By Rob Starr, Content Manager, Big4.com

According to the new report, Extending the Campus – A Lesson in Successful Global Expansion for Higher Education Institutions, as demand for international education rises (growing at an average annual rate of 7.1 percent between 2000-2010), institutions are hoping to take advantage by broadening their footprints and brands in new geographies in both education and research.

An example of this is China which, according to research cited in the report, has invested US$20 billion in education since the 1990s and increased enrollment from five million post-secondary students in the mid-1990s to more than 34 million in 2010.

Yet, despite the best intentions of many institutions to expand beyond their national borders, many fail to develop the proper governance and operational frameworks in advance of, and following, implementation.

The report, which outlines key lessons learned in transnational expansion, features insights from KPMG’s Rowley and other KPMG partners in the educational sector, supported by four case studies from higher education institutions in Canada, India, the Netherlands and the UK.

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. They operate in 152 countries and have 145,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

from KPMG files

The post KPMG: Six Key Steps for Higher Education Institutions appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG award

The team of students from the Australian National University has won the 2013 KPMG International Case Competition (KICC) held recently in Madrid, Spain.  The team from Australia will receive an all expenses paid, one week entrepreneurship training at Babson College in Boston, Massachusetts, U.S.A. This award is presented in partnership with Banco Santander, a global multinational bank who collaborated with KPMG on this year’s event.

This year, the final competing teams were asked to provide strategic advice to a global food organization on the acquisition of a major snack brand.  The challenge was to prepare a compelling set of recommendations and an engaging presentation for a panel of leaders from across KPMG’s global network. After careful deliberation, the Australian National University was selected as the winner due to their innovative approach, insight into the subject matter, and the passion exhibited in their presentation. The team included, Olivia Kelly, Xinyu Ru, Vithiyasagar Sritharan and Aizaz Syed.

Michael Andrew, Global Chairman, KPMG International comments:

“We see the KPMG International Case Competition, as a natural extension of our commitment to learning and development,” he says. “KICC places students at the heart of real business issues and simulates the difference KPMG professionals make to business and communities on a daily basis.”

Now in its tenth year, KICC is one of the world’s largest case competitions and represents KPMG’s flagship student recruitment initiative. This year, KICC drew some 15,000 students from more than 400 universities in 23 countries to compete against each other in developing solutions to realistic business scenarios.

from KPMG files

The post KPMG: Team Australia wins business challenge appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG study

According to KPMG’s sixth annual publication on the sector, the number of travelling Mainland Chinese continues to rise and global luxury brands are subsequently adapting their business strategies, both in China and in their home markets.

One of the key findings of this year’s survey is the rising number of Mainland Chinese consumers travelling overseas. This has increased to 71 percent of survey participants in 2012, from 53 percent in 2008, a significant change. A majority of survey respondents (72 percent) said they purchase luxury items during overseas trips, with cosmetics, watches and bags winning the top spots.

Digital media plays an increasingly important role in China, as the survey found that around 70 percent of potential consumers search for luxury brands on the internet at least once a month. It also notes a surge in online shopping intentions, with 40 percent of respondents indicating they are interested in purchasing luxury goods on the internet, a substantial increase from 22 percent in 2011.

Brand recognition meanwhile continues to increase as consumers become more discerning. The survey’s respondents said they recognize 59 luxury brands, a figure that continues to rise over successive annual surveys.

Chinese consumers also distinguish among countries of origin and associate certain countries with particular products. The survey highlights a continuing strong association towards European heritage brands: Switzerland came top for watches, France for cosmetics, perfumes, clothes and bags, and Germany for automotives.

from KPMG files

The post KPMG: Chinese Luxury Consumers are Increasingly Purchasing Overseas appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG International’s latest High Growth Markets International Acquisition Tracker (formerly Emerging Markets International Acquisition Tracker) shows that acquirers in developed markets are still cautious about pursuing cross-border M&A opportunities in high growth markets.

Tom Franks, KPMG’s Global Head of Corporate Finance, commented:

“Developed markets are showing more stable levels of confidence domestically, but we are not seeing that reflected in the D2H cross-border deals market. Companies in developed markets are sticking with what they know, rather than seeking out opportunities in high growth markets.”

Even those developed markets that were relatively stronger in D2H deals over H2 2012, such as the UK, USA, and Hong Kong, struggled to rise above 2008 levels in absolute terms. The USA, for example, saw the most deals in H2 2012, with 102. While this was 8 percent less than H1 2012, it was the lowest six-month total since H1 2005.

Chinese acquirers were the busiest in 2012, in terms of H2D deals. Over the course of the year, Chinese corporates completed 81 H2D acquisitions, the second highest annual volume since 2005. Only 2010 saw more Chinese H2D deals completed, with 92.

India was the next most active H2D market, with 29 deals – three more than H1 2012. South America (ex. Brazil) was another strong performer, with the volume of H2D deals almost doubling between H1 and H2 2012.

Even the much vaunted BRIC economies (Brazil, Russia, India and China) could not breathe life into the H2H market. Of the four, only Russia attracted a significant number of H2H acquirers, with 30 deals completed, while in an unprecedented slump, there were no H2H deals at all involving targets in either Brazil, India or even China.

form KPMG files

The post KPMG: Global M&A activity still weak, but high growth markets more resilient appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG International’s latest Global M&A Predictor shows that the confidence to undertake significant M&A is predicted to return to the world’s largest companies, according to the latest analyst predictions, with global forward P/E ratios (by which we measure appetite) rising 15 percent over the past 6 months and 12 percent year-on-year.

Not only do companies appear to have their appetite back, but they also have the capacity to transact, which is indicated by the forecast net debt to EBITDA ratio, which shows an expected improvement of 15 percent over the next year. Over the last 2 years, the trend has been for steadily rising capacity – driven by companies’ focus on reducing debt – to be tempered by an equally steady decline in confidence.

Although appetite in healthcare only rose by a modest 11 percent in the past 6 months, it saw a significant expected increase in capacity over the next year of 40 percent. It was a similar story in technology, where a 9 percent rise in appetite – albeit a healthy increase but below average – was outshone by an expected 32 percent increase in capacity.

Industrials saw appetite rise by 22 percent and capacity by 16 percent. Basic materials were another success story with a 16 percent rise in capacity and a 37 percent jump in appetite.

Looking at the country level, although there are understandably considerable variations between markets, the overall trends for confidence and capacity are both overwhelmingly positive. Germany is a good example with an appetite increase of 26 percent since June 2012 and a forecast capacity rise of 20 percent.

with files from KPMG

The post KPMG: Global M&A market says ‘welcome back’ to confidence appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

A new report from KPMG International finds that the current consultation on financial resolution for global insurers is a crucial step for European and international convergence and calls for an insurance-specific framework. KPMG’s 2013 Evolving Insurance Regulation report, A New Dawn. launched recently at the RiskMinds Insurance event in Amsterdam.

As a starting point, it is imperative that a global framework is developed between insurance supervisors and this framework is likely to have many knock-on effects to existing supervisory structures. Specifically, the KPMG report outlines a number of key suggestions including

• The expansion of the European Insurance and Occupational Pensions Authority’s (EIOPA) role in the supervision of European insurance groups with assistance from local regulatory authorities as required. This could encourage a better facilitated European response among supervisors, offer a single reference point for insurance groups and provide consistency between sectors given the recent announcements regarding plans to enhance the role and coverage of bank supervision via the European Central Bank.
• Building on work already done on in the IAIS including the broadening of Own Risk and Solvency Assessments (ORSA) tools developed to analyze risk

The KPMG report aims to answer how the industry can balance these and other new regulatory demands, while creating positive value for enhanced performance. Based on views from a network of regulatory specialists with KPMG member firms worldwide, the report examines relevant proposals and their implications for insurers globally and through country-specific and regional overviews.

from KPMG files

The post KPMG: Urges Regulatory Reform on Systemic Risk for Insurers appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

According to KPMG report  The Cloud Takes Shape, nearly 33 percent of all executives surveyed say that cloud implementation costs have been higher than they expected, and a similar percentage say that integrating cloud services with their existing IT infrastructure has been particularly difficult.

Despite these emerging complexities, executives still believe that the benefits of cloud adoption far outweigh any growing pains they experience through implementation, the survey shows. In part, this is because organizations are shifting their focus away from pure cost reduction objectives to instead focus on achieving the transformational benefits of cloud.

Rick Wright, Global Cloud Enablement Program Leader and a Principal with KPMG in the US comments:

“One of the most important lessons uncovered by this research is that business process redesign needs to be done in tandem with cloud adoption if organizations hope to achieve the full potential of their cloud investments,” he said. “Executives have found that simultaneous process redesign is central to addressing the complexities that often arise in the implementation and operational phases of cloud adoption.”

Business executives are recognizing that cloud adoption should improve security, not lessen it, nevertheless 26 percent of respondents still see security as a key challenge.  The report indicates that business executives recognize that the only way to address the concern is to work more closely with IT to develop a joint approach on cloud security to ensure that cloud providers’ solutions and services are reliable and protected.

from KPMG files

The post KPMG: The biggest challenges of cloud adoption appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG International has named Andrew Weir Global Chair of its Building, Construction and Real Estate practice.

His areas of specialization include IPOs, mergers and acquisitions, due diligence, IFRS advisory and special engagements. He is a board member of the Hong Kong Chapter of Asian Public Real Estate Association and has authored several KPMG publications on the real estate and property markets of China and the Asia-Pacific region.

Isabelle Allen, KPMG Global Head of Sales and Markets: “Andrew’s deep global experience and knowledge of this sector will give our clients the critical guidance they need to do business particularly in the growing markets of Asia and other regions around the world.”

Mr. Weir, a Senior Partner with KPMG in Hong Kong and currently the Asia Pacific Head of Building, Construction and Real Estate, and was also previously the partner-in-charge for Property and Infrastructure in China. Mr. Weir has over 20 years of experience with KPMG, serving global, regional and national real estate, construction, hotel and investment fund clients. He is a member of the executive board of ANREV, the Asian Association of Investors in non-listed real estate vehicles.

“Even as markets around the world work to stabilize economic recovery, the building, construction and property sector is still overall very robust,” Mr. Weir said. “Demand for new infrastructure is still at an all-time high which brings great opportunity, so it’s vital that we help our clients focus on maintaining efficiencies and ensure their risk management programs are solid.”

from KPMG files

The post KPMG: New Global Head of Building, Construction and Real Estate Practice appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

A new survey from KPMG International shows that while tax departments around the world are rightly focused on managing the ever increasing compliance burden other important areas of responsibility may be suffering.

Encouragingly, 93 percent of survey respondents (up from 84 percent in 2009) have a tax strategy that aligns to that of the business and 75 percent (strategies) are board-approved (up from 48 percent in 2009). For 73 percent of respondents, the board and/or corporate leadership are directly involved in providing guidance on the tax strategy—a significant increase since 2009 (51 percent).

Yet, despite the growing compliance burden and more detailed tax authority focus, additional investment in staff, process improvement and technology to help manage the workload is not a must-have—a surprising 79 percent of respondents feel they have sufficient operating or administrative budgets and only 19 percent say they are looking to change their tax department structure in the near future.

KPMG International’s global survey of people in charge of tax policy and operations of companies worldwide is one of the largest of its kind. Iterations of the survey have been conducted regularly since 2006, charting the evolution of leading tax departments and identifying operational benchmarks for high-performing tax teams.

The global survey of 1,150 tax executives in 22 countries shows that they are focusing about half of their time on tax return compliance, financial reporting and managing tax audits. Other more forward-looking, higher-value activities — such as optimizing the effective tax rate, cash tax planning, tax process improvement and integration with other internal business groups — are expected to take up only about one-third of the tax department’s time.

from KPMG press releases

The post KPMG: Tax directors face a difficult dilemma appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG research of the fiscal policy settings of 19 of the G20 economies reveals that levels of government debt were already reaching their limits long before the global financial crisis hit, and the impact of aging populations and the interconnected global economy require long-term policies to prevent debt conditions from worsening.

While the research indicates that these deep-seated issues will not likely disappear any time soon, it also notes that the slow outlook for world economic growth in the near-term coupled with the rising costs created by intergenerational aging for many governments will further impact upon fiscal sustainability targets. This, in turn, will heighten the need for sustained fiscal policy action (such as prudent budget management and the restoration of balance sheet health) over the next 40 years.

“This finding is particularly important given the increasing interconnectedness of the global economy,” said Nick Baker, Global Head of KPMG’s Finance & Treasury practice. “Slow growth outlooks within any sizable portion of the world economy will inevitably lead to fiscal challenges in other jurisdictions, making the government debt levels of the developed world particularly worrying for the prospects of those economies in the developing world.”

KPMG examined the fiscal policy settings of 19 countries within the G20 group of countries across the budgetary, economic and intergenerational cycles. The report offers a country-comparative perspective in order to highlight some of the existing fiscal policy framework elements against the trend perspective offered by each country’s relevant government financial statistics.

The post KPMG: Threats to Worsen Sovereign Debt Woes: appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG International is a double recipient of 2013 International Accounting Bulletin (IAB) Awards, which were presented in London on March 14th.  For the second consecutive year, they been awarded “Sustainable Firm of the Year,” and is the IAB’s first-time winner as “Social Networking Champion”

In securing the repeat award for “Sustainable Firm of the Year”, the KPMG Global Citizenship team demonstrated the firm’s global leadership across a range of corporate sustainability initiatives.

Highlights include the Global Green Initiative for environmental sustainability, which has seen the firm meet aggressive goals in reducing emissions and increasing energy efficiency, while KPMG’s Climate Change & Sustainability Services was recognized by the 2013 Verdantix Global Sustainability Leaders Survey: Brands

The award for “Social Networking Champion” recognizes KPMG’s WEFlive service, the innovative Twitter aggregation service that distilled in real-time the Twitter conversations from delegates attending the World Economic Forum Annual Meeting in Davos, Switzerland.

“KPMG is extremely proud to receive these awards and thanks the International Accounting Bulletin for this recognition,” said Lord Michael Hastings, KPMG’s Global Head of Citizenship.  “We appreciate the opportunity to present innovative initiatives of the global organization and member firms and show not only how they are impacting our business but more importantly how KPMG professionals are applying them to benefit clients, the business community and society at large.”

from KPMG press releases

The post KPMG: Two International Accounting Bulletin awards appeared first on Big4.com.

KPMG’s Advisory Services are focused on helping organizations, across various industries, address fundamental business and technology issues (such issues may include increasing revenues, controlling costs and mitigating enterprise risks). We help companies define their strategies and implement initiatives intended to drive greater alignment between business objectives and technology support to enhance market positioning. We are currently seeking a Manager in our Banking Consulting Practice to join us in one of the following offices: Charlotte, Atlanta, Chicago, New York City, Dallas or Richmond offices. Other locations are also available. Up to 80% travel required.

Please see full job description here.

The post Featured Job: Manager / Director, Bank Consulting appeared first on Big4.com.

At KPMG LLP you’ll find we offer an award-winning work environment, challenging career development programs, and the chance to work with some of the best and brightest people around the world. If you’re looking for a great place to build your career, we look forward to speaking with you. We are currently seeking a Manager, Learning and Development to join us in our Montvale, NJ office.

Please see full job description here.

The post Featured Job: Manager, Advisory Learning and Development appeared first on Big4.com.

KPMG LLP operates with help from our Service Support professionals. Together, our talented people develop and help manage our brand, control our finances, run our IT Services, and take care of many thousands of tasks involved in making sure our firm runs smoothly. Our Human Resources team is responsible for managing the initiatives and programs that drive and support KPMG’s Employer of Choice/Partnership of Choice strategy. They provide benefits and services for partners and employees, and manage, analyze, and report on personnel requirements, including recruitment, retention, and alumni relationships, and help ensure compliance with all federal and state labor laws. We are currently seeking a Manager to join us in our New York City office.

Please see full job description here

The post Featured Job: Manager, Campus Recruiting appeared first on Big4.com.

Our Information Technology Services (ITS) works with KPMG’s functions to conceive, deliver and support the technology that partners and professionals need to succeed. We are currently seeking a Manager, Data Loss Prevention in our Montvale, NJ office.

Please see full job description here

The post Featured Job: Manager, Data Loss Prevention appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking a Manager in IT Enterprise Technology Solutions for our Management Consulting practice to join us in our Chicago office.

Please see full job description here

The post Featured Job: Manager, ETS / SAP / SD- OTC appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Senior Associate to join our International Executive Services (IES) practice in our Denver office.

Please see full job description here

The post Featured Job: Senior Associate, Global Mobility appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our Federal Tax practice in our Shreveport office.

Please see full job description here

The post Featured Job: Manager, Federal Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Senior Associate to join our International Corporate Services (ICS) Tax practice in our Philadelphia office.

Responsibilities:

• Serve as an international tax advisor to clients in a range of industries on international tax services and offerings
• Assist in monitoring multiple client engagements while serving as a business advisor to the client
• Research, write, and review client tax advice relating to domestic and international tax matters
• Assist in formulating and delivering tax planning and tax savings services
• Supervise and aid in the development and training of new and experienced staff professionals

Please see full job description here

The post Featured Job: Senior Associate, ICS appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

Companies around the world are threatened by a growing tide of regulation, according to a new report by KPMG which charts the views of 320 in-house General Counsel, but finds those using their legal skills to help make commercial decisions are the ones that will best thrive in the new environment.

“Companies are facing a cloud of regulation that is adding a layer of complexity to almost every commercial decision that they need to take and risks casting a further shadow at a time of low economic growth in mature economies.  General Counsel are increasingly being required to act as the barometer for their organizations, gauging the pressure and helping to scan the horizon for future threats,” said  Kathryn Britten, Global Head of KPMG’s Legal Services Sector.

The need for General Counsel to pick up the mantle is clearly highlighted, with the increase in volume and complexity of regulation flagged as the greatest risk to organizations over the next five years by 90 percent of respondents.  For General Counsel operating in the technology sector this is expected to play out in the form of disputes.

This shift in role to forward-looking commercial consultant has not been without its issues for General Counsel. According to the survey around two thirds of General Counsel are now more involved in business decisions than they were 5 years ago, a very significant move forward. However, there is clearly some way to go, with 80 percent of General Counsel saying their involvement can reduce the number of disputes and regulatory issues their companies face.

from KPMG press releases

The post KPMG: General Counsel influence grows appeared first on Big4.com.

Urban consumers in China, Brazil and Singapore are proving to be the world’s most voracious users of digital media, powered by the rapid uptake of smartphones and tablets according to the KPMG International 2013 Digital Debate.

To satisfy the intense information needs of tech-savvy consumers, content, devices and distribution channels need to be integrated, the KPMG survey suggests. It is unlikely that any single player can master all these components, making cooperation and collaboration a necessary approach.

Accessing these multiple devices concurrently appears to impact advertising effectiveness — but not everywhere, according to the survey. Urban consumers in Brazil, China and Singapore have the highest receptivity to advertising and accept that it can underwrite the cost of the content they enjoy. Seventy-seven percent of Chinese consumers and 62 percent of Brazilian consumers are happy to receive online ads in return for lower-priced or free services.

To understand how consumers are allocating their time and budgets to media in all its forms, KPMG International commissioned YouGov to undertake an online global survey of more than 9,000 consumers across North America (US, Canada), Europe (Germany, Spain, United Kingdom), Asia Pacific (Australia, metropolitan China and Singapore), and Latin America (metropolitan Brazil). Metropolitan China has an estimated population of 426 million and metropolitan Brazil 50 million.

The post KPMG :China, Brazil and Singapore Lead Consumption of Digital Media appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG International is a double recipient of 2013 International Accounting Bulletin (IAB) Awards, which were presented in London on March 14th. The award for “Social Networking Champion” recognizes KPMG’s WEFlive service, the innovative Twitter aggregation service that distilled in real-time the Twitter conversations from delegates attending the World Economic Forum Annual Meeting in Davos, Switzerland.

Highlights include the Global Green Initiative for environmental sustainability, which has seen KPMG firms meet aggressive goals in reducing emissions and increasing energy efficiency, while KPMG’s Climate Change & Sustainability Services was recognized by the 2013 Verdantix Global Sustainability Leaders Survey: Brands

In securing the repeat award for “Sustainable Firm of the Year”, the KPMG Global Citizenship team demonstrated KPMG’s global leadership across a range of corporate sustainability initiatives.

Lord Michael Hastings, KPMG’s Global Head of Citizenship commented:

“KPMG is extremely proud to receive these awards and thanks the International Accounting Bulletin for this recognition,” he said.  “We appreciate the opportunity to present innovative initiatives of the global organization and member firms and show not only how they are impacting our business but more importantly how KPMG professionals are applying them to benefit clients, the business community and society at large.”

The post KPMG: Captures two international accounting bulletin awards appeared first on Big4.com.

KPMG recently conducted an online survey of 9,000 consumers in 9 different countries to understand how global consumers are accessing media and digital content.

The fact is that consumers are willing to pay for content – but it depends on how they are accessing the content, and the type of content they are looking for. The KPMG survey found that consumers are accessing more media than ever before. It’s not that digital media is replacing traditional media – we are just consuming more of all types of media. Consumers are becoming digital multi-taskers.

Traditional media companies cannot wait for a silver bullet, or sit by and wait for their competitors to come up with the answer. Because the right answer for one will not be the right answer for another. And because, to really stay ahead in this market, the power lies with understanding what your consumers are looking for, and giving it to them – before they even know they need it.

What does the impact of the explosion of mobile devices mean for advertisers? With the availability of content over multiple channels, consumer attention is being pulled in every direction. Adapting in this new environment is a challenge for the advertising world. As digital multi-tasking becomes more prevalent, the advertising industry needs to rethink its model for pricing and delivery.

As use of DVRs and streaming options become common, consumer preferences are driving change. While traditional media is holding up well to the disruption, the impact can be dramatic in areas where over the top delivery is starting to make some inroads according to KPMG.

The post KPMG: The Rise of the Digital Multi-Tasker appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

According to the KPMG International 14th Global Automotive Executive Survey., as fuel efficiency remains the top concern among a cost-conscious driving public, global automakers, with still no clear course on electro-mobility, plan to continue to optimize the internal-combustion engine (ICE), but will also put a greater investment in hybrid plug-in fuel systems through 2018.

Mathieu Meyer, KPMG’s Global Head of Automotive and a partner of the German firm comments:

“Together, these forces add considerable complexity to an OEM’s business model,” he said. “Whereas in the past, automakers concentrated on just producing ICE cars, now they must cope with a range of propulsion technologies, new trends such as car sharing, internet connectivity as well as the growing significance of emerging markets. It is indeed a hugely transformative time for the global auto industry.”

Twenty-nine percent of OEM and supplier executives say they will invest in downsizing and optimizing ICE technology. Chinese and Brazilian OEMs and suppliers also see a further window of opportunity for optimizing the ICE: 40 percent from China and 37 percent from Brazil are investing in the traditional powertrain technology.

Not only are BRIC countries expected to see a surge in vehicle sales but BRIC automakers are setting their sights on exports to new markets in the next 3 to 5 years with the biggest growth opportunities being in Eastern Europe and Southeast Asia.

Managing a Multidimensional Business Model surveyed 200 auto executives including automakers, suppliers, dealers, financial service providers, rental companies and mobility service providers from 31 countries according to KPMG. Thirty-nine percent of respondents are based in the Europe, Middle East and Africa region, 37 percent from Asia-Pacific and 24 percent from the Americas.

The post KPMG: Global Automakers Put Investment Focus Back on Gas-Powered Vehicles appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG International’s latest Global M&A Predictor shows that the confidence to undertake significant M&A is predicted to return to the world’s largest companies, according to the latest analyst predictions, with global forward P/E ratios (by which we measure appetite) rising 15 percent over the past 6 months and 12 percent year-on-year.

Despite on-going troubles in the Eurozone, European companies are looking particularly confident, with forward P/E ratios (measuring appetite) up 19 percent on June 2012 and up 16 percent over 12 months. European forecast net debt to EBITDA ratios are similarly positive, showing an increase in capacity of 12 percent over the next year as companies capitalize on the low interest rate environment to pay down debt.

Tom Franks, Global Head of Corporate Finance at KPMG International and a partner in the UK firm, comments: “The outlook for 2013 is more positive than it has been for over 2 years and undeniably this is a winning combination for the health of the global M&A market. Companies are ready to throw off the shackles of austerity in the hunt for new opportunities.”

Not only do companies appear to have their appetite back, but they also have the capacity to transact, which is indicated by the forecast net debt to EBITDA ratio, which shows an expected improvement of 15 percent over the next year. Over the last 2 years, the trend has been for steadily rising capacity – driven by companies’ focus on reducing debt – to be tempered by an equally steady decline in confidence.

The KPMG Global M&A Predictor, established in 2007, is a forward-looking tool that helps member firm clients to forecast worldwide trends in mergers and acquisitions. The Predictor looks at the appetite and capacity for M&A deals by tracking and projecting important indicators 12 months forward

The post KPMG: Global M&A market welcomes back confidence appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

According to The Sustainability Yearbook 2013, companies from the US, Germany and South Korea are at the top of the 2013 international gold medal-table for sustainable business.

Every year RobecoSAM rigorously assesses the sustainability performance of more than 2,000 companies across 58 sectors. Based on an in-depth analysis, each company is scored on up to 120 financially material economic, environmental, social and governance criteria specific to its own industry with a focus on long-term value creation.

Gold medals are awarded to the top-performing company within each sector and to those companies whose scores are within 1 percent of their sector leader’s score for sustainable business. A total of 67 companies have been awarded gold medals in The Sustainability Yearbook 2013, which corresponds to just 2.5 percent of all companies assessed.

Germany and South Korea each account for six gold medal winners. German gold medalists are Siemens (Diversified Industrials), SAP (Software), BMW (Automobiles), Henkel (Non-durable Household Products), Adidas (Clothing, Accessories & Footware) and TUI (Travel & Tourism). Each one of them is a leader in its respective sustainable business sector.

Yvo de Boer, Special Global Advisor on Climate Change & Sustainability, KPMG International, said:

“Business is entering a period of unprecedented opportunity and risk due to a potent cocktail of megaforces including climate change, population growth, water scarcity, urbanization and ecological decline. Investors should consider the companies awarded gold medals in The Sustainability Yearbook 2013 as among the best prepared within their own sectors to manage these challenges and make themselves fit for the future.”

The post KPMG: US, Germany and South Korea are top gold medal winners for sustainable business appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

According to the 2012 Cloud Providers Global Survey from KPMG International, Cloud-based services revenue in 2 years is expected to comprise nearly twice its current share of provider revenue, even as providers believe that showing evidence of cost savings is the biggest barrier to cloud adoption.

Nearly 6 out of 10 providers say cost reduction is still the chief reason most business users migrate to cloud, yet almost 4 out of 10 providers say proving cost savings is their biggest challenge. The challenge is further complicated by the fact that only 39 percent of providers believe that users have realistic expectations for cost savings in the migration to cloud, while 19 percent believe users do not.

“While providers are seeing the challenges of a maturing, yet still relatively young, market, we are at a pivotal point in the evolution of the cloud ecosystem as users become more comfortable with a variety of cloud applications,” said Gary Matuszak, partner, global chair and US leader for KPMG’s Technology, Media and Telecommunications practice. “Leading cloud providers know they must evolve to provide a new level of scale, capacity, and capability.”

Currently, two-thirds of cloud providers say they are most active in software-as-a-service applications (SaaS) and expect that to continue over the next 2 years. Platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) activities are projected to have the greatest increase in activity over the same period.

The KPMG 2012 Cloud Providers Survey is part of a series of two global KPMG surveys assessing cloud business trends. The providers report is based on the findings of a web-based survey conducted by Forbes Insights of 179 executives from cloud providers from more than 10 countries.

The post KPMG: Cloud Services Providers Confident appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

According to KPMG‘s sixth annual publication on the sector, the number of travelling Mainland Chinese continues to rise and global luxury brands are subsequently adapting their business strategies, both in China and in their home markets.

One of the key findings of this year’s KPMG survey is the rising number of Mainland Chinese consumers travelling overseas. This has increased to 71 percent of survey participants in 2012, from 53 percent in 2008, a significant change. A majority of survey respondents (72 percent) said they purchase luxury items during overseas trips, with cosmetics, watches and bags winning the top spots.

Additionally, digital media plays an increasingly important role in China, as the survey found that around 70 percent of potential consumers search for luxury brands on the internet at least once a month. It also notes a surge in online shopping intentions, with 40 percent of respondents indicating they are interested in purchasing luxury goods on the internet, a substantial increase from 22 percent in 2011.

Brand recognition meanwhile continues to increase as consumers become more discerning. The KPMG survey’s respondents said they recognize 59 luxury brands, a figure that continues to rise over successive annual surveys. Meanwhile, 56 percent of respondents said they prefer to purchase well known luxury brands, while 69 percent separately indicated they would pay a premium for well known, popular luxury brands.

The KPMG survey highlights a continuing strong association towards European heritage brands: Switzerland came top for watches, France for cosmetics, perfumes, clothes and bags, and Germany for automotives.

The post KPMG: Chinese Luxury Consumers are Increasingly Purchasing Overseas appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

A new report from KPMG International finds that the current consultation on financial resolution for global insurers is a crucial step for European and international convergence and calls for an insurance-specific framework. KPMG’s 2013 Evolving Insurance Regulation report, A New Dawn. launched this week at the RiskMinds Insurance event in Amsterdam.

“The International Association of Insurance Supervisors (IAIS) is working to identify those insurers whose distress or disorderly failure would cause significant disruption to the global financial system or economic activity,” says  Rob Curtis, KPMG’s Global Insurance Regulatory Lead with KPMG in the UK.

Specifically, the KPMG report outlines a number of key suggestions including the expansion of the European Insurance and Occupational Pensions Authority’s (EIOPA) role in the supervision of European insurance groups with assistance from local regulatory authorities as required. This could encourage a better facilitated European response among supervisors, offer a single reference point for insurance groups and provide consistency between sectors given the recent announcements regarding plans to enhance the role and coverage of bank supervision via the European Central Bank.

KPMG’s Curtis commented further:

“The systemic risk issue has potentially far-reaching implications for existing regulatory structures in Europe, the US and other global markets. Policymakers should take on board suggestions to build a pan-European and US group-wide approach to supervision, which should help build international consensus in dealing with the issues of systemic risk and recovery and resolution plans for the insurance sector.”

The post KPMG: Urges Regulatory Reform appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

A new survey from KPMG International shows that while tax departments around the world are rightly focused on managing the ever increasing compliance burden other important areas of responsibility may be suffering.

“With approaches to tax management requiring new levels of detail and transparency, companies must review and asses where they put their time, effort and dollars,” says Chris Scott, KPMG’s Global Head of Compliance Management Services. “Given the challenges ahead is the status quo good enough? Good governance includes a tax structure with the right tools and people aligning to the overall business strategy.”

The global survey of 1,150 tax executives in 22 countries shows that they are focusing about half of their time on tax return compliance, financial reporting and managing tax audits. Other more forward-looking, higher-value activities — such as optimizing the effective tax rate, cash tax planning, tax process improvement and integration with other internal business groups — are expected to take up only about one-third of the tax department’s time.

KPMG International’s global survey of people in charge of tax policy and operations of companies worldwide is one of the largest of its kind. Iterations of the survey have been conducted regularly since 2006, charting the evolution of leading tax departments and identifying operational benchmarks for high-performing tax teams.

The post KPMG: Tax directors face a difficult dilemma appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our State and Local Tax (SALT) practice in our Boston office.

Please see full job description here.

The post Featured Job: Manager, VAT appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our State and Local Tax (SALT) practice in our Silicon Valley office.

Please see full job description here.

The post Featured Job: Manager, VAT appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking a Manager/Director in Financial Risk Management (FRM)-Operations Risk for our KPMG Risk Consulting practice to join us in our Charlotte, Atlanta, Birmingham, Chicago or LA office. We also have opportunities available in other US cities.

Please see full job description here

The post Featured Job: Manager/Director, Operations Risk appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking a Manager/Director in Financial Risk Management (FRM)-Operations Risk for our KPMG Risk Consulting practice to join us in our New York, NY office.

Please see full job description here

The post Featured Job: Manager/Director, Operations Risk appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking a Manager/Director in Financial Risk Management (FRM)-Regulatory Risk for our KPMG Risk Consulting practice to join us in our Washington DC, New York, Charlotte, Atlanta or Chicago office. We also have opportunities available in other US cities.

Please see full job description here

The post Featured Job: Manager/Director, Regulatory Risk appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager/Senior Manager to join our Federal Tax practice in our Los Angeles office.

Please see full job description here.

The post Featured Job: Manager/Senior Manager, Corporate Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager/Senior Manager to join our Federal Tax practice in our New York office.

Please see the full job description here.

The post Featured Job: Manager/Senior Manager, Federal Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager/Senior Manager to join our Federal Tax practice in our Seattle office.

Please see job description here

The post Featured Job: Manager/Senior Manager, Federal Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager/Senior Manager to join our State and Local Tax (SALT) practice in our Chicago office.

Please see the full job description here.

The post Featured Job: KPMG: Manager/Senior Manager, Indirect Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager/Senior Manager to join our International Corporate Services (ICS) Tax practice in our Boston office.

Please see full job description here

The post Featured Job: KPMG: Manager/Senior Manager, International Corporate Services appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

A new report from KPMG International finds that the current consultation on financial resolution for global insurers is a crucial step for European and international convergence and calls for an insurance-specific framework.

KPMG’s 2013 Evolving Insurance Regulation report, A New Dawn. launched recently at the RiskMinds Insurance event in Amsterdam.

Specifically, the KPMG report outlines a number of key suggestions including:

• The expansion of the European Insurance and Occupational Pensions Authority’s (EIOPA) role in the supervision of European insurance groups with assistance from local regulatory authorities as required. This could encourage a better facilitated European response among supervisors, offer a single reference point for insurance groups and provide consistency between sectors given the recent announcements regarding plans to enhance the role and coverage of bank supervision via the European Central Bank.

Rob Curtis, KPMG Global Insurance Regulatory Lead with KPMG in the UK, commented: “The International Association of Insurance Supervisors (IAIS) is working to identify those insurers whose distress or disorderly failure would cause significant disruption to the global financial system or economic activity.”

The KPMG report aims to answer how the industry can balance these and other new regulatory demands, while creating positive value for enhanced performance. Based on views from a network of regulatory specialists with KPMG member firms worldwide, the report examines relevant proposals and their implications for insurers globally and through country-specific and regional overviews.

The post KPMG: Urges Regulatory Reform appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

KPMG announced recently the IASB has  issued its long-awaited revised proposals on accounting for the impairment of financial assets.

The company also reports these proposals aim to address concerns about ‘too little, too late’ provisioning for loan losses and would accelerate recognition of losses by requiring provisions to cover both already-incurred losses and some losses expected in the future.

“Estimating impairment is an art, rather than a science, involving difficult judgements about whether loans will be paid as due and, if not, how much will be recovered and when. The proposed model widens the scope of these judgements,” said Chris Spall, partner in KPMG’s International Standards Group. “It introduces a new threshold for determining whether there has been a significant deterioration in credit quality – which in turn is used to assess whether a loan should have an allowance to cover losses in the next 12 months, or to cover all expected losses over its life. These new rules would give rise to challenges, as new judgements would have to be made by preparers, reviewed by auditors and understood by users of financial statements, including prudential and securities regulators.”

The new model would apply to financial assets that are recognised on the balance sheet, such as loans or bonds, and measured either at amortised cost or at fair value with gains and losses recognised in other comprehensive income according to KPMG.  It would also apply to certain loan commitments and financial guarantees.

The post KPMG: IASB releases long-awaited revised proposals on accounting appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

According to KPMG‘s sixth annual publication on the sector, the number of travelling Mainland Chinese continues to rise and global luxury brands are subsequently adapting their business strategies, both in China and in their home markets.

One of the key findings of this year’s survey is the rising number of Mainland Chinese consumers travelling overseas. This has increased to 71 percent of survey participants in 2012, from 53 percent in 2008, a significant change. A majority of survey respondents (72 percent) said they purchase luxury items during overseas trips, with cosmetics, watches and bags winning the top spots.

Nick Debnam, Asia Pacific Chairman, Consumer Markets, and a partner with KPMG in China said: “As increasing numbers of Chinese travel overseas, brands need to measure the impact of their business strategies both in Mainland China and the travel segment. It is no longer just about doing business in China, as it is also crucial for luxury brands to target the global Chinese luxury segment. Brands need to therefore align their branding and marketing strategies both in China and for the rising number of travelling Chinese consumers.

The new KPMG International report, titled The Global Reach of China Luxury’ is based on a survey of 1,200 middle class Chinese consumers located across 24 cities in China, and conducted by market research firm TNS. Respondents were between 20 and 44 years of age, with a minimum household income of RMB 7,500 (USD 1,190) per month in tier one cities and RMB 5,500 (USD 873) elsewhere.

The post KPMG: Chinese Luxury Consumers are Increasingly Purchasing Overseas appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

The KPMG report – The future of corporate reporting: towards a common vision – contains the views of influential figures from key different vantage points in the financial chain: preparers, users, standard-setters, regulators, auditors.

Mark Vaessen, Global IFRS Leader at KPMG, warns in his introduction to the report that despite the consensus for change and the availability of new technologies to help analyse corporate reports, it will not be easy to make change happen.

He says: “In practice, it will require a concerted effort by preparers, investors, auditors, standard-setters and regulators to move corporate reporting in the desired direction.

“The recent memorandum of understanding between the IASB and the IIRC is a welcome step in the right direction, as it recognises the need to improve the quality and consistency of corporate reporting for the benefit of investors and the wider economy. It is important to keep this momentum going with involvement of all stakeholders.”

Joachim Schindler, Global Head of Audit at KPMG, says that auditors would be willing to expand the content of their audit reports, if the agreed parameters were right: “As long as we have clear lines of responsibility, we are in favour of expanding the auditor’s report. We have to do this. The issue is defining what more we should report.”

The post KPMG: Business leaders call for changes to corporate reporting appeared first on Big4.com.

While the research indicates that these deep-seated issues will not likely disappear any time soon, it also notes that the slow outlook for world economic growth in the near-term coupled with the rising costs created by intergenerational aging for many governments will further impact upon fiscal sustainability targets. This, in turn, will heighten the need for sustained fiscal policy action (such as prudent budget management and the restoration of balance sheet health) over the next 40 years.

“This finding is particularly important given the increasing interconnectedness of the global economy,” said Nick Baker, Global Head of KPMG’s Finance & Treasury practice. “Slow growth outlooks within any sizable portion of the world economy will inevitably lead to fiscal challenges in other jurisdictions, making the government debt levels of the developed world particularly worrying for the prospects of those economies in the developing world.”

The report finds that the greatest government debt burden is being carried by the developed world, even though both developed and developing economies command roughly the same percentage of world GDP. By 2015, the top seven developed countries included in this survey (Canada, France, Germany, Italy, Japan, UK and US) will make up 86.5 percent of the total general government sector (GGS) debt accumulated by the 19 countries, while the eight developing countries (Argentina, Brazil, China, India, Indonesia, Mexico, South Africa and Turkey) will hold only 11.6 percent.

The post KPMG: Sovereign Debt Woes Could Worsen appeared first on Big4.com.

By Rob Starr, Content Manager, Big4.com

A new KPMG report – The future of corporate reporting: towards a common vision – contains the views of influential figures from key different vantage points in the financial chain: preparers, users, standard-setters, regulators, auditors.

Common themes in the KPMG interviews include: the need to make corporate reports more forward-looking; how to achieve a balance between too much information and too little; how to provide more useful real-time information and to deal with ‘Big Data’; the proper role of narrative reporting in the ‘front end’; whether the notion of ‘integrated reporting’ could be the “next big thing”; and whether there is a need for more detailed reporting from the auditor and/or for the auditor to give assurance over a wider range of risks.

Mark Vaessen, Global IFRS Leader at KPMG, warns in his introduction to the report that despite the consensus for change and the availability of new technologies to help analyse corporate reports, it will not be easy to make change happen.

He says: “In practice, it will require a concerted effort by preparers, investors, auditors, standard-setters and regulators to move corporate reporting in the desired direction.”

Joachim Schindler, Global Head of Audit at KPMG, says that auditors would be willing to expand the content of their audit reports, if the agreed parameters were right: “As long as we have clear lines of responsibility, we are in favour of expanding the auditor’s report. We have to do this. The issue is defining what more we should report.”

The post KPMG: Business leaders call for changes appeared first on Big4.com.

According to this year’s global semiconductor industry survey from KPMG International,  semiconductor executives surveyed by KPMG anticipated lower growth and showed less confidence in 2011. Today, as the industry finds itself in the predicted economic malaise to close out this year, three-quarters of the semiconductor executives say their company’s revenue growth will increase in the next fiscal year, compared to 63 percent a year ago.

The broadening set of significant semiconductor applications could be responsible for the shift in the importance of geographic markets, placing the US ahead of China. For the third year in a row, fewer industry executives believe China will be the most important market for their company’s semiconductor revenue growth 3 years from today while the US market’s importance has increased.

In the expanding semiconductor applications market, consumer applications have supplanted wireless on top of the list of the most important semiconductor revenue drivers over the next fiscal year, with computing still among the top three.  In addition, more executives than in the prior three surveys ranked industrial, medical, automotive applications and power management as important revenue drivers.

“Our survey findings bolster the belief that we will see the rebound beginning in 2013, with a gradual recovery picking up steam in the back half of next year,” says Gary Matuszak, global chair of the KPMG Technology, Media and Telecommunications practice. “And unlike past recoveries, this one will not be driven by wireless handsets and wireless communications alone, as other applications are becoming increasingly important revenue drivers, such as power management given the proliferation of wireless devices.”

The post KPMG: Broad Semiconductor Industry Rebound Expected appeared first on Big4.com.

According to the KPMG International 14th Global Automotive Executive Survey, as fuel efficiency remains the top concern among a cost-conscious driving public, global automakers, with still no clear course on electro-mobility, plan to continue to optimize the internal-combustion engine (ICE), but will also put a greater investment in hybrid plug-in fuel systems through 2018.

“Together, these forces add considerable complexity to an OEM’s business model,” said Mathieu Meyer, KPMG’s Global Head of Automotive and a partner of the German firm. “Whereas in the past, automakers concentrated on just producing ICE cars, now they must cope with a range of propulsion technologies, new trends such as car sharing, internet connectivity as well as the growing significance of emerging markets. It is indeed a hugely transformative time for the global auto industry.”

OEM and supplier investments plans are also in close alignment with perceived consumer preferences for electric vehicle technology, with 36 percent of respondents expecting that consumer demand will be highest for plug-in hybrids over the next 5 years, followed by non plug-in hybrids (20 percent) which ranked first in the 2012 survey; a distant fifth are pure battery-electrified vehicles (11 percent).

Not only are BRIC countries expected to see a surge in vehicle sales accoridng to KPMG  but BRIC automakers are setting their sights on exports to new markets in the next 3 to 5 years with the biggest growth opportunities being in Eastern Europe and Southeast Asia.In addition to exports, it is anticipated that BRICs will build production hubs close to Western markets. In the Americas, 39 percent expect Mexico to become a production hub and for the European market, 70 percent favor Eastern Europe.

The post KPMG: Global Automakers Put Investment Focus Back on Gas-Powered Vehicles appeared first on Big4.com.

 KPMG Sustainability Yearbook 2013

KPMG has announced companies from the US, Germany and South Korea are at the top of the 2013 international gold medal-table for sustainable business, according to The Sustainability Yearbook 2013.

The country with the highest number of gold medal winners was the US, with nine companies shining: Molson Coors Brewing Co (Beverages sector), Alcoa Inc (Aluminium), Sonoco Products Co (Containers & Packaging), Herman Miller Inc (Furnishing), UnitedHealth Group (Healthcare Providers), Baxter International Inc (Medical Products) and Waste Management Inc (Waste & Disposal Services).

In South Korea, GS Engineering & Construction Co (Heavy Construction), Amorepacific Corp (Personal Products), SK Telecom (Mobile Telecommunications), KT Corp (Fixed Line Communications) and Lotte Shopping (General Retailers) set the standard as industry leaders. In addition, Hyundai Engineering & Construction Co is awarded a gold medal, which in total puts South Korea in second equal place internationally.

Yvo de Boer, Special Global Advisor on Climate Change & Sustainability, KPMG International commented:  “Business is entering a period of unprecedented opportunity and risk due to a potent cocktail of megaforces including climate change, population growth, water scarcity, urbanization and ecological decline. Investors should consider the companies awarded gold medals in The Sustainability Yearbook 2013 as among the best prepared within their own sectors to manage these challenges and make themselves fit for the future.”

Australia, Taiwan and Canada also feature on the list of top 10 gold medal-winning countries proving that Europe is no longer the exclusive bastion of corporate sustainability

The post KPMG: Top gold medal winners for sustainable business appeared first on Big4.com.

A new survey from KPMG International shows that while tax departments around the world are rightly focused on managing the ever increasing compliance burden other important areas of responsibility may be suffering.

“With approaches to tax management requiring new levels of detail and transparency, companies must review and asses where they put their time, effort and dollars,” says Chris Scott, KPMG’s Global Head of Compliance Management Services. “Given the challenges ahead is the status quo good enough? Good governance includes a tax structure with the right tools and people aligning to the overall business strategy.”

The KPMG global survey of 1,150 tax executives in 22 countries shows that they are focusing about half of their time on tax return compliance, financial reporting and managing tax audits. Other more forward-looking, higher-value activities — such as optimizing the effective tax rate, cash tax planning, tax process improvement and integration with other internal business groups — are expected to take up only about one-third of the tax department’s time.

KPMG International’s global survey of people in charge of tax policy and operations of companies worldwide is one of the largest of its kind. Iterations of the survey have been conducted regularly since 2006, charting the evolution of leading tax departments and identifying operational benchmarks for high-performing tax teams.

The post KPMG: International survey shows that tax directors face a difficult dilemma appeared first on Big4.com.

According to KPMG’s latest global pulse survey, demand for outsourced services is expected to fall in the last half of 2012, matching the lower-than-expected levels of growth experienced earlier in the year. The declining confidence surrounding anticipated future demand for outsourced services stems from respondents’ experiences over the past three months. Today’s data reveals, for example, that 61 percent believe there is room for optimism about business prospects, but this figure has fallen from 68 percent, at the start of the first Quarter.

The KPMG survey found that a desire to reduce operating costs has regained top spot when respondents were asked what drives outsourcing decisions amongst their client base (58 percent).  52 percent also cited a need to create greater financial flexibility and 35 percent focused on the access they would gain to external skills, talent and resources.

Shamus Rae, partner in KPMG Management Consulting’s shared services and outsourcing advisory team comments:

“Negative market conditions in the Euro Zone continue to have a detrimental impact on business confidence as uncertainty forces buyers to delay decisions, ” he says.  ” The knock-on effect is also being felt as organisations maintain a tight rein over discretionary spending.  Amongst those business customers who are renewing contracts, cost reduction has regained its position as the primary driver to outsource key services, but the ongoing market volatility is driving organisations to focus on short-term initiatives rather than projects that will boost performance over the longer-term,”

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff.

The post KPMG: Outsourced support services in decline appeared first on Big4.com.

According to the KPMG International 2013 Digital Debate,    Urban consumers in China, Brazil and Singapore are proving to be the world’s most voracious users of digital media, powered by the rapid uptake of smartphones and tablets.  Among urban Chinese consumers, 78 percent own a smartphone, slightly more than those owning laptops (76 percent), and 51 percent say they have a tablet computer– a higher penetration than the US, UK, Germany or Australia. Overall, 53 percent of total respondents own a smartphone and just over a quarter (26%) own a tablet computer.

“The move to digital has had a dramatic impact on how we consume music, publishing and newspapers. But we are still early in the process of a transition to digital anytime anywhere availability across all media sectors,” said Paul Wissmann, Head of Media & Telecommunications, KPMG in the US. “Until online services can provide content – especially film and video – on all devices, including home televisions, and be as seamless and easy to use as their offline counterparts, ‘old’ and digital media will continue to co-exist.”

The ‘second screen’ experience lets consumers interact with multiple connected devices simultaneously often while also watching TV. Nearly half (48 percent) of all Chinese consumers say they use their smartphone while viewing the TV, while 60 percent say they use their laptop while watching TV, around half (52 percent) read newspapers and around a third (36 percent) are accessing social networks. Half of all North American respondents say they watch TV and access the internet for reasons other than social networking using a laptop or a PC. Forty-four percent of European respondents say they do the same.

To satisfy the intense information needs of tech-savvy consumers, content, devices and distribution channels need to be integrated, the KPMG survey suggests. It is unlikely that any single player can master all these components, making cooperation and collaboration a necessary approach

The post KPMG: Leading Consumers of Digital Media appeared first on Big4.com.

KPMG has published a new report which brings together a range of leaders in their field discussing the direction that reporting needs to take.

The report – The future of corporate reporting: towards a common vision – contains the views of influential figures from key different vantage points in the financial chain: preparers, users, standard-setters, regulators, auditors.

Joachim Schindler, Global Head of Audit at KPMG, says that auditors would be willing to expand the content of their audit reports, if the agreed parameters were right: “As long as we have clear lines of responsibility, we are in favour of expanding the auditor’s report. We have to do this. The issue is defining what more we should report.”

Mark Vaessen, Global IFRS Leader at KPMG, warns in his introduction to the report that despite the consensus for change and the availability of new technologies to help analyse corporate reports, it will not be easy to make change happen.

“The recent memorandum of understanding between the IASB and the IIRC is a welcome step in the right direction, as it recognises the need to improve the quality and consistency of corporate reporting for the benefit of investors and the wider economy. It is important to keep this momentum going with involvement of all stakeholders,” he says.

The post KPMG: Call for changes to corporate reporting appeared first on Big4.com.

KPMG global chairman Michael Andrew, writing in the foreword of  The future of corporate reporting: towards a common vision report, says: “If there is one point of consensus, it is that corporate reporting definitely needs to move on. It has to evolve if it is to be fit for purpose in a rapidly changing world.”

Common themes in the interviews for the KPMG report include: the need to make corporate reports more forward-looking; how to achieve a balance between too much information and too little; how to provide more useful real-time information and to deal with ‘Big Data’; the proper role of narrative reporting in the ‘front end’; whether the notion of ‘integrated reporting’ could be the “next big thing”; and whether there is a need for more detailed reporting from the auditor and/or for the auditor to give assurance over a wider range of risks.

Mark Vaessen, Global IFRS Leader at KPMG, warns in his introduction to the report that despite the consensus for change and the availability of new technologies to help analyse corporate reports, it will not be easy to make change happen.

He says: “In practice, it will require a concerted effort by preparers, investors, auditors, standard-setters and regulators to move corporate reporting in the desired direction.

“The recent memorandum of understanding between the IASB and the IIRC is a welcome step in the right direction, as it recognises the need to improve the quality and consistency of corporate reporting for the benefit of investors and the wider economy. It is important to keep this momentum going with involvement of all stakeholders.”

The post KPMG: Business leaders call for changes appeared first on Big4.com.

Mirroring the trends seen in past years, the annual KPMG International Corporate and Indirect Tax Rate Survey shows that corporate and indirect tax rates around the world are in a constant state of change as governments look to increase indirect rates to raise revenue but to decrease corporate tax rates to attract investment.

“We expect the global indirect tax rate average to continue to rise in 2013 as more governments continue their path to economic recovery,” says Tim Gillis, KPMG’s Head of Global Indirect Tax Services. “Throughout 2013 a number of countries’ VAT systems will jump up including Finland, Dominican Republic and Cyprus.”

As 2012 came to a close, KPMG International in their annual Corporate and Indirect Tax Rate Survey shows that the global indirect tax average increased by 0.17 percent to 15.50. Africa and Asia had the most significant increases, from 14.17 to 14.57 percent and 11.84 to 12.24 percent respectfully. A notable indirect development in 2012 saw the introduction of a VAT Pilot Program in Shanghai and its subsequent extension into other 10 other provincial-level regions

For 2012, the United Arab Emirates claimed the highest corporate tax rate (55 percent), followed by the United States (40 percent) and Japan (38.01 percent). Of those countries with a corporate income tax, Montenegro had the lowest corporate income tax rate (9 percent), followed by a number of countries at 10 percent including Serbia, Cyprus, Paraguay and Qatar. It should be noted that the “statutory tax rates” could differ from the “effective tax rate”. For example the United Arab Emirates in practice does not levy corporate income tax.

The post KPMG: Corporate vs. indirect tax appeared first on Big4.com.

A new cloud centric report from KPMG International says 33 percent of all executives surveyed say that cloud implementation costs have been higher than they expected, and a similar percentage say that integrating cloud services with their existing IT infrastructure has been particularly difficult.

Despite these emerging complexities, executives still believe that the benefits of cloud adoption far outweigh any growing pains they experience through implementation, the survey shows. In part, this is because organizations are shifting their focus away from pure cost reduction objectives to instead focus on achieving the transformational benefits of cloud.

“Gaining real cost savings from the cloud is about more than simply moving from fixed costs to operating costs; the greatest cost savings – and, more importantly, the transformational business benefits – will come from the longer-term outcomes such as more efficient processes, more flexible operating models,” commented Steven Salmon, Principal Advisor with KPMG in the UK.

According to the survey, when asked how significant the role of tax was to making decisions to migrate to cloud, nearly 75 percent of respondents globally view the role of tax as either very significant or significant, indicating a recognition that tax structures may change as a result of migrating to cloud.

The post KPMG: Biggest challenges of cloud adoption appeared first on Big4.com.

Companies around the world are threatened by a growing tide of regulation, according to a new report by KPMG which charts the views of 320 in-house General Counsel, but finds those using their legal skills to help make commercial decisions are the ones that will best thrive in the new environment.

Kathryn Britten, Global Head of KPMG’s Legal Services Sector, said:  “Companies are facing a cloud of regulation that is adding a layer of complexity to almost every commercial decision that they need to take and risks casting a further shadow at a time of low economic growth in mature economies.  General Counsel are increasingly being required to act as the barometer for their organizations, gauging the pressure and helping to scan the horizon for future threats.  It is clear that involving general counsel in commercial decision making is now the norm for those companies that are successfully navigating today’s risk landscape.

This shift in role to forward-looking commercial consultant has not been without its issues for General Counsel. According to the survey around two thirds of General Counsel are now more involved in business decisions than they were 5 years ago, a very significant move forward. However, there is clearly some way to go, with 80 percent of General Counsel saying their involvement can reduce the number of disputes and regulatory issues their companies face.

David Eastwood, Global Head of the  KPMG Contract Compliance Services, said; “The spread of new technology and concerns surrounding data security and protection are growing risks for all organizations but for those in the hi-tech sector the global speed of change brings particular challenges. I was very surprised that even in the technology sector, less than one-third of General Counsel see new technology as a strong risk.  The survey showed that today’s General Counsel must now keep pace with technology and other changes to anticipate and mitigate the risk of new disputes and regulatory issues in the future.”

The post KPMG: General Counsel influence grows appeared first on Big4.com.

According to the 2012 Cloud Providers Global Survey from KPMG International, Cloud-based services revenue in 2 years is expected to comprise nearly twice its current share of provider revenue, even as providers believe that showing evidence of cost savings is the biggest barrier to cloud adoption.

Nearly 6 out of 10 providers say cost reduction is still the chief reason most business users migrate to cloud, yet almost 4 out of 10 providers say proving cost savings is their biggest challenge. The challenge is further complicated by the fact that only 39 percent of providers believe that users have realistic expectations for cost savings in the migration to cloud, while 19 percent believe users do not.

“The anticipated migration of core systems and critical infrastructure to cloud in the next 2 years will be complex undertakings; users will be requiring, if not demanding, strategic direction and guidance from providers across a broad range of areas,” said Tom Lamoureux, Global Advisory Leader, KPMG Technology sector. “The lines are blurring across the various types of cloud services; users need and want to understand cloud’s value and immense power much better than they do.”

Interestingly, more than one-third of providers say they need to train or retrain their sales forces on cloud. Almost half of providers say they will form a partnership (48 percent) or expand capabilities to provide more strategic services and consulting to business users (47 percent) according to the KPMG survey.

Provider differentiation is no doubt higher on the agenda because they believe that increasingly, board-level executives — Chief Information Officers (79 percent) and Chief Technology Officers (77 percent) —are influencing the purchasing decisions on cloud.

The post KPMG: Cloud Services Providers Confident Despite appeared first on Big4.com.

According to the KPMG International 14th Global Automotive Executive Survey,  as fuel efficiency remains the top concern among a cost-conscious driving public, global automakers, with still no clear course on electro-mobility, plan to continue to optimize the internal-combustion engine (ICE), but will also put a greater investment in hybrid plug-in fuel systems through 2018.

“Together, these forces add considerable complexity to an OEM’s business model,” said Mathieu Meyer, KPMG’s Global Head of Automotive and a partner of the German firm. “Whereas in the past, automakers concentrated on just producing ICE cars, now they must cope with a range of propulsion technologies, new trends such as car sharing, internet connectivity as well as the growing significance of emerging markets. It is indeed a hugely transformative time for the global auto industry.”

Investment in plug-in hybrid technology will be areas of investment for 24 percent of OEM and supplier respondents, while only an average of 8 percent say they will invest in pure battery technologies.

OEM and supplier investments plans are also in close alignment with perceived consumer preferences for electric vehicle technology, with 36 percent of respondents expecting that consumer demand will be highest for plug-in hybrids over the next 5 years, followed by non plug-in hybrids (20 percent) which ranked first in the 2012 survey; a distant fifth are pure battery-electrified vehicles (11 percent).

According to the KPMG report,  not only are BRIC countries expected to see a surge in vehicle sales but BRIC automakers are setting their sights on exports to new markets in the next 3 to 5 years with the biggest growth opportunities being in Eastern Europe and Southeast Asia.

The post KPMG: Global Automakers Put Investment Focus Back on Gas-Powered Vehicles appeared first on Big4.com.

According to a new report from KPMG International, the roots of the current sovereign debt crisis do not solely lie in the global financial crisis of 2007-2008. The report, entitled Walking the fiscal tightrope: a fiscal sustainability framework for government, finds that those countries with high levels of gross debt prior to the start of the crisis – in excess of 60 percent of gross domestic product (GDP) – have been the most limited in their ability to adequately respond to the issue and are now facing a longer and more difficult path back to sound fiscal sustainability.

KPMG research of the fiscal policy settings of 19 of the G20 economies reveals that levels of government debt were already reaching their limits long before the global financial crisis hit, and the impact of aging populations and the interconnected global economy require long-term policies to prevent debt conditions from worsening.

Herhalt, Baker from KPMG and other authors of the report suggest a comprehensive fiscal sustainability framework built on a core set of elements, including:

• Balanced fiscal policies to govern for the common good of both current and future generations.
• Clearly defined targets and measurements to monitor fiscal sustainability progress.
• Implementation addressing fiscal sustainability not just across the budget cycle (1-5 years), but also the economic cycle (6+ years) and the intergenerational cycle (10+ years).
• Mechanisms and institutional objectives that will serve to sustain policy across the political cycle.
• The coordination of robust regulatory and financial system institutional frameworks, fiscal policy and rigorous fiscal management practices.

KPMG examined the fiscal policy settings of 19 countries within the G20 group of countries across the budgetary, economic and intergenerational cycles. The report offers a country-comparative perspective in order to highlight some of the existing fiscal policy framework elements against the trend perspective offered by each country’s relevant government financial statistics

The post KPMG: Threats to Worsen Sovereign Debt Woes appeared first on Big4.com.

According to a report from KPMG International, Business and IT leaders across the globe are finding cloud adoption to be more complicated than many had originally anticipated. According to The Cloud Takes Shape, nearly 33 percent of all executives surveyed say that cloud implementation costs have been higher than they expected, and a similar percentage say that integrating cloud services with their existing IT infrastructure has been particularly difficult.

Despite these emerging complexities, executives still believe that the benefits of cloud adoption far outweigh any growing pains they experience through implementation, the survey shows. In part, this is because organizations are shifting their focus away from pure cost reduction objectives to instead focus on achieving the transformational benefits of cloud.

While cost reduction is still the primary reason for cloud adoption according to nearly half of respondents, 28 percent said that the speed at which they are able to migrate to cloud is important, as is cloud’s ability to enable faster entry into new markets (27 percent) and business process transformation (22 percent) according to KPMG.

Rick Wright, Global Cloud Enablement Program Leader and a Principal with KPMG in the US comments:

“One of the most important lessons uncovered by this research is that business process redesign needs to be done in tandem with cloud adoption if organizations hope to achieve the full potential of their cloud investments,” he said. “Executives have found that simultaneous process redesign is central to addressing the complexities that often arise in the implementation and operational phases of cloud adoption.

The post KPMG: Implementation and integration as the biggest challenges of cloud adoption appeared first on Big4.com.

KPMG announced today that Plato Consulting Inc., headquartered in St. John’s, Newfoundland and Labrador has joined KPMG effective January 16, 2013. Rob Brouwer, Canadian Managing Partner, Clients and Markets, comments:

“The healthcare and public sectors are undergoing significant transformation, and Plato’s capabilities ensure we will deliver leading edge solutions for our clients in Atlantic Canada,” he said . “An excellent fit for the firm, the Plato team brings IT capabilities instrumental to delivering these unique services and meeting evolving market needs.”

Founded in 1997, and firmly entrenched in the Newfoundland and Labrador marketplace, Plato comprises more than 50 highly skilled information technology (IT) professionals who provide specialized IT consulting services and solutions to public and private sector organizations, healthcare agencies, and Crown corporations.

Combining Plato’s skills, experience, and innovative IT solutions with KPMG’s Advisory practice allows us to focus on large-scale transformation engagements,” said Jeff Smith, Canadian Managing Partner, Advisory, KPMG. “The IT sector calls for a range of capabilities when delivering enterprise solutions, including advisory services, product integration, staff support, data and security management, and enterprise networks management – this makes KPMG a one-stop-shop for clients’ IT needs.”

KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative (“KPMG International”). KPMG member firms around the world have 152,000 professionals, in 156 countries.

The post KPMG: Plato Consulting Inc Added appeared first on Big4.com.

KPMG surveyed  semiconductor executives one year ago and they  anticipated lower growth and showed less confidence in 2011. Today, as the industry finds itself in the predicted economic malaise to close out this year, three-quarters of the semiconductor executives say their company’s revenue growth will increase in the next fiscal year, compared to 63 percent a year ago.

The broadening set of significant semiconductor applications could be responsible for the shift in the importance of geographic markets, placing the US ahead of China according to KPMG. For the third year in a row, fewer industry executives believe China will be the most important market for their company’s semiconductor revenue growth 3 years from today while the US market’s importance has increased.

“Our survey findings bolster the belief that we will see the rebound beginning in 2013, with a gradual recovery picking up steam in the back half of next year,” says Gary Matuszak, global chair of KPMG’s Technology, Media and Telecommunications practice. “And unlike past recoveries, this one will not be driven by wireless handsets and wireless communications alone, as other applications are becoming increasingly important revenue drivers, such as power management given the proliferation of wireless devices.”

KPMG’s study, conducted in September, surveyed 152 semiconductor industry business leaders, primarily senior level executives, including device, foundry and fabless manufacturers. Half of the companies represented in the survey have annual revenue of $1 billion or more.

The post KPMG: Broad Semiconductor Industry Rebound Expected appeared first on Big4.com.

KPMG International’s latest Global M&A Predictor shows that the confidence to undertake significant M&A is predicted to return to the world’s largest companies, according to the latest analyst predictions. However, the tides seem to be finally turning as over the past 6 months, global confidence is actually rising to match capacity. In comparison with June 2012, the difference in appetite is dramatic. In the previous edition of KPMG International’s M&A Predictor, analyst predictions showed that appetite levels for M&A were falling across the board.

Despite on-going troubles in the Eurozone, European companies are looking particularly confident, with forward P/E ratios (measuring appetite) up 19 percent on June 2012 and up 16 percent over 12 months. Looking at the country level, although there are understandably considerable variations between markets, the overall trends for confidence and capacity are both overwhelmingly positive. Germany is a good example with an appetite increase of 26 percent since June 2012 and a forecast capacity rise of 20 percent.

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 156 countries and have more than 152,000 people working in member firms around the world.

The post KPMG: Global M&A market gets confident appeared first on Big4.com.

Chinese consumers are traveling according to KPMG’s sixth annual publication on the sector.  In fact, the number of travelling Mainland Chinese consumers continues to rise and global luxury brands are subsequently adapting their business strategies, both in China and in their home markets.

One of the key findings of this year’s survey is the rising number of Mainland Chinese consumers travelling overseas. This has increased to 71 percent of survey participants in 2012, from 53 percent in 2008, a significant change. A majority of survey respondents (72 percent) said they purchase luxury items during overseas trips, with cosmetics, watches and bags winning the top spots.

Overseas luxury brands with a presence in China are benefitting from this trend, as are some of the domestic Chinese brands that have or are planning to establish overseas operations.

For purchases of cosmetics and perfume, a majority (60 percent) of respondents said Hong Kong, Taiwan and Macau were their top locations; this is a significant increase from 43 percent in 2009. Mainland China was voted their second choice, while Europe also saw a marked increase due to the rising number of travelling Chinese, up from 3 percent in 2009, to 20 percent in 2012.

Additionally, digital media plays an increasingly important role in China, as the survey found that around 70 percent of potential consumers search for luxury brands on the internet at least once a month. It also notes a surge in online shopping intentions, with 40 percent of respondents indicating they are interested in purchasing luxury goods on the internet, a substantial increase from 22 percent in 2011.

Brand recognition meanwhile continues to increase as consumers become more discerning. The survey’s respondents said they recognize 59 luxury brands, a figure that continues to rise over successive annual surveys. Meanwhile, 56 percent of respondents said they prefer to purchase well known luxury brands, while 69 percent separately indicated they would pay a premium for well known, popular luxury brands.

Chinese consumers also distinguish among countries of origin and associate certain countries with particular products. The survey highlights a continuing strong association towards European heritage brands: Switzerland came top for watches, France for cosmetics, perfumes, clothes and bags, and Germany for automotives.

The post KPMG: Chinese Consumers are Increasingly purchasing overseas appeared first on Big4.com.

The 10th edition of The Sustainability Yearbook was published by KPMG and RobecoSAM, the investment specialist focused exclusively on Sustainability Investing  at the World Economic Forum Annual Meeting in Davos, Switzerland on 23 January 2013. Gold medals are awarded to the top-performing company within each sector and to those companies whose scores are within 1 percent of their sector leader’s score. A total of 67 companies have been awarded gold medals in The Sustainability Yearbook 2013, which corresponds to just 2.5 percent of all companies assessed by KPMG.

In South Korea, GS Engineering & Construction Co (Heavy Construction), Amorepacific Corp (Personal Products), SK Telecom (Mobile Telecommunications), KT Corp (Fixed Line Communications) and Lotte Shopping (General Retailers) set the standard as industry leaders. In addition, Hyundai Engineering & Construction Co is awarded a gold medal, which in total puts South Korea in second equal place internationally.

Yvo de Boer, Special Global Advisor on Climate Change & Sustainability, KPMG International comments:

“Business is entering a period of unprecedented opportunity and risk due to a potent cocktail of megaforces including climate change, population growth, water scarcity, urbanization and ecological decline. Investors should consider the companies awarded gold medals in The Sustainability Yearbook 2013 as among the best prepared within their own sectors to manage these challenges and make themselves fit for the future.”

The post KPMG: Gold medal winners for sustainability appeared first on Big4.com.

According to the KPMG International 2013 Digital Debate Urban consumers in China, Brazil and Singapore are proving to be the world’s most voracious users of digital media, powered by the rapid uptake of smartphones and tablets.

“Consumers in China, Brazil and Singapore across all age groups are accessing and using media at an astonishing pace,” says Gary Matuszak, KPMG’s Global Chair, Technology, Media and Telecommunications. “They are quick to acquire hand-held mobile devices, and are incredibly receptive to all forms of information, news and entertainment from TV, internet, newspapers, magazines and radio.”

Moreover, consumers from China, Brazil and Singapore not only prefer to access their content digitally, they are more willing to pay for it. Mobile-centric consumers’ propensity to pay for content may provide invaluable insights to media and tech providers in mastering breakthrough revenue models.

“In emerging, high-growth markets such as China, people are not encumbered with the legacy of PCs and have leap-frogged straight onto portable devices,” observed David Elms, Head of Media for KPMG in the UK. “This creates amazing opportunities for tech and media companies, many of which are struggling to devise models that are profitable and which truly sate consumers’ vast needs for information. They need to delve into understanding content much more intimately as it relates to their customers and then, marry the two.”

Accessing these multiple devices concurrently appears to impact advertising effectiveness — but not everywhere, according to the KPMG survey. Urban consumers in Brazil, China and Singapore have the highest receptivity to advertising and accept that it can underwrite the cost of the content they enjoy. Seventy-seven percent of Chinese consumers and 62 percent of Brazilian consumers are happy to receive online ads in return for lower-priced or free services.

The post KPMG: China, Brazil and Singapore Lead Consumption of Digital Media appeared first on Big4.com.

According to the KPMG International 14th Global Automotive Executive Survey.,  the continued uncertainty over electro-mobility technologies, as well as new trends in globalization, rapid urbanization and changing consumer behavior are the key forces predicted to cause a big shift in the automotive landscape over the next 5 years. Still,  global automakers, still have no clear course on electro-mobility and plan to continue to optimize the internal-combustion engine (ICE), but will also put a greater investment in hybrid plug-in fuel systems through 2018.

Mathieu Meyer, KPMG’s Global Head of Automotive and a partner of the German firm comments:

“The changing views on pure hybrids, plug-ins, fuel cell and battery-powered vehicles reflect the uncertainty as to which will be the dominant technology. In the short term, the individual driver is likely to prefer a hybrid, whereas fleets may opt for electric cars. However, it seems that pure electric vehicles power will not prevail, at least in the next decade,” he said.  “Another critical consideration that the industry and public sector must address as we plan a future of electro-mobility is when and to what extent an affordable infrastructure will be in place to address the recharging requirements of large numbers of electrified vehicles.”

Also altering the automotive landscape is growing trend of ‘connected car’ technologies where 54 percent cited its importance compared to 22 percent in the KPMG 2012 survey. Technology companies are expected (42 percent) to have the lead over OEMs and Tier 1 suppliers for control of in-car technology over the next 5 years.

The post KPMG: Plug-in Hybrids a Close Second for Automakers appeared first on Big4.com.

According to the KPMG International 14th Global Automotive Executive Survey, as fuel efficiency remains the top concern among a cost-conscious driving public, global automakers, with still no clear course on electro-mobility, plan to continue to optimize the internal-combustion engine (ICE), but will also put a greater investment in hybrid plug-in fuel systems through 2018.

Consumer interest in fuel efficiency for cost reasons is the primary factor in vehicle purchasing decisions, according to 92 percent of Global Automakers survey respondents. Environmental concerns such as reducing CO2 emissions is still important but slipped from second place in the KPMG 2012 global auto survey to fourth this year.

Twenty-nine percent of OEM and supplier executives say they will invest in downsizing and optimizing ICE technology. Chinese and Brazilian OEMs and suppliers also see a further window of opportunity for optimizing the ICE: 40 percent from China and 37 percent from Brazil are investing in the traditional powertrain technology.

Notable market growth among BRIC countries and other emerging markets is a predominant trend in this Global Automakers year’s survey with nearly 86 percent of respondents.

In fact, an average of nearly 6 out of 10 respondents say they will increase their investments in the BRICs, which are expected to account for nearly 50 percent of all global vehicle sales by 2018. China is the first choice for investment followed by India, Russia and Brazil.

The post KPMG: Global Automakers Put Investment Focus Back on Gas appeared first on Big4.com.

New data from KPMG International shows that women delegates are playing an increasingly prominent role in the public discussion from the World Economic Forum Annual Meeting in Davos, Switzerland.

Women at this year’s annual Davos summit actively using social media to communicate their messages to a wider audience beyond Davos include Christine Lagarde (Managing Director, IMF, Twitter: @Lagarde), Helen Clark (former Prime Minister New Zealand, @HelenClarkUNDP) and Dalia Ziada (award-winning Egyptian women’s rights advocate – @daliaziada).

Analysis of delegates’ Twitter activity, presented by KPMG website weflive.com shows that, on day one of the Davos meeting, delegates sent 2,376 tweets, of which 784 were from female attendees (excludes media, who accounted for 1,958 tweets, 45 percent of total).

KPMG’s research also highlighted the growing involvement of the general public in the online debate with Davos delegates with a 31 percent increase in retweets, showing greater engagement with the discussions emanating from Davos.

“Our analysis shows that Davos is changing and becoming more diverse, and that there is an appetite among the public to take part in these debates,” said Isabelle Allen, KPMG’s Global Head of Sales & Markets. ” Delegates are paying attention to this social media activity, and I see a great opportunity for a better informed dialogue at the Meeting.”

While the media delegation to Davos averaged three retweets for every tweet they posted (1,936 tweets to 5,629 retweets), ‘Public figures’ averaged 17.5 retweets for every tweet they posted (433 tweets to 7,591 retweets), including Mario Monti (78 retweets, 16 replies), Christine Lagarde (89 retweets, 95 replies) and David Cameron (79 retweets, 47 replies) — demonstrating the power of social media to enable the public and political leaders to engage more directly.

The post KPMG: Women at Davos forum increase their influence through social media appeared first on Big4.com.

According to The Sustainability Yearbook 2013, Companies from the US, Germany and South Korea are at the top of the 2013 international gold medal-table for sustainable business.  Every year RobecoSAM rigorously assesses the sustainability performance of more than 2,000 companies across 58 sectors. Based on an in-depth analysis, each company is scored on up to 120 financially material economic, environmental, social and governance criteria specific to its own industry with a focus on long-term value creation.

The 10th edition of The Sustainability Yearbook will be published by RobecoSAM, the investment specialist focused exclusively on Sustainability Investing and KPMG International at the World Economic Forum Annual Meeting in Davos, Switzerland on 23 January 2013.

The country with the highest number of gold medal winners for sustainable business was the US, with nine companies shining: Molson Coors Brewing Co (Beverages sector), Alcoa Inc (Aluminium), Sonoco Products Co (Containers & Packaging), Herman Miller Inc (Furnishing), UnitedHealth Group (Healthcare Providers), Baxter International Inc (Medical Products) and Waste Management Inc (Waste & Disposal Services). All these companies are leaders in their respective sectors. PepsiCo (Beverages) and MeadWestvaco Corp (Containers & Packaging) also scored highly enough to be awarded gold medals.

“ Sustainable business is entering a period of unprecedented opportunity and risk due to a potent cocktail of megaforces including climate change, population growth, water scarcity, urbanization and ecological decline. Investors should consider the companies awarded gold medals in The Sustainability Yearbook 2013 as among the best prepared within their own sectors to manage these challenges and make themselves fit for the future,” said Yvo de Boer, Special Global Advisor on Climate Change & Sustainability, KPMG International.

For each of the 58 sectors, The Sustainability Yearbook 2013 provides a summary of the associated sustainability opportunities and risks. In other words, this edition has 58 individual summaries, in which different sustainability topics are addressed depending on the sector. Furthermore, it highlights the unique economic, environmental and social dimensions that are relevant to the sustainability analysis of each sector in sustainable business. Overall it gives readers the opportunity to magnify what is happening at the sector level with regard to sustainability.

The post KPMG: Top gold medal winners for sustainable business appeared first on Big4.com.

KPMG International’s latest Global M&A Predictor shows that the confidence to undertake significant M&A is predicted to return to the world’s largest companies. However, the tides seem to be finally turning as over the past 6 months, global confidence is actually rising to match capacity. In comparison with June 2012, the difference in appetite is dramatic. In the previous edition of KPMG International’s M&A Predictor, analyst predictions showed that appetite levels for M&A were falling across the board. In other words – confidence was dropping everywhere. At the end of 2012, confidence is rising in almost every country covered by the data. Clearly, a lot can happen in 6 months.

Despite on-going troubles in the Eurozone, European companies are looking particularly confident according to the Global M&A forecast , with forward P/E ratios (measuring appetite) up 19 percent on June 2012 and up 16 percent over 12 months. European forecast net debt to EBITDA ratios are similarly positive, showing an increase in capacity of 12 percent over the next year as companies capitalize on the low interest rate environment to pay down debt.

Tom Franks, Global Head of Corporate Finance at KPMG International and a partner in the UK firm, comments: “The outlook for 2013 is more positive than it has been for over 2 years and undeniably this is a winning combination for the health of the global M&A market. Companies are ready to throw off the shackles of austerity in the hunt for new opportunities.”

“The Global M&A  Predictor is also telling us that confidence is up across all sectors, as the overall macroeconomic picture becomes more stable again. Franks adds, “The US elections are over, the ‘fiscal cliff’ crisis has been averted or at least deferred, and China has begun the transition to a new leadership team so we can now see that there is more certainty than there was 6 months ago, and that is feeding through into transactional confidence and capacity levels.”

The post KPMG: Global M&A market confident appeared first on Big4.com.

According to KPMG‘s sixth annual publication on the subject,  the number of travelling Mainland Chinese continues to rise and global luxury brands are subsequently adapting their business strategies, both in China and in their home markets.One of the key findings of this year’s survey is the rising number of Mainland Chinese consumers travelling overseas. This has increased to 71 percent of survey participants in 2012, from 53 percent in 2008, a significant change. A majority of survey respondents (72 percent) said they purchase luxury items during overseas trips, with cosmetics, watches and bags winning the top spots.

For purchases of cosmetics and perfume, a majority (60 percent) of respondents said Hong Kong, Taiwan and Macau were their top locations; this is a significant increase from 43 percent in 2009. Mainland China was voted their second choice, while Europe also saw a marked increase due to the rising number of travelling Mainland Chinese, up from 3 percent in 2009, to 20 percent in 2012.

Brand recognition meanwhile continues to increase as consumers become more discerning. The survey’s respondents said they recognize 59 luxury brands, a figure that continues to rise over successive annual surveys. Meanwhile, 56 percent of respondents said they prefer to purchase well known luxury brands, while 69 percent separately indicated they would pay a premium for well known, popular luxury brands.

Nick Debnam, Asia Pacific Chairman, Consumer Markets, and a partner with KPMG in China said: “As increasing numbers of Mainland Chinese travel overseas, brands need to measure the impact of their business strategies both in Mainland China and the travel segment. It is no longer just about doing business in China, as it is also crucial for luxury brands to target the global Chinese luxury segment. Brands need to therefore align their branding and marketing strategies both in China and for the rising number of travelling Nick Debnam, Asia Pacific Chairman, Consumer Markets, and a partner with KPMG in China said: “As increasing numbers of Chinese travel overseas, brands need to measure the impact of their business strategies both in Mainland China and the travel segment. It is no longer just about doing business in China, as it is also crucial for luxury brands to target the global Chinese luxury segment. Brands need to therefore align their branding and marketing strategies both in China and for the rising number of travelling Mainland Chinese consumers consumers

The post KPMG: Mainland Chinese Luxury Consumers are Increasingly Purchasing Overseas appeared first on Big4.com.

According to the KPMG International 2013 Digital Debate,  urban consumers in China, Brazil and Singapore are proving to be the world’s most voracious users of digital media, powered by the rapid uptake of smartphones and tablets.

A new generation of mobile-centric consumers is getting its first media experience via devices. This growing segment has a much greater preference for digital media, and the coming of next-generation, high-speed mobile networks will likely accelerate this trend.

Among urban Chinese consumers, 78 percent own a smartphone, slightly more than those owning laptops (76 percent), and 51 percent say they have a tablet computer– a higher penetration than the US, UK, Germany or Australia. Overall, 53 percent of total respondents own a smartphone and just over a quarter (26%) own a tablet computer.

“Consumers in China, Brazil and Singapore across all age groups are accessing and using media at an astonishing pace,” says Gary Matuszak, KPMG’s Global Chair, Technology, Media and Telecommunications. “They are quick to acquire hand-held mobile devices, and are incredibly receptive to all forms of information, news and entertainment from TV, internet, newspapers, magazines and radio.”

Interestingly, consumers across all markets spend a similar amount of time accessing media online as they do using traditional media.

Visiting social networking sites, accessing maps and directions, and viewing news online are the top three digital activities across all markets. Consumers in China and Brazil lead all countries in accessing social networking, news and downloading music.

In the traditional media space, TV is still the most popular traditional medium across all markets followed by listening to the radio and thirdly, print such as newspapers and magazines.

The post KPMG: China, Brazil and Singapore Lead Consumption of Digital Media appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking an Associate to join our International Executive Services (IES) practice in our Philadelphia office.

Please see full job description here

The post Featured Job: Associate, Global Mobility KPMG appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking an Associate in IT Enabled Transformation for our Management Consulting and quality assurance  practice to join us in our New York office.

Please see full job description here

The post Featured Job: Associate, Quality Assurance appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking a Director in IT Enterprise Technology Solutions for our Management Consulting and Oracle financials practice to join us in our New York City, or Tysons office.

Please see full job description here

The post Featured Job: Director, Oracle Financials appeared first on Big4.com.

KPMG’s Advisory Services Practice focuses on fundamental business issues — managing risk, increasing revenues, controlling costs — that organizations, across various industries, should address in order to help them flourish. We help companies to identify and manage risks inherent in business processes and technology systems that support business objectives, and provide them with the information needed to help them meet their strategic and financial goals. Services are specialized to help clients mitigate risks across an overall risk spectrum. We are currently seeking a Manager in IT Enabled Transformation for our Management Consulting practice to join us in our Philadelphia office.

Please see full job description here

The post Featured Job: Manager, Business Process Management appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our Economic and Valuation Services practice in our Los Angeles office.

Please see full job description here

The post Featured Job :Manager, Business Valuation appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our Exempt Organizations Tax practice in our Omaha office.

Please see full job description here

The post Featured Job: Manager, Exempt Organization Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our Exempt Organizations Tax practice in our Indianapolis office.

Please see full job description here

The post Featured Job: Manager, Exempt Organization Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our Federal Tax practice in our Chicago office.

Please see full job description here

The post Featured Job: Manager, Federal Tax appeared first on Big4.com.

When you choose KPMG as the place to build your career in tax, you can really add value. KPMG’s tax partners and professionals pride themselves on understanding our clients’ business strategy and needs, providing a broad range of federal, state, local and international tax services to meet those needs. We are currently seeking a Manager to join our Federal Tax practice in our Chicago office.

Please see full job description here

The post Featured Job: Manager, Federal Tax- Financial Services appeared first on Big4.com.

The Alternative Investment Fund Managers Directive (AIFMD) will have wide-reaching and long-term implications for AIFMs required to achieve compliance by 22 July, 2013. A KPMG International survey of more than 70 AIFMs reveals nearly half have not taken any concrete steps to analyze the impacts the AIFMD will have on their businesses or to make changes to their operations despite the looming implementation deadline.

Last Boarding Call: An overview of the alternative industry’s preparedness for AIFMD: finds that:

• Just 52 percent of AIFMs have conducted an impact analysis that takes into account the advice from the European Securities and Markets Authority (ESMA), which was published in November 2011.
• 63 percent of AIFMs have not appointed a depositary, a key requirement of the legislation.
• Nearly half (45 percent) of AIFMs surveyed say they have not yet considered how the Directive’s remuneration requirements will affect their businesses.
• Two-thirds (66 percent) are waiting to see what is involved in the EU passport before deciding whether or not to use it.

For many AIFMs that continue to delay preparations for the AIFMD, the result will be operational problems, higher costs and the potential loss of clients. The larger the firm, the more pronounced these implications are likely to be, given their higher risk profiles, higher flows and the challenges they may have finding a depositary.

“Every asset manager worldwide who raises capital in the EU has to comply with AIFMD, including alternative investment managers based in the U.S.” said Mikael Johnson, Lead Partner of Alternative Investments for KPMG LLP U.S. “Yet many of these firms have taken no significant action, with the July 2013 deadline fast approaching. The time to prepare is now. Delaying preparations any longer may have significant negative impacts on their operations, fundraising activities and long-term profitability.”

The post KPMG: Alternative Fund Managers Need to Prepare for the AIFM appeared first on Big4.com.

Semiconductor industry executives are planning for an industry rebound in 2013, most likely weighted to the second half of the year. Looking beyond the recovery, the US has moved ahead of China as the most important market for revenue, according to this year’s global semiconductor industry survey from KPMG International.

The broadening set of significant semiconductor applications could be responsible for the shift in the importance of geographic markets, placing the US ahead of China. For the third year in a row, fewer industry executives believe China will be the most important market for their company’s semiconductor revenue growth 3 years from today while the US market’s importance has increased. The US and Chinese markets are followed in importance by Europe, Korea, and Taiwan, which only 2 years ago was ranked second, slightly ahead of the US.

In a trend similar to the shift in geographic market importance, compared to a year ago, significantly fewer executives placed China among the top three markets for headcount growth during the next 12 months, while more placed the US and Europe among the top. Still, China remains first, followed by the US and Europe.

The post KPMG: Broad Semiconductor Industry Rebound This Year appeared first on Big4.com.

WEFlive.com, is a social media aggregation site that provides a simple way to follow and interact with Twitter conversations from delegates to the World Economic Forum Annual Meeting in Davos, January 23 – 26, 2013.

Visitors to World Economic Forum Live can filter tweets based on the type of content (articles, images, video) and delegate type (from media and journalists, to technology leaders, public figures, social entrepreneurs and WEF representatives) and even search for specific trends, hashtags and keywords.

WEFlive.com will feature a real-time infographic that presents trending topics from Davos alongside the broader conversation from Twitter users around the globe using #WEF or #Davos in their tweets.

For the second consecutive year, KPMG International is presenting access to the social media conversation taking place at the World Economic Forum Annual Meeting in Davos, Switzerland, through World Economic Forum Live (WEFlive.com), a social media site that aggregates and streams a live feed of tweets sent by delegates to the Davos meeting.  In 2012, WEFlive.com streamed more than 20,000 tweets, and 138,000 retweets from Davos, and KPMG expects even greater online discussion at this year’s meeting.

“The social conversation around Davos is not just large, it can become complex, and with WEFlive.com, KPMG presents a one-stop source to easily access the key topics, trends and ideas coming from this influential forum,” said Charlie Sharman, KPMG’s Head of Global Marketing.

To keep up with KPMG at Davos, follow and engage with our team via WEFLive.com, or simply use the twitter hastag #askKPMG to ask a question using the new Have Your Say feature – we will be listening throughout the Davos meeting.

The post KPMG: Join the social media conversation at Davos appeared first on Big4.com.

As 2012 came to a close, KPMG International in their annual Corporate and Indirect Tax Rate Survey shows that the global indirect tax average increased by 0.17 percent to 15.50. Africa and Asia had the most significant increases, from 14.17 to 14.57 percent and 11.84 to 12.24 percent respectfully. A notable indirect development in 2012 saw the introduction of a VAT Pilot Program in Shanghai and its subsequent extension into other 10 other provincial-level regions.

For 2012, the United Arab Emirates claimed the highest corporate tax rate (55 percent), followed by the United States (40 percent) and Japan (38.01 percent). Of those countries with a corporate income tax, Montenegro had the lowest corporate income tax rate (9 percent), followed by a number of countries at 10 percent including Serbia, Cyprus, Paraguay and Qatar. It should be noted that the “statutory tax rates” could differ from the “effective tax rate”. For example the United Arab Emirates in practice does not levy corporate income tax.

“We expect the global indirect tax rate average to continue to rise in 2013 as more governments continue their path to economic recovery,” says Tim Gillis, KPMG’s Head of Global Indirect Tax Services. “Throughout 2013 a number of countries’ VAT systems will jump up including Finland, Dominican Republic and Cyprus.”

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

The post KPMG: Corporate vs indirect tax rate appeared first on Big4.com.

Cloud-based services revenue in 2 years is expected to comprise nearly twice its current share of provider revenue, even as providers believe that showing evidence of cost savings is the biggest barrier to cloud adoption, according to the 2012 Cloud Providers Global Survey from KPMG International.

Revenue from business users’ migration to cloud in the coming 2 years will be increasingly for data-intensive applications, such as business and data analytics, content management, customer care, and operations and manufacturing, say providers in the survey. They expect the shift to occur despite users’ ongoing concerns over loss of control and data security, which are in addition to the providers’ challenges of proving savings and the business case.

While about half of providers say that business users are sufficiently knowledgeable about the marketplace for cloud services, almost a quarter believe that customers need to be educated more on the basic aspects of cloud: security, pricing models, relative costs and integration with existing infrastructure. Also, nearly a quarter believe that customers need more information about contractual arrangements such as service level agreements (SLAs).

The knowledge gap may explain the interest in outside assistance, as 60 percent of providers say users turn to a third-party for help with acquiring or implementing technology. Nearly 40 percent of providers say business users employ third-parties for help on the user business strategy. Users also do so, according to providers, for technology implementation (56 percent), business process transformation (45 percent) and information security assistance (41 percent).

The KPMG 2012 Cloud Providers Survey is part of a series of two global KPMG surveys assessing cloud business trends. The providers report is based on the findings of a web-based survey conducted by Forbes Insights of 179 executives from cloud providers from more than 10 countries in North America (51percent), Asia Pacific (29 percent) and Europe, the Middle East and Africa (20 percent). Forty-five percent of those surveyed were C-level executives. In January, KPMG will release the second half of the Cloud Survey series focusing on the cloud business users.

The post KPMG: Cloud Services Providers Confident appeared first on Big4.com.

Top personal income taxes around the world have increased by an average of 0.3 percent in 2012, according to a new study from KPMG. Top tax rates have seen varied movement since the study’s inception – from 2003 to 2009, top tax rates gradually declined, and began increasing again in 2010, sparked by deficit concerns. In 2011, top tax rates remained in a holding pattern, and have since increased in 2012.

Of the 114 countries studied, Canada was one of many to introduce new tax bands for high income earners. In particular, Ontario’s recently announced tax increase for high income earners contributed to Canada making the list of locations that introduced additional tax bands for its highest earners in 2012.

When it comes to Canada’s neighbours to the south, there were no changes to top federal rates in the US in 2012. However, US tax cuts are once again scheduled to expire at year’s end, and if on schedule, would see top US Federal tax rates increase from 35 percent to 39.6 in 2013.

The survey also compares the amount of tax an individual will generally pay on income equal to US $100,000 when provincial and state income tax and social security taxes are taken into account. Of the 114 countries studies, Canada ranks 40th from the top, with a tax burden lower than some European countries, but higher than the US.

The post KPMG: Top personal income tax rates increase appeared first on Big4.com.

A majority of executives (90%) agree that Canada will have to rely less on the US and more on emerging markets to remain prosperous according to the 29th edition of the C-suite survey sponsored by KPMG, along with The Globe and Mail, BNN and The Gandalf Group.

Other key findings included:

• More than 80 per cent of the executives who responded to the survey said they think the U.S., as an economic power, is in decline. And almost half said the US will make up a smaller proportion of Canada’s overall exports five years from now.
• One in three said the decision by the CRTC to disallow the Bell-Astral deal was positive. This was a change as the Nexen-CNOOC deal and the TSX purchase by Maple Group were both seen as positive developments for the Canadian economy.

China is still the top priority when it comes to overseas markets ahead of India. However, most respondents said we should favour democratic over non-democratic countries for trade – with both Latin America and India being given a great deal of interest.

The post KPMG: 29th C-Suite Survey appeared first on Big4.com.

THE FULL ANALYSIS IS DOWNLOADABLE HERE

2012 was a banner year for the Big Four accounting firms: Deloitte & Touche, Ernst & Young (E&Y), KPMG and PricewaterhouseCoopers (PwC) following strong growth in 2011, and erasing the impacts of subdued performance of 2009 and 2010. 2009 combined revenue for the four firms of $94 billion fell 7% from 2008’s record of $101 billion, but stabilized in 2010 as revenue increased 1.4% to $95 billion. 2011 revenue rose a further 9% to historic high levels of $103 billion, setting a new record.
Another new record was set in 2012, with strong growth momentum in all service lines and geographies continuing from 2011, helped by emerging countries, improvements in global economic profiles and increased business deal activity. Combined 2012 revenue for the four firms rose to a record historic high level of $110 billion, up 6% from 2011. With all global economies, except those in Europe, showing continued growth in 2012, the Big Four firms had outstanding performance in 2012, with revenues rising in all geographies, service lines and industries.

KPMG revenues grew the slowest at 1.4%, Ernst & Young at 6.7%, PwC increased 7.8% and Deloitte posted the highest rate at 8.6%. PwC grew slower than Deloitte yet reported 2012 revenues of $31.5 billion, just $200 million more than Deloitte, thus maintaining its leadership position as the largest accounting firm on the planet.
KPMG’s modest growth is well out of line with peers. Our analysis shows three factors: Europe is 50% of global revenues and was negatively impacted by US dollar appreciation versus the Euro, Advisory service line had modest growth and Audit presumably lost some relative market share.

In terms of geography, Americas have 40% and falling share of global combined revenues. From 2011 to 2012 however, Americas had a strong performance growth of 9.2%. Europe has 43% of combined firm revenues and increased 3.3% from 2011 to 2012, growing the slowest due to regional uncertainty. Asian revenues have more than doubled from $7 billion in 2004 to $18.5 billion in 2012, 17% of the total, and grew a strong 8.0% from 2011 to 2012.
By service line, Audit accounts for 45% of total revenues and grew 2.9% from 2011 to 2012. Tax services are 23% of total revenues and also rose 5.6% from 2011 to 2012. Advisory services have been the fastest growing service line for several years increasing share from 22% of total revenues in 2004 to 33% in 2012. Advisory revenues grew a strong 12.2% from 2011 to 2012.

The Big Four firms cumulatively employ more than 690,000 staff globally, with a total of 37,000 partners overseeing a steep pyramid of about 530,000 professionals. Net employment increased by 39,000 from 2011 to 2012.

The outlook for 2013 and beyond is quite optimistic, revenue is expected to grow at a good pace, with help from strong emerging markets, Advisory services, Dodd-Frank and other regulations, conversions to IFRS and favorable economic conditions. 2013 will also prove whether PwC can continue to be the leader and whether KPMG can attempt to narrow its gap with E&Y.

For the analysis page, please go to http://www.big4.com/analysis

The post Just Released and Must Read! 2012 Big Four Firms Performance Analysis appeared first on Big4.com.

Companies around the world are threatened by a growing tide of regulation, according to a new report by KPMG which charts the views of 320 in-house General Counsel, but finds those using their legal skills to help make commercial decisions are the ones that will best thrive in the new environment. The report, conducted by global research agency Meridien West, interviewed General Counsel from 32 countries who gave their views on a wide range of issues, from relationships with the Board to the risk and regulatory challenges ahead and managing future disputes.

“Companies are facing a cloud of regulation that is adding a layer of complexity to almost every commercial decision that they need to take and risks casting a further shadow at a time of low economic growth in mature economies,” says  Kathryn Britten, Global Head of KPMG’s Legal Services Sector. “General Counsel are increasingly being required to act as the barometer for their organizations, gauging the pressure and helping to scan the horizon for future threats.  It is clear that involving general counsel in commercial decision making is now the norm for those companies that are successfully navigating today’s risk landscape. ”

This shift in role to forward-looking commercial consultant has not been without its issues for General Counsel. According to the survey around two thirds of General Counsel are now more involved in business decisions than they were 5 years ago, a very significant move forward. However, there is clearly some way to go, with 80 percent of General Counsel saying their involvement can reduce the number of disputes and regulatory issues their companies face. It is clear that some organizations still see legal departments simply in terms of their traditional function or as a “necessary evil” – a phrase that was used by around one-third of those interviewed in-depth for the research.

The post KPMG: General Counsel influence grows appeared first on Big4.com.

KPMG International (KPMG) recently  announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012, representing a 4.4% increase over the previous year in local currency terms. When adjusted to US dollars, revenues increased by 1.4%, reflecting the relative strength of the US dollar.

“2012 was a year of two distinct halves; with growth strongest at 6.4% in the first six months of the year and relatively weaker growth of 2.1% in the six months to September. Growing our business against such a challenging economic backdrop is testament to the quality of our people and the strength of their relationships with clients,” said Michael J. Andrew, Chairman of KPMG International. “On the Audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed $50 million, in addition to the $100 million invested over the past several years. KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality.”

The post KPMG: USD23 billion in revenues appeared first on Big4.com.

KPMG’s study, conducted in September, surveyed 152 semiconductor industry business leaders, primarily senior level executives, including device, foundry and fabless manufacturers. Half of the companies represented in the survey have annual revenue of $1 billion or more. Some of the more relevant findings included:

• Two-thirds, compared to 62 percent last year, anticipate an increase in the number of merger and acquisition deals in the industry in fiscal year 2013.
• More than three-fourths expect semiconductor-related R&D spending to increase in the next fiscal year, up significantly from 2011 (65 percent).
• NFC (32 percent) and RFID (28 percent) were cited most often as the technologies expected to provide the best platforms for conducting mobile payments.
• Of several auto-related areas, one-quarter say body electronics (remote control, HVAC, etc.) will provide the most semiconductor revenue over the next 3 years, while 20 percent say communications convergence (transition smartphone to the car, etc.) and roughly the same number say safety (lane departure warning, electronic stability control, etc.)

Significantly fewer executives placed China among the top three markets for headcount growth during the next 12 months, while more placed the US and Europe among the top. Still, China remains first, followed by the US and Europe.

The post KPMG: Semiconductor Industry Looking Good appeared first on Big4.com.

A KPMG International survey released recently, Last Boarding Call: An overview of the alternative industry’s preparedness for AIFMD reveals that among more than 70 AIFMs surveyed, nearly half have not taken any concrete steps to analyze the impacts the AIFMD will have on their businesses or to make changes to their operations despite the looming implementation deadline.

A significant percentage of AIFMs said they have been waiting for the publication of the final implementing measures before beginning their preparations in earnest for the AIFMD. These firms would be well-advised to conduct an in-depth impact analysis of the AIFMD for their business without delay, as the timelines for preparation are short. While the publication of the final implementing measures was delayed by more than 8 months due to high-level political debate in Europe, the 22 July 2013 deadline for compliance remains constant, leaving scant time for in-scope providers to prepare.

The introduction of the Directive also threatens to complicate the fund distribution process in Europe for providers located outside the EU. In fact, non-EU managers of existing alternative investment funds who are out of compliance after the 22 July 2013 will be prevented from raising new capital in the EU. And even if those firms achieve compliance, they will need to submit to a very complicated and extensive reporting process.

While the AIFM directive (Level 1) itself would need to be implemented on an individual basis by each of the EU Member States, the European Commission has been granted powers to adopt the final implementing measures (Level 2) directly into law in all Member States without the need for any national transposition. This swift and sweeping passage of the regulation in all Member States will only serve to compress the already-tight timelines for those firms looking to prepare for the AIFMD.

The post KPMG: The Race is On for AIFMD Compliance appeared first on Big4.com.

KPMG International (KPMG) recently  announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012. KPMG recorded increased revenues across all functions with particularly strong growth generated in Financial Services, Industrial Markets and Infrastructure, Government and Healthcare. Advisory revenues grew by 8.3%, to $7.86 billion; Tax revenues grew by 6.3%, to $4.86 billion; and Audit revenues grew by 0.9%, to $10.31 billion.

Michael J. Andrew, Chairman of KPMG International, commented:

“The growth in Advisory and Tax underlines the strength of client demand for professional services,” said Michael. “On the Audit side, the market has never been more competitive and we are focused on continuing to improve audit quality, as evidenced by our significant investments in our global audit platform that surpassed $50 million, in addition to the $100 million invested over the past several years,” he said.  “KPMG member firms are also actively engaged with their regulators around the world in constructive dialogue, with the goal of continuing to improve audit quality.”

KPMG’s commitment to investment in rapidly growing economies was reflected by exceptional annual growth of 20% or more at KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more than 10% in each area over the last fiscal year. The decision to convert our Chinese member firm from a joint venture to a special general partnership was also a bold step and will enable KPMG’s Chinese firm to continue to contribute to the development of the Chinese accounting profession.

The post KPMG: USD23 billion in 2012 revenues appeared first on Big4.com.

KPMG’s Sustainable Insight paper, entitled Will Doha deliver a deal?, predicted problems with the commitment made at the 2011 UN conference in Durban, South Africa. Focusing on implications for the business community, the paper also looked the next round of UN climate talks, COP 18, which took place in Doha, Qatar from 26 November to 7 December 20.

The paper identifies three important gaps KPMG says the 2012 climate talks must address to address the concerns of business:

1. The Kyoto Gap: the fate of the Kyoto Protocol is still unclear after being abandoned by Japan, Russia, Canada and New Zealand. The treaty was never ratified by the US.
   “Agreement on a new commitment period matters because it gives business certainty about the direction of travel for policy in the long term. Knowing that governments have committed to carbon reduction targets gives companies the confidence to take their own actions,” said de Boer.
2. The Ambition Gap: it is clear that current international commitments to reduce carbon emissions are insufficient to restrict average temperature rises to 2 degrees Celsius, the maximum “safe” rise recommended by most climate scientists.  Businesses will be watching the outcome of Doha closely to see what new commitments emerge, whether they will mean companies are required to take on more stringent targets and whether new opportunities in low-carbon sectors will be created.
3. The Finance Gap: agreement was reached in Durban on the Green Climate Fund to support low carbon transition in developing countries, but negotiators have only just agreed where its headquarters will be – in South Korea – and it is still not clear where the US$100 billion a year will come from.

Yvo de Boer, KPMG’s Special Advisor on Climate Change & Sustainability, warned that negotiating a global deal is a slow, frustrating business.

The post KPMG: Negotiating a global climate deal is a slow business. appeared first on Big4.com.

Revenue from business users’ migration to cloud in the coming 2 years will be increasingly for data-intensive applications, such as business and data analytics, content management, customer care, and operations and manufacturing, say providers the 2012 Cloud Providers Global Survey from KPMG International.. They expect the shift to occur despite users’ ongoing concerns over loss of control and data security, which are in addition to the providers’ challenges of proving savings and the business case.

Nearly 6 out of 10 providers say cost reduction is still the chief reason most business users migrate to cloud, yet almost 4 out of 10 providers say proving cost savings is their biggest challenge. The challenge is further complicated by the fact that only 39 percent of providers believe that users have realistic expectations for cost savings in the migration to cloud, while 19 percent believe users do not.

“While providers are seeing the challenges of a maturing, yet still relatively young, market, we are at a pivotal point in the evolution of the cloud ecosystem as users become more comfortable with a variety of cloud applications,” said Gary Matuszak, partner, global chair and US leader for KPMG’s Technology, Media and Telecommunications practice. “Leading cloud providers know they must evolve to provide a new level of scale, capacity, and capability.”

The post KPMG :Cloud Services Providers Confident appeared first on Big4.com.

KPMG International (KPMG) today announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012, representing a 4.4% increase over the previous year in local currency terms. When adjusted to US dollars, revenues increased by 1.4%, reflecting the relative strength of the US dollar. At a time of ongoing global economic challenges, the growth reflects our continued strategic focus on investments in emerging markets and key service areas, as well as aggressive recruitment of top talent. In the latest Universum rankings, business students from leading universities around the world voted KPMG as one of the most attractive employers for the third consecutive year, ranking second overall and highest among the Big 4 firms.

At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%. The Europe, Middle East and Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis. The Asia Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.

Michael J. Andrew, Chairman of KPMG International, commented:

“2012 was a year of two distinct halves; with growth strongest at 6.4% in the first six months of the year and relatively weaker growth of 2.1% in the six months to September. Growing our business against such a challenging economic backdrop is testament to the quality of our people and the strength of their relationships with clients.”

The post KPMG : 2012 revenues reach USD23 billion appeared first on Big4.com.

Semiconductor industry executives are planning for an industry rebound in 2013, most likely weighted to the second half of the year. Looking beyond the recovery, the US has moved ahead of China as the most important market for revenue, according to this year’s global semiconductor industry survey from KPMG International.

A year ago, semiconductor executives surveyed by KPMG anticipated lower growth and showed less confidence in 2011. Today, as the industry finds itself in the predicted economic malaise to close out this year, three-quarters of the semiconductor executives say their company’s revenue growth will increase in the next fiscal year, compared to 63 percent a year ago.  Also, two-thirds expect their workforce to expand, up from just 48 percent in last year’s survey.  In addition, 71 percent say annual industry profitability will increase over the next year.

The broadening set of significant semiconductor applications could be responsible for the shift in the importance of geographic markets, placing the US ahead of China. For the third year in a row, fewer industry executives believe China will be the most important market for their company’s semiconductor revenue growth 3 years from today while the US market’s importance has increased. The US and Chinese markets are followed in importance by Europe, Korea, and Taiwan, which only 2 years ago was ranked second, slightly ahead of the US.

The post KPMG: Broad Semiconductor Industry Rebound Expected appeared first on Big4.com.

A KPMG International survey released recently, Last Boarding Call: An overview of the alternative industry’s preparedness for AIFMD reveals that among more than 70 AIFMs surveyed, nearly half have not taken any concrete steps to analyze the impacts the AIFMD will have on their businesses or to make changes to their operations despite the looming implementation deadline.

A significant percentage of AIFMs said they have been waiting for the publication of the final implementing measures before beginning their preparations in earnest for the AIFMD. These firms would be well-advised to conduct an in-depth impact analysis of the AIFMD for their business without delay, as the timelines for preparation are short. While the publication of the final implementing measures was delayed by more than 8 months due to high-level political debate in Europe, the 22 July 2013 deadline for compliance remains constant, leaving scant time for in-scope providers to prepare.

The introduction of the Directive also threatens to complicate the fund distribution process in Europe for providers located outside the EU. In fact, non-EU managers of existing alternative investment funds who are out of compliance after the 22 July 2013 will be prevented from raising new capital in the EU. And even if those firms achieve compliance, they will need to submit to a very complicated and extensive reporting process.

The post KPMG: Race is On for AIFMD Compliance appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Hank Gutman, KPMG principal and former chief of staff of Joint Committee on Taxation, has recently shared his perspective on the state of the fiscal cliff. Gutman said that companies need to take the necessary steps to prepare for the fiscal cliff before the end of the year.

Gutman said that KPMG has conducted a number of surveys to determine how executives feel about the upcoming fiscal cliff. He said that most businesses feel that the government is not going to be able to resolve the fiscal cliff before the end of the year. They are taking the necessary precautions and Gutman said other businesses are advised to do the same.

The studies KPMG conducted found that most businesses want to see a combination of spending cuts and tax increases. Another third of study participants said that they prefer to see spending cuts, which would be predominantly targeted towards entitlement programs.

However, Gutman said that most businesses don’t expect the resolution will be in line with their preferences. Most businesses don’t expect any changes to entitlement reforms and will see tax reform to businesses over the next three years. However, only 11% of respondents expect business tax reforms to be instituted in 2013.

Anyone can watch Gutman’s webcast through KPMG’s website.

The post KPMG’s Hank Gutman Shares Perspective on Fiscal Cliff appeared first on Big4.com.

The post KPMG: Cloud Services Providers Confident appeared first on Big4.com.

KPMG International (KPMG) today announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012, representing a 4.4% increase over the previous year in local currency terms. When adjusted to US dollars, revenues increased by 1.4%, reflecting the relative strength of the US dollar. At a time of ongoing global economic challenges, the growth reflects our continued strategic focus on investments in emerging markets and key service areas, as well as aggressive recruitment of top talent. In the latest Universum rankings, business students from leading universities around the world voted KPMG as one of the most attractive employers for the third consecutive year, ranking second overall and highest among the Big 4 firms.

At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%. The Europe, Middle East and Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis. The Asia Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.
KPMG’s commitment to investment in rapidly growing economies was reflected by exceptional annual growth of 20% or more at KPMG firms in Argentina, Brazil, Chile, India and Turkey. Revenue growth was also strong in Africa and Indonesia, rising by more than 10% in each area over the last fiscal year. The decision to convert our Chinese member firm from a joint venture to a special general partnership was also a bold step and will enable KPMG’s Chinese firm to continue to contribute to the development of the Chinese accounting profession

The post KPMG: 2012 revenues reach USD23 billion appeared first on Big4.com.

KPMG has announced that David McCorquodale will replace Helen Dickinson at KPMG’s joint venture, KPMG/Ipsos Retail Think Tank. McCorquodale previously was head of retail at KPMG UK and oversees KPMG’s retail practice throughout the country.

McCorquodale has been with KPMG since 1984 and has focused on KPMG European and UK retail  transactions and restructuring. Additionally, David founded the Big4 firm’s corporate finance business and has worked on divestitutres, acquisitions, and fund raising for public and private companies.

The promotion is a logical next step for McCorquodale after decades of work in the retail space. He was quoted in a statement as saying that he plans to focus on the challenges of the current European economy puts in front of retailers. “I am delighted to join the RTT, which has a strong reputation for providing insight into the pertinent issues facing the retail sector today. Retailers are servicing a consumer that does not have the confidence to spend like they did five years ago. In addition, they are having to tackle many other challenges in an increasingly competitive environment,” he said.

McCorquodale’s predecessor, Dickinson, has left the firm to work at the British Retail Consortium as that group’s Director General. On her move, Ipsos Retail Performance Head and co-founder of the RTT said “her vision, enthusiasm and hard work [were crucial] in making the RTT the respected body it is today and wish her well as the next Director General of the British Retail Consortium.”

The post New Member Appointed to KPMG Joint Venture with Ipsos appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Derek Peter, former partner with KPMG, has been received sanctions by the accountancy regulator in the United Kingdom. The trade body has said that Peter made a series of illegal payments to players in a local football club while overseeing their financial operations. The High Courts have found Peter guilty of violating regulations between 2004 and 2007. The nation’s leading accounting regulator said it was compelled to take appropriate disciplinary actions against Peter.

The regulator has barred him from acting as a company director for the next seven years. He has also been fined approximately £3,800 by the United Kingdom’s Football Association. Peter also faces a number of collateral repercussions for his conduct.

Peter now faces additional sanctions from the Institute of Chartered Accountants for England and Wales (ICAEW). The ICAEW said that Peter will no longer benefit from many of the privileges that he was eligible for as a trade partner. He cannot use his membership to acquire discounted memberships to many of the premier attractions throughout the Wales and United Kingdom.

The ICAEW said that Peter violated a number of financial regulations and merited the serious consequences they imposed. They have warned him not consider reapplying for membership until 2019.

The post Former KPMG Partner Derek Peter Faces Sanctions appeared first on Big4.com.

A new survey recently released from KPMG LLP and taken during Oracle OpenWorld shows that among other things, management is facing challenges in analyzing the explosion of unstructured data from mobile devices, websites and even social media. In fact, more than one quarter of respondents said their biggest challenge was dealing with the data that was “raining” in from other sources.

Jeanne E. Johnson, who leads KPMG’s Data & Analytics (D&A) innovation initiative, talked with Big4.com recently about the survey’s findings and what they meant for a data driven economy. Johnson started by mentioning the survey focused in on a broader trend which was the combination of the latest catchphrases, Big Data and Big Analytics.

“Traditionally workflow and transactional information is very defined. The customer has a number and the order probably has a number. It’s structured using tools like excel spreadsheets,” she said. The unstructured data that’s one of the focuses of the new study is more about its namesake.

Text, email and natural language

“It’s text and email,” Johnson said. “It’s natural language. It’s not defined in terms of how long it is and the concept of ‘Big Data’ comes from the fact there’s so much of it that comes in all these different forms. It’s the hardest to access and the hardest to corral.”

Herein lies the need, according to the survey, for modernizing old methods of measuring, monitoring and assuring the quality of data.

“It remains a huge challenge to harness this kind of data as it is not only generated from disparate reporting systems, but is generated by a wide variety of external stakeholders,” Johnson said.

New Technologies

She went on to say it was only recently that some of the new technologies have made it possible to bring all the disparate elements together. Johnson also made it clear that the buying patterns and preferences that show up on places like social media channels were critical for modern firms looking to have a finger on the pulse of different generation’s preferences.

“We’re actually seeing a number of technologies coming together. There are things that scour the web and blogs as well as social media sites and things to look for analytics and correlations,” she said calling these a “first generation” of mining efforts.

She was also quick to point there was a bridge needed between accessing these massive stockpiles of data and getting the information that any company needs. Still the awareness needs to be more pointed toward streamlining these procedures. That fact is echoed clearly in the survey findings since 29 percent of respondents said advances in data and analytics would fundamentally change their business or industry in the next five years.

“We see a massive intersection with Big Data and Big Analytics since they are changing the ways business is conducted,” Johnson said. She finished by mentioning how the relationship between even the different departments in a business have changed with the focus toward this unstructured digital data and how once clear roles are now redefined.

“It needs to be a much more ongoing partnership with social collaboration and Big Data Analytics.”

The post KPMG’s Jeanne E. Johnson talks with Big4.com about how business is trying to corral data appeared first on Big4.com.

After more than 3.5 years following the release of the first draft of the Alternative Investment Fund Managers Directive (AIFMD), the European Commission today adopted the so-called European Union (EU) “Level 2″ implementing measures for the AIFMD.

A KPMG International survey released recently, Last Boarding Call: An overview of the alternative industry’s preparedness for AIFMD reveals that among more than 70 AIFMs surveyed, nearly half have not taken any concrete steps to analyze the impacts the AIFMD will have on their businesses or to make changes to their operations despite the looming implementation deadline.

A significant percentage of AIFMs said they have been waiting for the publication of the final implementing measures before beginning their preparations in earnest for the AIFMD. These firms would be well-advised to conduct an in-depth impact analysis of the AIFMD for their business without delay, as the timelines for preparation are short. While the publication of the final implementing measures was delayed by more than 8 months due to high-level political debate in Europe, the 22 July 2013 deadline for compliance remains constant, leaving scant time for in-scope providers to prepare.

The introduction of the Directive also threatens to complicate the fund distribution process in Europe for providers located outside the EU. In fact, non-EU managers of existing alternative investment funds who are out of compliance after the 22 July 2013 will be prevented from raising new capital in the EU. And even if those firms achieve compliance, they will need to submit to a very complicated and extensive reporting process.

The post KPMG: Race is On for AIFMD Compliance appeared first on Big4.com.

Heightened regulatory zeal over consumer protection in financial services requires senior executives in banking, insurance and investment management to re-evaluate their core strategies, says a new report from KPMG International,  New Light on Old Truths: Consumer protection and good business sense.

The KPMG report outlines three main areas of focus for the new consumer protection standard:

• Restoring trust – Consumers buy products and services from companies they trust, so re-establishing confidence is critical. Rebuilding consumer trust requires openly addressing problem areas and implementing effective customer value practices. An enhanced customer experience can differentiate brands, increase customer loyalty and capture market share.

• Increasing transparency – Making business open and transparent is central to consumer value. Banks need to go beyond disclosure to take more responsibility for improving consumer awareness and financial literacy. Financial services organizations must work to ensure consumers know their options, understand complex products and services, and are fully aware of costs and charges so they can make informed decisions.

• Balancing safety with choice – Financial services organizations need to offer products and services that responsibly satisfy customer needs, while generating profit to the seller. Many companies are re-evaluating the structure, risk and revenue contribution of fee-based products and services, and considering revenue replacement opportunities in product innovations. Aligning product innovation strategies with consumer needs ensures that consumers will have access to an array of products and services that benefit them and the financial institution alike.

Linda Gallagher, a principal in KPMG LLP comments:

“It’s about taking care of customers in a way that recovers their trust, provides them with clear choices they can understand, and satisfies their needs – all while earning a profit for stakeholders,” she says.“Failure in this important aspect of the business can destroy value in the brand and shareholder value.”

The post KPMG: STRATEGIC CHALLENGES FOR FINANCIAL SERVICE INSTITUTIONS appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Roy McTaggart, managing partner of KPMG, has retired from his role after nearly 30 years. KPMG commemorated his contributions to the firm and appointed Kevin Lloyd as his successor last month.

McTaggart joined KPMG as a managing partner of it’s division in the Cayman Islands in 1985. He was promoted to the role of managing director in 2000 and held that position for the remainder of his career.

McTaggart is enjoying his retirement. However, he is also missed by many of his colleagues at KPMG Cayman Islands. McTaggart played an instrumental role in helping KPMG grow to the largest auditing firm in the Grand Cayman island. KPMG also received two awards for its commitment to its employees. The firm was recognized as the top employer in the Cayman Islands.

Kevin Lloyd praised McTaggart’s contributions to KPMG when he succeeded him on November 30. Lloyd said that McTaggart helped the firm survive some of the most difficult economic periods and branded KPMG as one of the leading business in the Cayman Islands. He said that KPMG would miss McTaggart and wish him the best in his retirement.

Lloyd was honored that KPMG chose to appoint him as McTaggart’s successor. His colleagues expect that his work will also benefit KPMG and the surrounding communities throughout the Cayman Islands.

The post Roy McTaggart Enjoying Retirement After 27 Years With KPMG appeared first on Big4.com.

KPMG LLP today announced that Chairman and CEO John Veihmeyer has been named to the Board of Advisors for Catalyst, a leading nonprofit membership organization that works to expand opportunities for women in business. John’s passion for  diversity and inclusion is evident.   In 2011, he won the CEO Diversity Leadership Award from Diversity Best Practices for embedding a commitment to diversity and inclusion excellence throughout KPMG.

KPMG is consistently named among the Best Companies for Working Mothers and the Best Companies for Multicultural Women by Working Mother Magazine, the Top 50 Companies for Diversity by DiversityInc Magazine, and the Top 50 Companies for Executive Women by the National Association of Female Executives.

“It is an honor to join the Catalyst Board of Advisors and I look forward to sharing my experiences and learning from the work of others as we move forward in the vital mission to expand opportunities for women in business leadership,” said Veihmeyer. “By making diversity and inclusion part of the way we do business, we open the way for leaders to bring a range of different backgrounds and perspectives to today’s complex business challenges.”

Veihmeyer, who also serves as the executive chair of KPMG’s Diversity Advisory Board, has been a longtime advocate for increasing workplace diversity and promoting opportunities for women in leadership roles. He will bring his considerable experience to the Catalyst Board of Advisors and be a part of its interactions with more than 500 companies, business schools, and industry associations around the globe.

The post KPMG: CHAIRMAN AND CEO TO SERVE ON CATALYST BOARD OF ADVISORS appeared first on Big4.com.

A new report by KPMG, conducted by global research agency Meridien West, interviewed General Counsel from 32 countries who gave their views on a wide range of issues, from relationships with the Board to the risk and regulatory challenges ahead and managing future disputes. It found that companies around the world are threatened by a growing tide of regulation.

“The spread of new technology and concerns surrounding data security and protection are growing risks for all organizations but for those in the hi-tech sector the global speed of change brings particular challenges,” said David Eastwood, Global Head of KPMG’s Contract Compliance Services. ” I was very surprised that even in the technology sector, less than one-third of General Counsel see new technology as a strong risk.  The survey showed that today’s General Counsel must now keep pace with technology and other changes to anticipate and mitigate the risk of new disputes and regulatory issues in the future.”

This shift in role to forward-looking commercial consultant has not been without its issues for General Counsel. According to the survey around two thirds of General Counsel are now more involved in business decisions than they were 5 years ago, a very significant move forward.

The post KPMG: General Counsel influence grows appeared first on Big4.com.

KPMG welcomes the proposed limited amendments to IFRS 9 that were issued today by the IASB as a step towards completing its plan to reform financial instruments accounting under IFRS. The project is a joint one with the US FASB and responds to calls from the G20 for a single set of high-quality global accounting standards.

The proposals introduce a new measurement category for financial assets that are managed both in order to collect contractual cash flows and for sale – such as some bond investment portfolios. This new category will require the measurement of the asset at fair value, with fair value changes being recognised outside P&L and in ‘other comprehensive income’ or OCI. Some financial assets that an entity previously expected to measure at amortised cost under the existing IFRS 9 model may have to be classified in this new category – this may have the consequence of increasing volatility in reported equity and, for financial institutions, regulatory capital.

Another significant change introduced by the proposals is that entities will be allowed to early apply the own credit requirements in IFRS 9 for financial liabilities measured under the fair value option without having to early apply IFRS 9 in its entirety. Current standards require the impact of changes in own credit risk on these liabilities to be recognised in P&L – leading to a large boost in a bank’s profits when its creditworthiness deteriorates. Under IFRS 9, these gains and losses too would be excluded from reported profits.

The post KPMG: Limited amendments to IFRS 9 – limited only in name appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

David Fowler, managing partner of KPMG, has resigned from his role and will leave the firm this spring. Fowler has dedicated his entire career to KPMG. The managing director said that he is retiring to spend more time with his family. Fowler intends to remain in the Kansas City area and will dedicate his retirement to philanthropic activities.

Fowler worked for KPMG for almost 40 years. He was well known for his ability to inspire his staff and capture their attention with humor.

Professionals throughout Kansas City said that Fowler was one of the most entertaining and engaging people to work with. Many of his colleagues praised these qualities, stating that they were rarities in the accounting profession. The Kansas City Business Journal reported that Fowler shattered many of the stereotypes carried by his profession.

KPMG employees in Kansas City said that they will miss working with him. However, they also respect his decision to resign to spend more time with his family and commit to building the community. Fowler has been an active member of the community through his tenure with KPMG. He was the chair of the Kansas City Chamber’s Aviation committee, but hasn’t said whether or not he plans to resume that role after his departure with KPMG.

The post David Fowler Shares Plans After Resigning from KPMG appeared first on Big4.com.

Financial Services, Industrial Markets and Infrastructure, Government and Healthcare were strong. Advisory revenues grew by 8.3%, to $7.86 billion; Tax revenues grew by 6.3%, to $4.86 billion; and Audit revenues grew by 0.9%, to $10.31 billion.

Americas had robust revenue growth, up 7%. The Europe, Middle East and Africa up 4% and Asia Pacific region up 1.1%. Revenue was up 20%+ in Argentina, Brazil, Chile, India and Turkey; and up 10%+ in Africa and Indonesia. KPMG China was converted from a joint venture to a special general partnership, now with 9,000 partners and staff.

In 2012, KPMG increased its global workforce by over 5%, to more than 152,000 partners and staff, the highest number of individuals ever employed across the network, with 450 new partners bringing the number of partners across the network to more than 8,600, another record. KPMG recruited more than 18,000 graduates last year and plans to recruit a further 60,000 graduates over the next three years, marking the highest planned recruitment levels in KPMG’s history.

COMPARE THIS TO THE STELLAR 2012 GROWTH FROM THE OTHER THREE HUGE ACCOUNTING FIRMS IN US DOLLAR TERMS:
E&Y revenues up 6.7%
Deloitte revenues up 8.6%
PwC revenues up 8.0%

Compared to these super rates, KPMG’s 1.4% growth in US dollar terms seems relatively flat. And that belies our expectation that KPMG, being the smallest of the Big Four firms, and having a year-end of September 30, 2012 (three months later than the others) would benefit from the global recovery. So something does not seem right with KPMG’s results, given that the general economic conditions and footprints are similar for all global firms.
We will soon be preparing our recognized Big Four Firms Performance Analysis for 2012, and take a deeper dive into the numbers. But moderate performance from Advisory and Asia was just not on the cards.

Also, this opens up the gap between KPMG and E&Y, which seemed to be really closing over these past few years.

And perhaps, KPMG leadership will enlighten us with more insights into their results. So stay tuned.

Ernst & Young today announced combined global revenues of US$24.4 billion for the financial year ended 30 June 2012, compared with US$22.9 billion in 2011. Revenues grew 7.6% in local currency (US$ 6.7%).
Good growth across all service lines
Emerging markets saw combined revenue growth of 15.5%
Headcount at an all-time high of 167,000
Our business model and strategy continue to weather the economic turmoil and withstand the test of time. All of our service lines showed growth. Assurance revenues were up 4.1%, Tax 7.0%, Transactions 9.4% and Advisory 16.2%, a good performance given the current business climate. Growth in all of our service lines was almost entirely organic, with acquisitions accounting for less than one half of one percentage point.

New York, 19 September 2012 – Deloitte Touche Tohmatsu Limited (DTTL) today announced aggregate member firm revenues of US$31.3 billion for the fiscal year ending 31 May 2012, marking the network’s highest revenue ever. Aggregate revenues grew 8.6 percent in U.S. dollars and 8.3 percent in local currency—the strongest revenue increase since 2008. Deloitte member firms experienced growth across all three major geographic regions, led by exceptional results generated in Asia Pacific, the Americas, and a number of developing markets, as well as across all business lines and industry sectors.
PwC, the world’s leading professional services network, reported record total gross revenues for the fiscal year ended 30 June 2012 of US$31.5 billion. At constant exchange rates, PwC’s total global revenues rose by 8%.

PwC firms reported particularly strong revenue increases of 13% in both North America and South America. This sustained growth follows a similarly strong performance last year and consolidates PwC’s market position in the region.
Revenue growth in developing markets of the Middle East and Africa was also strong – up 15% – reflecting the commitment and increased investment in the region by the PwC network. PwC firms in Asia continued to grow well with FY 2012 revenues up 8%.

The post KPMG Revenues Up 1.4%, But Far Short of Other Three, What Gives? appeared first on Big4.com.

KPMG International (KPMG) today announced record-high combined revenues of US$23.03 billion for the fiscal year ending 30 September 2012, representing a 4.4% increase over the previous year in local currency terms.

The company recorded increased revenues across all functions with particularly strong growth generated in Financial Services, Industrial Markets and Infrastructure, Government and Healthcare. Advisory revenues grew by 8.3%, to $7.86 billion; Tax revenues grew by 6.3%, to $4.86 billion; and Audit revenues grew by 0.9%, to $10.31 billion.

At a regional level, the Americas delivered strong growth for the year, with revenues rising by 7%. The Europe, Middle East and Africa region reported increased revenues of 4% across the region, despite the ongoing economic uncertainty caused by the Eurozone crisis. The Asia Pacific region reported revenue growth of 1.1%, reflecting subdued growth in North Asia.

Recruiting top talent remained a priority in FY12. Over the course of the year, KPMG increased its global workforce by over 5%, to more than 152,000 partners and staff, the highest number of individuals ever employed across the network. More than 450 new partners were appointed over the year, bringing the number of partners across the network to more than 8,600, another record. KPMG recruited more than 18,000 graduates last year and plans to recruit a further 60,000 graduates over the next three years, marking the highest planned recruitment levels in KPMG’s history. With its strong focus on training and advancement, KPMG has become one of the top tier employers in the business community.

The post KPMG: Global FY2012 Revenues appeared first on Big4.com.

KPMG has appointed Harry Moseley as the firm’s newest Chief Information Officer, effective December 17th.

Previously, Moseley had been the CIO of The Blackstone Group, an investment and advisory firm, where he oversaw the firm’s technology platform across its operations. Prior to that, Moseley was the Vice President of Technology for Mantas, a firm specializing in anti-money laundering software solutions as well as five years as Managing Director of IT at Credit Suisse in Boston and fourteen years at UBS.

According to KPMG Vice Chair of Operations Shaun Kelly, Moseley offers expertise in utilizing technology to add value to firms. “Throughout his career, he has consistently demonstrated how information technology can deliver business value. His knowledge and expertise will serve our firm and our clients well,” said Kelly.

His predecessor, Richard Anderson, will be retiring from the firm, KPMG said in a statement. Anderson had been the firm’s CIO since January 2009 after serving as the Vice President of Strategy and Applied Research at AT&T beginning in 1995, where he coordinated the firm’s IT services and worked to develop AT&T Labs and AT&T Solutions, the firm’s consulting and outsourcing arm.

The post KPMG Appoints Harry Moseley New CIO appeared first on Big4.com.

A large number of companies have adopted a data analytics strategy to better leverage in-house information, but management teams don’t seem to have the right access to marketplace data needed to make strategic decisions, says a new survey from KPMG LLP, the U.S. audit, tax and advisory firm.

The KPMG survey taken during Oracle OpenWorld, the flagship conference of Oracle Corporation, found  senior management remains increasingly challenged to analyze current data and to act meaningfully on the results, according to 45 percent of more than 370 executives surveyed during the leading IT conference. In addition, more than one-quarter of respondents said their major challenge has been dealing with data raining in from other sources.

More than 60 percent of respondents to the KPMG survey taken during Oracle OpenWorld, the flagship conference of Oracle Corporation, said their organization has a defined data and analytics strategy. However, only 39 percent of respondents either agreed or strongly agreed that senior management had access to the rising volume of data gathered from the marketplace necessary to predict the needs of their customers. This “unstructured” data is typically generated by customers, vendors and analysts over websites, by mobile device users, and via social networking.

Jeanne E. Johnson, who leads KPMG’s Data & Analytics (D&A) innovation initiative commented:

“Data generated on the Internet by customers and vendors can help offer new predictive opportunities to anticipate market changes,” she said. “But it remains a huge challenge to harness this kind of data as it is not only generated from disparate reporting systems, but is generated by a wide variety of external stakeholders.”

The post KPMG: Challenges in Current Data and Analytics Strategies appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Health insurance exchanges are one of the most significant changes states will need to prepare for under the terms of the Patient Protection and Affordable Care Act. Paul Hencoski, National Lead Partner for Health and Human Services of KPMG, will be providing his perspective on the impact of the states on this critical issue. States have until January to announce whether they intend to manage their own insurance exchanges or run on the one offered by the federal government. Their decision will create fundamental changes for many organizations throughout the country.

Hencoski has been a project manager for nearly 15 years. He is also a distinguished member of the health care community and a long-standing member of the American Public Human Services Association (APHSA).

Hencoski is currently coordinating KPMG’s consulting services with the state of New Jersey. New Jersey lawmakers are seeking his input as they plan their own health insurance exchange program in the coming months.

Employers throughout the country appreciate the Hencoski’s perspective on the impact of state’s decisions over health insurance exchanges. Anyone interested in speaking with him can schedule an appointment by contacting Laura Sheridan Powers, Associate Director of Corporate Communications at 609-509-5875.

The post KPMG’s Paul Hencoski Provides Insights on Health Insurance Exchanges appeared first on Big4.com.

Harry Moseley

By Rob Starr, Content Manager, Big4.com

KPMG LLP today announced the appointment of Harry Moseley to the post of chief information officer (CIO), effective December 17, 2012.  He will succeed Richard Anderson, who is retiring.

Moseley’s technology career spans more than 30 years and has been primarily focused within the financial services industry. Most recently, he was the CIO of The Blackstone Group, a premier global investment and advisory firm.  At Blackstone, Moseley was responsible for the technology platform across all businesses and functions globally.

Moseley earned a BA/BAI degree in engineering, mathematics and computer science from Trinity College Dublin. He is an honorary trustee of the New York City chapter of the Leukemia and Lymphoma Society. He was the founder and former captain of the Blackstone Bike Team in support of the Leukemia and Lymphoma Society.

“I’m excited to be joining a premier business organization that has a well-established reputation for helping its clients embrace change, manage risks and grow in a dynamic and challenging economic environment,”  Moseley said.   “Technology plays a crucial role in operational efficiency and client service, and I look forward to developing a roadmap for KPMG that allows us to achieve our business objectives and better serve our clients.”

The post KPMG:HARRY MOSELEY NAMED CHIEF INFORMATION OFFICER appeared first on Big4.com.

Semiconductor industry executives are planning for an industry rebound in 2013, most likely weighted to the second half of the year. Looking beyond the recovery, the US has moved ahead of China as the most important market for revenue, according to this year’s global semiconductor industry survey from KPMG International.

The broadening set of significant semiconductor applications could be responsible for the shift in the importance of geographic markets, placing the US ahead of China. For the third year in a row, fewer industry executives believe China will be the most important market for their company’s semiconductor revenue growth 3 years from today while the US market’s importance has increased. The US and Chinese markets are followed in importance by Europe, Korea, and Taiwan, which only 2 years ago was ranked second, slightly ahead of the US.

In the expanding semiconductor applications market, consumer applications have supplanted wireless on top of the list of the most important semiconductor revenue drivers over the next fiscal year, with computing still among the top three.  In addition, more executives than in the prior three surveys ranked industrial, medical, automotive applications and power management as important revenue drivers.

The post KPMG: Semiconductor Industry Rebound Expected appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Martin Griffith was recently appointed as a principal in KPMG’s federal tax division. KPMG stated that Griffith will oversea KPMG’s United States real estate tax practice for the West Coast from the firm’s office in Los Angeles.

Griffith is a distinguished expert in the real estate industry. He has worked in the industry for nearly 30 years. His experience encompasses a number of facets of the real estate industry, including: pass-through entitites; real estate investment trusts; and real estate funds.

Prior to his recent appointment at KPMG, Griffiths served as a senior vice president for the Irvine Company. His executive responsibilities included overseeing the income and taxes of the organization. Griffiths also served as the chief financial officer of Maguire Properties.

Griffith will also be working closely with several other professionals who were recently hired to KPMG’s tax and alternative investment fund practices on the West Cost. These include K. Peter Ritter, who has recently been appointed as a principal in KPMG’s Federal Tax Practice in San Francisco.

KPMG feels that Griffiths will make a valuable addition to their team. He is expected to assume his responsibilities immediately.

The post Martin Griffiths Appointed to Manage KPMG’s West Coast Real Estate Tax Division appeared first on Big4.com.

Cloud-based services revenue in 2 years is expected to comprise nearly twice its current share of provider revenue, even as providers believe that showing evidence of cost savings is the biggest barrier to cloud adoption, according to the 2012 Cloud Providers Global Survey from KPMG International.

Nearly half of providers say that loss of control is still a business user’s biggest difficulty with cloud adoption followed by data loss and privacy risks, according to 39 percent. Fifty-seven percent of providers say they are addressing the data security issue with tighter restrictions on user access and applying more sophisticated data encryption.

Ongoing challenges with cloud adoption may point strongly to the increasing need for more tightly defined parameters on service level agreements (SLAs).

Currently, two-thirds of cloud providers say they are most active in software-as-a-service applications (SaaS) and expect that to continue over the next 2 years. Platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) activities are projected to have the greatest increase in activity over the same period.

While about half of providers say that business users are sufficiently knowledgeable about the marketplace for cloud services, almost a quarter believe that customers need to be educated more on the basic aspects of cloud: security, pricing models, relative costs and integration with existing infrastructure. Also, nearly a quarter believe that customers need more information about contractual arrangements such as service level agreements (SLAs).

The post KPMG: Cloud Services Providers Confident Despite Questions appeared first on Big4.com.

Mr. Weir, a Senior Partner with KPMG in Hong Kong and currently the Asia Pacific Head of Building, Construction and Real Estate, and was also previously the partner-in-charge for Property and Infrastructure in China. Mr. Weir has over 20 years of experience with KPMG, serving global, regional and national real estate, construction, hotel and investment fund clients. He is a member of the executive board of ANREV, the Asian Association of Investors in non-listed real estate vehicles.

“Andrew’s deep global experience and knowledge of this sector will give our clients the critical guidance they need to do business particularly in the growing markets of Asia and other regions around the world,” said Isabelle Allen, KPMG Global Head of Sales and Markets.

His areas of specialization include IPOs, mergers and acquisitions, due diligence, IFRS advisory and special engagements. He is a board member of the Hong Kong Chapter of Asian Public Real Estate Association and has authored several KPMG publications on the real estate and property markets of China and the Asia-Pacific region.

The post KPMG: Global Head of Building, Construction and Real Estate Practice appeared first on Big4.com.

Last year KPMG reported on 12th of December 2011 for revenues of $22.7 billion for the fiscal year ending September 30, 2011, up 10.1% from 2010. Audit revenues rebounded to grow 5.8 percent in U.S. dollars to US$10.48 billion against strong competition in the marketplace and a difficult business environment. Tax revenues grew 13 percent in U.S. dollars to US$4.69 billion.Advisory revenues rose 14.8 percent in U.S. dollars to $7.54 billion.

Last year was great, and showed a strong rebound from the recession. And this year already all the other Big Four firms have reported around 8% growth, and KPMG with a later year end in September should be close.

In addition to revenue growth, we will be watching for that very important revenue gap with Ernst & Young.

In the next few days, the firm should be out with results, and we will provide our commentary.

Stay tuned!

The post KPMG 2012 Financials Will Be Out Any Day Now! appeared first on Big4.com.

In a keynote address at today’s WBCSD/ICC Global Business Day event at COP18, Doha, KPMG warned businesses in the Gulf region they face a perfect storm of climate-related risks and should be on red alert.

Calling it a “wake-up call” to businesses unaware of or not responding to the significant shifts happening in the region, Yvo de Boer, KPMG’s Special Global Advisor on Climate Change and Sustainability said KPMG found that just 11 percent of the 75 largest companies in the GGC have a sustainability strategy, policy or vision compared to 95 percent in Europe and 85 percent in America. Per capita energy consumption in the region is already high with UAE, Qatar and Kuwait among highest in the world, and predicted to double between 2008 and 2020.

Launching a KPMG International study into the unique business risks facing the GCC region entitled, Future-proofing business in the GCC – Opportunities for Sustainable Growth, de Boer said: “Maintaining business as usual is not an option if GCC goods are to remain competitive and the region’s companies are to represent attractive opportunities for global investors and business partners alike.”

Mr de Boer said he was pleased with the proactive response from GCC governments on managing energy and water demand as well as new policies on renewable energy and green building codes. He further called for both government and business action to make the region a global model for water efficient processes through its innovation on solar powered desalination plants and the development of sustainable cities.

The post KPMG: Gulf businesses at high risk appeared first on Big4.com.

Yes! Yesterday, the Securities and Exchange Commission announced charges against the Chinese affiliates of the Big Four U.S. accounting firms.

PricewaterhouseCoopers Zhong Tian
KPMG Huazhen
Ernst & Young Hua Ming
Deloitte Touche Tohmatsu
BDO China Dahua Co. Ltd.

All these are being charged for refusing to deliver auditing workpapers related to Chinese firms that trade on US stock markets in relation to the notorious “reverse mergers” and consequent delistings done by many Chinese publicly traded stocks with apparently notional OK from their audit firms.

SEC has been trying for seveal months to get these docs for nine China-based companies under investigation for potential wrongdoing.

Robert Khuzami, director of the SEC’s enforcement division, wws quite straightforward,
“Only with access to work papers of foreign public accounting firms can the SEC test the quality of the underlying audits and protect investors from the dangers of accounting fraud.”

And what the are Big Four doing. They are ducking behind conflicting rules in China and the United States. Under local Chinese laws, Deloitte spokeswoman Lauren Mistretta pointed out.”accounting firms in China are not permitted to produce documents, including audit work papers, directly to any foreign regulator without Chinese government approval, so all firms in China have been unable to produce documents requested by the SEC.”

Chinese law bans the removal offshore of audit papers, while foreign regulators aren’t allowed to work inside the country’s borders.

“While it is unfortunate that the two countries have not yet been able to find common ground on these issues, we remain hopeful that a diplomatic agreement can be reached, and we stand ready to assist that effort in any way we can,” she added.

PricewaterhouseCoopers-China echoed, “involves an issue that needs to be resolved between the U.S. and China.”

Ernst & Young Hua Ming hoped for “an agreement can be reached between U.S. and Chinese regulators that will enable our compliance with all applicable laws and regulations.”

KPMG China is “hopeful” that discussions between U.S. and Chinese regulators “will result in a positive diplomatic resolution” to the matter.

Next step – Over the next few months, a SEC administrative law judge will decide on cases against the Big Four, and if the judge decides against the firms, they could be suspended from seeking new U.S.-traded clients, or even blocked entirely from auditing U.S.-traded companies.

Folks, we are in the midst of a historic face-off between US regulators, US Big Four Accounting firms, and local laws in the US and China. This promises to be full of fireworks, and we will be watching!

The post SEC Guns Big Four Firms In China, Charges Filed Yesterday! appeared first on Big4.com.

The Ivey Entrepreneurs Index reveals that two-thirds of entrepreneurs surveyed believe the Canadian economy will grow over the next year, a sharp 12% decline from only six-months ago.  Coupled with a decline in overall economic optimism, high growth entrepreneurs are becoming less likely to hire additional employees.  This past spring 84% of those surveyed planned on hiring, however, that figure now stands at 77%, marking a seven percent reduction.       

The Ivey Entrepreneurs Index is based on a short survey of five questions distributed to 350 Fellows of QuantumShift™.  Entrepreneurs are asked what they expect will happen in their private companies over the next 12 months, covering their outlook for the Canadian economy in general as well as prospects around revenue, profits, hiring, and borrowing.

In spite of diminished economic confidence, the Index found that 90% of entrepreneurs still expect their revenue to grow, a figure which has remained relatively steady over the past two years.  But over the past six months the Index shows that six percent fewer entrepreneurs believe their profits will grow in the next year.

Paul Woolford, Partner, National Program Champion, KPMG Enterprise comments:

“There is no doubt some entrepreneurs are facing headwinds in the current economic climate, however, we are still seeing many companies moving forward confidently,” he said.   “Entrepreneurs have an advantage that they are able to be nimble in tough times, changing their course for smoother sailing.”

The post KPMG: Reduced confidence in the Canadian economy appeared first on Big4.com.

Waterloo, Ontario’s Joshua Huff has been awarded the prestigious Governor General’s Gold Medal for achieving the highest standing in Canada in the 2012 Uniform Evaluation (UFE). Joshua is a graduate of Wilfrid Laurier University’s Business Administration program, and joined KPMG LLP (KPMG) in September 2011.

“With the support of KPMG’s UFE training program, I felt well-equipped and confident going into the UFE, but the Gold Medal still came as a shock,” said Joshua Huff, Staff Accountant, KPMG. “I don’t plan on slowing down anytime soon – I will strive for the same level of success I achieved on my UFE throughout my career with KPMG.”

The intensive three-day evaluation, administered by the Canadian Institute of Chartered Accountants (CICA), assesses Chartered Accountant candidates’ competencies including knowledge, professional judgment and ethics. 3,077 students across Canada passed the 2012 exam.

KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative (“KPMG International”). KPMG member firms around the world have 145,000 professionals, in 152 countries. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.

The post KPMG: Joshua Huff receives top accounting honour appeared first on Big4.com.

KPMG in Canada (KPMG) announced recently  that the immigration practice of Greenberg Turner has joined its affiliated law firm, KPMG Law LLP , effective November 1, 2012, making KPMG home to one of Canada’s leading global immigration law firms.

“Corporations with international operations move their people around the world and need to do so efficiently – this requires the very best in tax and immigration support,” said Elio Luongo, Canadian Managing Partner, Tax, KPMG.  “Combining our market leading international executive tax services with Greenberg Turner’s immigration practice makes KPMG a one-stop-shop for global clients’ expatriate needs. The addition of Greenberg Turner brings solid skills, international experience, and an innovative immigration practice to the KPMG family.”

Founded in 1995, Greenberg Turner is a world leader in immigration-related services for talent movement such as employment permits, visas, and permanent resident status and citizenship. Howard Greenberg, Monika Szabo and Suzanne de Lint will join KPMG as partners.

The post KPMG: Greenberg Turner joins appeared first on Big4.com.

HP CEO Meg Whitman has been constantly saying that HP relied on Deloitte UK’s audit of Autonomy.  And further, that HP also relied on KPMG’s audits of Deloitte’s work.

HP blamed $5 billion of the total of $8.8 billion write-down on “improper accounting” at Autonomy. HP shares are at a 10-year low.

And what are the Big Four saying, at least publicly:

Deloitte says that it was not responsible for due diligence on the Autonomy acquisition. And it totaly denied any knowledge of any accounting improprieties or misrepresentations in Autonomy’s financial statements (last audit opinion for the year ended December 2010.). “Deloitte categorically denies that it had any knowledge of any accounting improprieties or misrepresentations in Autonomy’s financial statements at the time of the write-down announcement,” according to a Deloitte spokesman. “We conducted our audit work in full compliance with regulation and professional standards.”

Who found these accounting improprities which led to the writedown? PwC.

E&Y folks must be feeling just a little safe to be out of this whole mess.

The post HP Investor Sues Everyone in Sight – Including KPMG and Deloitte appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A new report from KPMG states that UK businesses need to take efforts to be more transparent with their tax practices. Stricter tax policies are being enacted throughout the country which many companies are reluctant to accept.

KPMG recently conducted a poll of nearly 60 executives from some of the largest corporations in the country. The auditor said that nearly half of executives are against the General Anti-Abuse Rule that was proposed in September. The auditor said that the regulation will likely be enacted despite corporate lobbying efforts.

According to Jane McCormick, the head of KPMG’s tax division, increased transparency will also provide a number of valuable data on the impact firms have on the UK economy. The data they report will also help government officials determine what role these firms play in creating new jobs and assist the economy in other ways.

The General Anti-Abuse Rule was first proposed by Chancellor George Osbourne when it became evident that many firms were using accounts overseas to hide income and avoid paying taxes. Some groups have protested that the legislation would curtail growth and job creation throughout the country. However, Osbourne’s administration has said that it is adamant about ending abusive tax practices in the United Kingdom.

The post KPMG Tells UK Corporations They Need to Be More Transparent With Taxes appeared first on Big4.com.

KPMG was cited as a leader in The Forrester Wave™: IT Organization Redesign Consultancies, Q4 2012 report, which examined the offerings and capabilities of seven organizations to help Chief Information Officers.

Mark A. Goodburn, Global Head of Advisory commented:

“We help the CIO run a more efficient and effective IT organization, and we also help the CIO better enable the business with technology,” he said. “We think this recognition is a testament to our ability to drive this critical component of the CIO Agenda,” he said. “Our global methodologies and tools are proven, and our people are experienced and objective.  This helps us develop a unique and customized approach for each client.”

The Forrester Research, Inc. report said KPMG is one of the organizations that showed “excellence in nearly all areas of redesign” and is one of the “global leaders in the redesign of IT shops.”  It was also one of the firms praised for “strong methodologies; experienced, highly trained consultants; quality of delivery; and ability to handle the most difficult business and IT problems.”

The post KPMG: Leader in IT Redesign appeared first on Big4.com.

KPMG welcomes the proposed limited amendments to IFRS 9 that were issued today by the IASB as a step towards completing its plan to reform financial instruments accounting under IFRS. The project is a joint one with the US FASB and responds to calls from the G20 for a single set of high-quality global accounting standards.

The proposals introduce a new measurement category for financial assets that are managed both in order to collect contractual cash flows and for sale – such as some bond investment portfolios. This new category will require the measurement of the asset at fair value, with fair value changes being recognised outside P&L and in ‘other comprehensive income’ or OCI. Some financial assets that an entity previously expected to measure at amortised cost under the existing IFRS 9 model may have to be classified in this new category – this may have the consequence of increasing volatility in reported equity and, for financial institutions, regulatory capital.

Another significant change introduced by the proposals is that entities will be allowed to early apply the own credit requirements in IFRS 9 for financial liabilities measured under the fair value option without having to early apply IFRS 9 in its entirety. Current standards require the impact of changes in own credit risk on these liabilities to be recognised in P&L – leading to a large boost in a bank’s profits when its creditworthiness deteriorates. Under IFRS 9, these gains and losses too would be excluded from reported profits. This will be good news for many constituents who view the own credit requirements introduced in IFRS 9 as a significant step towards enhancing the quality and reputation of IFRS. However, early adoption will still not be available to banks in the European Union unless and until the EU endorses the new standard – which is unlikely to be soon.

The post KPMG: Proposed limited amendments to IFRS 9 appeared first on Big4.com.

David Elms, head of media at KPMG in the UK, recently published this full  article  in Press Gazette.

The head of media at KPMG in the UK  says that the long expected consolidation of the UK’s regional newspaper market might finally be imminent citing the fact that Yattendon, the media and property group, confirmed it is in talks with the DMGT to acquire its regional newspaper division Northcliffe.

Elms notes the  fast growing competition from digital combined with the recession has forced media businesses into challenging their business models and making tough choices. The UK’s regional newspapers have been particularly under pressure.

“Their traditional generators of income – classified advertising for cars, property, and jobs -  have largely migrated on-line,” he writes.  “Add to this the cyclical impact of the recession and the overall outlook is not a good one.Regional newspapers need to change their business models and they need to do so quickly.”

“I think a real step change and way forward would be the formation of a larger regional newspaper group, that covers the major UK conurbations and is therefore ‘national’ in its coverage and perspective.A group of that scale would have the power to attract national advertisers as well as local advertisers,” he concludes.

The post KPMG: Regional newspapers need to change their business models appeared first on Big4.com.

According to KPMG’s Global Head of IT Advisory,  CIOs have begun to adopt a ‘federal approach’ to IT services, with many empowering IT decision-making at a local, functional, level. Bryan Cruickshank also argues that instead of providing pan-organisational services and support, CIOs are better able to serve their business by focusing on governance and strategic issues.

Cruickshank’s analysis is based on data collected by IDG Research Services on KPMG’s behalf.  Exploring the impact of macro business trends on IT, it concludes that CIOs need to alter their focus if they are to successfully grapple with emerging technologies and the demands of ‘the Boardroom’.

“The CIO has the most dynamic role in an organisation.  What started off as keeping the mainframe running has turned into a strategic role with a direct impact on revenue, reputation and overall business success.  Keeping the lights on is, of course, still important, but faced with managing an increasingly diverse set of options in a rapidly evolving technology and business environment, the traditional CIO is changing into someone less concerned with managing information and more focused on delivering integration,” he says.

“All too often, organisations overhaul their IT operations or update technology strategies in response to challenges and opportunities, but few see the subsequent alignment between IT changes and business operations as a source of strength.  The result is widespread acceptance that a change in approach is needed, yet many businesses are struggling to define what their new operating model should look like.”

The post KPMG: IT empire building over appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG has recently conducted a global audit assessing the level of corruption of countries throughout the world. The audit found that fraud and corruption are a larger concern in Nigeria than any other country in Africa.

These findings are a serious concern for Nigeria’s current president, Goodluck Jonathan. Jonathan has told his constituents that he has worked harder to end corruption in Nigeria than any of his predecessors.

KPMG said that there were more cases of fraud in Nigeria between January and June of 2012 than any other country in Africa. The cost of this fraud amounted to over $1.5 billion.

The largest complaints were centered around government officials and executives in the private sector. KPMG also found that there was a higher prevalence of corruption in the oil industry than most other sectors.

This report suggests that Jonathan’s administration will need to do more to address the level of corruption throughout Nigeria. However, the incidence of fraud is still improving. The report found that the number of fraud cases dropped from 520 to 508 from the last half of 2011 to the first half of 2012. The cost of fraud also declined slightly as well.

The post KPMG Audit States There is More Crime in Nigeria than Any Other African Country appeared first on Big4.com.

KPMG was named the best global accountancy firm at the annual British Accountancy Awards. The Big4 firm competed with BDO and Grant Thronton for the title, but ultimately won because of its “commitment to corporate responsibility,” in the words of Mark Spofforth, President of the Institute of Chartered Accountants in England and Wales (ICAEW).

The ICAEW has sponsored the awards for three years running as part of its attempt to position itself at the heart of the accounting and financing world in the United Kingdom. The ICAEW has 138,000 membership accountants both in the UK and abroad.

Judges at the British Accountancy Awards said that KPMG continued to focus on corporate responsibility and sustainable growth for client firms.

National firm of the year award went to Johnston Carmichael, a 54-person firm based in Scotland, winning out to MacIntyre Hudson and Smith & Williamson. Judges cited the firm’s “real leadership and energy, based on a great agenda for their and clients’ growth.”

Individual wards were also given out at the ceremony. Margaret Ewing of Deloitte won “lifetime achievement” award while The Fish Partnership won the award for Best Employer.

KPMG is the third largest auditing firm worldwide, with 145,000 employees worldwide and revenue of $22.7 billion. It was the largest firm shortlisted for the award this year.

The post KPMG Named Global Firm of the Year appeared first on Big4.com.

According to a new paper from KPMG International, the wording of the last international climate agreement has left the UN process with a potential “time bomb.” KPMG’s Sustainable Insight paper, entitled Will Doha deliver a deal?, predicts problems with the commitment made at the 2011 UN conference in Durban, South Africa. Focusing on implications for the business community, the paper looks the next round of UN climate talks, COP 18, which take place in Doha, Qatar from 26 November to 7 December 2012.

The paper identifies three important gaps KPMG says the 2012 climate talks must address to address the concerns of business:

1. The Kyoto Gap: the fate of the Kyoto Protocol is still unclear after being abandoned by Japan, Russia, Canada and New Zealand. The treaty was never ratified by the US.
2. The Ambition Gap: it is clear that current international commitments to reduce carbon emissions are insufficient to restrict average temperature rises to 2 degrees Celsius, the maximum “safe” rise recommended by most climate scientists.  Businesses will be watching the outcome of Doha closely to see what new commitments emerge, whether they will mean companies are required to take on more stringent targets and whether new opportunities in low-carbon sectors will be created.
3. The Finance Gap: agreement was reached in Durban on the Green Climate Fund to support low carbon transition in developing countries, but negotiators have only just agreed where its headquarters will be – in South Korea – and it is still not clear where the US$100 billion a year will come from.

“While the last COP at Durban made great progress towards a new mandate, it left a time bomb in the form of the wording of the agreement, which calls for ’a process to develop a protocol, another legal instrument or an agreed outcome with legal force’. No one is quite sure what this means and the lack of clarity is sure to muddy the negotiating process,” said Yvo de Boer, KPMG’s Special Advisor on Climate Change & Sustainability.

The post KPMG: UN climate change talks could face potential “time bomb” appeared first on Big4.com.

Graeme Ross, a partner with the UK firm, serves as the global lead partner for several key clients in the telecommunications and media sectors and leads KPMG’s Global Markets group for Europe, the Middle East and Africa (EMA) region. A partner with KPMG for over 17 years, he is also a EMA region board member and has previously led KPMG’s technology, media and telecommunications practice for the UK and European member firms.

Ross was recently appointed as the Global Sector Chair of KPMG’s Media and Telecommunications practice.

“Graeme has an impressive track record in making clients’ business his top priority. With his deep knowledge of the telecoms and media sectors, as well as his broad experience with a number of very large multinational companies, clients can be assured that KPMG firms’ professionals will continue to bring fresh ideas together with our industry skills to help them achieve their business objectives,” Isabelle Allen, KPMG’s Global Head of Sales and Markets.

“With the continuing explosion of mobile devices and applications, as well as innovation, convergence and dramatic changes to business models in the sector, it is imperative that we remain relevant to clients’ agenda by continuing to bring new solutions and propositions which address the specific issues and business challenges they face,” said Mr. Ross.

The post KPMG: Global Chair, Media and Telecommunications appeared first on Big4.com.

KPMG International’s latest Sustainable Insight reveals that the majority of the world’s largest companies lack a long term water strategy. Wim Bartels, KPMG’s Global Head of Sustainability Assurance, said while the issue of water scarcity is rising in the public consciousness, many leading companies are not yet taking steps to reduce their water consumption and will likely experience increasing public or investor pressure to do so.

The results vary by country. Of those that produce a CR report, 95 percent of Indian companies, 69 percent of Spanish companies and 66 percent of UK companies include specific plans to reduce water usage. This contrasts with just 24 percent of Chinese companies and 27 percent of Japan-based companies.

Sustainable Insight – Business Responses to Water Scarcity provides analysis of the corporate responsibility (CR) reports of the largest companies across 34 countries, including the world’s top 250 companies.

Lagging in the list of industries which report is the transportation sector where only half of the largest companies address water issues in their CR reports. The utilities sector also demonstrates comparatively low rates of reporting (the second lowest at 62 percent), which is somewhat surprising given the water intensity of power generation.

The post KPMG: Global corporate reporting needs to top up on Water Scarcity appeared first on Big4.com.

A recent report pointed to KPMG as having “a strong technology advisory practice,” and went on to say that KPMG is “a global leader” in advisory and consulting services related to BI and analytics, with “significant focus on analytics and decision support, performance and risk, and information management.” The fourth quarter 2012 Forrester Wave™ Business Intelligence Service Providers report, examined the offerings and capabilities of 12 organizations.

“KPMG professionals are working to help companies focus first on their desired business outcomes, and aim for precision and relevance in the data so that those critical insights become actionable intelligence,” said Mark A. Goodburn, Global Head of Advisory, KPMG International,. “Business intelligence and data and analytics capabilities have quickly changed from a standalone technology solution to standard operating procedure for forward-thinking executives.”

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

The post KPMG: Business Intelligence Service Provider Leader appeared first on Big4.com.

Companies around the world are threatened by a growing tide of regulation, according to a new report by KPMG which charts the views of 320 in-house General Counsel, but finds those using their legal skills to help make commercial decisions are the ones that will best thrive in the new environment.

“Companies are facing a cloud of regulation that is adding a layer of complexity to almost every commercial decision that they need to take and risks casting a further shadow at a time of low economic growth in mature economies,” said Kathryn Britten, Global Head of KPMG’s Legal Services Sector. ” General Counsel are increasingly being required to act as the barometer for their organizations, gauging the pressure and helping to scan the horizon for future threats.  It is clear that involving general counsel in commercial decision making is now the norm for those companies that are successfully navigating today’s risk landscape. ”

The need for General Counsel to pick up the mantle is clearly highlighted, with the increase in volume and complexity of regulation flagged as the greatest risk to organizations over the next five years by 90 percent of respondents.  For General Counsel operating in the technology sector this is expected to play out in the form of disputes. While the overall average across all sectors was 51 percent, 83 percent of General Counsel working in the hi-tech sector agreed that the number of disputes would rise over the next 5 years with the biggest areas expected to be within regulation and intellectual property (both 78 percent).

The post KPMG: General Counsel influence grows appeared first on Big4.com.

The annual Individual Income Tax and Social Security Rate Survey produced by KPMG’s International Executive Services (IES) practice shows this is only the third time that an increase has been observed over the past ten years that KPMG’s survey has been produced. The 2011 holding pattern for personal income tax rates is now seeing a return to the 2010 trend of increasing rates with the global average top personal income tax rate going up by 0.3 percent.

The most prominent examples of this pointed out in the survey are seen in the recent French and Spanish reforms.France’s reforms saw the introduction of two new tax rate bands for high income earners which has resulted in the top rate increasing from 41 percent to 45 percent. The rate increases are generally deemed as an ‘exceptional contribution’ which affects individuals reporting incomes of above EUR250,000.

Starting in January 2012, Spain’s ‘complimentary tax’ aims to help address the country’s public deficit. The tax applies to all taxpayers, and ranges from 0.75 percent to 7 percent depending on the individual’s income level. This effectively means that the rate of tax for individuals earning above EUR300,000 has risen from 45 percent to 52 percent.

Elsewhere in Europe, there is very little change. Western Europe continues to have the highest personal tax rates of any sub-region globally (46.1 percent).The average rate for Eastern Europe (16.7 percent) is still less than half of that of other European sub-regions, largely due to the prevalence of low flat tax initiatives. Poland and the Ukraine are notable for being the only two Eastern European countries of those surveyed to maintain a progressive tax band structure.

The post KPMG: Top personal income tax rates increase appeared first on Big4.com.

In an article written for Business Today, an Indian business newspaper, KPMG India CEO Richard Rekhy said that advisory services continues to be its primary strength in India.

After nearly two decades of operations in the subcontinent, KPMG has seen double digit expansion thanks to the nation’s booming economy and demand for consulting services. “We would complete 20 years next year in India. Our strength is advisory services. We have the largest advisory services among the big four. I was earlier running the advisory division, which contributed to almost 50 per cent of the firm’s revenues. We have made it big in the last six to seven years in the advisory space. Nearly, 3,500 employees out of total 7,000 staff are employed in the advisory division,” Rekhy wrote in the Indian paper.

Rekhy noted that the firm’s advisory services has grown by other 20 per cent–but that it had grown by over 40 per cent in previous years. While this slowdown in growth is partly the result of the growing base of operations, Rekhy cited “difficult market conditions” in his op-ed as a cause for the slowdown in growth.

Tax services have grown by over 30 per cent, according to Rekhy, and improving economic conditions in the country might signal higher growth rates in the short term.

Finally, Rekhy ended his piece by citing Japanese expansion into India as a source of possible growth in the future. Interest in a Japanese-India corridor for freight transport is resulting in higher demand for KPMG’s services in the country, Rekhy said.

The post KPMG India Sees Stronger Growth in Short Term appeared first on Big4.com.

KPMG was cited as a leader in the fourth quarter 2012 Forrester Wave™ Business Intelligence Service Providers report, which examined the offerings and capabilities of 12 organizations.

Mark A. Goodburn, Global Head of Advisory, KPMG International, said KPMG firms have a clear and strategic focus on helping clients improve their ability to manage and leverage their data.

“KPMG professionals are working to help companies focus first on their desired business outcomes, and aim for precision and relevance in the data so that those critical insights become actionable intelligence,” said Goodburn. “Business intelligence and data and analytics capabilities have quickly changed from a standalone technology solution to standard operating procedure for forward-thinking executives.”

The report pointed to KPMG as having “a strong technology advisory practice,” and went on to say that KPMG is “a global leader” in advisory and consulting services related to BI and analytics, with “significant focus on analytics and decision support, performance and risk, and information management.”

The post KPMG: Business Intelligence Service Provider Leader appeared first on Big4.com.

Steve Lis, a KPMG partner and leader of the U.S. firm’s Management Consulting Group, said the member firms of KPMG International have a strategic focus on helping clients improve their ability to manage and leverage their data.

“We are working to help companies focus first on their desired business outcomes, and aim for precision and relevance in the data so that it becomes actionable intelligence,” said Lis. “Business intelligence and data and analytics capabilities have quickly changed from a standalone technology solution to standard operating procedure for forward-thinking executives.”

To that end, KPMG was cited as a leader in the fourth quarter 2012 Forrester Wave^™ Business Intelligence Service Providers report.

The report pointed to KPMG as having “a strong technology advisory practice,” and went on to say that KPMG is “a global leader” in advisory and consulting services related to BI and analytics, with “significant focus on analytics and decision support, performance and risk, and information management.”

KPMG is a global network of professional firms providing Audit, Tax and Advisory services.  We operate in 152 countries and have 145,000 people working in member firms around the world.  The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

The post KPMG: Business Intelligence Service Provider Leader Recognition appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Financial analysts are debating the impact that the fiscal cliff will pose for debt markets. Debt markets throughout the country were forced to shut down during the fallout from the 2008 financial crisis. Australian investors looking to purchase debt instruments were forced to look at options through markets overseas.

Others investors were forced to flock to equity securities. Over $100 billion worth of new equities were sold during the aftermath of the financial crisis.

They are concerned that a similar situation will arise if the United States goes over the fiscal cliff, but KPMG restructuring advisor David Heathcote believes those fears are unfounded.

Heathcote admitted that he is still researching the possible consequences of the fiscal cliff. He admits that he still doesn’t know exactly how the situation will play out. However, he doesn’t expect that the debt markets will be shut down as they were during the financial crisis.

Heathcote said that investors are still looking for reliable places to invest. Even if the liquidity markets in the United States are forced to shut down, he believes the markets in Australia will remain intact. He said that Australia is regarded as a safe haven and likely to sell debt even if global investors are too nervous to purchase U.S. treasuries.

The post KPMG: Fiscal Cliff Won’t Stop Australian Debt Markets appeared first on Big4.com.

Graeme Ross is the new Global Sector Chair of KPMG’s Media and Telecommunications practice.

“With the continuing explosion of mobile devices and applications, as well as innovation, convergence and dramatic changes to business models in the sector, it is imperative that we remain relevant to clients’ agenda by continuing to bring new solutions and propositions which address the specific issues and business challenges they face,” he said. “We have a highly talented global network of lead partners and professionals in the sector who work closely together to share insights and deliver value to clients; I’m delighted to be able to contribute to our continued client successes in the sector.”

Mr. Ross, a partner with the UK firm, serves as the global lead partner for several key clients in the telecommunications and media sectors and leads KPMG’s Global Markets group for Europe, the Middle East and Africa (EMA) region. A partner with KPMG for over 17 years, he is also a EMA region board member and has previously led KPMG’s technology, media and telecommunications practice for the UK and European member firms.

Isabelle Allen, KPMG’s Global Head of Sales and Markets also commented saying: “Graeme has an impressive track record in making clients’ business his top priority. With his deep knowledge of the telecoms and media sectors, as well as his broad experience with a number of very large multinational companies, clients can be assured that KPMG firms’ professionals will continue to bring fresh ideas together with our industry skills to help them achieve their business objectives.”

The post KPMG: New Global Chair, Media and Telecommunications appeared first on Big4.com.

According to the new report, Extending the Campus – A Lesson in Successful Global Expansion for Higher Education Institutions, as demand for international education rises (growing at an average annual rate of 7.1 percent between 2000-2010), institutions are hoping to take advantage by broadening their footprints and brands in new geographies in both education and research.

The report, which outlines key lessons learned in transnational expansion, features insights from KPMG’s Rowley and other KPMG partners in the educational sector, supported by four case studies from higher education institutions in Canada, India, the Netherlands and the UK.

Six Key Steps for Successful Transnational Expansion

1. Outline the business case for expansion.
2. Develop the full business plan.
3. Conduct due diligence and negotiate the full agreement.
4. Approve the agreement.
5. Implement the business plan.
6. Evaluate and review the project.

An example of this new approach is China which, according to research cited in the report, has invested US$20 billion in education since the 1990s and increased enrollment from five million post-secondary students in the mid-1990s to more than 34 million in 2010.

The post KPMG: Six Key Steps for Higher Education Institutions Expanding appeared first on Big4.com.

KPMG International’s latest Sustainable Insight reveals that the majority of the world’s largest companies lack a long term water strategy. The results vary by country. Of those that produce a CR report, 95 percent of Indian companies, 69 percent of Spanish companies and 66 percent of UK companies include specific plans to reduce water usage. This contrasts with just 24 percent of Chinese companies and 27 percent of Japan-based companies.

Sustainable Insight – Business Responses to Water Scarcity provides analysis of the corporate responsibility (CR) reports of the largest companies across 34 countries, including the world’s top 250 companies. The report finds that the majority of the world’s largest companies (60 percent) do not yet demonstrate a long-term strategy to deal with water scarcity in their CR reporting.

Lagging in the list of industries which report is the transportation sector where only half of the largest companies address water issues in their CR reports. The utilities sector also demonstrates comparatively low rates of reporting (the second lowest at 62 percent), which is somewhat surprising given the water intensity of power generation.

The post KPMG: Water scarcity needs more focus appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A joint report from KPMG and the Recruitment and Employment Confederation (REC) found that job growth in the United Kingdom grew at the fastest pace in nearly a year and a half. KPMG said that this is encouraging news for the economy and everyone looking for work.

The report found that both permanent and temporary positions increased last month. Employers had cut permanent positions during each of the previous four months. The increased headcount in October is an indication that the job market may be turning the corner.

The study also found that employers reported more vacancies than any month since June 2011. This could be an encouraging sign for many discouraged job seekers. However, it could also be a sign that employers are struggling to find qualified employees to fit their needs.

Kevin Green, leader of the Recruitment and Employment Confederation, said that the increase in temporary positions should also be encouraging. This is a sign that employers recognize the need to maintain flexibility in their workforce. They will likely induct temporary workers before promoting them to full-time status later on.

Bernard Brown from KPMG said that the news is encouraging, but isn’t a sign that the job market has fully recovered. However, Brown stated that people will need to understand that the economy is still not faring well and a sustainable jobs recovery may not reverse that anytime in the near future.

The post KPMG Optimistic Over Job Growth in the United Kingdom appeared first on Big4.com.

The CF practice for Deloitte  has made strategic industry hires and has significant bolstered its senior level talent in its practices over the past 15 months, including:

• Healthcare with the hiring of Chris Mercier and Maureen Spivack, CF Managing Directors based in Chicago and New York, respectively.
• Technology with the hiring of CF Managing Directors Mihir Jobalia and JP Ditty, based in Silicon Valley.
• Energy & Infrastructure with the hiring of Partner Jim Ray and Managing Directors Scott Rawlins and Nick Greenwood focused on public sector Infrastructure and Managing Director Shez Bandukwala focused on Clean Tech.
• Real Estate with the hiring of Jon Mehlman and Imran Ahmed, CF Managing Directors based in New York.

Dan Tiemann, Transactions & Restructuring service group leader for KPMG LLP, the audit, tax and advisory firm comments:

“We’re extending our depth of talent along key industry segments where we see continued trends toward transformation and change such as healthcare, technology, energy & infrastructure and real estate,” he said.  “We are also expanding the set of services KPMG offers as we see increasing demand from our clients to serve in the trusted business advisor role – assisting not just with traditional M&A transaction advisory, but also providing services related to strategy, capital structure assistance and cash flow advisory services.”

The post KPMG: Corporate Finance Team Expanded appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG has warned asset managers that regulators in Europe and the United States are imposing a number of new regulations on the financial industry. These regulations are expected to create a number of financial challenges for financial asset managers.

Craig Bridgewater is the managing director of investments for KPMG in Bermuda. Bridgewater said that KPMG is committed to helping them overcome these challenges in the coming years. They will begin with a few forums next week that will be dedicated to helping financial professionals understand the impact of these regulations and how to address them.

The three regulatory changes that will have the greatest impact the financial industry are FATCA, Form PF and the Directive on Alternative Investment Fund Managers. Both the United States Securities and Exchange Commission and European Commission are ensuring that asset managers are adhering to tax guidelines and managing assets responsibly.

Bridgewater told reporters from the Royal Gazzette that the industry needs time to prepare for these changes. KPMG aims to educate asset managers about these changes now so that they have time to make the necessary adjustments. Bridgewater said that KPMG is always available to provide help to its clients, but believes they should understand the new regulations themselves as well.

The post KPMG Hosting Forums for Bermuda Asset Managers Over New Regulations appeared first on Big4.com.

In the fourth quarter 2012 Forrester Wave^™ Business Intelligence Service Providers report, KPMG was cited as a business leader.  Steve Lis, a KPMG partner and leader of the U.S. firm’s Management Consulting Group, said the member firms of KPMG International have a strategic focus on helping clients improve their ability to manage and leverage their data.

The report pointed to KPMG as having “a strong technology advisory practice,” and went on to say that KPMG is “a global leader” in advisory and consulting services related to BI and analytics, with “significant focus on analytics and decision support, performance and risk, and information management.”

“We are working to help companies focus first on their desired business outcomes, and aim for precision and relevance in the data so that it becomes actionable intelligence,” said Lis. “Business intelligence and data and analytics capabilities have quickly changed from a standalone technology solution to standard operating procedure for forward-thinking executives.”

KPMG is a global network of professional firms providing Audit, Tax and Advisory services.  They operate in 152 countries and have 145,000 people working in member firms around the world.  The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

The post KPMG: A Business Intelligence Service Provider Leader appeared first on Big4.com.

A new report from KPMG’s Global Healthcare practice examines the root causes of sub-optimal healthcare and identifies three core principles that – when taken together – demonstrate a clear path to driving value from healthcare systems. Contracting value: Shifting paradigms, identifies these principles as:

This report differs from earlier work in this area because it makes it very concrete how this can be done. It is a must read for any health system administrator, payer or provider and represents a true step-change in the way that health services can be contracted and delivered.

The post KPMG: Contracting value: Shifting paradigms in Healthcare appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A new report from KPMG states that Australian banks may face a series of new regulations over the next year. These regulatory reforms will make it more difficult for banks as Australia’s economy remains stagnant.

Banks also face a number of risks from the global economy. The eurozone crisis has not been resolved and the United States will face the fiscal cliff at the end of the year. Economies in other countries in the Pacific are also starting to slow over the coming year.

These challenges will likely raise the cost of financing for banks throughout the world. Central banks could pledge to keep interest rates near record lows, but those policies may only be effective for so long if the financial markets are shaken by another crisis.

Ian Pollari, Head of Banking for KPMG, said the growth in profitability for banks has slowed considerably over the last two quarters. Banks are increasingly turning to deposits to raise funds needed to finance loans.

Pollari said banks are managing their assets more efficiently and implementing new strategies to grow their market share. However, they are becoming increasingly worried about upcoming regulatory changes.

The post KPMG Report States Australian Banks May Face New Risks and Regulations appeared first on Big4.com.

Contracting Value: Shifting Paradigms, a new KPMG report found that, under the current healthcare model, sub-optimal patient care generates more revenues for healthcare providers while efficient high-quality care generates fewer revenues.

KPMG’s report examines the root causes of sub-optimal healthcare around the world and identifies three core principles that – when taken together – demonstrate a clear path to driving value from healthcare systems: integrated care must be the new “unit” of payment, meaningful outcomes must be defined and measured, and adding value must be rewarded.

By examining a range of existing health systems around the world, the report clearly lays out the steps that must be taken to re-align the provision of care to deliver better patient outcomes, reduced costs and greater value for money.  The report also provides a number of lessons from leading health providers and illustrates its core findings through real and practical examples rooted in actual patient care scenarios.

Janet Davidson, Global Center of Excellence for Healthcare, KPMG in Canada comments:

“We believe that these three core principles, when grasped fully in their synergy, bring this Holy Grail within the reach,” she says. “However, one of the greatest challenges will be in creating the right environment to encourage integrated care delivery, and that will require systems to overcome deeply entrenched ways of working and institutional silos that currently stand as fundamental barriers to better patient care.”

The post KPMG: Healthcare Holy Grail appeared first on Big4.com.

P. Scott Ozanus has been elected to serve as deputy chairman and chief operating officer of the U.S. audit, tax and advisory firm. KPMG also announced that Jeffrey C. LeSage will succeed Ozanus as vice chair of the firm’s tax practice and that Laura Newinski will assume LeSage’s role as national managing partner of tax.

Ozanus has more than 30 years of experience in what are now the “Big Four” international accounting, tax and advisory firms.  He joined KPMG in 2002 and prior to serving as vice chair of the Tax practice, was the West area region managing partner for Tax.  Earlier Ozanus served as managing partner of KPMG’s Dallas office and southwest area managing partner.  Under his leadership, the U.S. Tax practice has grown significantly faster than the industry average.  Ozanus began his career in the Dallas office of Arthur Andersen.

LeSage joined KPMG in 1986 and was named to the firm’s partnership in 1992. He has served as national managing partner of the tax practice since July 2010. During his tenure, the practice saw strong, steady growth, reflecting a focus on providing outstanding service and business insight to clients.

Newinski succeeds LeSage as national managing partner for KPMG’s tax practice.  She joined KPMG in 1988 and was elected to the partnership in 1997.  She previously served as the Tax partner in charge for KPMG’s Northern Heartland Gateway West business unit and most recently as West region managing partner for Tax.

“I am honored to be elected by the Board and partners to this role and help lead a firm with such a legacy of success,” said Ozanus. “KPMG attracts the top talent in the profession, and is strongly positioned for growth in today’s dynamic marketplace.  I am looking forward to working with John, our leadership team, and all of our partners and professionals to deliver the highest quality services to our clients that is the hallmark of KPMG.”

The post KPMG: :NEW DEPUTY CHAIRMAN AND CHIEF OPERATING OFFICER ELECTED appeared first on Big4.com.

According to KPMG’s Between the Regulator and a Hard Place, Canadian utility providers know they must gain more control over operating costs to secure rate increase approvals from regulators. With this trend as a backdrop, KPMG in Canada’s Power and Utilities Practice undertook a survey of Canadian generation, transmission, and distribution companies from coast-to-coast to see how they viewed the situation, how they are dealing with the pressure to cut costs and what they see as the most important issues and response measures.

Key survey findings include eighty-six percent of respondents cited the need for capital investment in infrastructure renewal and expansion as the number one reason for requesting rate increases, with rising operating expenses as the second (67 percent).

As well, sixty-two percent of respondents noted reducing operations, maintenance, and administration costs as the number one cost-cutting measure in light of regulator push-back, with cutting capital programs (38 percent) and eliminating staff (29 percent) as other key cost-cutting measures. Other possible solutions include rather than just “cutting costs”, looking at doing more with the same amount of money or doing the same with less, such as undertaking contract reviews, re-opening supplier negotiations or rationalizing one or more functions.

The post KPMG: Power utilities need to get serious appeared first on Big4.com.

KPMG LLP (KPMG) announced today that Kanata, Ontario based Cox Merritt & Co. Chartered Accountants (Cox Merritt) has joined KPMG Enterprise effective November 1 2012.

Rob Brouwer, Canadian Managing Partner, Clients and Markets, KPMG LLP comments:

“As the Canadian demand for Enterprise services increases, KPMG remains committed to helping small-to-mid size businesses and organizations succeed,” he said.  “The welcome addition of Cox Merritt to our KPMG Enterprise team demonstrates our dedication to provide responsive and effective advice to our Enterprise clients.”

Cox Merritt has been delivering accounting and tax services to private companies, not-for-profit organizations, trusts and individuals throughout the Ottawa area for more than 30 years. The 25-employee firm was founded by KPMG alumni Bill Cox and Bill Merritt, and is currently led by partners Craig Gordon, also a KPMG alumnus, and Chris Morrison.

The post KPMG: Cox Merritt & Co. joins firm appeared first on Big4.com.

KPMG in Canada (KPMG) announced recently that the immigration practice of Greenberg Turner has joined its affiliated law firm, KPMG Law LLP , effective November 1, 2012.

Elio Luongo, Canadian Managing Partner, Tax, KPMG comments:

“Corporations with international operations move their people around the world and need to do so efficiently – this requires the very best in tax and immigration support,” he said.   “Combining our market leading international executive tax services with Greenberg Turner’s immigration practice makes KPMG a one-stop-shop for global clients’ expatriate needs. The addition of Greenberg Turner brings solid skills, international experience, and an innovative immigration practice to the KPMG family.”

Founded in 1995, Greenberg Turner is a world leader in immigration-related services for talent movement such as employment permits, visas, and permanent resident status and citizenship. Howard Greenberg, Monika Szabo and Suzanne de Lint will join KPMG as partners.

The post KPMG: Greenberg Turner joins firm appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG has recently opened a new office in Myanmar. They are the first big four auditing firms to start an office in the country.

This announcement is one of many signs that indicate that Myanmar is starting to open its borders to the Western world. More key investors from western nations are expected to show an interest in expanding in Myanmar and other countries in Southeast Asia.

KPMG used to work with clients in Myanmar but left nearly a decade ago as the United States began imposing stricter regulations and sanctioned the auditor. However, KPMG has shown more interest in the region. The company believes it can use its presence in Myanmar to reach other investors in Thailand and the rest of Southeast Asia.

The new office is being managed from KPMG’s office in Thailand. KPMG Thailand CEO Kaisri Nuengsigkapian said they are regularly hearing about new developments in Myanmar. Many experts didn’t believe Myanmar would be a viable target for large investors.

However, Nuengsigkapian expects demand to grow in the coming years. He said that KPMG Thailand has observed a growing interest in Myanmar from global corporations. Many of the firm’s clients in Thailand are already conducting business in Myanmar.

The post KPMG Opens Office in Myanmar appeared first on Big4.com.

In the latest move that the once totalitarian regime is opening its economy to outside influence, Big4 firm KPMG has opened its Mynamar office, making it the first Big4 firm to have a presence in the country. PwC has also said it plans to open an office in the country, under the direction of the firm’s Singapore office.

KPMG Chairman Michael Andrew said that the country has opened itself to trade with the outside world, making it a great opportunity for growth. “With the easing of trade sanctions, Myanmar has the potential |for tremendous growth, and many multinationals and other investors are already entering the market or exploring opportunities,” he said in a statement. KPMG will focus initially on helping foreign direct investment in the country. “KPMG can support clients investing in Myanmar with extensive global resources, including specialized practices in areas such as financial services, healthcare, hospitality |and infrastructure. We look forward to contributing to Myanmar’s economic resurgence and to helping clients succeed in what should be a rapidly expanding economy.”

Initially, the firm will offer tax and advisory services and will add audit services in the near term. KPMG currently has 1,200 employees in Thailand, who will help establish the Myanmar practice.

KPMG Thailand CEO Kaisri Neungsigkapian said that the opportunity for growth in Myanmar will continue for some time. “Investors are flocking to the country and are excited about the possibilities they are finding. KPMG in Thailand is proud of the leadership role we are taking to support them,” she said.

The post KPMG Opens Myanmar Office appeared first on Big4.com.

A poll taken by KPMG LLP, the audit, tax and advisory firm, at the Dow Jones Private Equity Analyst Conference, held last month in New York and sponsored by KPMG shows that private equity executives, when asked recently whether their investment activity would rise over the next year, 59 percent answered in the affirmative, while 33 percent believed it would remain “about the same.”  Only 8 percent said they expect to decrease investing activity.

When asked about the most challenging issue facing private equity, 23 percent said “identifying quality investment opportunities.” The same percentage indicated that “the tough IPO market/exits” was most challenging, followed by geo-political concerns and the image of the PE industry, each at 16 percent.

Marc B. Moyers, National Sector Leader for KPMG Private Equity commented:

“There is a great deal of uncertainty in the market place and some participants may be waiting on the sidelines, even though we saw a number of large PE transactions announced during the third quarter” he said. “Fundraising has picked up in the last quarter, debt is available to finance transactions, and covenant terms are reasonable.”

The post KPMG: Private Equity Execs Predict They’ll Invest More Next Year appeared first on Big4.com.

Cox Merritt has been delivering accounting and tax services to private companies, not-for-profit organizations, trusts and individuals throughout the Ottawa area for more than 30 years. The 25-employee firm was founded by KPMG alumni Bill Cox and Bill Merritt, and is currently led by partners Craig Gordon, also a KPMG alumnus, and Chris Morrison.

KPMG LLP (KPMG) announced today that Kanata, Ontario based Cox Merritt & Co. Chartered Accountants (Cox Merritt) has joined KPMG Enterprise effective November 1 2012.

Dennis Fortnum, Canadian Managing Partner, KPMG Enterprise comments:

“The combined skills and experience of the Cox Merritt people with our KPMG team will expand career opportunities and ultimately bring greater benefits to our clients and Eastern Ontario communities,” he said.

KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative (“KPMG International”). KPMG member firms around the world have 145,000 professionals, in 152 countries. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.

The post KPMG: Cox Merritt & Co Acquired appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A new study from KPMG has found that 20% of the UK workforce isn’t earning a livable wage. This is the highest proportion of workers in more than a century.

The standard for a livable wage in the United Kingdom is £7.20. Nearly 5 million citizens have a difficult time meeting that threshold.

KPMG’s Head of Corporate Affairs, Marianne Fallon, said that the economy has been very difficult for many citizens. The situation is particularly bleak for servers in restaurants and bars. Only one in 10 waiters and bartenders are able to earn a livable wage.

Fallon said that it wouldn’t be a burden for corporations to pay a living wage to their employees. However, many have been hesitant to increase wages in face of the economic downturn.

The report said that the country will need to consider new measures to address in-work poverty. Most of the concerns stemming from the economic crisis have focused on unemployment. The Centre for Social Justice released a statement in June stating that the working poor have been neglecting in most of its research. The new report from KPMG shows that the working poor are suffering considerably in the current economy.

They hope that Parliament will be able to come up with some measures to address those challenges in the near future. Current minimum wage is about £1.00 less per hour than needed for workers to stay above the poverty line.

The post KPMG Study Finds Record Number of UK Citizens Not Earning Livable Wage appeared first on Big4.com.

Hurricane Sandy, making its way through the northeast of the United States, has caused several Big4 firms to close their offices in addition to closing trading on the New York Stock Exchange and NASDAQ.

On Sunday, NASDAQ and the NYSE announced that they would close exchanges on Monday and possible on Tuesday. This is the first time markets have closed because of weather since 1985, when Hurricane Gloria stormed through New York City and the region. Several companies were planning to release earnings on Monday, including Pfizer, Thomson Reuters, and Martha Stewart Living Omnimedia. The end of October is typically busy with activity, as many blue chip companies announce their quarterly reports.

Big4 firms have also shut their headquarters in New York City and in nearby cities including Philadelphia and Boston. Public transport has also been shut in several cities, including New York City, where several highways already flooded early Monday as the storm moved northward.

Although Hurricane Sandy has not yet hit land, already several parts of New York City flooded Monday morning and power outages were reported downtown around Wall Street.

The Metropolitan Transit Authority, which runs New York City public transport including its subway and busses, said it will probably suspend service on Tuesday. It remains unclear when trading on Wall Street will resume, and workers can return to their offices at Big4 headquarters in the northeast.

The post Hurricane Sandy Closes PwC Offices in NYC, Surrounding Area appeared first on Big4.com.

According to KPMG’s latest global pulse survey, demand is expected to fall in the last half of 2012, matching the lower-than-expected levels of growth experienced earlier in the year.The declining confidence surrounding anticipated future demand for outsourced services stems from respondents’ experiences over the past three months. Today’s data reveals, for example, that 61 percent believe there is room for optimism
about business prospects, but this figure has fallen from 68 percent, at the start of the first Quarter.

Shamus Rae, partner in KPMG Management Consulting’s shared services and outsourcing advisory team commented:

“Negative market conditions in the Euro Zone continue to have a detrimental impact on business confidence as uncertainty forces buyers to delay
decisions.  The knock-on effect is also being felt as organisations maintain a tight rein over discretionary spending,” he said.  ” Amongst those
business customers who are renewing contracts, cost reduction has regained its position as the primary driver to outsource key services, but the ongoing market volatility is driving organisations to focus on short-term initiatives rather than projects that will boost performance over the longer-term.”

The post KPMG: Outsourced support services in decline appeared first on Big4.com.

KPMG LLP (KPMG) has been recognized as one of Canada’s Top 100 Employers for 2013. KPMG was selected as one of Canada’s Top 100 Employers for 2013 because of its flexible work options, employee engagement programs, development opportunities, resources for new parents, retirement planning assistance, progressive diversity policies, and campus recruitment initiatives, among others.

Kristy Carscallen, Partner and Chief Human Resources Officer at KPMG commented:

“KPMG’s recognition as a top employer is a result of our efforts to provide our people with a phenomenal career,” she said. “We strive to offer careers that build impactful relationships and provide meaningful and challenging opportunities for our people. We offer a flexible culture that celebrates diversity, engages our clients and communities to make a difference, and supports the growth of our people to their full potential.”

This is the seventh consecutive year that KPMG has won the award – an annual competition to determine which Canadian employers lead their industries in offering exceptional workplaces for their employees.

KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative (“KPMG International”). KPMG member firms around the world have 145,000 professionals, in 152 countries. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.

The post KPMG: Named one of Canada’s Top 100 Employers of 2013 appeared first on Big4.com.

According to KPMG’s Competitive Alternatives 2012: Focus on Tax(Focus on Tax) study, Canada is the second most tax competitive country among 14 major global economies, after India, and took the top spot among mature markets. While Vancouver, Toronto, and Montréal are classified as major international cities (population greater than two million), and rank in the top 10 of 55 major international cities, Focus on Tax does measure 16 featured Canadian cities, and their associated total tax costs.All 16 featured Canadian cities ranked ahead of all US cities, and among the 16 featured Canadian cities, Saskatoon (43.8) is the most tax competitive location overall, with Edmonton (44.2), Moncton (45.1), St. John’s (45.4), and Fredericton (45.5) following.

Canada ranks first for digital operations, well ahead of India and with the lowest TTI, primarily due to targeted incentives that provide significant financial support to digital media industries. Toronto (7.9), Montréal (25.2), and Vancouver (34.5) take the top three spots, respectively, for tax competitiveness in the digital sector among the 55 major international cities studied. These three cities all exhibit very low TTIs due to the impact of digital media incentives offered by the relevant Canadian provinces.

Canada and Russia both move down in the rankings for manufacturing, with Canada (69.8) ranking fourth behind India (49.3), China (51.2) and Mexico (60.0), while Russia (77.6) ranks seventh also behind the United Kingdom (74.4) and the Netherlands (76.8). In both Canada and Russia, higher costs for other corporate taxes, particularly property taxes, have a significant impact on the manufacturing sector.

The post KPMG: Canada a leader for tax competitiveness appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG recently polled private equity investors from the Dow Jones Private Equity Analyst Conference in September. Analysts found that most equity investors expect to increase investments over the next year. Private equity investments increased considerably during the third quarter and this report indicates they are likely to grow through the rest of the year.

Nearly 60% of the participants polled said they expect to invest more aggressively in private equity. Only 8% of the respondents said they plan on reducing private equity investing.

KPMG Private Equity sector leader Marc B. Moyers said it is encouraging that private equity investors intend to increase investing activity. However, he also said that investors are still reluctant. There is a considerable amount of uncertainty in the global economy. Most investors are going to be waiting for signs of a sustainable recovery before they increase investing.

KPMG also found that businesses are more likely to leverage fundraising opportunities to increase capital. More than 50 percent of respondents said they intend to increase fundraising over the next year.

Moyers said that businesses have generated enough capital through debt financing and fundraising to meet their capital needs. The biggest challenge investors face is finding attractive opportunities. The IPO market has slowed over the past year, so investors will need to find other opportunities to take advantage of.

The post KPMG Poll Finds More Private Equity Investors Plan on Increasing Funding appeared first on Big4.com.

KPMG in Canada (KPMG) welcomes the International Accounting Standards Board’s (IASB) draft of its forthcoming International Financial Reporting Standards (IFRS) on general hedge accounting, issued September 7, 2012. Airlines, manufacturers, energy and natural resources companies, and those that manage significant commodity price exposures will have the most to gain from the proposals to permit hedge accounting for risk components of non-financial items. A company will be able to reflect in its financial statements an outcome that is more consistent with how management assesses and mitigates risks for key inputs into its core business.

The IASB’s proposal aligns hedge accounting more closely with risk management in response to stakeholder requests for additional conceptual clarification – a positive step forward for those affected.

Proposal highlights include:

• Remove the rigid ‘bright line’ for assessing hedge effectiveness, allowing for a more flexible principles-based approach to hedge accounting
• Permit hedge accounting for risk components of non-financial items
• The draft will be available until early December 2012, after which time the IASB intends to proceed to finalize the draft

Valerie Gillis, Partner, Financial Risk Management, KPMG comments:

“Of all the principles in the draft, companies will most welcome the relief provided to hedge the component part of a non-financial item, such as the oil in jet fuel in the airline industry or the wheat in flour for the food industry,” she said. “Although the principles will lead to more useful information, the application guidance in some areas remains complex. Significant effort may be needed to analyze the requirements and determine how best to apply them to a company’s particular circumstances.”

The post KPMG: New hedge accounting rules welcomed appeared first on Big4.com.

KPMG LLP (KPMG) has been recognized as one of Canada’s Top 100 Employers for 2013. KPMG was selected as one of Canada’s Top 100 Employers for 2013 because of its flexible work options, employee engagement programs, development opportunities, resources for new parents, retirement planning assistance, progressive diversity policies, and campus recruitment initiatives, among others.

Kristy Carscallen, Partner and Chief Human Resources Officer at KPMG comments:

“KPMG’s recognition as a top employer is a result of our efforts to provide our people with a phenomenal career,” she says. “We strive to offer careers that build impactful relationships and provide meaningful and challenging opportunities for our people. We offer a flexible culture that celebrates diversity, engages our clients and communities to make a difference, and supports the growth of our people to their full potential.”

This is the seventh consecutive year that KPMG has won the award – an annual competition to determine which Canadian employers lead their industries in offering exceptional workplaces for their employees.

The post KPMG: One of Canada’s Top 100 Employers of 2013 appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A new report from KPMG has found that New Zealand banks made a profit of nearly $1 billion between April and March. This reflects a more than 45% increase over the quarter ending in April.

KPMG reported that the majority of the increase in profits came from a rebound in profits. Profits in the country dropped by nearly 50% between January and March.

KPMG also found that they the banks increased lending slightly, but not by enough of a margin to impact profits considerably. The report found that most of the new loans were due to many farms being transferred to new owners in May.

The new report also found that the amount of poorly leveraged loans decreased by nearly a third. Analysts expected earthquakes this summer to have increased the number of bad loans considerably. However, KPMG found that the quakes didn’t affect the finances of people and businesses living in distressed areas nearly as much as anticipated.

Low interest rates are still discouraging to many people in the country. The central bank stated that it may increase rates in the future, which may help families grow their savings in the coming months.

The post KPMG Finds Profits of New Zealand Banks Increase Nearly 50% appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Tim Schools has announced that he is resigning from his post as director of Tangerine Investment Management. Schools was accused of professional misconduct in August. The Solicitors Regulation Authority of England has been investigating Schools’s conduct for the past two months.

Schools is accused of acting with a conflict of interest and failing to maintain proper records of the firm’s financial activities. None of the allegations against Schools have been proven and he insists is not guilty of any wrongdoing. However, he has decided to step down from his role so that any allegations made against him will not reflect on the firm or jeopardize the business.

Negative publicity arose after an audit revealed a number of concerns with Tangerine’s funds. Tangerine has announced that it has hired KPMG to conduct an external audit. The firm wrote that it didn’t believe it was prudent to comment on the investigation, but said they are taking it very seriously. They have asked KPMG to report to them by the end of the month.

Tangerine has also said that it has asked the solicitors regulatory agency to help manage the fund. They said they are adamant about improving transparency and cooperating with ongoing investigations.

The post Tangerine Investment Management Hires KPMG to Conduct External Audits appeared first on Big4.com.

A trend of female home-based entrepreneurs is emerging in Canada. Statistics Canada reports there were  951,600 self-employed women in Canada as of July 2012, up from 790,400 10 years ago. Self-employment in Canada has grown as fast among women as it has among men in the past 20 years. Even more recently in times of economic uncertainty, the rate of self-employed women has grown faster than men. In 2009, a year of downturn for the labour market, the number of self-employed women rose 5.4 per cent from the year before, while the number of female employees overall fell 1.1 per cent.

KPMG Enterprise identifies key challenges and recommendations for women entrepreneurs as they establish and expand their businesses including managing cash very closely and reduce the need for cash when re-financing. Step up your cash collection and closely monitor credit worthiness of both customers and suppliers. Get counsel from professionals that understand the small business landscape. Build a strong relationship with your banker. There is long term value in keeping your banker informed and engaged in your business goals and objectives.

KPMG Enterprise business advisers are devoted exclusively to helping private company owners and entrepreneurs build strong successful businesses. Why is that important for your business? Because KPMG Enterprise business advisers are dedicated to understanding what private company owners and entrepreneurs face every day. In short, they see things the way you do. And, because of that understanding,they can provide responsive and effective advice about your financial, business, and compliance challenges, which can help save you both money and time.

The post KPMG: Canadian entrepreneurship changing appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

The International Islamic Forum was held in Kuala Lumpur last week. A number of awards were given to firms that operated in Islamic nations across the globe. One of the most coveted awards was given to KPMG.

KPMG was named the “Most Oustanding Finance Advisory Firm.” The award was received by Ahmednasri Abdulwahab, who is the head of KPMG’s Islamic Finance group, which is based out of Malaysia.

Abdulwahab said he was personally honored to accept the award. He said that this is the first time KPMG’s offices in South-East Asia have been recognized for their contributions to Islamic businesses around the world.

Abdulwahab has been working closely with Khalid Ansari, head of KPMG’s office in Oman. KPMG has been working in Oman since the 1970s. The firm currently has 140 employees in the country and is regarded as the premier provider of tax and finance services throughout the country.

Abdulwahab said KPMG will remain dedicated to promoting the economic stability of Islamic nations and ensuring the financial success of its clients throughout the world. The award they were given at the International Islamic Forum shows how committed they are to realizing that goal.

The post KPMG Ranked Most Outstanding Finance Advisory Firm appeared first on Big4.com.

According to KPMG’s latest global pulse survey, demand is expected to fall in the last half of 2012, matching the lower-than-expected levels of growth experienced earlier in the year for core outsourced services.  This new trend stems from respondents’ experiences over the past three months. Today’s data reveals, for example, that 61 percent believe there is room for optimism about business prospects, but this figure has fallen from 68 percent, at the start of the first Quarter.

Shamus Rae, partner in KPMG Management Consulting’s shared services and outsourcing advisory team comments:

“Negative market conditions in the Euro Zone continue to have a detrimental impact on business confidence as uncertainty forces buyers to delay decisions.  The knock-on effect is also being felt as organisations maintain a tight rein over discretionary spending,” he says.  “Amongst those business customers who are renewing contracts, cost reduction has regained its position as the primary driver to outsource key services, but the ongoing market volatility is driving organisations to focus on short-term initiatives rather than projects that will boost performance over the longer-term.”

Another shift is emerging when it comes to the nature of outsourced services demanded by clients.  On a 5-point scale, service providers scored ‘near-shoring’ as the most popular at 3.70, followed by ‘off-shoring’ at 3.61.  Domestic shared service centres are also gaining in popularity, with 42 percent of respondents claiming an increase in customer demand for a pooling of available talent and services

The post KPMG: Outsourced support services in decline appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG has announced that it will be donating $50,000 to improving literacy for disadvantaged children. KPMG made the announcement in honor of professional golfer Phil Mickelson in honor of a shot he made during halftime intermission during a Monday night football game this week.

Mickelson is proud that the initiative has been announced in his name. He is helping KPMG with its Blue for Books campaign, which aims to help children from low-income families have easier access to books.

Mickelson launched the campaign with KPMG in March. He firmly believes in its mission and expects it will make a large difference in reducing illiteracy throughout the United States.

KPMG said that the $50,000 it is donating will be used to purchase more than 20,000 books for underprivileged children throughout the country. The money will be donated to First Book, a nonprofit organization committed to helping bring books to children in need.

First Book typically works with publishers and helps them forge connections with local organizations that can distribute books to children. They have a solid track record for bringing books to underprivileged children, but have proudly accepted KPMG’s new donation. Kyle Zimmer, CEO of First Book, said the donation will make a big difference for many children throughout the country.

The post KPMG Will Donate $50,000 to Increasing Youth Literacy appeared first on Big4.com.

Speaking on the firm’s focus, Wright said that Claritas will aim to help businesses take full advantage of the increasingly competitive tax system of the UK. “The coalition government has the objective of creating the most competitive tax system in the G20. This has resulted in a number of opportunities for Midlands businesses to benefit from measures such as the enhancement of the R&D tax relief system, the 10% tax rate offered by the patent box and various improvements made to the taxation of profits earned overseas,” he said.

Claritas Tax will be based in Birmingham, in the heart of the West Midlands. In addition to tax compliance services, the firm will also offer research and development and intellectual property consulting services. The firm also offers services working on payroll taxes, property taxes, personal taxes, and VAT issues.

“With so many changes to the tax system, our focus is on providing tax advice which supports the commercial objectives of our clients,” Wright said of his new firm.

The post KPMG UK Tax Partner Leaves, Establishes Own Firm appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A new study from KPMG has found that the largest global corporations are not doing enough to protect the world’s continually shrinking water supplies. They found that nearly two thirds of these firms didn’t have a strategy to use water resources more efficiently.

KPMG found that some countries are adopting plans to help reduce water usage. Companies from Britain and India have established new policies that can help them reduce water consumption.

However, firms from other countries have taken few efforts to protect their ever shrinking water supplies. Companies from China and Japan were found to have taken very few measures to use less water. KPMG said large firms throughout the world will need to come to terms with the scarce supply of water and development programs to help them reduce water consumption.

Vincent Neate, head of Climate Change with KPMG UK, hopes that the report will help companies come to terms with the scope of the problem. Neate said that failure to develop new plans to preserve the world’s water supply could hurt companies in the long term. Many investors are becoming more concerned about sustaining the world’s water supply. Companies will need to consider the concerns of investors and sustainable focused customers if they intend to maintain profitability as the world’s water supply continues to be depleted.

The post KPMG Finds Large Companies Need to Do More to Protect Water appeared first on Big4.com.

According to KPMG’s latest annual survey of the mainland banking sector,  China’s banks posted strong growth for 2011 and the first half of 2012, mainly driven by a growing deposit base, increased net interest margins and growth in non-interest income .KPMG’s sixth annual Mainland China Banking Survey covers a record 197 banks, representing 88 percent of all banking assets in China. This year’s survey also includes the financial information for 33 of the 37 foreign banks that were locally incorporated prior to year-end 2011.

The variance in net interest margin (NIM) across banks is also greater in 2011 than in 2010, indicating divergence in terms of lending practices and borrower bases across banks. While only 24 banks released NIM figures for 2011, these banks represent nearly 70 percent of total banking sector assets. The report also highlights the strong performance of locally incorporated foreign banks in China, which have outperformed their domestic peers by most metrics. While still modest as a percentage of total banking assets in China, foreign bank assets now account for 1.95 percent of total banking assets, up from 1.87 percent in 2010. Notably, asset growth for foreign banks from 2010 to 2011 was 24 percent, outpacing the 18 percent average growth of the overall sector.

For the 187 banks that supplied lending and deposit figures for both 2010 and 2011, the survey revealed loan growth of 15.7 percent and deposit growth of 13.1 percent. While total operating expenses across the sector are up 25 percent from 2010, there are indications of improving operating efficiency at the banks. The cost income ratio averaged out across all of the banks surveyed was 36 percent in 2011, down from 40 percent in 2010. Notably, of the 179 banks that released related figures, 135 saw a decrease in their cost income ratio.

The post KPMG: China’s banks post strong profits appeared first on Big4.com.

Richard Rekhy has been chosen as the new CEO of KPMG India operations. Previously, Rekhy had been Head of Advisory for KPMG India. Rekhy had previously worked in KPMG RAS Practice from 2004 to 2006, until he was promoted to COO of KPMG India in 2006.

Rekhy is an Indian-educated expert in corporate governance and risk management, and has worked in the field for over 25 years. He has a Bachelor of Commerce from Delhi University and is a member of the Institute of Chartered Accountants in India.

Rekhy has pushed for greater transparency and investment in India in his role, and has witnessed double-digit growth in KPMG practice during his time as COO. In a statement, Rekhy said that he hopes to see greater growth in the Indian economy as CEO. “The global and the India economy are going through some significant changes. I keenly look forward to invest in our clients and people and lead the KPMG practice in India towards the next wave of growth,” he said.

In 2011 Indian practices saw 25 per cent growth for KPMG, making it the most growing country or region for KPMG’s practice. However, the firm expects Indian revenue to face challenges from slowing growth and global pressures, particularly from Europe, the United States, and other emerging markets.

The post KPMG Announces New CEO Appointment appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG has been listed as one of Canada’s Top 100 Employers for the seventh year in a row. Canada’s Top 100 Employers is a competition that is held every year to recognize institutions that have revolutionized their businesses. The competition is praised by the Globe and Mail as a commendable resource for human resource professionals.

The competition uses eight selection criteria for businesses. Businesses are selected based on the quality of the workplace they offer and the benefits they provide to their employees. The overall emphasis of the competition is on recognizing employers who are dedicated to self-actualization as well as the financial stability and comfort of their employees.

KPMG was selected for a variety of reasons including its flexible work hours and employee development opportunities.

Kristy Carscallen, Chief Human Resources Officer at KPMG, has said KPMG is proud to have received the accommodation. She said that KPMG is committed to helping employees build a lucrative career with an organization they can be proud of.

Carscallen said that KPMG ensures its employees are given the opportunity to work on meaningful and challenging projects. They also have the opportunity to build relationships with other leading professionals across the globe.

The post KPMG Recognized as One of Canada’s Top 100 Employers appeared first on Big4.com.

Applications for the Developing Potential: The KPMG Scholarship were received from students across the country and KPMG has awarded scholarships to four Canadian university students interested in careers in accounting and professional services marketing. Applicants were evaluated based on academic excellence, leadership skills, commitment to their schools and larger communities, and a demonstrated commitment to a career in accounting or professional services marketing. The marketing scholarship highlights the importance of business-to-business marketing in professional services firms, which is a unique sub-set of the broader marketing industry.

“The KPMG scholarships recognize these exemplary students for their achievements both academically and within their community,” said Helen Spice, CFO at KPMG International.  ”The awards also raise the profile of accounting and business-to-business marketing in their academic institutions.”

KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative (“KPMG International”). KPMG member firms around the world have 145,000 professionals, in 152 countries.

The post KPMG: Global Resource Centre opens doors to unique career paths appeared first on Big4.com.

The Australian Food and Grocery Council (AFCG) sees that the total industry output contracted by 4.5 percent in 2010-11 while total industry employment declined by 2.2 percent or almost 7,000 people in the 2011-12 financial year. The detailed State of the Industry 2012 report – examining fresh and processed food, beverage and grocery industries – showed the complex industry was made up of 22,668 businesses in the 2011-12 (335 fewer than 2010-11, spent about $466.7 million on R&D and accounted for $49.2 billion of international trade (an increase of 4.3 percent). The food, beverage and grocery sectors employed approximately 296,300 people a decrease of 2.2 percent.

Priorities for regulatory reform in the food processing and manufacturing sector should include a recommitment to harmonisation of food standards across all Australian states and territories and New Zealand and streamlining and removal of duplication in energy efficiency and water usage reporting requirements.

AFGC CEO Gary Dawson said that that the food and grocery manufacturing sector’s contraction reflected the cumulative impact of both economy-wide and sector-specific factors.

“The findings of State of the Industry 2012 serve as a warning to policy makers at all levels of government that the Australian food and grocery manufacturing sector – Australia’s largest manufacturing sector – is facing an environment where input costs are rising on everything from commodities to labour to energy, and retail price deflation continues to cut margins, placing the sector under increasing pressure,” he said.

The post KPMG: State of the Industry 2012 report sees challenges appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

A new report from KPMG has found that many larger companies throughout the Netherlands are considering relocating. KPMG said that the regulatory and economic environment in the Netherlands has become less accommodating to entrepreneurs.

Another concern is that companies are becoming less loyal to their countries of origin as they transition to a global economy. According to Jurgen van Breukelen, chairman of KPMG Netherlands, the findings are significant. Many large international firms have preferred to locate to the Netherlands and lawmakers will need to take new measures to encourage them to stay.

The Netherlands is the first country to implement the Alternative Investment Fund Managers Directive. This is expected to increase financing opportunities for many firms.

A separate study from KPMG has indicated that the Netherlands is now regarded as one of the leading countries for alternate investment opportunities. More international firms could relocate to the Netherlands to take advantage of new opportunities to raise capital.

Marco Frikkee, partner with KPMG, reported that easing tax laws are one of the best ways to draw businesses from overseas. Frikkee felt that the AIFMD will be one of the most effective ways to draw new businesses to the Netherlands and keep existing firms from relocating. Lawmakers may consider additional financial restructuring policies to deter many larger firms from leaving the country.

The post KPMG Study Finds Large Firms May Be Leaving Netherlands appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Business in the Community has given KPMG with the 2012 “Widening the Talent Pool” award. The annual award is given to a company that has taken the most significant steps to increase diversity and social mobility the United Kingdom. BITC gives the award at its yearly Race for Opportunities.

KPMG has taken a number of measures to help all employees have an equal chance of succeeding in the workplace. They have reached out to many citizens in some of the more impoverished areas of London to grow their workforce. One of the biggest steps they took was implementing its STARs programme. They have given many disadvantaged workers the opportunity to receive nearly a year’s worth of paid work experience with KPMG.

Marianne Fallon is the Head of Corporate Affairs for KPMG UK. Fallon said that KPMG is grateful to have received the “Widening the Talent Pool Award.” They remain committed to increasing opportunities for disadvantaged workers and improving race and gender equality throughout their firms.

She said the efforts they have taken have broken down many traditional professional boundaries. The entire organization has benefited from KPMG’s efforts to encourage more diversity in the workplace.

The post KPMG UK Recognized for Improving Diversity and Social Mobility in the UK appeared first on Big4.com.

While the use of cloud environments continues to be increasingly embraced by companies, 52 percent of senior U.S. corporate tax professionals surveyed say they are generally not included in discussions with top management of other groups in their organizations to provide tax perspective on cloud initiatives. Results of a survey by KPMG also indicate a significant majority of more than 200 respondents from a cross-section of U.S. companies also said they have not been involved in updating their CFO or board on tax issues related to the cloud nor could they say definitely when their own department is likely to use cloud to its fullest extent.

When asked about the tax challenges facing their companies as they begin utilizing cloud technology, 40 percent of tax executives said identifying how the use of cloud expands or contracts a taxable presence in the United States and foreign jurisdictions is their biggest challenge; 27 percent cited overall compliance issues, such as withholding taxes and state and federal taxes; and another 27 percent pointed to information technology (IT)-related issues, such as server location and service-level commitments from third-party providers.

In commenting on the survey results and the future for cloud technology in general, Rick Wright, KPMG’s Global Cloud Enablement Leader, said: “The fact that there currently appears to be limited connectivity and virtually no joint strategic planning between tax and other corporate functions highlights a critical gap – one that can create an opportunity for organizations that think differently and develop IT service delivery approaches that are much more tax efficient.”

The post KPMG: Tax Left Out Of Company Decisions On Cloud appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

New reports from KPMG, the Recruitment and Employment Confederation and a renowned employment website have shown conflicting predictions of the UK job market. According to this research, job growth may be increasing throughout the country. However, there is also increased competition for existing jobs at the same time.

KPMG has reported that permanent job placements have fallen slightly over the past month. At the same time, the number of vacancies has increased by more than 5% over the last quarter from last year. This suggests that employers are likely to increase headcounts in the coming months. Job growth may have slowed modestly over the month of September, but the overall trend is still encouraging.

Representatives from totaljobs.com said the employment situation in the UK will remain dire for some time to come. They said that many people have clearly been forced to work part-time jobs. Many of these employees are competing for new full-time jobs. Totaljobs’s study has found that the level of competition for new work is much stronger than most economists had previously predicted.

Employers have all the bargaining power in the current job market. This has made it more difficult for many workers to negotiate the salaries they want.

The market for new jobs appears encouraging in the coming months, but the amount of competition may continue to be more fierce.

The post KPMG Reports Mixed Findings on UK Job Market appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG UK has recently announced that it has appointed six new directors to their team. The candidates were selected through an extensive election process and their appointments were affirmed today. The new directors include: Jonathan Hurst; Kru Desai; Richard Reid; Melanie Richards and David Sayer. The new directors come from diverse backgrounds, which KPMG UK feels will be beneficial to the entire firm.

According to the recent report, five of the new directors were long-standing partners with KPMG. They will be led by Simon Collins, who was appointed to be the chairman of KPMG UK in March.

Collins said that he has high expectations of the new directors. He said they have been chosen for their skill sets, experience and character.

These directors are non-executives and KPMG hopes they will provide a new perspective in the operations of the organization. They have been appointed as part of a decision to change the governance structure of KPMG.

Collins feels that the new appointments will have significant benefits to the entire company. He said that KPMG is continually trying to improve the governance of its offices and feels this is an important step in achieving that goal.

The post KPMG Appoints Six Non-Executive Directors appeared first on Big4.com.

According to a recent survey from KPMG International,  chemical industry executives say they will use the significant cash on their balance sheets to pursue strategic acquisitions and new product development to spur company growth. Sixty-three percent of all executives plan to increase capital spending over the next year. Eighty-one percent of the respondents in Asia-Pacific predicted an increase in capital spending, (down from 100 percent in 2011) versus 48 percent in the US and 58 percent in Europe.

In the KPMG 2012 Chemicals and Performance Technologies Industry Outlook Survey of 156 senior level chemical executives in the US, Europe and Asia-Pacific, 72 percent of industry executives indicate that their companies have significant cash on the balance sheet – up from 70 percent in KPMG’s 2011 survey – and more than half (51 percent) say their companies’ cash positions have improved from last year.

Ninety percent of executives indicate that their companies are likely to be involved in a merger or acquisition in the next two years – up from 83 percent in KPMG’s 2011 survey. Once again, respondents in the US were most bullish on being buyers (48 percent) while European respondents were the most likely sellers (52 percent).

As for where they intend to deploy that capital over the next two years, global chemical executives cite China, the US, and Europe as the geographic regions that will be the focus of investment. However, when analyzing the individual regional responses, US and European executives showed a much stronger preference for domestic investment. Unsurprisingly, China remained a favored investment location for executives in all three regions.

The post KPMG: Chemical Companies to Invest in Acquisitions, New Products appeared first on Big4.com.

While the use of cloud environments continues to be increasingly embraced by companies, 52 percent of senior U.S. corporate tax professionals surveyed say they are generally not included in discussions with top management of other groups in their organizations to provide tax perspective on cloud initiatives.

Results of a survey by KPMG LLP, the U.S. audit, tax and advisory firm, indicate that tax departments are being left out of discussions as their companies consider moving operations to the cloud. A significant majority of more than 200 respondents from a cross-section of U.S. companies also said they have not been involved in updating their CFO or board on tax issues related to the cloud nor could they say definitely when their own department is likely to use cloud to its fullest extent, the survey revealed.

Polled about the challenges, concerns and issues faced by organizations in implementing cloud from a tax perspective, only 7 percent of respondents said they were involved in regular discussions with top management of other key groups to provide perspective on tax in the cloud initiatives, while 41 percent said they were included in occasional meetings, and 52 percent said they were generally not included in any meetings.

When asked about the tax challenges facing their companies as they begin utilizing cloud technology, 40 percent of tax executives said identifying how the use of cloud expands or contracts a taxable presence in the United States and foreign jurisdictions is their biggest challenge; 27 percent cited overall compliance issues, such as withholding taxes and state and federal taxes; and another 27 percent pointed to information technology (IT)-related issues, such as server location and service-level commitments from third-party providers.

The post KPMG: Decisions On Cloud Dont Include Tax appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

The Society for Human Resource Management and the Family and Works Institute have recognized KPMG’s San Diego office for the flexibility of its workforce. The institutions haveawarded KPMG San Diego the 2012 Alfred P. Sloan Award for Excellence in Workplace Effectiveness and Flexibility as part of the When Work Works project.

The When Work Works project evaluates companies throughout the country. Countries are selected based on reports from businesses on what steps they have taken to increase flexibility in their workforce. The study also compares these reports to confidential surveys from employees within those organizations.

Ellen Galinsky, director of Families and Work Institute, has said that increased flexibility needs to be a priority for all organizations. Research has consistently shown that employees tend to be more loyal and productive in environments that allow for long-term flexibility. They are also more likely to be long-term employees.

Galinsky said that KPMG San Diego ranks among the top 20% of organizations throughout the country. Dave Down, a managing partner with KPMG, said that KPMG is dedicated to promoting workplace flexibility for their employees and is proud to be a recipient of the award. He said it shows KPMG San Diego employees appreciate the measures the division has taken to promote flexibility.

The post KPMG’s San Diego Office Recognized for Flexibility appeared first on Big4.com.

Following the 2008 economic crisis, many financial services companies worked relentlessly to cut costs. But today, many of those same costs are creeping back up again. The KPMG study, Embedding Productivity Disciplines: Why financial services firms needs a lifestyle change that lasts shows that financial institution executives need to transform their approach to cost-efficiency by taking action on two fronts. First, they need to drive ever higher productivity through excellence in continuous improvement. Second, they need to focus on the levers and elements of their business that can boost revenue by delivering the right mix of higher margins and reduced capital intensity.

The organization’s corporate strategy needs treat productivity broadly, as a key source of competitive advantage and revenue generation, rather than as a narrow set of cost-cutting exercises. In KPMG’s experience, good customer service is actually 25 percent cheaper to deliver than poor customer service. Management and staff must understand what the customer perceives as value so they can satisfy customer needs consistently and eliminate non-value-adding, wasteful activities.

Many financial institutions allocate internal investment through a divisional, bottom-up bidding process. Ideally, however, these decisions should be based on, and aimed at, delivering the desired future operating model. KPMG’s study found that leading organizations use their understanding of revenue and cost drivers to create a line of sight between strategy, investment spend and benefits across the organization

The success of any productivity strategy depends on the trust and willing engagement of staff. People in the organization need to believe that they can make a difference and that they will be supported in doing so.

Using these productivity disciplines, KPMG’s Financial Services team has developed a broad ranging framework for assessing current capabilities and guiding cultural change initiatives in financial institutions.

The post KPMG: Companies need productivity disciplines. appeared first on Big4.com.

KPMG’s Family for Literacy teamed with Mickelson and First Book to create KPMG’s “Blue for Books” program in March 2012.  The program encourages golf fans to purchase Mickelson’s authentic blue KPMG Tour hat at PhilsBlueHat.com. As part of that,  KPMG LLP, official hat sponsor of PGA Tour star Phil Mickelson, announced today that Mickelson will attempt a $1 million “KPMG Chip4Charity” shot at halftime of the Monday Night Football game on Oct. 15, when the San Diego Chargers host the Denver Broncos at Qualcomm Stadium.

The program encourages golf fans to purchase Mickelson’s authentic blue KPMG Tour hat at PhilsBlueHat.com. KPMG donates 100% of the net proceeds to First Book, which provides deserving children three books for each hat sold.  Mickelson’s “KPMG Chip4Charity” is a marquee component of the “Blue for Books” campaign.

Mickelson will be located in one end zone, aiming for a target in the other end zone, which will have a green ($50,000/20,000 books) and three rings ranging from $100,000/40,000 books (outer most ring) to $1 million/400,000 books (bulls eye center ring).

Joining Mickelson at the game will be the winner (to be announced Oct. 9) of the “Where Is The Blue Hat Taking You?” contest, an interactive social media extension of the “Blue for Books” program.  Complete information about the “Blue for Books” program can be found by following KPMG’s Mickelson sponsorship Twitter handle (@MickelsonHat) or by visiting PhilsBlueHat.com.

The post KPMG: Phil Mickelson Participating In “KPMG Chip4Charity” appeared first on Big4.com.

According to the results of the annual Media and Telecommunications Industry Business Outlook Survey by KPMG LLP, the audit, tax, and advisory firm, Media and telecommunications executives expect the burgeoning transition to digital and the rapidly growing mobile–related markets to supply the biggest revenue growth drivers during the next one to three years.In a survey of U.S.-based media and telecommunications company management, executives said emerging digital distribution methods will be the biggest revenue growth drivers between now and 2015. The most significant market opportunities include sales of applications and content over smartphones, tablets and other mobile devices.

For the second year in a row, nearly three-fourths of the media and telecommunications executives expect higher revenue one year from now with 67 percent anticipating moderately higher revenue and 6 percent expecting significantly higher revenue. Moreover, half of them said that the growth rate in their industry would be one to five percent over the next year, and another 21 percent said six to 10 percent, while 12 percent anticipated a decrease.

Additional revenue is a priority for most telecommunications executives when assessing the most significant affect of cloud computing on their organization. Fifty-five percent of the telecommunications execs and said it would provide medium or high revenue growth in the next few years. Another 7 percent said cloud computing would provide low revenue growth. Media respondents were more evenly split – 36 percent said revenue growth would be cloud computing’s most significant affect and 37 percent said cost reduction, while 27 percent said none.

Meanwhile, headcount is moving in the opposite direction of revenues, as only 40 percent of those surveyed, down from 47 percent in 2011 and 53 percent in 2010, anticipated an increase in their U.S. headcount 12 months from now. Regarding the rate of change, 28 percent, compared to 20 percent last year, projected a one to six percent decrease in headcount and 27 percent, compared to 36 percent in 2011, expected a one to six percent increase.

The post KPMG: Digital and the rapidly growing mobile–related markets biggest drivers appeared first on Big4.com.

Universum, a global talent consultant, develops its global index of the top 50 most attractive employers by asking students pursuing business and engineering degrees to identify their “idea” employer. Responses are gathered at leading academic institutions in the world’s 12 leading economies. Over 75,000 business students from the world’s top academic institutions have given KPMG the number two spot for the third year in a row.

Michael Andrew, Chairman of KPMG International comments:

“Attracting top students into our firms enables us to bring the best talent, expertise and knowledge to our clients.” he says.“We are proud that students globally are recognising our employment offer and have ranked us so highly for the third consecutive year. What makes the ranking especially meaningful is that it is based on the opinions of those who represent the future of KPMG and our clients.”

KPMG firms offer fantastic opportunities for our people – to be personally challenged and stretched. They have access to one of the strongest learning and development environments found anywhere, and have the opportunity to work with diverse teams and leading clients all over the world.

The post KPMG: Number Two Ranking in Universum’s ‘World’s Most Attractive Employers’ survey appeared first on Big4.com.

Hong Kong has appointed former KPMG executive Carlson Tong as chairman of the city’s Securities and Futures Commission (SFC), reports the Wall Street Journal.

Previously, Tong served as KPMG China and Asia Pacific Chairman, after joining KPMG’s UK practice in 1979. He is originally from Hong Kong and is a chartered accountant in both Hong Kong and the United Kingdom. He was born in Hong Kong and returned to the city-state in 1985, where he has remained with KPMG. In 2007, he became Asia pacific Chairman and retired from the firm last year.

Upon retirement, Tong became the Independent Governor of Hong Kong’s English Schools Foundation, a government agency responsible for operating fourteen schools for special educational students in the city, as well as six private independent schools. All schools offer education in English. Tong’s term as ESF Chairman is set to expire in May 2014.

Tong has also served on several government boards and committees, including the Compensation Insurance Levies Management Board, the University Grants Committee, and the MPF Schemes Appeal Board. He was also vice president of the Hong Kong Institute of Ceritifed Public Accountants from 2001 to 2008.

Tong will replace Eddy Fong, who served as SFC Chariman for six years. Prior to his appointment, Fong had worked for PwC in Hong Kong.

The post Hong Kong Securities and Future Commission to Name Former KPMG Exec Chairman appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Economies in Sub-Sahara Africa are growing rapidly. Many experts are surprised by how quickly these economies are expanding in the face of a global economic slowdown. According to the head of the World Bank, the continent’s economy will expand faster than any other over the next five years.

However, experts from KPMG feel that Africa has a number of untapped opportunities it should take advantage of. The key to realizing this potential is lies in an aggressive expansion of the continent’s financial sector.

Global investors are investing more money in Africa as the rest of the world experiences stagnant growth. However, many experts discourage them from using the same strategy to allocate investments throughout the continent.

The financial sector will need to optimize its operations to realize the highest returns on capital. A number of firms are interested in helping African financial institutions modernize their infrastructure and make the most of the billions of dollars in capital investors have allocated.

They have proposed a number of solutions that could help the continent realize these goals. One of the biggest changes they have suggested was taking advantage of social media technology to reach younger citizens throughout the continent.

KPMG’s report suggests that revamping Africa’s financial markets will lead to even higher economic growth. In turn, Africa’s economic growth could greatly surpass that of Europe, Asia and the Americas.

The post KPMG Study Shows Financial Sector Is Key to Economic Growth appeared first on Big4.com.

KPMG’s 2012 General Insurance Survey reports  that while Australia’s general insurers reported stronger growth in premiums, insurance profits have been impacted by net claims and some reinsurance costs.

Catastrophic losses, such as the 2011 Queensland floods and storms, were not as prevalent in the year to 30 June 2012, however those costs were substantially borne by reinsurers.  This year the general insurers have borne a larger share of the costs of smaller events, such as the Melbourne storms (Dec 2011), impacting their result.

“The 2012 result reflects the impact of further severe weather event losses, increased reinsurance costs for some insurers, and the effect of interest rate reductions. This confluence of factors has limited some of the benefit of premium increases,” said KPMG Insurance Partner, Ian Moyser.

KPMG’s 2012 General Insurance Survey reports that gross written premiums increased 8.3% to $28,602 million (2011:$26,399m) while underwriting surplus fell from $1,229 million to a deficit of $438 million. These results, which include the effect of interest rate reductions this year, have the surveyed insurers reporting an 18.5% decrease in their insurance profit to $2,510 million (2011:$3,081 million).

The post KPMG: Claims costs offset stronger premium growth appeared first on Big4.com.

The IASB has released its draft review of general hedge accounting. Although the draft won’t be available until early December 2012, after which time the IASB intends to proceed to finalise the draft, several comments have been made.

“It appears that the Board has responded to stakeholder requests for conceptual clarifications and more ‘meat on the bone’ for the new concepts,” says Patricia Stebbens KPMG partner, ASPAC Financial Instruments Chair. “It has done this without losing the more principles-based approach that aligns hedge accounting more closely with risk management that many constituents viewed as a positive step forward.”

She goes on to say that although the principles in the draft will provide welcome relief, the application guidance in some areas remains complex.   Stebbens adds that  significant effort may be required to analyse the requirements and determine how to apply them to a company’s particular circumstances. ”

“While some entities may be eager to implement the proposals, they may need to apply a greater degree of judgement to comply with them. For example, companies that hedge foreign currency exposure from offshore funding with cross currency swaps may have increased volatility in their income statement,” she says.

The post KPMG: Alignment of hedge accounting and management of risk appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG recently released a report on the cities that provide the most favorable tax laws for businesses throughout the world. The 2012 Competitive Alternatives: Focus on Tax study analyzed more than 100 cities in 14 countries. The study reviewed every type of tax that would impact businesses in that city and how the tax structure compared against other cities throughout the world.

According to their findings, the large U.S. cities with the most favorable tax laws are Cincinnati, Baltimore and Cleveland. The report also showed that New Orleans and Baton Rouge had the most favorable tax laws among smaller cities both in both a national and global scale.

Hartley Powell, principal of KPMG, said that it was encouraging to see that so many of these cities were located in the United States. Companies prioritize locations with lower cost-structures. Taxes are one of the biggest costs to any business. Powell said that having a number of U.S. based cities with lower tax structures increases the likelihood that businesses will stay in the United States.

A number of cities came from Louisiana, Ohio and a couple of other key states. Powell said that is an indication that some states are making low corporate taxes a priority.

The post KPMG Lists Most Tax Friendly Global Cities for Businesses appeared first on Big4.com.

The latest KPMG’s latest global pulse survey has been released and according the data, which is based on the views of senior executives in some of the world’s largest global business and IT service providers, little over half (51 percent) expect to see customer demand increase between now and the end of December 2012.  It appears that a trend is emerging as the figure represents a drop from 61 percent who were optimistic when polled in Q1, 2012 and a steep fall from 74 percent, this time last year.

The survey found that a desire to reduce operating costs has regained top spot when respondents were asked what drives outsourcing decisions amongst their client base (58 percent).  52 percent also cited a need to create greater financial flexibility and 35 percent focused on the access they would gain to external skills, talent and resources.

Shamus Rae, partner in KPMG Management Consulting’s shared services and outsourcing advisory team comments:

“Negative market conditions in the Euro Zone continue to have a detrimental impact on business confidence as uncertainty forces buyers to delay decisions,” he said. ” The knock-on effect is also being felt as organisations maintain a tight rein over discretionary spending.  Amongst those business customers who are renewing contracts, cost reduction has regained its position as the primary driver to outsource key services, but the ongoing market volatility is driving organisations to focus on short-term initiatives rather than projects that will boost performance over the longer-term.”

The declining confidence surrounding anticipated future demand for outsourced services stems from respondents’ experiences over the past three months. Today’s data reveals, for example, that 61 percent believe there is room for optimism about business prospects, but this figure has fallen from 68 percent, at the start of the first Quarter.

The post KPMG: Outsourced support services in decline appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

Universum has released its annual report on the world’s most attractive employers. The results were reported from a poll of more than 80,000 business students from a dozen countries. The survey reported that KPMG was the world’s second most attractive employer for the second year in a row.

KPMG’s Global Head of People, Rachel Campbell, said KPMG is proud to be a preferred employer by workers all over the world. Campbell said that KPMG works hard to ensure its employees have the skills and resources needed to overcome the challenges in the global economy. She said that KPMG workers are given the opportunity to work with partners all over the world. They are constantly allowed to tackle exciting new projects that workers in many other companies could never fathom.

KPMG lags Google as the world’s favorite employee. Students around the world are interested in working at Google because it has a relaxed work environment and inspires creativity. In addition, Petter Nylander, CEO of Universum, said that Google offers great benefits and financial packages to encourage the brightest talent in the world.

The post KPMG Ranked as World’s Second Most Popular Employer appeared first on Big4.com.

KPMG unveiled its new headquarters in the Aon building in Chicago, south of the city’s popular Lincoln Park in the downtown area near Lake Michigan.

Chicago mayor and former Obama staffer Rahm Emanuel said that he will join KPMG Chairman and CEO John Veihmeyer and KPMG Chicago Office Managing Partner Patrick Canning in an opening ceremony celebrating the new offices.

In a statement stressing the firm’s commitment to Chicago, Veihmeyer said that the firm will continue to invest in Chicago, which “is very important to our firm and our future,” he said in a press release. “I’m convinced the time is right to invest in Chicago, and our firm is committed to building our operations and being a continued part of the development and growth of the city’s economy,” he said.

Meanwhile, KPMG’s new headquarters is a sign of Chicago’s global prominence, according to Mayor Emanuel. “KPMG is another great example of a global firm recognizing Chicago’s importance as a global city, and committing to be a part of the city’s future,” he said, adding that “the company’s commitment to hire more employees and expand their regional headquarters in the city is testament to the potential KPMG sees in Chicago.”

KPMG serves on over 90 boards in the local community in the Chicago metropolitan area, including several volunteer and non-profit orginizations. KPMG has also distributed almost 15,000 books to students in local public schools as part of the firm’s “Family for Literacy” program.

KPMG’s International Partners Conference will be hosted in Chicago on September 20th and 21st for the first time. Around 800 people from 85 member firms worldwide are expected to attend.

The post KPMG Unveils New Chicago Headquarters appeared first on Big4.com.

By Kalen Smith, Big4 Blogger

KPMG announced that it has appointed David McCorquodale to head its retail division in the United Kingdom. McCorquodale will succeed Helen Dickinson. Dickinson has served with KPMG for over 20 years. She was appointed as the General Director of the British Retail Consortium in August. She will step down from her role with KPMG on January 1, 2013 and McCorquodale will resume her responsibilities.

Liz Claydon, KPMG’s UK Head of Consumer Market, said she is enthusiastic to work with McCorquodale. She said that he is an expert in the retail industry and has worked with a number of prominent retailers throughout the United Kingdom. Claydon said that many people in the industry aspire to achieve what McCorquodale has accomplished and KPMG is grateful to have him on their team.

Claydon said that McCorquodale will leverage his expertise and connections in the industry to achieve the benchmark’s outlined by the Consumer Market division. Claydon aims for KPMG to lead the consulting market in forecasting trends for the retail industry. She thanked Dickinson for her years of committed service and loyalty to KPMG. Claydon and McCorqudodale look forward to working closely with her in the future as she leads the British Retail Consortium.

The post KPMG Appoints David McCorquodale to Head UK Retail Division appeared first on Big4.com.