Jersey has received ‘fully compliant’ status where the UK and USA received ‘largely compliant’. If any Kreston members have questions about Jersey or the services that Alex Picot Trust can offer their clients they are welcome to contact me.”

In a recent communication, a spokesman for Jersey Finance said:
“We are delighted that the OECD has confirmed that Jersey is ‘fully compliant’ with all global standards of international tax transparency. It is an unequivocal endorsement both of Jersey’s world-class tax transparency framework and its ability to make sure that this framework is working well in practice. For Jersey to have been found to be entirely compliant in every single area is a fantastic achievement, underlining our commitment to combatting financial crime and tax abuse. Endorsements such as this from the OECD help us to reaffirm Jersey’s role as a premium international finance centre.”

Contact Derek at derek.rhodes@alexpicottrust.com

Telephone: +44 1534 753753

www.alexpicottrust.com

Kreston has welcomed Kanaan Firm, in Gaza as a full Member. The firm joined as Correspondent in 2015.

Established in 1998, Kanaan Firm provides auditing and accounting services in Gaza with additional coverage supported by Kreston’s existing Palestinian Kreston member firm, Audeh Jibreel of Ramallah on the West Bank.

Jon Lisby, Kreston CEO, said: “We are delighted to welcome Kanaan Firm as another quality member and to extend our coverage in the Palestinian Territories”.

Mr. Bassam Ahmed, General Manager of Kanaan Firm, added:
“We are honoured to now be a full member of the Kreston International network. Through our membership, we look forward to marketing our services under its distinguished umbrella, raising the Kreston profile across the region and to working with our fellow members to be consistent in our knowledge sharing, quality control procedures and professional support.”

Working together for success in a rapidly changing market for professional services as we develop our global network to deliver growth in profits and value for all member firms.

This was certainly true of our programme at Kreston’s annual conference, which this year was held at the Sofitel Resort, Cambodia over 7 – 12^th November where 106 delegates and 34 companions attended from 60 countries.

Kreston Chairman, Bent Kofoed welcomed all to the start of the AGM and business sessions and Director of Quality and Professional Standards, Andrew Collier provided an update on the network’s current strategy.

Our keynote this year was internationally recognised business strategist Graeme Codrington, who specialises in the future of work. Over two highly thought provoking and entertaining sessions, Graeme presented on topics that will have a major impact on our future success, “Future-focused leaders”, which explored how smart leaders need to keep ahead of change by building and then adapting a future focused skill set; and ‘Making the most of your Millennials’, a fascinating insight into the young workforce of today and how technology is the ‘norm’ for them in all aspects of everyday life. Graeme highlighted how we can all maximise on the opportunities Millennials can deliver and the rewards available to success once they are fully integrated into the business environment.

Other guest speakers were Mike Whitten from accounting software provider Inflo who gave an insight into how technology is transforming the accounting profession and Ben Bush from The Frameworks, updated all on their work to date concerning Kreston’s Knowing you brand strategy. Part of the programme was devoted to member presentations including those given by Board Directors Rich Howard from MHM, Sunil Goyal from Kreston SGCO and Clive Stevens and Andrew Griggs form Kreston Reeves who updated all on the developments in their firms and their respective countries.

Bent commented:
“The 2017 World Conference in Cambodia was a great success. The interaction between members was strong as always and the business programme very interesting. The farewell dinner at the temples of Angkor will live in our minds forever.”

Jon Lisby, Kreston CEO said
“It is excellent that so many of our members took the opportunity to travel to such a fascinating country as Cambodia and to enjoy our business and social programme. To network with Kreston colleagues at an event, such as our annual conference, is a great way to build trusted relationships, which in turn drives additional referral business.”

Social events included a grand tour of famous Angkor Wat, Bayon Temple and Ta Prohm Temple; an exciting and competitive team building event around the streets of Siem Reap; A visit by boat to Tonle Sap Lake and the floating villages and an unforgettable final exclusive dinner within the temples of Angkor, a unique experience.

The 47^th Kreston International Conference, “Winning the Revolution” will take place in New Orleans 17^th – 21^st October 2018.

Kreston Iberaudit, Kreston’s member network with over 400 professionals in offices across Spain, Portugal and Andorra held its 2017 national conference in Granada recently. Over 70 Partners and professionals were in attendance.

The conference was opened by host Pedro Maza, Managing Partner from Kreston Iberaudit’s Granada office and then Mercè Martí, Chairwoman and CEO at Kreston Iberaudit, presented on the company’s performance this year. Mercè also reinforced Kreston Iberaudit’s expansion strategy for the coming months.

The meeting was also attended by Jon Lisby, Kreston CEO who, in his report this year, emphasised brand and the importance of members to “Be more Kreston”.

Key note was Andrés Navarro Galera, University Professor and Director of the Department of Financial Economics and Accounting at the University of Granada, who analysed current trends in the Public Sector. José Antonio Rodríguez Salas, Mayor of Jun, presented on the importance of social media and Alberto Garau, a member of the Technical Committee of Kreston Iberaudit explained audit independence. Tax Committee member Jorge Borrajo hosted a technical tax session. The conference was closed by Juan Luis Gomeza, Executive Vice President of Kreston Iberaudit.

During the Conference, the Partners of Kreston Iberaudit reappointed Mercè Martí, Partner in Barcelona, as Chairwoman and CEO. Arturo Diaz, Partner of Gijón, retains his position as Executive Vice President.

The firms will join Exco Afrique, the African network of Kreston member Exco France.

Both firms offer audit, tax advisory and consulting services from offices in Casablanca.

Senior Partner of AB Partners, Mr. Saad Belfakir said:

“Exco Africa is pursuing its ambition to expand and build an effective and strong network in Africa. We are proud to join Exco Africa and the Kreston network and are committed to building the presence of the Kreston brand both regionally and internationally and to work collaboratively to ensure mutual success”

Senior Partner of ACDEN, Mr. Mohamed Khalid Ben Otmane added:

“Exco Africa is a cohesive network that comprises numerous African countries between them employing more than 450 talented, dedicated and knowledgeable professionals.

The admittance of ACDEN gives our clients with business interests in North Africa additional support from talented, dedicated and quality counsellors who can help our clients, both individuals and organisations to thrive, helping to secure long-term business sustainability for future generations.”

Youssoupha Diallo, Chairman of Exco Africa commented:

“The admittance of AB Partners and ACDEN completes Kreston’s coverage in North Africa. We now have quality member firms in Morocco, Mauritania and Tunisia. Together, this grouping will be instrumental in building a strong dynamic and powerful brand”.

(Left to right standing are Exco President  Pierre Vieillard  and Mohamed Khalid Ben Otmane and left to right seated is Saad Belfakir and Exco Africa CEO, Youssoupha Diallo).

Knowing Future Leaders

Kreston held its first Future Leaders conference in the centre of cultural and vibrant Berlin recently, attracting 60 delegates from 14 countries.

Following a welcome reception at the Hotel NH Collection, the one day business event opened with an introduction to Kreston by Kreston Chairman, Bent Kofoed and European Regional Director Dagmar Brösztl-Reinsch. Kreston CEO Jon Lisby then offered attendees an overview of Kreston, its history and strategy to date, emphasising Kreston’s brand values and the importance of forging new and lasting working relationships.

Split into groups, the icebreaker to the conference “Around the World Challenge” had a sailing theme and was presented by global yachtsman Alex Alley and his team from Eventus Training. Through a variety of fun and, at times, tricky tasks, the teams competed to sail a circumnavigation of the World, with a prize for the winning team.

The main session was presented by Tim Sayers from PDW Group and through a range of media, visuals, exercises and activities, Tim and his team facilitated an excellent mix of professional acting and coaching to cover:

1. What does it take to be a great leader?
2. What are the skills and tools that will enable me to be a great leader?
3. What are my next steps as a result of the session?

Social aspects of the conference included dinner at Berlin’s famous and chic Sage Restaurant and a fun morning safari self-drive tour of Berlin in a Trabant, the iconic cardboard car. The conference closed with a traditional lunch at Zollpackhof, a 300 year old restaurant with a distinctive Bavarian flair.

CEO, Jon Lisby commented:

“We are delighted at the success of this Conference which was challenging for the participants but also great fun. I am sure we shall make it an annual event. It was excellent to meet our future leaders and for each of them to have the opportunity to meet colleagues from around the network – I’ve no doubt of the future value these conferences will generate”.

53 delegates from over 34 companies attended a recent VAT seminar at the Ritz Carlton Hotel in Dubai. The event, hosted by Kreston member Awni Farsakh, and supported by UK member firm Mitchell Charlesworth covered Financial Reporting and changing Regulations and Laws in the UAE.

The participants represented many sectors including Trading, contracting, manufacturing, real estate, education, hospitality, professional services and healthcare.

The sessions included presentations covering the legal implications of new bankruptcy laws and liquidations; litigation processes and complications and an update on the UAE’s VAT laws.

Alison Birch, VAT Director at UK firm Mitchel Charlesworth, discussed the approach to VAT readiness and then presented several UK VAT case studies.

A Q & A session concluded the event.

Managing Partner of Awni Farsakh, Mr Eyad Farsakh said:

“This was an excellent seminar. We would like to offer special thanks to Alison and Mitchell Charlesworth for her and her firms support and cooperation and, going forward, we hope to develop a strong working relationship with regards to VAT services in the UAE”

Jon Lisby, Kreston CEO added:

“This was clearly a very successful event and is an excellent example of how Kreston firms can work together to achieve outstanding results”

Exco, Kreston’s network in France, held its 2017 Conference in Dijon, capital of the famous Burgundy wine region.

Over 320 partners were in attendance, with the main theme focussed on digital disruption and the digital solutions and benefits Exco offeres its client base.

The Conference was opened by Pierre Vieillard, President of Exco www.exco.fr supported by Kreston Board Director and Exco CEO, Franck Parker, who updated all on developments within the Group..

Kreston’s CEO, Jon Lisby presented on Kreston’s position in the world market and its approach to global brand development.

Dinner was held in the historic Hospice de Beaune and the second day was devoted to an excellent team building exercise within Dijon concluding with a Gala Dinner at The Clos de Vougeot vineyard dating back to the 12th Century.

Kreston China has powered forward in the last year – reaching 9th in the national rankings with 5,200 professional and support staff in 71 offices spread throughout China. This year’s national Conference also broke records when 92 delegates joined the host firm Brighture in Qingdao – the Olympic Sailing City.

The Conference programme was spread over 4 days and was opened by Christopher Liptau, International Partner for Brighture together with Edmond Chan, Kreston’s Asia Pacific Director and Jon Lisby Kreston’s CEO. Presentations were received from the China Desks of the USA, UK, Australia and France who were in attendance together with representatives from Singapore and Malaysia.

The Conference considered the implications of Base Erosion and Profit Shifting “BEPS” and the trends in International Accounting Standards before delegates broke into specialist group discussions.

Jon Lisby said:
“The group photos say it all – Kreston’s growth continues and we have incredible strength in China. The strength of our national relationships – gives real meaning to our brand positioning – Kreston. Knowing You.”

The 2017 Kreston Denmark Conference was held at the historic Bandholm Hotel idyllically located on the north coast of Lolland. Ranked among the top 5 Danish hotels for guest experiences – it proved a perfect venue for the Conference.

The focus of the business agenda was money laundering, e-crime and the national development of the Kreston brand.

Kreston Chairman, Bent Kofoed said:
“I am very happy that all members support the idea of further branding of the Kreston name. We have all agreed to spend money from our reserves to develop the brand and strengthen the collaboration between members in the region”.

Kreston’s 2017 Asia Pacific Conference was held in the Grand Hyatt Hotel, Kuala Lumpur, Malaysia, from 3rd – 6th August attracting 53 delegates from 15 countries.

Hosted by member firm Kreston John & Gan the conference business agenda focused on “Being a leader in a Data Driven World”.

Key Note this year was futurist and leading authority on technology trends Patrick Schwerdtfeger from Trend Mastery in California who delivered two sessions looking at the technology trends which will have an impact on the accounting profession and the commercial world – including artificial intelligence, big data, blockchain and fintech.

Kreston CEO, Jon Lisby, updated the group on Kreston strategy including international brand development and Andrew Collier, Kreston’s Director of Quality and Professional Standards, gave a quality review update and discussed how members can best engage with data analytics.

Members from Kreston Indonesia, Exco France and Australia updated all on developments in their respective regions.

Jon commented:
“This was another excellent event. The conference gave all who attended a better understanding of how our profession is changing rapidly largely driven by the new technologies. Those leading the growth strategies for Kreston member firms in the “Data-Driven World” need to gain a thorough understanding of these technologies and how they may be leveraged in our profession for future advantage. Thank you to all at Kreston John and Gan for their excellent organisation. The Asia Pacific Conference continues to go from strength to strength and I look forward to the 2018 conference.”

Kreston has announced that Mohamed Taha Hamood & Co based in Sana’a, the capital of Yemen has joined its membership expanding its coverage in the Middle East.

Established in 1990, MTH is a full-service firm headed up by 3 partners and supported by several professional and support staff.

Jon Lisby, Kreston CEO, said:
“We are pleased to welcome Mohamed AlHashimi and his team to Kreston. MTH has excellent experience of working with international networks including the Big 4 and have demonstrated their commitment to international standards of quality and ethics”.
Managing Partner Mohamed AlHashimi added:
“I am very pleased that we are able to represent Kreston in the Yemen and we look forward to working with fellow members both in the region and across the global network”.

Kreston International has announced that Kreston HHES (legal name KAP Hendrawinata Hanny Erwin & Sumargo) has been admitted as a member. The firm was created following a restructuring of Kreston’s former member which provides the added benefit that the partners and staff are well known within the global network having moved to Kreston from Grant Thornton in 2011.

Kreston HHES now has 16 partners and 250 professional and support staff operating from excellent offices in Jakarta Surabaya and Medan. The firm is a full service practice providing audit and taxation services with advisory and consultancy services handed by PT Kreston Advisory Indonesia and Tax and Transfer Pricing by PT Pratama Indomitra Konsultan.

Kreston CEO, Jon Lisby said “We are delighted to re-establish our representation in Indonesia with Kreston HHES, a firm that has an exceptional reputation for the quality of services to international clients. The future growth of Indonesia on the global stage makes it essential for us to have secure the strongest representation available. Kreston members from throughout the Asia Pacific Region look forward to meeting up with Kreston HHES at the Kreston Regional Conference in Kuala Lumpur early next month.

Erwin Winata, International Liaison Partner for Kreston HHES said “ We are proud to represent Kreston in Indonesia and we look forward to building the strength of the brand in the region together with our relationships with fellow Kreston Members and their clients from throughout the world.

Image left to right: Erwin Winata of Kreston HHES, Nigel Banks Kreston International Director, Chris Edward of Kreston HHES, Jon Lisby Kreston CEO, Edomd Chan Kreston International Director, Sunil Goyal Kreston International Director.

Kreston International has announced that Audit Financial Group SRL (AFG) in Bolivia has joined its membership, adding to its service line offering in the country.

The firm of 35 audit specialists operate from four offices in Santa Cruz, La Paz, Cochabamba and Oruro. AFG will work closely with Kreston’s existing tax firm in La Paz, Vergara & Asociados Srl.

Jon Lisby, Kreston CEO, said:
“I am delighted that AFG have joined the Kreston network. Danial Espinoza and his team are fully experienced in working with international networks and are well placed to offer Kreston’s clients the very best advice both regionally and globally”.

Managing Partner Daniel Espinoza added:
“I am very pleased that we are able to represent Kreston across Bolivia and to complement the services offered by our colleagues in La Paz. We look forward to the challenges ahead and to forming additional cohesive relationships across the network”.

Lake Constance, located on the River Rhine at the foot of the Alps was the location recently for Kreston’s German speaking Tax conference.

25 delegates from Kreston firms in Germany, Switzerland and Austria were in attendance.

The economies of the German speaking areas of Germany, Austria and Switzerland are closely aligned and Kreston members in the region have worked frequently and cohesively together for many years.

During the conference, the members presented updates on new developments in their countries with a focus on cross border VAT issues, transfer pricing and inheritance tax.
Dagmar Brösztl-Reinsch Managing Partner of Kreston Bansbach and Kreston Board Director commented:

“The topics discussed helped all delegates to better understand the tax implications in their neighbouring countries and the event offered good networking and business development opportunities for members based in the three regions. Thank you to all at ECA Group, our member in Austria for their excellent organisation.”

View doing business in Germany.

In 2016, the 17 Sustainable Development Goals (SDGs) adopted by the world leaders came into force.

The goals call for action by all countries, poor, rich and middle-income to promote prosperity while protecting the planet. They recognise that ending poverty must go hand-in-hand with strategies that build economic growth and addresses a range of social needs including education, health, social protection, and job opportunities, while tackling climate change and environmental protection.

The goals align with the Kreston networks own mission within its global brand platform of “helping to secure long-term business sustainability and the comfort and happiness of future generations”.

The Kreston International Office has selected 4 of the goals on which to focus its efforts. Kreston member firms around the world are also encouraged to join this initiative and may select the goals that are most appropriate to suit their location and circumstances.

Jon Lisby, Kreston’s CEO said:
“ The goals are challenging and the timescale for achievement is short – but if everyone can make a commitment to take some action, however small, which makes an advance towards the overall objective of promoting prosperity, we may achieve significant progress in making our world a better place for all”.

Kreston has announced that Legnazzi & Partners, Italy, has joined its membership, adding to its service line offering in the country.

The firm of 15 tax specialists will work closely with Kreston’s audit firm in Milan, Kreston GV Italy.

Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Legnazzi & Partners to Kreston. It is important for Kreston to expand its capability in Italy and having a specialist tax firm will further raise the network’s profile in the country”.

Managing Partner and CEO of Legnazzi & Partners, Claudio Legnazzi added:
“I would like to thank Jon and all at Kreston for the warm welcome following our admittance to the membership. It is a pleasure for me and for my firm to become part of the Kreston family and to form business relationships with our colleagues in Italy and with the rest of the network. I look forward to the opportunities that the collaboration will bring”.

36 delegates from 17 countries participated over the 2 day event in Paraguay at the start of June for the group’s 21^st Latin America Conference.

Hosted by member firm Conaudit Contadores, the agenda this year included presentations on tax benefits and investments in Paraguay; an update on quality standards and the use of data analytics. Kreston CEO Jon Lisby presented Kreston’s newly released brand identity guidelines the next phase of Kreston’s brand and development strategy, Knowing you and engaging members from across the region to “Be more Kreston”.

The second day, was devoted to business development strategies and further opportunities for future collaborative working.

Ricardo Paolina, Kreston’s Latin America Regional Director said:
“An outstanding event once again with active participation by our member firms. It is clear that the growth of business generated within the network is set to grow”.

Jon added:
“The Conference demonstrated that close collaboration can generate great client opportunities – the work of our members supports the continued development of the profile of the Kreston brand across the whole region”.

Read more on Doing Business in Paraguay.

The 2017 Kreston EMEA Conference was held in Marrakech, Morocco where 105 delegates drawn from 27 countries were in attendance.

Host firm, Kreston Exco Maroc presented an overview of their firm and the economy and investment opportunities in Morocco.

The business programme included updates on the global network development and systems for the application of data analytics in audit and consultancy services. Lively debate took place in the international tax sessions around Brexit; the impact of BEPS in members’ respective countries and the implications of Trump’s proposed tax changes.

Kreston CEO, Jon Lisby said:
“Another lively programme in a great location which provided exceptional opportunities for our members to network, discuss international referrals and opportunities – these conferences deliver significant value for all”

The 2018 EMEA Conference will be held in Zurich 10^th – 13 May 2018.

Kreston is pleased to announce that Kreston M&P Algeria, has joined the membership, adding to the network’s coverage in Africa.

Formed in 2010, the three Partner firm offers audit, tax and advisory services from offices in Algiers and Oran.

Jon Lisby, Kreston CEO, said:
“We are delighted that Managing Partner, Djamel Melhenas and his team have adopted the Kreston brand upon joining the network. Kreston M&P Algeria are one of the top 10 firms in the country and they will be instrumental in helping to promote the Kreston brand in the region.”

Djamel commented:
“It is an honour to join Kreston International and to spread recognition of the brand locally. We share the same values as Kreston and want to make sure that we are aligned with the global membership in our integrity, professionalism and commitment.”

Exco Africa, the African network of member Exco France, held its annual African Conference in Cotonou, Benin recently. The meeting took place at the hotel Novotel Orisha and the theme this year focused on the Digital Era.

The conference looked at the emerging strategic challenges the network faces in the digital era.

In attendance were representatives from Kreston’s recently appointed member in Ghana, namely Asante Anarfi firm’s partners George Hayford and Carl Engemann who attended the AGM to review Exco Africa’s strategy. Partners from other member firms also gave an update on the latest developments in their local economies.

During the conference, members had the opportunity to attend workshops including one hosted by Tarek Zouari, Managing Director of Exco Africa, who presented on the advantages of online accounting to increase collaboration.

Also in attendance was Franck Parker, President of Exco France and Kreston International Board Director, who presented on Microsoft Office 365. Franck highlighted that the adoption of this across the network will enable all offices to improve their communications.

Youssoupha Diallo, Chairman of Exco Africa commented:
“This three-day event was very productive, with our attendees exchanging ideas extremely well and efficiently. The discussions will help to develop the links between our offices further and has increased opportunities to build connections and to do business together. People, do business with people they know, they like and they trust – congratulations to all who attended and to the fantastic organisers.”

New member in Cameroon:

At the conference, Exco Africa also announced the admittance of FIDACO, in Cameroon, to the Exco France network. Founded in 2000 and headed up by Mr Ibrahima Hassanou, the firm offers accounting, auditing and consulting services.

Youssoupha continues,
“We are very pleased to welcome FIDACO to Exco Africa and to the global network. We have been looking for a quality firm to represent us in Cameroon for some time”.

Mr Hassanou added:
“I am honoured and delighted to be part of this trusted network and I look forward to promoting the Exco Africa and Kreston brands in the region”.

Picture features left to right, Exco Afrique CEO, Mr. Youssoupha Diallo and Mr. Ibrahima Hassanou.

Kreston’s Australia Network, Bentleys recently held its annual Partners Conference in Hong Kong.

As well as attendees from Bentleys, also present were Kreston CEO, Jon Lisby; Kreston Board Director Sunil Goyal from Kreston SGCO in India; Erwin Winata from Kreston in Indonesia; Frank Lin from Kreston in Taiwan and Edmund Chan from Kreston in Hong Kong.

The aim of the conference was to discuss emerging strategic challenges in formal workshops spread out over 3 days and how the Network should progress with several key initiatives.

During the conference Asialink Business and The Hong Kong Trust Company presented on the market in SE Asia and outlined some of the business challenges that clients are likely to face if they intend to do business in the region. Austrade, the Australian government organisation that assists Australian businesses develop in international markets also gave an informative overview of how they can assist Bentleys, the global Network and its clients.

Mark Chapman, CEO of the Bentleys Network said:
‘We needed to have a change of emphasis and move from an information based conference where we share operational issues, to a decision-making conference where we share ideas on how to deal with some of the emerging strategic challenges. The result is that we are no longer at a cross roads, but now clearly on a path that will see the collaborative nature of the Network improve and position Bentleys as an employer of choice.

Thanks to Sponsors MYOB and Thomson Reuters who gave informative presentations on the future changes in technology, to the Hong Kong Trust Company who hosted a memorable networking function at the iconic Hong Kong Club and a special thank you to Edmund Chan who hosted an excellent evening at the prestigious Happy Valley Race Course. In summary, a very successful conference which has been instrumental in gaining support for some strategic initiatives”.

Exco Africa, the network of Kreston’s French member Exco France, held a three-day legal and tax meeting in Saly, Dakar recently to focus on the legal and tax implications regarding enhanced corporate optimisation strategies.

Also under discussion were the latest developments in cross-border work, with an emphasis on legal certainty and business development.

Bocar Alpha BA, Secretary General of Exco-GHA-Mauritanie commented:
“This three-day event was very productive. Through our important discussions, we can further develop our legal and tax best practices and have raised the profile of Exco Africa and the Kreston brand in the region”.

Kreston is currently ranked as the 13^th largest accounting network in Africa.

Pictured front, left to right:
Benjamin Togo (Mali), Nicole Bateg (Gabon), Sybel Akuesson (Bénin), Aichatou Konta (Mali), Alimata Douamba (Burkina), Christelle Sousse (Bénin).

Further growth for Kreston UK as Kreston Reeves and Munslows to merge

UK firm Kreston Reeves and London practice Munslows will be merging with effect from 1 June 2017.

The partners and staff from Munslows will move into the London office of Kreston Reeves and trade as Kreston Reeves. Munslows have specialised in advising private clients, family offices and entrepreneurial businesses which, combined with their AIM and listed company experience, will strengthen the London presence.

Kreston Reeves will create a London office with more than 80 people and a firm with annual fees in excess of £33 million, 52 partners and more than 450 staff in total.

The current management board of Kreston Reeves will remain unchanged as a result of the merger.

The latest merger continues the strategic expansion of Kreston Reeves, which recently completed its integration with Spofforths to create one of the most experienced accountancy and business advisory firms in the South-East.

Andrew Griggs, Senior Partner at Kreston Reeves, said:
“We’re delighted that Munslows have chosen to join us, a move that will strengthen our already strong London team. Their business, charity and private clients will benefit from the wide and deeper range of services and expertise we are able to provide including tax advisory, financial services, corporate finance, VAT and forensics. We are also confident that our longstanding membership of worldwide accounting network, Kreston International, will provide valuable new opportunities for Munslows clients”.

Head of Kreston Reeves London office, Michael Cook, said:
“This merger signals our commitment to growth in London. Munslows share our values and commitment to high quality client service. We are looking forward to welcoming and working with their team, which will provide a stronger base upon which to develop our services further and meet changing business needs”.

Key Partners, Kaushik Ondhia, and Nathan Steinberg from Munslows LLP, commented:
“We’re excited to have the opportunity to join Kreston Reeves which will be of great benefit to all involved – our clients, partners and staff. At Munslows we have prided ourselves as ‘trusted advisers to our clients’. The depth of resource, breadth of services and sector expertise we are able to offer our clients will be greatly enhanced. We’ve known Kreston Reeves for a number of years; they are a firm with a very similar ethos to our own so we believe the merger is a natural fit. We look forward to adding value as part of the Kreston Reeves and Kreston UK team”.

Jon Lisby, CEO of Kreston Internaitonal added:
“We are delighted to welcome Kaushik and Nathan and all the team at Munslows to Kreston UK and to Kreston International”

Kreston has admitted Kazibwe, Kenneth & Steven (KKS), in Uganda to the global membership, expanding its offering in East Africa.

Founded in 1975, the two Partner firm offers audit, tax advisory and consulting services from its office in Kampala.

Jon Lisby, Kreston CEO, said:

“The admittance of KKS completes Kreston’s coverage in East Africa. We now have quality member firms in Tanzania, Kenya, Uganda, Rwanda, Burundi and South Sudan. Together, this grouping will be instrumental in building the Kreston Africa brand in the region”.

Managing Partner, Steven M. Turahikayo, commented:

“We are proud to be members of Kreston International. Through the network, we are committed to building the presence of the Kreston brand both regionally and internationally and to work collaboratively to ensure mutual success”.

Kreston International is pleased to announce that MG Madrid & Co, in the Philippines, has joined the global membership, adding to its offering in the Asia Pacific region. Established in 2003, this two Partner firm offers audit, tax and consulting services from its head office in Makati City, Manila and has over 70 professional and support staff. A second branch office is in Muntinlupa City.

Jon Lisby, Kreston CEO, said:
“We have been looking for a quality firm to represent Kreston in the Philippines and we are delighted that MG Madrid & Company have agreed to join the global network, adding to our coverage in Asia and to support our members in the region”

Partner Mario G. Madrid commented:
“It is an honour to join Kreston International. Our values, integrity, professionalism and commitment, are very much aligned with those of the network and we look forward to working with colleagues both across Kreston Asia and the global membership to further promote the Kreston brand in the region.”

Picture features left to right, Partners, Mr. Benedict A. Ang Ban Giok and Mr. Mario G. Madrid Jr.

100 delegates from Kreston firms across the UK and Ireland attended the 2017 Conference at the Hilton Hotel in Glasgow to share best practice and to discuss developments across several specialist sectors including Audit, Corporate Tax, IT, Marketing, Probate and Private Client; Managing Partners, HR and Advisory and Outsourcing.

Kreston CEO Jon Lisby, who provided an update on global developments and brand strategy, commented:
“Thank you to local member Consilium for hosting the event this year, the organisation was flawless. The feedback from each of the group sessions again testifies to the value of the event and the outcome sees a further strengthening of future collaboration and client service. With the organic growth and mergers achieved over the past year, Kreston UK, as a combined organisation would now rank as the 10th largest UK accounting firm with over 2,400 professional and support staff generating fee revenues of US$200m”.

John Warner, Chairman of Kreston UK and Managing Partner of BHP (North of England) concluded the business sessions and the conference ended with dinner at famous House for an Art Lover, designed by Mackintosh, Glasgow’s most famous architect.

The 2018 conference will take place in Jersey.

Kreston’s member firm in Mumbai has celebrated its 25th Anniversary with a series of events aligned with the Kreston India Conference.

* A visit of Kreston’s CEO Jon Lisby to the offices to mark the occasion with the partners and staff
* An evening of entertainment organised entirely by the SGCO employees – Udaan 2017
* An celebration evening attended by over 400 clients

Jon Lisby said “ It was immensely pleasing to participate in these celebrations. From the small beginnings of 25 years ago, Sunil Goyal and Manoj Singrodia have grown the business of SGCO significantly and to an enterprise with the highest reputation for quality and service staffed by some 400 professional and support staff. The evening of entertainment was scripted, directed, acted, performed and produced by 80 of the SGCO employees and watched by an audience of over 500 employees and family members. The quality and diversity of this show was amazing .The event was a tribute to the culture of hard work and fun that is clearly visible in the firm and a result of the positive tone set from the top”.

The celebrations culminated with an evening at the Sofitel Hotel, Mumbai attended by over 400 clients. During the evening Sunil Goyal thanked the clients for their support over the period and announce the creation of the new consulting entity – Kreston SGCO underlining the capabilities of the firm and the global services available.

The 2017 Kreston India Conference was held in Mumbai over 21-23 January with 44 delegates drawn from the 10 national member firms. The Conference was also delighted to welcome colleagues from USA member, CBIZ MHM and UK members, Kreston Reeves & Bishop Fleming.
The programme was varied with excellent key note presentations from Nilesh Vikamsey, the incoming President of the Institute of Chartered Accountants in India who spoke on the development of the profession and Sushil Agarwal, the Group CFO of Aditya Birla, a US$40bn multinational group, who delivered a valuable insight into the clients expectations of outstanding service from their professionals.
The business programme was interspersed with a fascinating session on “Spiritual Wealth v Material Wealth delivered by Swami Anubhavanandji and on the application of breathing techniques to manage stress.
Jon Lisby, Kreston’s CEO said “This was an outstanding conference and our thanks go to the Kreston SGCO team and Kreston Rangamani for the organisation.

The 2018 Kreston India Conference will be held in Hyderabad over January 18th to 21st.

IBERAUDIT Kreston, Kreston’s member network with over 400 professionals in offices across Spain, Portugal and Andorra has announced the adoption of Kreston Iberaudit as its new brand effective today. The change highlights its commitment to internationalisation and to its greater integration with the image and values of the global network.
Kreston CEO Jon Lisby said: “We are delighted that our network in Spain has now taken Kreston as its prominent brand. Our 2017 strategy continues the focus on increasing the global profile of Kreston and we are delighted at the growing number of member firms that are recognising the value of global brand adoption.”

Mercè Martí Queralt, CEO of Kreston Iberaudit, added: “Internationalisation is a key focus for our strategy this year. Most companies and clients have relationships in other countries and we can advise them of and guarantee worldwide quality coverage, based on the convenient and local expertise of all members within the Kreston network”.

Please click here to see the new corporate image.

Kreston has unveiled a new website in an exciting development that matches the network’s ever-growing ambitions as a professional services firm of the future.

The network has evolved in recent years from being a loose association of like-minded accountancy firms to a major player on the global professional services stage. It has established itself as an exciting alternative amongst mid-tier branded networks.

The new website is dynamic, mobile-enabled and global in outlook. It is the first vehicle for Kreston International’s new brand positioning, which capitalises on the unique mix of expertise and empathy the network prides itself on.

The new website is just the start of a structured programme for Kreston International as it begins to live its new brand proposition.

Kreston CEO, Jon Lisby comments:
“We’re proud to have built a strong presence in so many parts the world. The new website tells a bigger story about our network and captures what makes us a force to be reckoned with: our strong relationships, our global reach and our willingness to do things differently. We hope it sparks many an interesting conversation with clients, present and future.”

IBERAUDIT Kreston, Kreston’s member network with over 400 professionals in offices across Spain, Portugal and Andorra held its 2016 national conference in Corunna earlier this month. Over 70 Partners and professionals were in attendance.

The conference was opened by host Jorge Borrajo, Managing Partner at IBERAUDIT Kreston’s Corunna’s office and then Mercè Martí, Chairwoman and CEO at IBERAUDIT Kreston, presented on the company’s performance this year and on the firm’s business objectives for the future. The group’s strategy will continue to focus on ways to achieve greater international recognition through projected performance and collaborative working.

Key note this year was Constantino Fernández Pico, who presented on the economic and business challenges of the Football Club “El Deportivo” and “Altia” a company that offers Information and communications technology (ICT) services.

Alberto Sebastián, a member of the Audit Technical Commission and Partner of IBERAUDIT Kreston’s Saragossa’s office and João Lopes da Silva, Lisbon’s Partner, presented a technical session entitled “Independence in accountancy” and then there were opportunities for all delegates to network during management, audit, tax and social network breakout sessions.

During the meeting, Elena Ramírez, Kreston Board Director, offered an overview of Kreston’s actual position and current international strategy. Additionally, Juan Gomeza, Partner from the network’s Bilbao’s office presented a session regarding Internal Audit services, a service line which is being promoted by other Kreston firms.

Elena commented:
“In the future we will see a growth of demand for international capability and in IBERAUDIT Kreston we can rely on the Kreston network, in its current position in the market, to cover this demand around the world”.

The conference was closed by Mercè Martí, Chairwoman and CEO at IBERAUDIT Kreston.

Kreston’s 2016 Asia Pacific Conference was held in the Peninsular Hotel, Bangkok, Thailand from 10th – 13th November attracting a record 82 delegates from 21 countries.

Hosted by member firm Thai Info, the conference business agenda this year focused on international brand development and cross cultural communication strategies.

Key notes were Nidhi Kush Shah, Founder and Director of Alchemy Consulting who discussed intercultural communication and awareness and Dr Bonggot Anuroj, Acting Senior Executive Investment Advisor at The Board of Investment (BOI) of Thailand who updated delegates on Thailand’s Investment Promotion and Incentive Policies.

Ben Bush of The Frameworks lead on International brand development and, following their presentation at Kreston’s World conference in London, the strategy to further develop the Kreston brand proposition was again presented for further debate. Delegates participated in table discussions to shape the proposal which will be introduced and embedded in the culture of all member firms shortly.

Kreston CEO, Jon Lisby, updated the group on Kreston strategy and Andrew Collier, Kreston’s Director of Quality and Professional Standards, discussed Criminal Acts and the responsibilities of accountants within the profession.

Kreston members who presented included Senior Partner, Boonsri Techavarutama, from Thai Info; Mark Chapman, CEO of Kreston’s Australia network, Bentleys; Clive Relf, Private Client Tax Partner of UK firm Kreston Reeves and Pawel Brejzerk, Managing Partner of BG Polska Audyt, based in Poland.

Jon commented:

“The continued growth in attendance at the Asia Pacific conference including increasing numbers from outside the region highlights the strategic importance of the region both for businesses and Kreston member firms. The conference covered a range of topics from investment incentives and options for both inbound and outbound business through to dealing with cross cultural communication. I am sure the Asia Pacific conference will continue to go from strength to strength and I look forward to the 2017 conference.”

Download doing business in Thailand guide.

Kreston International has announced that Macro Consultores, has joined the membership, adding further to its offering in South America.

Founded in 1985, and with its main office situated in Santiago, Macro Consultores will also provide additional coverage from offices in Concepcion City in the South and Antofagasta in the North of the country.

The firm, which will complement the services offered by Kreston’s current members in Chile, Canales Consultores S.A and Ramirez Asociados, offers Audit, Tax & Outsourcing and Consulting services to clients primarily in the Mining, Financial and Manufacturing industries.

The 5 partner firm is supported by over 30 professional and support staff.

Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Macro Consultores to the global network and to Kreston Latin America. Chile is a strong economy and an important market for Kreston – it is excellent that we have strengthened our capacity and national coverage”

Managing Partner, Juan Marín H. commented:

“Through our membership of Kreston International, we look forward to offering an extended range of services to our clients from dedicated quality professionals in Chile, Latin America and across the globe. ”

Download the doing business in Chile guide.

Kreston has announced that Vergara & Asociados, Bolivia has joined the global membership, adding to its offering in Latin America.
The two Partner firm has two offices in La Paz and Santa Cruz and are supported by over 40 professional and support staff.

Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Vergara & Asociados to the global network to add to our coverage across South America and to support our Latin America members”

Partner, Rafael Vergara commented:
“It is an honour to join Kreston International. We look forward to working with colleagues both across South America and the global membership and to further promote the Kreston brand in the region”

Kreston has announced today that accounting and audit firm Tachibana & Ochiai Professional Corporation, (TOPC) has joined as a Correspondent firm.

Established in 1996 and based in Gardena, TOPC works within a niche market, providing services to Japanese parent companies, operating in Southern California. To this end, the firm also works closely with Kreston’s firm in Tokyo, OC & Associates, formerly Okamoto & Co.

Jon Lisby, Kreston CEO, commented:

“We are delighted to welcome Tachibana & Ochiai as a Correspondent of Kreston to offer additional expertise and to complement the services offered by our existing member, CBIZ MHM.”

Partner of TOPC, Dai Takano said:

“We are extremely pleased to be part of the Kreston network. Through our Correspondent status and our work with OC & Associates and our US colleagues, we look forward to developing strong US-Japan relationships which will benefit the global network going forward”.

N.B
Kreston International does, on occasion, enter into relationships with firms referred to as ‘Correspondent Firms’ to perform certain services on behalf of member firms’ clients. By definition, Correspondent firms are not member firms of Kreston International, are not permitted to use the Kreston name and are not subject to Kreston’s globally directed quality control review programme.

Kreston has admitted audit firm ASATRYANS LLC, based in Armenia, to its global membership.

Offering the full range of audit, tax and consulting services, the firm is based in the capital city of Yerevan and provides the full service range to a broad range of clients from the private and public sectors including World Bank and Asian Development Bank projects.

Jon Lisby, Kreston CEO, comments:

“It is excellent to welcome Albert Asatryan and his team to the Kreston network and to strengthen our service offering in the region. This addition complements our current members in Georgia, Azerbaijan and Turkey”

Partner of ASATRYANS, Albert Asatryan said:

“Through our membership of Kreston International we will now be able to better compete in the local and global market place, offering our clients access to quality professionals across the network.”

Kreston has admitted ECA Exco Afrique, in Abidjan, on the Ivory Coast to membership.

Exco Afrique is the African network of Kreston member Exco France.

Jon Lisby, Kreston CEO, commented:
“To expand our presence in Africa is part of Kreston’s ongoing strategy and we are delighted to welcome ECA as a member of Kreston and of Exco Afrique. We can now offer our clients with operations in Africa, additional representation.”

Partner of ECA, Kouame Alexander said:
“We are honoured to be a member of Kreston International and of Exco Afrique. We look forward to working with our colleagues in Africa and across the global membership and to offer clients who have business links in the Ivory Coast additional quality resource”.

Bocar Alpha BA, Secretary General of Exco-GHA-Mauritanie added:

“At Exco Afrique, we are committed to increasing and developing our regional and global network, making more opportunities available to our clients in Africa.”

Exco, Kreston’s network in France, held its annual conference in Cannes, in the French Riviera, over 7th and 8th October.

Over 350 Partners and staff representing 10 nationalities, attended the event this year. The theme of the conference was Digital Transformation and its impact on and implications for organisations.

The conference was opened by Christian Dorange of host firm Exco Côte d’Azur and Fabrice Olivari of Exco FSE. The business sessions were led by Kreston Board Director and Exco CEO, Franck Parker, who updated all on developments within Exco and on Kreston strategy.

Key note this year was Antoine Amiel, Founder and CEO of LearnAssembly, a Digital Transformation coaching organisation.

The second day was devoted to an excellent team building exercise on the Isle of Lerins, located near Cannes and the conference concluded with a Gala Dinner at the world famous Intercontinental Carlton Hotel.

Kreston is pleased to announce that ORTAG, its accounting, audit and consulting firm in Zurich, Switzerland will merge with ACCTA Accounting and Tax AG, effective October 6th. 2016.

Headed up by International VAT and Tax Specialist, Dr. Manuel Vogel, ACCTA is based in Canton Zug and offers Accounting, Tax and Consulting services.

Once merged, ACCTA Ltd will become a&o ACCTA ORTAG AG and ORTAG will rebrand as a&o Kreston ORTAG AG, therefore expanding their presence and raising the Kreston profile in the German speaking region of Switzerland.

The firms will work under a joint umbrella, a&o and collectively will have 7 Partners and over 30 professional and support staff offering the full offering of Audit and Tax services.

Roger Werner, Senior Partner and Chairman of the Board at ORTAG, comments:

“With this merger, ORTAG, has put in place three key strategies, succession planning, growth and branding. This year ORTAG celebrated its 70th year and I am very pleased that the firm can look forward to the next 70 with the addition of ACCTA. Dr Vogel and his team have strong international connections and the rebrand of our Audit division will help to build a Kreston presence in Switzerland which will be a key factor when working with our European and International colleagues on collaborative projects”.

The Kreston Annual Conference was again the location for the 2016 Kreston Awards Ceremony.

The winners were announced at The City Grange Hotel in London on September 24th by Kreston CEO, Jon Lisby and the recipients were presented with their award by Kreston Chairman, Bent Kofoed.

The awards recognise those individuals and firms who have achieved over the last 12 months and in the following categories:

Congratulations to all winners:

• International Collaboration Award (where two or more firms have bid together to win work)
o WINNER – VRC Bedrijfsrevisoren, Belgium, for their work with the World Bank; Doctors of the World and Red Cross Mali and AEXIS Group involving Kreston firms in Niger, Mali, France and the Netherlands,

• International Service Line Development Award (for the firm which has developed or introduced a new service line).
o WINNERS – Kreston SGCO, India and McLean Delmo Bentleys for their Global Outsourcing Service

• International Firm Growth Award (for the firm which has seen strong growth over the last year).
o WINNER – Bentleys PTY, Australia – Group has seen significant growth and now has 19 offices in three countries.

• International Social Networking Award (for the firm or individual who has made an outstanding contribution by applying new or unique marketing practices across social media).
o WINNER – CBIZ Inc. US – for their consistent efforts to post insightful, relevant and quality content across social media platforms and the application of highly shareable info graphics to accompany their content.

• International Professional Recognition Award (for the individual who has achieved professional recognition within their industry).
o WINNER – Edmond Chan, Kreston Asia Pacific Regional Secretary and Managing Partner of Kreston CAC for his reappointment as accounting advisor to the Ministry of Finance, Peoples Republic of China (PRC)

• International Business Referrer
o WINNER – Kreston Reeves – for most outbound referrals.

Jon commented:

“Once again, the quality of the shortlist for these awards makes it an extremely difficult task for the judges. Congratulations go to all our winners and all those who were nominated. It would be excellent if all members could keep the awards in mind and send us details of any potential nominees over the next few months and leading up to our 2017 event in November “.

The Kreston International 45th Annual Conference was held in London over 21st – 25 September and was attended by a record 235 delegates and companions from 43 countries and 88 member firms.

The accountancy market is increasingly competitive and faces rapid change in regulation, technology and client service demands. To this end, the Conference programme focused on methods to be ‘Future Ready’, and how to implement changes now to ensure the future success and sustainability.

Kreston Chairman, Bent Kofoed, introduced the AGM and Council meeting by welcoming all to the business sessions. Kreston CEO, Jon Lisby provided an update on strategy and referenced the issues facing member firms globally.
The strategy to further develop the Kreston brand proposition was presented to the conference for further discussion. Delegates participated in shaping the proposal which it is aimed will be introduced and embedded in the cuture of all member firms in the short term.

Author, Rob Nixon who is considered a global authority on how accounting firms need to change to meet the challenges and opportunities presented by digital disruption, was our Conference key note speaker and presented two lively sessions on consecutive days.

Other high profile speakers during the event included Economist, Rain Newton-Smith from the CBI who presented an overview of the Economic and Political landscape of the UK and Michael Izza, CEO of the ICAEW, who spoke about forces for change and opportunities for growth open to the UK and the accounting industry in the future.

Jon commented:
“ London saw our highest attendance at an Annual Conference. It is excellent that so many of our members took the opportunity to visit the UK to both experience a fascinating and thought provoking business programme and to learn about our history and culture. To network with Kreston colleagues at an event, such as our Annual conference, is a great way to build trusted relationships, which in turn drives additional referral business.”

Social events included a Medieval Banquet at the historical vaults at famous St Katherines Dock; a lively team treasure hunt activity using a fleet of iconic London red buses and as finale, an exclusive visit to the Tower of London where delegates enjoyed a private viewing of the Crown Jewels followed by drinks and a dinner reception in the spectacular White Tower and Armouries.

The 46th Word Conference, ‘Working Together is Success’ will take place in Siem Reap, Cambodia, 7 – 12 November 2017.

Kreston has admitted Asante Anarfi & Associates of Ghana, West Africa to membership.

Based in Accra, the 3 partner firm offers the full service offering to a broad range of clients across the commercial and financial sectors.

Kreston CEO Jon Lisby comments:

“This is excellent news. We have been without representation in Ghana since 2014 and Asante, Anarfi & Associates has the strong capability, resources and experience we have been looking for and which will benefit both Kreston Africa and the global network. Their admittance will only help to raise Kreston’s profile further in West Africa”.

Managing Partner of Asante, Anarfi & Assocaties, Paul K. Asante added:

“ I am delighted that Asante, Anarfi & Associates is now part of the Kreston network. Our mission is to grow the firm to provide exceptional accounting, tax and consulting services to all sectors of industry, commerce, and individuals, while maintaining an uncompromised standard of ethics and a commitment to provide value-added solutions to our clients’ needs. Through our membership of Kreston, we can now offer our clients the additional expertise of our fellow members both in Africa and across the global network”.

The 2016 Kreston Demark AGM and Conference was held in Rold Storkro known as Himmerland on the Jutland Peninsula over 1-3 September with some 60 delegates and companions in attendance.

The business programme opened by Jan Christensen, Chairman of Kreston Denmark, covered a broad range of topics from changes in laws and regulations to quality procedures.

Kreston Chairman, Bent Kofoed and CEO, Jon Lisby provided an update on the global accounting profession and the network’s development strategy.

The social programme included a visit to the Thingbæk Miner, the nearby limestone caverns and traditional dinner, dancing and Danish Hygge.

Kreston has further increased its coverage in China with the admittance of Jiangmen Hengsheng CPAs Ltd, headquartered in Jiangmen City, the largest in Guangdong Province.

Founded in 2004, and with a resource of 5 Partners and 80 professional and support staff, the firm offers audit, accounting and tax consulting services.

Photo shows Kreston CEO Jon Lisby, Kreston Asia Pacific Regional Secretary, Edmond Chan and Managing Partner of Jiangmen Hengsheng CPAs Lian Jian Bang.

Jon Lisby, Kreston CEO, said:

“We are delighted to welcome Jiangmen Hengsheng CPAs into our membership and expand our presence in Guangdong Province. We now have total  representation in 24 major cities across China plus a number of branch offices. The admittance is an excellent addition to Kreston China, its Partners helping to contribute to building a positive and collaborative network in the region.”

Managing Partner of Jiangmen Hengsheng CPAs, Mr Liang Jian Bang said:

“We are honoured to become a member of Kreston International and to add to its representation in Guangdong Province.  We look forward to developing trusted, working relationships with our fellow firms in Kreston China and across the global network.”

Kreston has further increased its coverage in China with the admittance of Jiangmen Hengsheng CPAs Ltd, headquartered in Jiangmen City, the largest in Guangdong Province. Founded in 2004, and with a resource of 5 Partners and 80 professional and support staff, the firm offers audit, accounting and tax consulting services.

Above photo shows (left to right): Kreston Asia Pacific Regional Secretary, Edmond Chan; Managing Partner of Jiangmen Hengsheng CPAs,  Lian Jian Bang and Kreston CEO, Jon Lisby.

Download doing business in China guide.

Mayer Hoffman McCann P.C., (MHM) the USA national firm is rolling out the adoption of the Kreston global logo from the start of this month.

The Kreston logo will be featured on all website, social media profiles, marketing materials, documents and PowerPoint presentations.

Andy Burczyk, President of Mayer Hoffman McCann said:
“Asserting our firm’s synergy with our global network is a most significant development for us. The growth in demand for international services from our clients and prospective clients is both sustained and accelerating and it is therefore vital that our clients and prospective clients clearly recognise our ability to provide cohesive high quality services across the world”.

Jon Lisby, Kreston’s CEO stated:
“We are delighted that MHM has joined the growing number of Kreston members around the world who have adopted the brand and/or logo over recent years. In today’s marketplace, an increasing number of companies operate across multiple countries and require seamless business advice and compliance services. Aligning our networks brands provides further assurance to our clients that they are engaging professionals who offer consistency of quality and service across the world”.

Download the doing business guide for the United States.

Kreston is pleased to announce that  Ardent Associates LLP, one of its member firms in Singapore, has won Best Practice Award in the small and medium firm category at the 2016 Singapore Accountancy Awards.The award was presented at a gala dinner held in conjunction with the Singapore Accountancy Convention 2016.

Organised by the Institute of Singapore Chartered Accountants (ISCA), the awards are a mark of excellence for businesses and individuals, promoting good practices and strengthening the branding of the profession and industry.

Kreston CEO, Jon Lisby commented:
“Once again, congratulations to our team at Ardent. The award clearly recognises the firm’s exceptional performance and we are delighted that they have taken the top prize in this category again this year. We are proud that Ardent is one of our quality firms that represent the network in Singapore. “.

Partner at Ardent, Terence Ng said:
“We are truly honoured, once again, to be recognised by the ISCA and to be awarded winner in the Best Practice (SMP category). We believe that these awards inspire firms such as Ardent to actively continue to evolve to meet the challenges of the changing business and regulatory landscape.”

Lee Fook Chiew, ISCA CEO added:
“Through the Singapore Accountancy Awards, we award those outstanding organisations and individuals who represent the best in the sector, for their contribution towards the profession and to Singapore’s business landscape.”

Founded in 2010, and with a resource of 5 Partners and over 40 professional and support staff, the firm offers audit and tax consulting services from a single office located in Zhengxhou City, Henan Province.

Jon Lisby, Kreston CEO, said:
“We are delighted to welcome Henan Zhongxing Xinhe CPAs into our membership and to see the continuing growth of the Kreston China group. We now have outstanding representation in 23 major cities with a number of branch offices. Its success over the years is a tribute to the sustained hard work of Kreston’s Asia Pacific Regional Director, Edmond Chan and of all our firms, to build a positive and collaborative network throughout the region. Combined the firms have advanced within the Top 10 national rankings and are better placed to compete in a highly competitive and challenging economic market”.

Managing Partner of Henan Zhongxing Xinhe CPAs, Ms. Xuesheng Yan, said:
“We are honoured to become a member of Kreston International and to represent the network in China. We look forward to developing trusted, working relationships with our fellow firms in the region, in Asia and across the global network.”

Download doing business in China guide.

The British Virgin Islands is an important financial services jurisdiction and amongst the world’s largest offshore corporate domicile.

Kreston is delighted to have recruited CCP Accountancy Services. The firm and its affiliates was founded in 1993 and offers accounting, audit, insolvency and consultancy services together with BVI Company Management Services.

Jon Lisby, CEO Kreston International said:
“We are delighted that CCP selected Kreston – Glenn Harrigan, the firm’s Managing Director is highly respected on the Island and the firm will be an important addition to the Kreston Offshore and Fiduciary Services group.

Image shows: Jon Lisby (left) and Glenn Harrigan (right).

Download doing business in British Virgin Islands guide.

Peak Professional Services join Kreston International.

Peak Professional Services of Nigeria has been admitted to Kreston membership. The firm which operates from Lagos, with branches in Port Harcourt and Asaba, provides clients with the full range of professional accounting services and has a particular niche in the Maritime, Oil and Gas industries.

Recruiting a firm in Nigeria has been a priority for Kreston to further develop its interests throughout Africa. Having recently added leading firms in South Africa, Rwanda and Burundi, Kreston is now present in 24 African countries with a resource of 700 professional and support staff.

Managing Partner, Andrew Uviase comments:

“We have been looking to move to an international network that offers truly global reach with a culture built on quality service and the development of effective and trusted relationships between the member firms. Kreston meets all our requirements and we are delighted that our application was accepted. We look forward to working with our Kreston colleagues to serve both our client base when international assistance is required and those international clients looking to invest and trade in Nigeria”.

At the signing ceremony, Jon Lisby, Kreston’s Chief Executive Officer said:

“Former colleagues of mine in the profession have worked with Andrew and his team for a number of years and have been impressed with the consistency of the high quality audit, tax and consulting services the firm provides. The firm works to international standards for quality control, ethics and audit and we are delighted that Peak Professional decided to move its international network membership to Kreston. We are experiencing a growing volume of clients looking to expand into the continent, including those from China and India and we remain keen to secure further high quality member firms West, East, Central and Southern Africa to complete the Kreston’s coverage

New York Office of Kreston’s USA member – CBIZ MHM Wins ACG M&A/Advisor Accounting/Due Diligence Firm of the Year Award

The New York office of CBIZ MHM, LLC, a member firm of Kreston International and one of the top 10 accounting providers in the United States, has been recognised as a winner for Advisor Accounting/Due Diligence Firm of the Year Award at the 2nd Annual ACG New York Champion’s Awards.

The event honors outstanding achievements in the middle-market mergers and acquisitions industry.

“We are extremely proud of this award and the accomplishments we have made in the industry that help our clients grow and succeed,” stated Executive Managing Director Saul V.Reibstein.

Over the past year, CBIZ MHM worked with numerous private equity firms providing due diligence services that successfully closed key transactions for its clients.

“The 2nd Annual ACG New York Champion’s Awards winners represent the best of M&A in the New York area in 2012, and CBIZ MHM earned their honor by distinguishing themselves in a group of very impressive finalists,” said Roger Aguinaldo, CEO of The M&A Advisor. “Despite the current challenging economic conditions,
CBIZ MHM has demonstrated that perseverance and performance lead to success in this market.”

Kreston International’s Jon Lisby and Kreston member, MHM’s Rich Howard featured in Public Accounting Report

Kreston International’s Jon Lisby and US member, MHM’s Rich Howard, were recently featured in a Public Accounting Report article titled “As Merger Deals Snowball Among Firms, Association Activity Adapts And Responds.”

Rich and Jon discuss the impact the accounting profession’s mergers and aquisitions activity is having on international networks and associations.

The question was:

How is the current environment of merger activity among accounting firms affecting your association or network? What benefits and challenges do you see it posing to organisations such as yours?

Their response:

“The intense merger activity we are seeing in the accounting industry has provided numerous positive benefits. We are seeing an increasing number of firms around the world looking to progress from looser accounting associations to more progressive networks. For example, the Bentleys Network in Australia recently joined Kreston. Bentleys was seeking a progressive network which shared the same culture and values.

As networks add firms and achieve growth, they are adding resources and capabilities, which in turn aids in branding, training, recruitment of specialists, increased visibility for the network and an increased ability to deliver consistent quality and levels of service across the globe because all firms in the network are operating with common methodologies and quality control processes. It also provides for broader coverage in markets where the networks may not currently have a strong presence. As a result, we have been able to strategically approach larger firms and local networks about joining. This process allowed us to recruit Exco France, a network of 23 independent firms, which is now our second-largest member by size.

There are also negative impacts and challenges of the merger activity. One network will always be on the losing end during an M&A deal. When two firms merge and each belongs to a different network, only one can prevail. Three of the key areas of impact in each M&A transaction as it affects the networks are independence, integration and quality.

At the end of the day, we must take the challenges along with the benefits. The activity is hopefully a sign of a renewed energy in the accounting profession, which we feel very positive about. Kreston and member firms’ ability to transition from association to network status, to promote quality through methodologies and monitoring, etc. has allowed Kreston to attract other high-quality firms throughout the world. This has been a change in strategy, as Kreston can now better target and identify larger firms and local networks of substance with similar culture and values. The advantage to member firms is the increased ability to compete in the global business environment. Between the focus on quality and the ability to share resources and technical expertise, member firms have gained strength in competing for transnational work.”

Tokyo’s Yaesu Audit joins Kreston

Yaesu Audit ranked amongst Japan’s leading audit only practices has joined Kreston.

Yaesu, established for over 40 years, and now providing a resource of over 40 professional and support staff will work in close collaboration with Kreston’s member firm, Okamoto & Co which provides accounting and internal audit services to companies investing in Japan.

Kreston CEO, Jon Lisby comments:

“The strength of the Yaesu client base is a testimony to the firm’s quality and strength – we very much look forward to working with them to support the growing demand from their clients for support with international business”

Kreston builds in Belgium by adding 60 professional and support staff

Kreston has admitted the Belgium audit firm VRC Bedrijfsrevisoren and the tax and accounting firm, Slabbinck ICS to membership adding some 60 professional and support staff.

VRC, established in 2003 when Belgium introduced stringent rules on auditor independence, is ranked among the top 10 audit firms in Belgium. VRC has over 350 recurrent audit clients from a broad range of industry and from the service sector both national and international. The firm operates from offices in Brussels and Roeselare. Slabbinck ICS similarly maintains offices in both Bruges and Roeselare and its origins date back to 1934. The firm offers the full range of tax and accounting services to both national and international companies.

Jon Lisby, Kreston CEO says: Attracting both VRC and Slabbinck to Kreston is excellent news – the firms have a culture of quality in line with our global focus and their international client base and experience significantly enhances Kreston’s capability in the region”.

Kreston International admits Netherlands firm.

Kreston International is delighted to announce the admission of Baat Accountants & Adviseurs in the Netherlands.

A 12 partner firm, with a total of 142 professional and support staff, Baat provides the full range of audit, accounting tax and consulting services from 5 offices in Heerlen, Maastricht, Roermond, Sittard and Venlo.

Kreston CEO, Jon Lisby said:

“The addition of Baat further strengthens the Kreston Netherlands group which now offers a total resource of 27 offices with 830 professional and support staff

Marcel Bollen of Baat commented:

“As our international practice is rapidly expanding, especially with regard to Asian companies setting up business in the Benelux, we were looking for quite some time for an international network with the right professional standards. Therefore we are delighted to join Kreston.”

Kreston International Isle of Man member, BW Oakfield Group Expands into Malta

Kreston’s Isle of Man member, BW Oakfield Group (BWO) has announced the acquisition of Momentum Pensions Ltd, an Isle of Man based Pension provider, together with the acquisition of a controlling interest in Momentum Pensions Malta Limited, which expands the groups distribution across Europe.

The transaction requires regulatory approval, but combines the expertise of both Groups, in the provision of QROPS, QNUPS and International Pensions.

The transaction will be undertaken through BW Oakfield Group’s subsidiary, Kreston Pensions (Isle of Man) LTD.

Managing Director Stewart Davies said, “This is a fantastic opportunity for us to expand our Pension offering beyond the Isle of Man and into Europe, and gives customers and advisors a choice of jurisdiction for their retirement savings. Momentum Pensions have quietly established themselves as a leading multi jurisdictional pension provider and we are excited to now build upon this utilising our Group infrastructure. We will also then be in a position to market those services to the significant Kreston European Network.”

Mark Gaywood, Managing Director of Momentum Pensions Group said,

“We are delighted to be working with BW Oakfield Group and Kreston International, not least due to the significant distribution available through the Network. The transaction also gives us additional critical mass and back office capability which is exciting given the opportunities that lie ahead, particularly with our regulated pension business in Malta”

Kreston admits Firma Internacional de Auditores, Consultores y Contadores Públicos, S.A (“FIACYCP”), Nicaragua
Firma Internacional de Auditores, Consultores y Contadores Públicos, S.A based in Managua, Nicaragua, has been admitted to Kreston membership. FIACYCP is a four partner firm with 20 staff providing the full range of audit, tax and consulting services.
Jon Lisby, Kreston CEO says:
“FIACYCP is a young and progressive firm led by highly experienced partners and we are confident that the firm will achieve strong and sustained growth maintaining the levels of quality – both in terms of technical capability and client service that Kreston clients enjoy”.
The firm was previously a Correspondent firm with Russell Bedford International.

Left to right:
Reynaldo Balladares Saballos, Ramón E. Solorzano, Fernando J. Gómez Moreira and Jesús J. Herrera Espinoza.

Kreston wins Global Award.

Kreston International has won the International Accounting Bulletin “Rising Star Network” Award.


Pictured is Jon Lisby, CEO Kreston International and Keith Tracey, MD of sponsor, AON

The Awards, sponsored by global insurance broker, Aon, took place at a ceremony in London last night.

Attracting over 100 nominations from all over the world, the awards were judged by an independent panel of high level accounting experts.

Kreston was shown to have demonstrated exceptional growth, ambition and innovation to elevate its position in the market. The successful implementation of the network’s strategy has improved the Network’s global position and reputation across the world and greatly enhanced the delivery of high quality services to international clients.

CEO, Jon Lisby says:

“These are the first globally recognised awards and we are delighted to have won. Congratulations are due to all to the partners and staff of our member firms worldwide.

Kreston International team.

Record breaking event scheduled for Beijing

Kreston has announced that its 41st Annual World Conference “Momentum” will be held in Beijing over September 11-14 2012.

CEO, Jon Lisby said “We are delighted to have created a varied and highly stimulating 3 day Conference business programme with each section run by those ranked amongst the world’s recognised leading experts in their respective fields.

Kreston’s development in China has been equally impressive – in the past twelve months, the aggregate fee revenues of the Kreston China member firms has grown by 80% – a combination of 26% organic growth and 54% from the attraction of acquisition of additional member firms. Kreston now has 13 independent member firms in Mainland China – Beijing, Changsha, Chongqing, Dongguan, Guangzhou, Hangzhou, Hefei, Jinan, Kunming, Nanning, Ningbo, Shanghai, Shenyang, Shenzhen, Taiyuan, Tianjin and Xian together providing a national resource of some 2,650 professional and support staff. Whilst this year’s China Survey has yet to be published, we anticipate that Kreston will rise to the rank of 9th largest international network – an impressive performance all round”

The Conference opens with an address by Dr. Yugui Chen – Deputy President and Secretary General of the Chinese Institute of Certified Public Accountants (“CICPA”) – Dr Chen who has led the Chinese profession through its development at breakneck pace from serving state owned enterprises, to public listed offerings to going international and his address with cover the past developments and the future of the profession in China.

International law firm, Jun He Law with offices throughout Mainland China, Hong Kong and New York will run presentations on the challenges Kreston’s clients may face when looking to establish operations in China – including the best structure, licensing requirement, employment law, intellectual property protection and repatriation of profits.

Allan Koltin of Chicago based, Koltin Consulting Group has consistently been voted among the world’s leading consultant’s to the accountancy profession and will facilitate the sessions covering practice management strategiesfor maintaining momentum for business development in both individual member firms and within the Kreston International network – Strategy,Partner Compensation, Firm Governance, Mergers and acquisitions, Exceptional client service and Best practice.

Maintaining momentum in periods of economic challenge requires lateral thinking and creativity and the final day of the Kreston Conference introduces Fredrik Härén – one of the most talked about names in the fields of creativity and the rapidly developing world.Fredrik from Sweden but now living in Singapore has worked with and inspired organisations in over 30 countries

Jon concludes” The quality and range of the business programme, coupled with a social programme incorporating Beijing main attractions creates “A Not to be Missed Event” and we are confident of attracting record numbers from the global Kreston membership. Attending conferences is a vital element to building effective working relationships between our members and underlines the belief that “people do business with people they know, like and trust””.

Kreston and E-conomic reach agreement for online accounting

Kreston and E-conomic are pleased to announce that Kreston has selected E-conomic as a preferred supplier of online accounting systems.

E-conomic www.e-conomic.co.uk/is one of the largest European providers of cloud based accounting software with over 40,000 businesses benefiting from the advantages of using the most up to date cloud based technology for their accounting processes.

The advantages of using cloud software are numerous, not least the low cost of setup and implementation and the benefits of having 24/7 anytime, anywhere access and working with clients using live data.

Kreston UK and Ireland meet in historical Worcester

The 2012 Kreston UK and Ireland Conference was superbly hosted in Worcester by Kreston Member Bishop Fleming Rabjohns.

76 representatives from 13 firms, including new UK members, Duncan & Topliss and Barber Harrison & Platt, attended in the historical city.

The Conference was opened by Kreston UK Chairman and Bishop Fleming Managing Partner Matt Lee together with Worcester Partner Ian Smith. Kreston CEO, Jon Lisby and Andrew Collier, Director of Quality and Professional Standards provided an update on global developments and the focus on quality in the network before delegates divided into a range of workshop groups. This proved an excellent opportunity for each of the Kreston UK Special Interest Groups to develop agreed action plans for the coming year.

Matt Lee, Kreston’s UK chairman said:
“We were delighted to greet new members Duncan and Toplis to the conference. The UK group now has combined revenues in excess of US$139m and increase of 32% and confirming its position as a significant force in the UK. The members of the special interest groups all felt that they had gained significant benefit from the conference and the teambuilding opportunities that it created, and are looking to continue to meet on a six monthly basis.”

Jon Lisby, Kreston International CEO said – “the aggregate strength and capability of the UK and Ireland group is impressive and the strategies discussed over the Conference period were directed at raising the Kreston profile and attracting an increased flow of quality assignments”

Kreston continues to build strength in China

Kreston International has admitted Hunan Tianping Zhengda CPAs of Changsha.

The firm is located in Changsha (population 7m) in the Province of Hunan (population 66m) which is in South Central China. Changsha sits on a branch of the Yangtze River and is a major port handling rice, cotton, timber and livestock with processing plants for tea, tobacco and meat, together with a textiles and agri-chemical industry. The Economic and Technological Development Zone in Changsha includes high and bio tech industries and the city has attracted a significant amount of foreign investment.

The firm has 5 directors and a total of 156 professional and support staff covering the full service range with a specialist divisions covering engineering cost consulting and a project bidding/procurement agency. The firm is ranked 7th within Hunan Province and 91st in China and has participated in recent meetings of the Kreston China group. Kreston’s network in China now has a resource of some 2,750 professionals.

Pictured is Asia Pacific Regional Secretary, Edmond Chan, with Kreston CEO, Jon Lisby,

Mr Heping Zhuo, Managing Partner of Hunan Tianping and his team

Kreston International admits Bentleys

Kreston International has today announced that the Australian network Bentleys www.bentleys.com.au is joining in 2012.

Bentleys has more than 50 directors and over 300 professional and support staff practicing in capital cities and other major centres across Australia with clients drawn from the public – government, community and not for profit entities and private sectors – large listed public companies, SMEs and high net worth individuals.

Graeme Blockley, CEO of Bentleys Australia said “Kreston International was the perfect fit for Bentleys – we were keen to find a progressive network which shared our culture and values delivering outstanding service by building truly effective working relationships with both clients and fellow network members.”

Jon Lisby, CEO of Kreston International stated ” We are delighted to secured the application of Bentleys – their recruitment adds considerable capability and resource to our existing membership in the Kreston Australia New Zealand Group. Bentleys was recently ranked 21st largest accounting firm (BRW Survey, October 2011) and we anticipate that the Kreston network will now progress to being counted amongst the Top 10 international accounting networks in Australia”.

Kreston International continues to build presence in China.

Yunnan Yong Sheng CPAs with 2 partners and 190 professional and support staff has been admitted to membership. The firm, which is ranked 5th in Yunnan province, is based in Kunming.

Kunming is located in a prime position near the Chinese border with the Southeastern countries and links to Vietnam, Burma and Laos. The firm has particular expertise in the energy sector.

Pictured is Mr. Zhiqi Li Managing Partner of Yong Sheng CPAs and members of his team, Edmond Chan, Kreston’s Asia Pacific Regional Secretary and Mr. Li of Kreston’s Nanning member firm, Xiang Hao CPA.

Kreston International admits O&R Oppenhoff & Rädler AG.

Kreston has admitted O&R Oppenhoff & Rädler AG as members. The firm, which has 5 partners and 50 professional and support staff is headquartered in Munich and has branch offices in Frankfurt and Cologne.

In addition to audit, the firm specialises in tax structuring, transfer pricing and transaction services with particular expertise in the financial services, real estate, automotive, media and technology industries.

Contact Partner, Ralf Otto.

Kreston International admits Tianjin Guangxin CPA’s

Tianjin Guangxin CPAs with 5 partners and 100 professional and support staff has been admitted to membership. With 3 offices, including one within the tax free airport zone, Tianjin Guangxin is ranked 5th in Tianjin and is among the top 100 accounting firms in China. Tianjin is China’s fifth largest city after Beijing, Shanghai, Guangzhou and Shenzen.

More than half of the Fortune Global 500 companies have branch offices in The Binhai New Area, a centre of growth in Tianjin, with an annual rate of c.30%.

Pictured (left to right) Lawrence Lee partner, Jon Lisby, CEO Kreston International, Jing LIU managing Partner, Edmond Chan, Kreston Asia Pacific Director

Kreston admits Azerbaijan firm

Caspian Business Consultants (“CBC”), a leading firm of accountants and business advisors, has joined Kreston International.

Kreston’s CEO Jon Lisby said:

“We are delighted to have secured CBC – the firm has an impressive record of attracting international listed clients particularly in the oil and gas sectors. Azerbaijan has an economy that is continuing to strengthen and is benefiting from significant foreign investment.

CBC has 3 partners and a total of 30 professional and support staff. Rauf Gassanov, the firm’s Managing Partner said:

“We very much look forward to representing Kreston in Azerbaijan and to working with the partners worldwide”

Andrew Collier moves to Kreston International as Director of Quality and Professional Standards

Andrew joins Kreston from RSM International where he has been leading its global quality control review programme.

Jon Lisby, CEO of Kreston said:

“We are delighted to have secured Andrew, his depth and breadth of experience and technical know how will prove a tremendous resource for our membership.

In addition to global quality, Andrew’s role with us will incorporate initiating guidance and practical support to audit teams on complex and current issues and the continued development of the network’s shared group audit methodology and tools. Andrew will also coordinate Kreston’s responses to public policy issues which has particular significance with the current EU proposals for change in the audit market and legislation to foster more competition and choice for the benefit of clients”.

Andrew commented:

“This is a very positive period for Kreston – the network is celebrating its 40th anniversary and making significant advances in the market. Having completed the transformation from a referral association to a cohesive global network in recent years and achieved a near doubling of global revenues – I am excited by the opportunity to support Kreston’s sustained progression within the mid tier global networks”.

Andrew will commence his new role from early December.

Carbon Trade Exchange signs first Agreement in Australia with Kreston firm.

wpias
Kreston member WPIAS Kreston’s member firm in Queensland has established Carbon Credit Corporation (C3) and aims to create multiple broker agreements with accounting firms throughout Australia. Firms entering the agreements will be able to measure a clients carbon footprint using CarbonView, a specialist carbon footprint software and will also be able to buy and sell carbon credits globally via the Carbon Trade Exchange (CTX).

This arrangement follows the completion of an agreement between CTX and C3 on the same historic day that the Australian Parliament passed the Carbon Tax legislation.

The clients of accounting firms joining the scheme will be able to trade carbon credits via their broker or directly with CTX. Businesses will be able to accurately assess their carbon emissions and offset them to be “carbon neutral” under the Federal Governments National Carbon Offset Standard (NCOS). They may also engage in carbon related customer loyalty programs similar to the carbon offset flights programs run by most major airlines.

The CTX-C3 agreement has been planned and developed over the past year and will provide businesses all over Australia the opportunity to use their trusted advisors and accountants to help them be part of and take advantage of the new low carbon economy in Australia.

Jon Lisby, CEO of Kreston International comments:

“It is excellent to see Kreston’s WPIAS associated with this ground breaking agreement. How auditors can give assurance on a company’s carbon footprint is a very topical subject globally”

For more information, contact

Carbon Trade Exchange (CTX) – Wayne Sharpe 0412 147 697

Carbon Credit Corporation (C3) Pty Ltd – Malcolm Borgeaud 0411 875091

EcoView Global Pty Ltd (EcoView) – Fadi Geha 0411 141 065

Kreston International’s member, BW Oakfield Group will launch Kreston Pensions (Isle of Man) Limited at the International Adviser Magazine Hong Kong QROPS (Qualifying Recognised Overseas Pension Scheme) forum in November 2011.

Kreston International’s Isle of Man member, BW Oakfield Group will launch a new International Pension offering through a new subsidiary, which will tie in with the networks branding.

Kreston Pensions (Isle of Man) Limited (“KP”) is a wholly owned subsidiary of BW Oakfield Limited, the main trading Company.

KP is authorised and regulated by the Isle of Man Insurance and Pensions Authority.

The new company will be launched at the one of the acclaimed International Adviser Magazine Investment Forums, in Hong Kong on Wednesday 2nd November 2011.

This will follow a separate launch at the STEP Asia conference in Singapore on Tuesday 1st November 2011.

Commenting on the launch, Group Managing Director, Stewart Davies said;

“We are delighted to launch this Company to take advantage of the growing opportunities in the International Pension and QROPS (Qualifying Recognised Overseas Pension Scheme) market.

With a growing number of British Residents retiring abroad and an increasing number of non-domiciled high net worth individuals in the UK, the offering is tailor made for this market segment.

In order to drive the business, we have recruited John Batty as the new Head of Pensions. John was a key figure in the working party that generated the Isle of Man legislation, which received HMRC approval in May 2011.

Given the international nature of the product we have taken the opportunity of launching the offering in Asia, where Kreston International is particularly strong.”

Further growth for the Kreston VAT Network

The Kreston VAT Network continues to deliver high quality transnational VAT advice and solutions to businesses operating across global boundaries. The 5th Annual Conference held in Milan saw 30 dedicated experts from 12 European Member States review areas of technical challenge and opportunities to benefit clients. Discussions covered differences in VAT treatment between EU member states; the EU Green Paper on VAT simplification and Quality Assurance procedures operated by member firms.

Greg Mayne, Chairman of the Kreston VAT Network said ” It was good to see so many new delegates this year as interest in the success and work of the network continues to rise. Our thanks go to the local host firm Vasapolli & Associati for their excellent organisation of this event. The 6th Kreston VAT conference will take place in Cyprus in May 2012″.

Expansion in the Netherlands.

Van driel Fruijtier Resseler VAT Management B.V. (“VDFR”), based in Dordrecht, The Netherlands has been admitted to membership of Kreston International.

Formed in 2008, the firm, which specialises in advising on national and international VAT issues, includes Ad Fruijtier amongst its 5 partners. Ad Fruijtier is well known within the global network and the Kreston Netherlands Group having previously worked with Syncount, Kreston’s member in Bodegraven.
Ad Fruijtier

Kreston CEO, Jon Lisby said:

“We are delighted to welcome the partners and team at VDFR to Kreston – it is also excellent to see the return of Ad Fruijtier who together with Greg Mayne of Reeves & Co was instrumental in establishing the highly successful Kreston VAT Network”.

Kreston donates 1,500 mosquito nets to JCI/UN project

The 40th Kreston International World Conference in Budapest supported the JCI Nothing but Nets Project by donating 1,500 long lasting insecticidal mosquito nets to its joint program with the United Nations Foundation to help fight malaria in Sub Saharan Africa.

Kreston’s CEO, Jon Lisby said – “JCI (Junior Chamber International) is a remarkable global organisation networking over 200,000 like minded young people looking to create positive change in the community. The JCI Budapest to Bamako Nothing but Nets Rally is an exceptional event – every bednet contributed may save the life of a child”.

The Conference attended by over 220 drawn from 37 countries focused on business development and growth with presentations from Gale Crosley CPA, founder of Crosley & Co and Graham Durgan of Emile Woolf International. The varied programme also included a reviewed the advantages of Cloud Computing and anticipated developments in audit regulation.

The Kreston Annual Awards Ceremony and 40th birthday celebratory dinner at the world famous Gundel restaurant was the highlight of the social programme.

Kreston International expands into Uzbekistan

Dok Audit of Tashkent, Uzbekistan has been admitted to membership of Kreston International

With 3 partners and 13 professional and support staff, Dok Audit is ranked 5th in Uzbekistan out of 120 audit firms and holds a Class A Audit Licence permitting the audit of listed companies and stated owned enterprises. The firm’s client base includes 7 listed companies and a number of public interest entities including insurance, financial services, oil and gas production.

Executive Director, Jon Lisby comments:

“We were extremely impressed with the quality of the firm’s client base and we shall continue to look to expand our representation in Central Asia”.

Timur Kadirov, Dok Audit’s Director of Consulting confirmed:

“We wish to be a worthy member of Kreston International and support its image and quality standards wherever we work”.

Kreston admits Professional Auditing Service (“PAS”), Bangkok, Thailand

The International Office is pleased to announce the admittance to network membership of Professional Auditing Service (“PAS”) of Bangkok, Thailand. PAS has 4 directors and 72 professional and support staff.

Natthapol Musikaparn of PAS said: “We currently serve a niche market of Japanese firms investing into Thailand together with a number of USA clients. We are looking forward to further expanding our international client base with Kreston”.

Hisa Takizawa of Kreston member firm, Hongo Tsuji in Tokyo has already worked with the firm and reported:

“I have known PAS for some time and it is extremely good news that the firm has selected to Kreston as its international accounting network.

Jon Lisby comments:

“Kreston has been seeking a firm of appropriate quality and resource to represent our interests in Thailand for a considerable number of years and we are extremely pleased to welcome PAS. The client base, international experience and quality of Professional Auditing Service precisely meets our requirements”.

Pictured left to right:Kreston Regional Secretary for Asia Pacific, Edmond Chan, Natthapol Musikaparn, Niranish Sittiprapa and Kreston Executive Director, Jon Lisby

The Kreston International Application (AAP) for Blackberry users is now available for free download.

The App gives Members, Clients and Contacts mobile easy access to Kreston’s global network.

Please click on the link below to download your free app

http://appworld.blackberry.com/webstore/content/52298?lang=en

The app provides directory details and phone and email connections with contact partners from firms in 95 countries together with Google Map locations.
Jon Lisby, Executive Director of Kreston International says:

“In today’s world, it has become increasingly more essential for members to have easy access to our global resources – As well as our Blackberry App we have recently also launched our iPhone/iPad and Android Apps making us the first accounting network to go “cross platform”.

Kreston’s “In it to Win it”

425 delegates met at the Mirage, Las Vegas for this year’s two day North American Conference hosted by CBIZ MHM. USA members were joined by Kreston members from Canada, Hong Kong, Japan, Netherlands and the UK.

The intensive business programme was divided over core service lines – Accounting and audit, Taxation, Forensic and Financial Services together with a broad range of special interest service lines and industry workshops.

Delegates at the conference.

Kreston Executive Director said “The Conference content was wide ranging and directed at current developments in strategy, legislation and best practice to enhance the quality of services to the network’s global client base”.

Kreston continues growth in China

The latest firm to be admitted to Kreston International is HuaPu TianJian CPAs of Beijing currently ranked 30th largest firm in China.HuaPu TianJian CPAs, founded in 1989, has 5 branches, a total resource of 570 professional (270 CPAs) and support staff.

The firm has a listed company audit licence and experience in handling international assignments including IPO’s to USA, UK and Germany. In addition to a significant portfolio of listed companies, the firm is advising a large number of companies which are progressing towards an Initial Public Offering. The listed and private clients are drawn from broad range of industry sectors including banking, securities, mining, manufacturing, textiles, automotive, papermaking, printing, chemical, electronic, pharmaceutical, biological product, food, communications, energy, transportation, construction, real estate, agricultural, technology and communications.

Jon Lisby, Executive Director commented “We are delighted to have been successful in recruiting HuaPu TianJian CPAs and extremely pleased to welcome them to the Kreston China network, currently ranked 8th by the International Accounting Bulletin survey . This is a firm of the highest quality. The firm achieved revenue growth of 30% in the last year and clearly has the potential for sustained future growth.

Pictured are Jon Lisby, Executive Director, Mr Houfa Xiao, President of Huapu TianJian CPAs and Clive Stevens, Kreston’s Chairman

Chan & Chan rebrand and merge

Hong Kong member Chan & Chan, which celebrates its 10th anniversary of Kreston membership this year, has completed a merger with Kennedy Tang & Co adding additional resource and service capability to the firm.

The combined firm will operate as Kreston CAC and Mr Kennedy Tang has been appointed to join the Board.

Edmond Chan, the firm’s Chairman and Kreston’s Asia Pacific Director and Regional Secretary commented:

“I am delighted to have completed this merger with such a well established and reputable firm. Adopting the Kreston brand is a key element of our business development strategy and will confirm our position amongst the world’s leading international accounting networks”

Updated contact details for the new firm is available in the ‘find members’ section.
Pictured at the brand launch are left to right:

Edmond Lau, Edmond Chan, Jon Lisby Executive Director for Kreston International , Kennedy Tang and K C Chan.

Kreston International has announced the addition of Duncan & Toplis (“D&T”) in the UK.

Duncan & Toplis has 10 offices in the East Midlands with 28 partners, 270 professional and support staff generating revenues of US$25.3m (£15.8m). The firm offers the full client service range including specialist service companies providing corporate finance and financial services.

Peter Townsend, D&T’s Managing Partner commented:

“Our Partners are excited about joining Kreston International and the enhanced international experience this will afford our clients.”

With this addition, Kreston UK moves to 13 firms covering the UK, Ireland and the Isle of Man with aggregate revenues of US$180m (£110m) – together the firms would be ranked 12th in the UK.

Jon Lisby, Executive Director said ” We are delighted to welcome D&T to Kreston International and Kreston UK. The firm is long established with an outstanding reputation as a trusted advisor for the entrepreneurial SME market in the East Midlands Region”

Rabjohns LLP to merge with Bishop Fleming

The International Office is pleased to announce that Rabjohns LLP will merge with Bishop Fleming from 1st November, to become Bishop Fleming Rabjohns.

This move will add Worcester to Bishop Fleming’s existing offices in Bristol, Cardiff and the South West – and see the firm increase to 21 partners and 230 staff across the UK.

Explaining the move, Rabjohns’ Chairman, Ian Smith, said: “Our decision to join Bishop Fleming is a natural progression of the close working relationship between our two firms over the last decade.

“We have both shared active membership of the Kreston International network of independent accountancy firms over many years, and Rabjohns already use the Bishop Fleming payroll services for many of our clients”, he added.

“The merger will provide Rabjohns’ clients with the specialist skills and services of the enlarged firm, including expertise in high level VAT, international tax, capital market fundraising and corporate finance.

Additionally, it provides access to one of the country’s largest business recovery teams, and Bishop Fleming Independent Financial Advisers”, said Ian.

Managing Partner of Bishop Fleming, Matthew Lee, said: “Our long standing relationship has confirmed that both Bishop Fleming and Rabjohns share core values and a common culture in how we engage with our clients and our people.

“This merger will add significantly to our strength in a number of sectors such as Charity & Education and Sport, Leisure & Tourism.

“We are particularly excited about the prospect of working with Rabjohns who we have admired and respected for a long time.”

Left to right: Matthew Lee, Jerry O’ Sullivan, David Cornelius and Ian Smith

Kreston leaps to 6th in Indonesia

Kreston International is delighted to report the merger of member firm, Eddy Siddharta & Rekan with Hendrawinata & Rekan.

Hendrawinata & Rekan exited Grant Thornton International on 31 May 2011 and identified Kreston as the most suitable international network for the firm’s continued development.

The new firm, Hendrawinata Eddy & Siddharta will provide the full range of client services with over 240 partners and professional staff. Hendrawinata Eddy & Siddharta will rank 6th nationally.

Executive Director, Jon Lisby said

” We were delighted to have completed this transaction in such a short time frame and our congratulations go to the partners of both firms for their focused approach to the merger discussions. This merger had the three essential ingredients for success – first, there was the right people and culture fit, second there is a clear underlying business benefit and third, the financials work well for all concerned. It was a pleasure working with the partners of both firms to conclude this merger and I am confident that the new partnership will rapidly secure its position as the leading mid tier firm in Indonesia. Clients will benefit from the strength of Kreston resources in the region and the range and quality of services available”.

Tan Siddharta will assume the role of Managing Partner with M.P. Sibarani as Chairman and A. Hendra Winata as Vice Chairman.

left to right: Asia Pacific Regional Secretary, Edmond Chan; Erwin A Winata, Maringan Sibarani, Jon Lisby, Kreston Executive Director, Hendra Winata, Eddy Simon, Tan Siddharta, Robby Sumargo and Renato Leuterio.

Kreston admits Wong Robinson & Co to expand service line in Canada.

The International Office is pleased to announce the admittance of Wong Robinson & Co of Vancouver, Canada.

The firm, headed up by Patrick Wong and James Robinson, was founded more than twenty years ago and has a particular focus on Chinese business entering the Canadian market.

Wally Rudensky, Partner in Evans Martin who introduced the firm to Kreston said:

“I have developed a great relationship with Patrick and James and going forward we will be partnering up some ventures for China where they have excellent relationships”.

Patrick Wong commented:

“We are delighted to be admitted to Kreston and look forward to meeting and working with members over the coming months.”

The admittance of Wong Robinson & Co is supported by DNTW, Kreston’s other Canadian firm.

Left to right, Patrick Wong and Chris Watson of DNTW, Canada.

Kreston International expands its US coverage to Memphis, Tennessee.

Kreston International USA member, CBIZ MHM has announced the acquisition of Thompson Dunavant (“TD”), the largest locally-owned full-service accounting and financial services provider in Memphis, Tennessee

Originally founded in 1997, TD provides tax and financial consulting services to clients ranging in size from small closely-held businesses to large multi-national businesses in a variety of industries. TD has 83 associates and annual fee revenues of $15.7 m.

Saul Reibstein, CBIZ Executive Managing Director and Kreston International Board member said:

“Thompson Dunavant is highly respected in the marketplace and their culture is very similar to ours. This transaction is consistent with our growth strategy of acquiring premier providers to expand our geographic coverage.”

Stephen T. Dunavant.

On becoming part of CBIZ, TD Managing Shareholder Stephen T. Dunavant commented:

“CBIZ is a growing and dynamic national company with a platform that we believe will provide greater growth for our team and greater support for our clients. We are excited to join CBIZ because, like us, they have a strong focus on client service and team development. These commitments coupled with the opportunity to be part of a national company will provide new growth opportunities for us and enhance our long-term commitment to our clients and our community.”

Kreston International welcomes Osillo & Co, Uganda.

The International Office is very pleased to announce the admittance of Osillo & Company of Kampala, Uganda.

Osillo & Co acts for a broad range of clients covering the private sector, international development organisations and government bodies.

Kreston Executive Director, Jon Lisby says:

“The admittance of Osillo & Co forms part of our strategy to build representation in East, Central and Southern Africa. We look forward to working with Justin Osillo and his team to further develop the Kreston brand across the region”.