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Newsletter for Members of the Russell Bedford International network

Issue No. 37 - August 2010

Expansion in Asia-Pacific

Network welcomes its first firms in Taiwan and Philippines

ussell Bedford International has taken important steps in the expansion of its Asia-Pacific network with the appointment of member firms in two key locations.

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With 88 personnel and over 1000 clients ­ the largest being corporations in the manufacturing and engineering sectors ­ JSG ranks amongst the second tier CPA firms behind the Big-4. The firm has a strong focus on audit and compliance work, also covering IPO assistance, due diligence, taxation, corporate services, accounting systems and litigation support services.

partners of one of the oldest accounting firms in the Philippines. Located in Makati City, the main business district of the capital Manila, MCJ & Co. is now a medium-sized CPA practice focusing mainly on financial auditing, along with accounting, tax consulting and management advisory services. It is one of only approximately 35 audit firms that are registered with the Philippines' Securities and Exchange Commission (SEC) as Group `A', the highest category of audit firm accreditation.

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Taiwan

Jiang Sheng & Co. (JSG) is a firm of certified public accountants founded in 1975 by Seng-Ping LIN. It has since grown into a full service four-partner firm with four office locations, namely Taipei (head office), Taichung, Kaohsiung and Gangshan, covering all the major metropolitan areas in Taiwan.

Philippines

Mercado, Calderon, Jaravata & Co. (MCJ & Co.) was established as a professional partnership in 2006 by three former

Spring meeting in Sofia

pring is said to be the best time to visit Sofia, Bulgaria, and delegates attending the 2010 International Tax & European Conference were certainly delighted. Held on 15-17 May at the Hilton Hotel, the conference attracted some 50 participants.

In this issue ...

Expansion in Asia-Pacific Spring meeting in Sofia Announcing our new correspondent firms News in brief 1&2 1&4 2 2

S

International Tax

The tax programme began with presentations on taxes in the region by Venzi Vassilev (Bulgaria), Andrei Badiu (Romania) and guest presenter Dr Gabor B. Szabo on Hungary. Dino Infanti, from Vancouver, then described the challenges

associated with tax planning for international athletes. In the afternoon, a series of topical reports covered: tax incentives for new immigrants and returnees to Israel by Helena Storm; the special tax regime for expatriates in France by Claire Zuliani; and tax amnesties around the world by Phil Blackburn. The tax sessions concluded with a case study, led by Geoff Goodyear, which examined the oversight, administration and taxation of a family's wealth.

Continued on Page 4 >

Celebrating our achievements 3 More news in brief Noticeboard In Memoriam Dipl.-Kfm. Peter Jessen 3 4 4

Russell Bedford International - Network News - August 2010

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Expansion in Asia-Pacific

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Announcing our new correspondent firms

MCJ & Co.'s client base covers a broad range of sectors, including banking and insurance, manufacturing, trading, real estate, agri-business, shipping and transport, mining and not-for-profit organisations.

The MCJ & Co. partners (left to right): Marcelino A. Mercado, Napoleon Calderon, Gerardo Jaravata

T

he addition of four new correspondent firms has helped to extend our global coverage.

Paraguay

Cayba S.A., based in Asunción, is one of Paraguay's leading firms in its key areas of focus: accounting and tax compliance, corporate finance, investment advice and trusts. The appointment of Cayba means that Russell Bedford is now represented in all the Spanish-speaking countries in South America.

The partners of Jiang Sheng & Co., Taiwan (clockwise from top left): Seng-Ping LIN, Cheng-Hsiang HU, Yi-Liang WU, Jung-Chin LIU

Albania

NEWS IN BRIEF

Sal Falzone, a partner in Boston member Rucci Bardaro & Barrett, has been appointed to the board of the Massachusetts Office of the Inspector General. The office works to prevent waste and abuse in state government through reviews, regulation analysis and investigations. Bill Rucci of Rucci Bardaro & Barrett was quoted in a recent story by news agency Reuters. The story analyzed the decision by Swiss officials to force wealth management firm UBS to hand over client information to U.S. tax authorities. Bill spoke about the decision's impact on other countries that may be helping U.S. citizens hide taxable assets. Totalserve Management Ltd, Cyprus, was recently appointed as the sole representative of the BVI Shipping Flag in Europe, Africa, the Middle East, Russia and the Ukraine. For the second year running, the Russell Bedford network is a Global Contributor to the World Bank's Doing Business project, providing data for the project's Paying Taxes survey. The results of the research will be presented in the bank's annual Doing Business report.

Abdulwahid Aboo of AAC Kenya has been elected Vice Chairman of the council of the Institute of Certified Public Accountants of Kenya (ICPAK). Our Indonesian member KAP Syarief Basir dan Rekan (registered public accountants) now leads a new multi-discipline consulting group, Russell Bedford Indomitra Associates. In addition to the audit firm, the group comprises Russell Bedford Indomitra (management consultants), Pratama Indomitra Konsultan (registered tax consultants) and Kantor Hukum BLaW (law firm). The group also has strategic alliances with KJPP Karmanto dan Rekan (appraisers) and Mizan Konsultan Aktuaria (actuaries). The group's principal partners are Syarief Basir, Jarot Triono and Prianto Budi Saptono. The office address remains unchanged. PT. Multi Utama Consultindo (MUC) is no longer part of our network. Saward Dawson kindly hosted the 2010 Asia-Pacific Meeting in Melbourne, Australia. On 21-22 May, delegates from the APAC region were treated to an agenda including country updates, auditing SMEs, financial reporting ... and a local football match.

PBM Sh.p.k., our new correspondent firm in Tirana, offers accounting, audit, tax, business advisory and support services to a wide range of businesses, financial institutions and not-for-profit organisations. The firm has particular experience in the auditing of projects funded by international development and reconstruction agencies.

Kaliningrad

Appraisal Consultations Audit LLC (OK Audit) was established in 2002 in Kaliningrad, the geographically separate Russian enclave on the Baltic Sea. Accounting, audit and tax consulting services are the firm's primary focus, with business and real estate asset appraisal also representing a significant proportion of its work.

Uganda

Sejjaaka, Kaawaase & Co. is one of the leading local CPA firms in Uganda. Based in the capital, Kampala, it operates in the fields of auditing, accounting, taxation and general financial consulting. The firm has extensive experience in a broad range of fields, with a particular edge in the public sector and in international development agency project audits.

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Russell Bedford International - Network News - August 2010

Celebrating our achievements

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Dr. Klaus-Peter Hillebrand and his partners welcome guests to the Spandau Citadel

oscow member Mikhailov & Partners celebrated 15 years of success in July with an anniversary party for its personnel.

The partners and staff of M&P Consulting Group celebrating their 15th anniversary.

O

n 25 June our Berlin member DOMUS AG celebrated the milestone of two and a half decades in the accounting, auditing, tax and consulting business by inviting clients and friends to a party in the Spandau Citadel. The Citadel is one of the best-preserved Renaissance fortresses in Europe. More than 500 guests - including Russell Bedford chairman Geoff Goodyear and Frankfurt partner Johann Klein - enjoyed a beautiful sunny evening, entertained by costumed artists, music bands and football games.

Over the years, M&P has become one of the leading consulting and audit groups in Russia.

The event coincided with the opening of the group's office in Russia's second city, St. Petersburg. The new office has been established with a staff of nine, headed by manager Margarita Chuprina.

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ussell Bedford Guatemala managing partner, Oscar Ernesto García Sierra, received an award in June from the College of Certified Public Accountants to mark 33 years of professional service. His daughter Wendy, also a partner in the firm, added her own tribute, `When I was little and people asked me what I wanted to be when I grew up, the first thing that came to mind was to be like my dad. Now

that I have grown up and work at his side, I realise that my answer is still the same. I can proudly say that his ethical and moral values are the pillars on which our firm is built, and these have now been recognised at national level.'

More news in brief...

The Aguascalientes team, headed by Roberto Torres (pictured front left)

Torres Martínez, Gómez, S.C. (now re-branded Russell Bedford Aguascalientes) has joined Russell Bedford Mexico, initially as a branch of the Mexico City firm. Located in Aguascalientes in central Mexico, the firm has three partners and more than 20 staff.

Alexandra Arbeláez, a manager from Russell Bedford Colombia, has completed a six-week placement at the Mexico City office, in particular to expand her knowledge about transfer pricing. She described her experience as `motivating' and `a unique opportunity'.

Mauritian member KBTS has launched Russell Bedford Mauritius as an associated practice. The firm will provide accounting, audit, tax and consulting services. Neeshal Jingree, FCCA, is the audit and tax partner. He has seven years' audit and tax experience with a Big-4 firm. Yasheel Jingree, MBA, is the consulting partner. He was previously with a Big-4 firm in Mauritius.

Russell Bedford International - Network News - August 2010

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NOTICEBOARD

ln Memoriam Dipl.-Kfm. Peter Jessen

U.S. member PMB Helin Donovan LLP has appointed three new partners. From left to right: Mickey O'Neal, CPA, has been appointed in the Houston office as an audit partner. Jim Kearby, CPA, has joined as a tax partner in Dallas. Bob Lewis has joined as a partner and chief marketing officer. He is located in Chicago and is also the managing partner of Visionary Marketing. Kit-Man Ho has been promoted to director of James Ngai & Partners CPA Limited, the audit practice of Russell Bedford Hong Kong. Totalserve Management Ltd, Cyprus, has appointed Stelia Stylianou-Korniliou as legal consultant in the Financial Services department. Israeli member Raveh Ravid & Co. has announced three new partners. From left to right: Doron Cohen has joined the firm as head of the Tax department. Helena Storm has been promoted to partner and head of the Business Advisory and Hedge Fund Services departments. Eli Goldstein has joined as head of the Professional Practice department. Martin Michalik has been promoted to audit and corporate services partner in Stantons International, Perth, Western Australia. He was previously a senior manager in the firm.

It is with regret that we have to announce the death of Peter Jessen on 10 June 2010 at the age of 73. Peter was the last surviving founder board member of Russell Bedford International, having been a partner in one of the founding firms, Wirtschafts-Revision und Treuhand AG (WRT). He served as a member of the board from 1983 until 1995. Following the sale of much of his practice in that year, he continued as a sole practitioner and remained associated with the network as an honorary member. Members may recall that he took part in the 25th anniversary Annual Conference in Mauritius in 2008 with his wife, Ulrike. Our chairman, Geoff Goodyear, who attended Peter's funeral in Hamburg on 25 June, adds his own personal tribute: `In 1982, when the network was just a dream, Peter Jessen of WRT and Pierre Abitbol of Inter-Conseil joined with Philip Fine of Lubbock Fine to establish Russell Bedford International in 1983. Peter was an enthusiastic and tireless supporter of the network and was committed to building it into the worldwide organisation it is today. Importantly, he identified and promoted the philosophy of ensuring that we provide high quality professional services to our clients wherever they may seek assistance from member firms. I would like to express my thanks for his service to Russell Bedford International which would have been much the poorer without him.'

Spring meeting in Sofia

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European Programme

The second day started with a talk on sustainability and the accountancy profession by Blanka Vezjak, representing the Federation of European Accountants (FEE). Nadia Vassileva and Maria Temelkova, presenters from Manpower Bulgaria, followed with the recruitment and retention of talented personnel. Romey Ghadially of The PACE Partners LLP then led a seminar on winning strategies in business development. In the final sessions, Judith Coufal of OPI Bulgaria spoke about her experience in

establishing a business in Bulgaria, and Brian Smith, via an internet link from London, provided an update on important changes in auditing.

Sightseeing

Participants also had opportunities to socialise. The first evening featured a coach tour of Sofia followed by dinner at the traditional Vodenitzata (watermill) restaurant in the nearby mountains, with Bulgarian folk music and dancing. And on the Sunday evening, St. Sofia Golf Club provided the venue for the dinner. Many thanks are due to Venzi and his team for all their hard work in organising this year's event.

Copies of presentations and photographs are available in the `Events' area of our Global Intranet: RussellBedford.net

Russell Bedford International ­ a global network of independent firms of accountants, auditors, tax advisers and business consultants. A company limited by guarantee. Registered in England & Wales, No. 3331251. Registered Office: Russell Bedford House, 250 City Road, London EC1V 2QQ, United Kingdom. T: +44 20 7410 0339 / 7490 7766 F: +44 20 7549 2337 / 7490 5102 E: [email protected] W: www.russellbedford.com

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Russell Bedford International - Network News - August 2010

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