World Survey 2014
International Accounting Bulletin
tional client base.
Stephens says she expects M&A in the
coming year which will involve specialist firms to “deepen RSM’s capabilities in
key areas”. Asked about the situation after
the loss of Tenon she replies: “The UK is a
challenging market and we are continuing
discussions and hopefully we’ll be able to
announce something soon.”
Difficult year
Another network to suffer consecutive challenging years was PKF International, which
reported a 6% decrease to $2.5bn in the
year to 30 June.
PKF international lost several large member firms in the year. However due to the
six-month notice period that firms have,
and some deals happening just before the
year-end or just after, PKF International
included those revenues when reporting to
the IAB.
While some might have speculated that
the loss of PKF UK to BDO UK at the end
of 2012 and several other deals would mean
the end of the network, chief executive John
Sim says the network will “by mid 2014 be
where we used to be”.
“We have replaced several of the members
we lost and some of them are still to leave
and are currently operating as part of their
six-month notice,” he says.
Sim ad mits the net work has been
somewhat “under attack” by networks like
BDO and Grant Thornton International.
However he believes PKF has successfull