MGI deputy chairman Ed Fahey on US accounting landscape with IAB

RINA accountancy corporation president Ed Fahey and MGI deputy chairman, featured in the latest edition of International Accounting Bulletin (IAB). 

MGI deputy chairman Ed Fahey was featured by International Accounting Bulletin (IAB) in its latest Country Survey in the US.

Speaking to the publication about the key trends and issues facing the accountancy profession in the US, the RINA accountancy corporation president highlighted how local taxes are affecting businesses, particularly San Francisco's payroll tax.

“Competition has increased as east coast firms come to the San Francisco Bay area through mergers. We have explored opportunities to bring in smaller firms or merge with a larger firm, but nothing has been attractive enough in recent discussions,” explained Fahey, who is also the MGI International Committee member for North America.

He expects greater conflict to emerge between IFAC’s International Auditing and Assurance Standards Board reporting standards and US rules in the coming years.

“Private companies are less concerned but we do have to be diligent in ensuring their bankers and investors understand which reporting standards are being followed,” he told IAB.

But Fahey thinks there could be convergence on IFRS and US GAAP. 

“As the world economy shrinks and investment sources continue to seek a common standard, I think we will find that public companies will be more receptive to reporting using IFRS,” he said.

MGI was ranked the 12th largest association in the US last year, with fee revenues topping $131 million.

In 2014 MGI North America welcomed a number of new firms in Canada and the US, including McLean Bartok Edwards from Vancouver, Robin Kramer & Green from Philadelphia, LMHS P.C. from Boston and New York’s Hertz Herson LLP.

To read the full US Country Survey MGI Members can visit the mgiworld.com Member Area > Useful Links, International Accounting Bulletin, February 2015 issue.

To contact Ed Fahey visit the firms website or MGI member profile page.