PwC leader for donations?

PwC donates $4m to refugees of Darfur
NEW YORK, August 12 (UNHCR) – PricewaterhouseCoopers has donated US$4 million towards the education of refugee children in eastern Chad's camps, in the single largest corporate donation ever received by the UN refugee agency.

The firm, also known as PwC, presented UNHCR with a cheque for US$4 million in New York on Monday. The funds will be used to build and operate schools for refugee children who have fled the conflict in Darfur, western Sudan. Specifically, more than 20,000 children aged between six and 14 years in the refugee camps of Iridimi, Touloum and Am Nabak in eastern Chad will have access to education in a safe learning environment. The children and their teachers will receive a daily meal. Teacher training and school supplies will also be provided.

"The donation from PwC employees is the largest single company donation UNHCR has ever received. Their generosity will provide direct assistance to refugee children from Darfur who currently have limited options for education," explained António Guterres, the UN High Commissioner for Refugees. "Working together, UNHCR and PwC are committed to providing these children with hope for a better future."

More than 6,000 PwC staff members in more than 100 countries contributed to the 10-day "Power of 10" campaign, which was created by professional services firm PricewaterhouseCoopers together with UNHCR to recognize the 10th anniversary of the company's creation. UN

PwC donates $1 million to University of Alabama accounting program New York-based accounting firm PricewaterhouseCoopers pledged a $1 million donation to the University of Alabama to support accounting education at its Culverhouse College of Commerce and Business Administration.

The donation will help the university beef up its staff to offer more services to accounting majors and decrease the shortage within specialty accounting practices, including auditing, tax and teaching professions. Out of 187 students nationwide expected to receive doctoral degrees in accounting this year, only 22 expressed interest in teaching in those two areas, according to the press release.

The university plans to establish three funds in honor of the donations, which will each be named after PricewaterhouseCoopers’ CEO Samuel A. DiPiazza Jr., who earned a dual degree at the University of Alabama in accounting and economics. The Accounting Endowed Faculty Support Fund will be used to attract and hire new faculty to the Culverhouse School of Accountancy and the two other funds will help fund doctoral research and publication on the subject and support full-time doctoral students studying accountancy. Source...

KPMG to be Best Accounting Firm for Insurance Companies 2008

Reactions Global Awards 2008 winners revealed in front of a packed crowd in New York.
The world's best insurers, reinsurers, brokers and service providers were revealed at the Reactions Global Awards 2008 in New York on August 26. The winners received their awards at a glamorous dinner in the prestigious Rainbow Room, on the 65th floor of The Rockefeller Center.
German insurer Allianz had a strong showing, with awards for best European primary insurance company and best global primary insurance company. In addition, Michael Diekmann, CEO of Allianz, was named insurance CEO of the year.
In the reinsurance section, Swiss Re had the best night, coming away with awards for best global reinsurance company for life and best global reinsurance company overall.
Service Providers
Best Law Firm – Dewey & LeBouef
Best Global Rating Agency – Standard & Poor's
Best Risk Modelling Firm – RMS
Best Accounting Firm – KPMG
Best Investment Bank – Goldman Sachs
Best ILS Advisor – Goldman Sachs
Best Asset Manager – Deutsche Bank

Source: Reactions

KPMG updates its global website!

www.kpmg.com is updated and looks sexier than previous version.
The most important is that KPMG finally managed to introduce new Web 2.0 technologies on its portal while all the other Big 4 companies have done that earlier. Now, KPMG.com support lots of feeds, direct links to bookmarks, news by emails and lots of user-friendly qualities.
Before KPMG site makeover, E&Y was the last to do make up for its Internet office.

SEC Proposes Roadmap for Potential Use of IFRS by U.S. Issuers

Today, the U.S. Securities and Exchange Commission (SEC) voted unanimously to seek public comments on a release that will include both
(1) a proposed roadmap for the potential mandatory adoption of International Financial Reporting Standards (IFRS) by issuers in the U.S. and
(2) a proposed rule that would allow the optional use of IFRS by certain qualifying domestic issuers.
The proposed roadmap targets potential mandatory adoption of IFRS in the U.S. beginning in 2014, but lays out several milestones that would need to be achieved prior to the SEC mandating use of IFRS for all U.S. issuers. The proposed rule would allow certain qualifying domestic issuers to use IFRS as early as fiscal years ending on or after December 15, 2009.

Further details.... SEC.gov

PwC's evloving reality

PwC becomes clustered!

PwC announces new network organisation to build on leading position
PricewaterhouseCoopers announced that, following a wide ranging review of its future strategic direction and the future needs of its clients worldwide, PwC’s Global Leadership and Global Board have proposed changes to the organisational structure of the PwC Network of member firms.
Beginning 1 October, PwC’s network will be organised into three major geographic clusters led by the Senior Partner of the largest national firm in each cluster. The cluster leaders will coordinate and facilitate activities across the cluster. The East Cluster will be led by Silas Yang, Senior Partner of PwC China, the Central Cluster by Ian Powell, Senior Partner of PwC UK and the West Cluster by Dennis Nally, Senior Partner of PwC US.
One of the key benefits of the new cluster structure is that it will enable PwC to increase further its focus on emerging markets, which it believes will be the engine of much of its future growth - allowing greater flexibility and speed when making both investment and acquisition decisions.

As part of its new organisational structure, PwC will change the leadership model of the PwC global Network; extend the standards each PwC member firm is obliged to follow; and institute a number of key organisational processes..

From 1 October, the PwC Network will be led by a new Network Leadership Team comprising Samuel A. DiPiazza Jr., PwC’s Global CEO, plus the Senior Partners of PwC’s UK, US and China firms. Hans Wagener, Senior Partner of PwC Germany will also join the leadership team.

The standards that all PwC member firms are obliged to follow are also being revised to increase the responsibility of PwC member firms to meet globally consistent standards across a wide range of areas, reflecting the increasingly global nature of the services offered to PwC’s clients.
Paul Brasher, Chairman of PwC’s Global Board added:

“Since its formation the PwC Network has secured its position as the market leader with double-digit revenue growth year on year. These changes, which are the result of a long and thoughtful consultation with our clients, people and partners, are the optimum way of offering our clients the best possible service, our people the best career opportunities and preserving our important partnership culture.”

Before they can be implemented, the proposed changes must be approved by a vote of the member firms of the PwC Network. They will be discussed with PwC’s member firms and their partners around the world during August and September and upon approval will be implemented beginning 1 October. Voting by member firms is expected to be completed by late September.

The proposed clusters will include the following regions/countries:
1. West Cluster will include the US, Canada, Mexico, South and Central America and the Caribbean;
2. Central Cluster will include the UK, Western Europe, Central and Eastern Europe, the Middle East, India, Pakistan, Sri Lanka, Africa , the Channel Islands, Gibraltar, Iceland and Isle of Man;
3. East Cluster will include Hong Kong, China, Singapore, the South East Asia Peninsula, Australia, New Zealand, Japan, Korea, and the South Pacific countries.

Source: PwC

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