Issue 618 www.internationalaccountingbulletin.com world survey 2021 A NNEWEW CCOMMUNITYOMMUNITY IIAB’SAB’S 20212021 WORLDWORLD SURVEYSURVEY RREFLECTSEFLECTS ONON AACCOUNTING’SCCOUNTING’S TRANSITIONTRANSITION TOTO VIRTUALVIRTUAL NEWS PEOPLE OUTLOOK A4S launches framework to !m|;um-ঞom-ѴĽv$bl ob7ŊƐƖ-11bm-ঞomvl- incorporate climate change Morris and Graeme Boake ;m-0Ѵ;|_;bm7v|u|orѴ-m bm|o0vbm;vv-Ѵ-ঞomv on their plans for the future a more certain road ahead contents this month CCOVEROVER SSTORYTORY NEWS 0088 04 / EDITOR’S LETTER 05 / DIGEST • HMRC big business investigations drag on for four years • A4S launches framework to incorporate climate change into business valuations 0055 WWORLDORLD SURVEYSURVEY 22021021 Editor:Group Jonathan Editor: Minter Group Editorial Director: EditorialDirector Executive: of Events: Joe Xxxxxxxx +44 (0)20Zoya 7406Malik 6705 Ana Gyorkos +44 Ray(0)20 Giddings 7406 XXXX [email protected]+44 (0)20 7832 4315 +44 (0)20 78327406 43966707 [email protected]+44 (0)20 7936 6512 [email protected] [email protected] [email protected] Reporter: Saad Ahmed Director of Events: Ray Giddings Data researcher: Production editor: Head of Subscriptions: +44 (0)20 7406 6538 Sub-editor: Nick Midgley +44 (0)20 3096 2585 Sarajuddin Isar Nick Midgley Sharon Howley [email protected] +44 (0)161 359 5829 [email protected] +44 (0)20 7832 4363 +44 (0)161 359 5829 +44 (0)20 7936 6587 [email protected] sarajuddin.isar@ [email protected] [email protected] progressivemediagroup.comNews Desk: Head of Subscriptions: +44 (0)20 7406 6538 Sub-editor:Sub-editor: Sophia Bell Alex Aubrey Andrea Minter +44 (0)20 3096 2603 [email protected] Customer Services: +44 (0)20 7936 6587, [email protected] Customer Services: +44 (0)20 PR:3096 [email protected] 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558 Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to International Accounting Bulletin. As a subscriber you are automatically entitled to online access to Motor Finance. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. follow IAB on twitter London Office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN London Office: 71-73 Carter Lane, London, EC4V 5EQ Image resources: shutterstock.com Image resources: shutterstock.com, Headline Auto @WAI_News 2 | February 2021 | International Accounting Bulletin contents february 2021 PEOPLE 3388 06 / TALKING HEADS In a Talking Heads interview, Zoya Malik spoke to BKR International’s worldwide CEO, Tim Morris, and incoming worldwide chair Graeme Boake about his selection, and to hear about their plans for the future INDUSTRY FOCUS 38 / DIGITISATION All global trade was once entirely dependent on weather conditions, and passages were extremely liable to be disrupted by storms. Some things have changed since then. Jon Lisby and Jeremy Hyman comment 2021 WORLD SURVEY 08 / INTRODUCTION 14 / OUTLOOK 30 / NORTH AMERICA Globally, 2020 was the toughest of years After a tumultuous year, the roll-out of Fee and staff rankings in North America for on all fronts – and not just for people’s various Covid-19 vaccinations may enable the networks and associations livelihoods and the economy. Zoya Malik and industry to plan a more certain road ahead. the IAB team analyse the 2020 performance Zoya Malik spoke to global CEOs to get a 34 / LATIN AMERICA of global networks and associations feel for new initiatives they have set for 2021 Fee and staff rankings in Latin America for 10 / WORLD NETWORK FEE 15 / AUDIT AND ASSURANCE networks and associations AND STAFF RANKINGS Rankings by fee income from audit and 40 / MIDDLE EAST assurance for networks and associations Fee and staff rankings in the Middle East for 12 / WORLD ASSOCIATION 17 / ACCOUNTING networks and associations FEE AND STAFF RANKINGS Rankings by fee income from accounting 44 / AFRICA services for networks and associations Fee and staff rankings in Africa for networks and associations 1144 19 / TAX 48 / ASIA-PACIFIC Rankings by fee income from tax services for networks and associations Fee and staff rankings in Asia-Pacific for networks and associations 21 / ADVISORY 52 / FIRM MOVEMENTS Rankings by fee income from advisory A list of firms lost and gained by global services for networks and associations accounting networks and associations in 2020 25 / THE BIG FOUR REGIONAL VIEW 5522 Fee income and staff rankings for the Big 4, including regional breakdowns 26 / EUROPE Fee and staff rankings in Europe for networks and associations www.internationalaccountingbulletin.com | 3 editor’s letter Editor’s letter Accounting industry pivots around pandemic and digital revolution ,o--ѴbhķGroup Editor ince the second half of 2020, our team at International director and IAB’s b=;ঞl;1_b;;l;m|--u7;;-| Accounting Bulletin has engaged with global accounting leaders |_; b]b|-Ѵ11omঞm] oulş-u7vƑƏƑƏķ_o Sto understand the changing nature of the industry, and to refine b|_0vbm;vv-vvo1b-|;;u;ll-m7bv1vv;v_o the stringent criteria for entry and inclusion in IAB’s highly coveted and anticipated World Survey. -|ol-ঞom-m7;m_-m1;7vv|;lv=ou7-|-v|ou-]; -m7-m-Ѵঞ1vbѴѴ_;Ѵr|_;bm7v|um-b]-|;|_;v|oul IAB’s monthly country and yearly global and regional 1-v;70|_;r-m7;lb1Ľvu;vѴ|-m|7b]b|-Ѵu;oѴঞom-m7 rankings are well regarded and valued throughout the -11omঞm]ouѴ7ķ-m7v;u;-v-0;m1_l-uh=oubm7v|u u;Ѵ-|;77bvurঞomĺ rѴ-;uvĽr;u=oul-m1;-1uovvbm|;um-ঞom-Ѵl-uh;|vĺ mƒ-u1_ķ&_-m1;ѴѴouo=|_; 1_;t;u!bv_b ;u|_;;-uvķIAB _-v=ou];77;;ru;Ѵ-ঞomv_brvb|_ "m-hu;Ѵ;-v;7_bv07];|=ouƑƏƑƐĺvu;rou|;7bmThe b|vv0v1ub0;uv-m7r-u|m;uvķ0bѴ7bm]|uv|07;Ѵb;ubm] $bl;vĶ|_;l-bmrobm|v=ou0vbm;vv;vbm1Ѵ7;ŬƐĺѵƔ0m omb|v0u-m7ruolbv;o=;ѴѴŊu;v;-u1_;7ķoub]bm-Ѵ-m7 ŐŪƑĺƒ0mő|ovrrou||_;&Ľv-11bm-ঞomuoѴѴŊo|ķ|- ;1Ѵvb;1om|;m|ķ-m7|_uo]_|_;ub]ouov=-1|ŊCm7bm] 0u;-hv=ouCulv|oļmѴo1hĽŬƑƏ0mou|_o=0vbm;vv and due diligence undertaken by the team on data bm;v|l;m|ķ|_;-0bѴb|=ouCulv|oļ7;71|Ľbm;v|l;m| 1oѴѴ-ঞom-m7u;;m;u;rouঞm]-m7v|-Lm]-1uovv=ou 1ov|v=uol|-0bѴѴvķu;71bm]|--0Ѵ;ruoC|v0ƐƒƏѷķ ru-1ঞ1;Ѵbm;vbm1oѴѴ-0ou-ঞomb|_|_;v;v|-h;_oѴ7;uvĺ -mbm1u;-v;bmbm1;mঞ;]u-m|v=ou-rru;mঞ1;v_brv|o $_;]Ѵo0-Ѵ-11omঞm]v;ub1;vl-uh;|bv;r;1|;7|o ŬƒķƏƏƏķ-m7ŬƐƑѵl=ou|u-bm;;v_brvĺ ]uo=uolŪƔƓƓĺƏѵ0mbmƑƏƑƏ|oŪƔƕƒĺƑƖ0mbmƑƏƑƐķ-| $_;($u-|;=ou_ovrb|-Ѵb|Culvbv|o0;l-bm|-bm;7 -1olrom7-mm-Ѵ]uo|_u-|;Ő!őo=ƔĺƓѷĺ$_bv growth is mainly due to companies rearranging their -|-u;71;7Ɣѷu-|;mঞѴ";r|;l0;uķb|_-mbm|;ubl or;u-ঞomv-m7u;1o;ubm]=uol|_;blr-1|o=ob7ŊƐƖĺ ƐƑĺƔѷu-|;-rrѴbm]=ou|_;=oѴѴobm]vblom|_vĺ$_; $_;l-uh;|bv;r;1|;7|ou;-1_ŪƕƒƔĺƖƓ0mbmƑƏƑƔķ 0vbm;vvu-|;v_oѴb7-=ouCulvbm m]Ѵ-m7bѴѴ1omঞm; -|-!o=ѵѷķ-11ou7bm]|o|_;vbm;vv!;v;-u1_ mঞѴm;ķb|_-ƕƔѷ7bv1om|-[;u|_-|ĺ"ol;ŬƔ0m olr-mĺ bѴѴ0;l-7;--bѴ-0Ѵ;bmu;v|-u|]u-m|v=ouv_orv-m7 IAB’s ƑƏƑƐ)ouѴ7"u;bm1Ѵ7;vƔƑr-uঞ1br-m|vĺ$_; o|_;u0vbm;vv;v|_-|_-;0;;m=ou1;7|o1Ѵov;ķb|_ |o|-Ѵ=;;u;;m;bvŪƑƐƏ0m=oum;|ouhv-m7ŪƒƐ0m=ou ŬѵķƏƏƏr;uru;lbv;v=oumomŊ;vv;mঞ-Ѵo|Ѵ;|v7;|o -vvo1b-ঞomvķu;Y;1ঞm]-ƒѷubv;=oum;|ouhv-m7-Ƒѷ u;or;mbmrubѴķ-m7ŬƐѶķƏƏƏ=ou]lvķr;uvom-Ѵ1-u; ubv;=ou-vvo1b-ঞomv=uol|_;ru;bov;-uĺ ruob7;uv-m7o|_;u_ovrb|-Ѵb|-m7Ѵ;bvu;0vbm;vv;vĺ m|_bv;-uĽvu-mhbm]v;;Ѵ1ol;-m;ou]-mbv-ঞomķ m;bv-v1_;l;|o_;Ѵrv|-u|Ŋrv-m7u-rb7Ѵ]uobm] ;Ѵ]blŊ0-v;7uorķ_b1_;m|;uv|_; |;1_Culvvou1;|-Ѵ;m|=uolo;uv;-vbѴѴ-Ѵvo0; -vvo1b-ঞomvu-mhbm]bmƐƓ|_rѴ-1;b|_-=;;bm1ol;o= ŪƔѶѵĺƖlĺ bm|uo71;7ĺ ou|_;ouѴ7vu;ķ-v;urѴ;-v;7|o_-;|_; m|--ঞomķ|_;l-bm|-h;--vbm1Ѵ7;mo1_-m];v r-uঞ1br-ঞomo=ƐƐŊvb|;u;vrom7;m|vbm|_;=;-|u; |ou-|;vo=bm1ol;|-ķm-ঞom-Ѵbmvu-m1;ou($ĺ$_; ঞ|Ѵ;7!;bl-]bmbm]|_;11omࢼm]m7v|uĻvѲo0-Ѳ |u;Ķ r;uvom-Ѵbm1ol;|--ѴѴo-m1;bv|o0;=uo;m-|ŬƐƑķƔƕƏ _;u;|_;vll-ubv;|_;|u;m7vķ|ub-Ѵv-m7v|u-|;]b1 =uolrubѴƑƏƑƑ|oƑƏƑѵķb|_|_;_b]_;uu-|;|_u;v_oѴ7 rѴ-mvo=|_;buou]-mbv-ঞomvĺѴo0-Ѵ v;rѴ-bm_o =uo;m-|ŬƔƏķƑƕƏo;u|_;v-l;r;ubo7ĺourou-ঞom|- |_;-u;]u-rrѴbm]b|_|_;;|u;l;ru;vvu;v=uol om1olr-mruoC|vbѴѴubv;=uolƐƖѷ|oƑƔѷbmrubѴ ob7ŊƐƖĽvblr-1|om|_;bul;l0;uvĽ-m71Ѵb;m|vĽ ƑƏƑƒķb|_|_;u-|;h;r|-|ƐƖѷ=ou-uom7ƐĺƔlbѴѴbom 0vbm;vv;vķ|_;u-rb7rboঞm]l;-vu;v|-h;m|ol;;| vl-ѴѴ;u1olr-mb;vb|_ruoC|vo=Ѵ;vv|_-mŬƔƏķƏƏƏĺ |_;-11;Ѵ;u-|;7r-1;o=7b]bঞv-ঞomķb|_1om1olb|-m| $_;v|-lr7|_oѴb7-om_ov;ru1_-v;vbm m]Ѵ-m7 bm;v|l;m|vb|_bm|_;bu-7bvouru-1ঞ1;v|oh;;r -m7ou|_;umu;Ѵ-m7bѴѴ0;;|;m7;7|om;ķb|_ r-1;b|_|_;v;u;oѴঞom-u1_-m];v-m7|oh;;r|_;bu mo|-Ѵb-0bѴb|omv-Ѵ;vo=Ѵ;vv|_-mŬƔƏƏķƏƏƏĺ$_;u; 1Ѵb;m|vbmruoC|ĺ m|_bvlom|_Ľv$-Ѵhbm];-7v şķ!m|;um-ঞom-ѴĽv -u;mo1_-m];v|obm_;ub|-m1;|-ķ|_;Ѵb=;ঞl;r;mvbom ouѴ7b7; $blouubv-m7bm1olbm]ouѴ7b7; -ѴѴo-m1;ou1-rb|-Ѵ]-bmv|--ѴѴo-m1;vĺ 1_-buu-;l;o-h;vr;-h-0o|o-h;Ľvv;Ѵ;1ঞomķ-m7 Do enjoy the industry leaders’ thoughts and our |_;buv|u-|;]b1rѴ-mv-m7=|u;ouhbm]u;Ѵ-ঞomv_brĺ -m-Ѵvbvo=|_;u-mhbm]vķ-m7rѴ;-v;=;;Ѵ=u;;|o1om|-1| $_;u;bv-Ѵvo-=;-|u;1oŊ-|_ou;70ombv0ķ" l;b|_ou=;;70-1hĺ Get in touch with the group editor at: [email protected] 4 | February 2021 | International Accounting Bulletin News | digest news update !0b]0vbm;vvbm;vঞ]-ঞomv7u-]om=ou=ou;-uv HMRC’s enquiries into big businesses’ tax There is a concern that officers handling they have assessed the tax owed.