Forvis Mazars has named Shivani Bhattessa as partner, Audit Quality Enablement & Operations, based in its London office. The move is part of the company's focus on technical standards, audit quality and talent development. In her new role, Bhattessa will oversee the ongoing growth and development of Forvis Mazars UK’s global audit delivery team. She will also continue to lead the practice’s Audit Quality Transformation Programme, which is aimed at embedding consistent processes to support operational p ...

Professional services company S&W has appointed Marcus Peaker to lead the executive compensation practice, a key section of its employee solutions offering within its business tax division. Peaker has spent more than two decades in senior pay, most recently serving as the head of PricewaterhouseCoopers’ executive compensation skills group. His background includes advising a wide spectrum of FTSE‑listed businesses on the structure and operation of both cash‑based and equity‑linked incentive plans. He ha ...

Core Insights - The American Institute of CPAs (AICPA) has launched the Profession Ready Initiative to identify essential skills for early career certified public accountants (CPAs) in an AI-enabled business environment [1][2] - The initiative aims to address skill gaps among early career professionals and enhance their preparedness for a complex business landscape [2][3] Group 1: Initiative Overview - The Profession Ready Initiative will be led by research company SkillEdge, which will assess the tasks and skills required for early career CPAs [2] - The initiative will focus on two stages of early career CPAs: entry-level and those with approximately four years of experience, with an eye towards skill requirements evolving through 2030 [3] - AICPA plans to produce a skills framework to guide training and development for early career CPAs, incorporating emerging technologies to expedite skill acquisition [3] Group 2: Research and Development - The AICPA will conduct surveys, focus groups, and discussions with practitioners, employers, educators, and stakeholders throughout 2026 to identify necessary capabilities for early career professionals [4] - The initiative is designed to align academic preparation with workplace needs, enhancing the relevance of university teaching resources [4] Group 3: Broader Implications - The initiative may serve as a roadmap for other fields facing similar challenges in preparing new talent as AI and external forces reshape job roles and expectations [5]

Core Viewpoint - The sale of UK accountancy practice Xeinadin has been paused due to bids falling short of the £1 billion ($1.36 billion) valuation sought by its private equity owner, Exponent [1][2]. Group 1: Sale Process and Valuation - Exponent initiated a competitive auction for Xeinadin but ended the sale effort as the interest did not translate into offers meeting the expected valuation [2]. - The abandoned sale process indicates potential valuation constraints in the recent boom of private equity deals for professional services businesses [2]. Group 2: Industry Trends - Accounting networks in the US, UK, and Europe have seen increased interest from buyout funds, leading to higher deal multiples as investors pursue a buy-and-build strategy [3]. - Many investors have been acquiring local tax and accounting firms to standardize systems and invest in technology, aiming to enhance margins and attract larger clients [3]. Group 3: Company Overview - Xeinadin was established in 2019 through the merger of over 100 independent accounting practices and has continued to grow through additional acquisitions [4]. - The company operates more than 130 offices in the UK and Ireland, employing around 2,500 staff and providing a range of professional services including audit, corporate finance, and tax to small and medium-sized businesses [4][5]. - Recently, Xeinadin expanded its presence in London by acquiring Grunberg [5].

Like many of his fellow accountants, Jin Chang tried to quit the industry several times because of the tedium of grunt work. That was until 2020, when he had the idea to build software that could automate the more banal aspects of the job at a time when the accounting profession was hemorrhaging talent. The result, Fieldguide, predated the rise of ChatGPT, though its artificial-intelligence-native approach was buoyed by the success of generative AI. On Monday, Fieldguide announced a $75 million funding ...

Core Insights - The Association of International Accountants (AIA) awarded Academician Prof. Dr. Lingyun Xiang the title of "Outstanding Contribution to International Accounting" for his significant impact on international accounting standards and FinTech innovation [1][4] - Dr. Xiang's recognition as one of the "Top Ten International Accountants" in 2023 highlights his growing influence in the global accounting and financial governance landscape [2] - His research focuses on integrating technology with accounting practices, including blockchain auditing and digital asset measurement, providing essential frameworks for professionals [3] Company Overview - The AIA, established in 1928, is a prominent global professional accounting body dedicated to upholding high standards in accounting practices and ethics [7] - The criteria for the "Outstanding Contribution" honor include years of service, academic achievements, industry influence, and contributions to international economic cooperation [4] Individual Achievements - Dr. Xiang is a Tenured Full Professor and has authored influential works in the field, including titles on equity incentives and smart manufacturing [3][5] - His accolades include the United Nations Humanitarian Award (2025) and the King's Medal (2024), reflecting his international recognition and advisory roles to various governments [6]

Core Viewpoint - Companies insisting on mandatory in-office work are at risk of losing top talent, as many skilled workers have adapted to remote or hybrid work environments and are unlikely to return to traditional office settings [1][2][3]. Group 1: Shift in Work Preferences - The traditional cubicle setup is becoming obsolete, with a significant portion of top talent, including programmers and accountants, opting for remote work and not returning to the office [2][3]. - Kevin O'Leary noted that the expectation of 15% of workers not returning has escalated to 40%, indicating a substantial and permanent shift in workforce dynamics [2][3]. - Roles in accounting, compliance, and logistics have particularly transitioned to offsite work, driven by employees seeking better living conditions and work-life balance [3]. Group 2: Employee Sentiment and Productivity - A report from Owl Labs indicates that 69% of managers believe hybrid or remote work has enhanced team productivity, while 40% of workers would consider job hunting if flexible work options were removed [4]. - Most hybrid employees currently go into the office three to four days a week, but only a small percentage prefer being in the office full-time, with 12% favoring no office days at all [5]. - The Owl Labs survey also revealed that 80% of employees are utilizing or experimenting with AI tools to improve productivity, highlighting the growing importance of technology in remote work settings [6].

Core Viewpoint - HWB, a UK-based accountancy practice, has promoted Lyndon Howes to assistant tax compliance manager in anticipation of increased demand for tax support due to upcoming regulatory changes [1][4]. Group 1: Promotion and Role - Lyndon Howes has been with HWB since 2011 and previously held the position of tax senior [1]. - His new role will involve responding to client queries and overseeing the Making Tax Digital (MTD) process [4]. Group 2: Regulatory Changes - HM Revenue & Customs (HMRC) plans to expand its MTD initiative to include self-employed individuals and those with private rental income, effective from April 2026 for individuals with qualifying income above £50,000 ($68,893) [2]. - The MTD initiative aims to provide HMRC with a real-time view of tax liabilities, requiring registered individuals to use compatible software for electronic quarterly returns and a final end-of-year submission [3]. Group 3: Team Development - Two other members of the tax department, George Vass and Danny Hockin, have recently passed professional exams and are studying with the Chartered Institute of Taxation to become chartered tax advisers [4].

Core Insights - The Institute of Chartered Accountants in England and Wales (ICAEW) has signed a memorandum of understanding with Microsoft to enhance AI capabilities in the finance profession [1][5] - The collaboration aims to equip finance professionals with skills necessary for an AI-enabled workplace, reflecting ICAEW's commitment to integrating emerging technologies responsibly [1][2] Group 1: Collaboration Details - The partnership builds on existing initiatives, with Microsoft contributing to the ICAEW's GenAI Accelerator programme [2] - The new module, 'GenAI in Professional Practice', focuses on embedding generative AI into workflows and service delivery for small and medium-sized accountancy practices [3][4] Group 2: Training and Resources - Topics covered in the training include automating client assignments, enhancing financial analysis, and improving back-office processes like billing [4] - ICAEW is promoting Microsoft 365 Copilot as a practical tool for members to experiment with generative AI in their practices [4][5] - The GenAI Accelerator Programme is expected to significantly benefit ICAEW members, with plans for further training resources specifically on Microsoft 365 Copilot [5]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The global economy is expected to expand at a reasonable pace in 2026, supported by easing monetary policy, fiscal stimulus, and the ongoing AI boom, although the backdrop remains fragile and volatile due to heightened uncertainty and geopolitical risks [14][20][35]. Section Summaries Section 1: Prospects for the Global Economy in 2026 - The global economy is projected to grow at just over 3% in 2026, with the World Bank forecasting 3.1% and the IMF 3.3% [35][41]. - The US economy is expected to be the strongest performer among major advanced economies, with growth supported by fiscal stimulus and the AI boom, while growth in the UK and euro area is likely to remain sluggish [15][55]. - China is expected to moderate its growth to 4.4%, while India is projected to remain the fastest-growing major economy at 6.5% [19][69]. Section 2: Interview with Former IMF Chief Economist Ken Rogoff - Ken Rogoff describes the global economy as solid but cautions about significant uncertainty not reflected in financial markets, predicting a potential stock market fall in the next three years [20][81]. - He highlights the risks associated with President Trump's policies, particularly regarding trade and immigration, which may have long-term negative consequences for the US economy [84]. Section 3: Key Events in 2026 - Key political events include the US mid-term elections in November, which could impact President Trump's policy maneuverability [21][99]. - Developments in Europe, particularly regarding right-wing populist parties, will also be closely monitored, alongside significant elections in Japan and Brazil [102][107]. Section 4: Three Key Trends to Watch in 2026 - The report identifies three key trends: developments in AI, advanced economy bond markets, and global trade [22]. - The impact of AI on productivity and market sentiment will be crucial, as will the potential for rising government bond yields to negatively affect financial markets [22]. Section 5: Perspectives from Business Leaders - Business leaders express concerns about economic uncertainty and the need for resilience and adaptability in their respective regions [23]. - Wu Chen emphasizes a two-speed global economy, while Mike Fowler highlights the lack of a pro-business agenda in the UK [23]. Ebrima Sawaneh focuses on the importance of decarbonization and digital reliability for African economies [23].