Not sure how we missed this but whatevs. BKD made a move on a local Dallas firm, KBA Group LLP on June 1.
BKD will add eight partners, 95 employees, and approximately $16 million in revenues to its business.
According to AccountingWEB, “This expansion will allow BKD to meet the needs of the rapidly growing Texas market as it serves clients from its offices in Houston, San Antonio, and now Dallas.” Sounds like a BKD press release but if you say so…Enjoy the new boss, KBA!
BKD announces merger with Dallas-based KBA Group [AccountingWEB]
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Have You Any Tchotchkes?
In the spirit of Lehman Brothers’ desperation, we’re looking to find out which firm out there has the best chance of financing its next big settlement by virtue of hocking its tchotchkes on eBay.
Because no one can say with absolute certainty which big firm will be the next be rendered extinct (although there are some wagers on it) and thus, none of you working for any firm can be sure when all that schwag you’re accumulating in your cube farm will be worth anything, we thought we would get your submissions so that we can determine which firm has as shot at using auctions in cyberspace as opposed to closing up shop. At first glance, E&Y has nothing on eBay but books, so we’re guessing you guys have the most to prove here.
Check out another schwagtastic example after the jump
Some of you have probably checked out for the day already anyway, so you might as well start putting that camera phone to use and email your submissions to tips@goingconcern.com. Big firms, small firms, we don’t care, we know there are some real finds out there. Just like this beauty:
The best submissions will be posted here and the respective firm’s ability to spend money on frivolous junk will be duly ridiculed.
Let’s Resolve To Get Chatty in This Friday Open Items!
How is it Friday already? Or rather, thank goodness it's Friday already because I don't […]
BDO Announces Global Revenues, Reminds Everyone of the Entity Structure
BDO International Global Coordination B.V. announced their global revenue results today of just a smidge over $5 billion. This represents a drop of 4.5% compared to the firm’s prior fiscal year end of September 30.
Newman:
“Our revenues have been affected by difficult market conditions – particularly in the economies of our largest member firms – and the significant reduction in transaction-based activity. Our results have also been affected by currency movements and, in particular, the weakening of many currencies against the US dollar and the euro. We are therefore extremely pleased that overall revenues in euro have grown and that there is only a modest reduction in overall fees when expressed in US dollars,” said Jeremy Newman, CEO of BDO International. “It is particularly pleasing that at a time when many other accounting networks are showing a decline in fee income that our underlying revenues, excluding the effect of currency movements, have increased by almost 5 percent.”
A little less spin from J. New than other Global Chiefs but still the standard optimism. We can’t wait for his blog post. Hopefully he gets more candid but we’re not holding our breath.
On more of a liability note, we were especially impressed with the firm’s “about” section:
BDO International is a world wide network of public accounting firms, called BDO Member Firms. Each BDO Member Firm is an independent legal entity in its own country. The network is coordinated by BDO Global Coordination B.V., incorporated in The Netherlands with its statutory seat in Eindhoven (trade register registration number 33205251) and with an office at Boulevard de la Woluwe 60, 1200 Brussels, Belgium, where the International Executive Office is located. BDO is the brand name for the BDO International network and for each of the BDO Member Firms. The combined fee income of all the BDO Member Firms was $5.03 billion in 2009. The global network has 1,138 offices in 110 countries and more than 46,000 people provide advisory services throughout the world.
Of the six sentences in this paragraph, four seem to be meant to remind everyone that the U.S. firm is on the hook for the $521 million owed to Banco Espirito. Any chance the non-U.S. firms are passing around a basket to help the good old US of A? Anybody? Maybe they’ll think about it? It’s the holidays for crissakes.
Anyhoo, we’re just waiting on KPMG for last major firm to give us the BIG NEWS about their 2009. Maybe it drops tomorrow during the bear manufacturing? Stay tuned.
BDO International Network Announces Revenue Results for 2009 [Press Release]
Earlier GC Coverage of Firm Revenue Results:
The Grant Thornton ‘Global Six’ Campaign Has Hit a Snag
PwC Global Revenue Was Down or Flat, Your Choice
E&Y Revenue Results: ‘Flat revenues certainly don’t tell the whole story’
Deloitte Is Super Proud of Their Presence on Linked In