3rd October 2018
The September 2018 edition of the International Accounting Bulletin (IAB) has again confirmed MGI Worldwide's place among the top 20 global accounting networks in three key markets in Latin America: Brazil, Argentina and Chile.
In the world's fifth most populous nation, MGI Worldwide is the 14th largest accountancy network based on its fee income, which increased by 74 per cent to BRL 11.7 million last year.
Staff numbers also grew substantially, from 38 in 2016, to 52 in 2017, taking MGI Worldwide to 17th place in this ranking.
MGI Worldwide’s member firms in Brazil include Controle Contabilidade, in Manaus, MGI SengerWagner Auditores Independentes, based in São Paulo and MGI Assurance Auditores Independentes in Curitiba. Karin Monchak, audit partner at MGI Assurance Auditores Independentes, was among the contributors to the latest edition of the IAB, discussing how new Brazilian regulations are forcing companies to produce lengthy and repetitive financial statements.
“Much useless information is going into Brazilian financial reports, supposedly dictated by IFRS or the regulators. Notes are too wordy, information is often repeated under different notes and unnecessary details abound. Reading the full text of the notes is a challenge. Brazilian financial statements, the majority of which are for small companies by international standards, take up as many pages as those of the largest European companies,” explains Karin.
MGI Worldwide's 47 per cent year-on-year increase in fee income helped it secure 15th place in Argentina in the latest bulletin.
Argentina-based MGI Worldwide member, MGI Jebsen & Co, also contributed to the September 2018 edition of the IAB.
Luis Uncal, a partner at the firm, highlighted recent changes in practices in the accounting environment, relating to the application of a comprehensive adjustment for inflation in statements covering financial years ending July 2018 and later. This was prompted by a rise in inflation, after the Argentine currency was devalued between May and June 2018.
Finally, in Chile, MGI Worldwide was listed in 17th place for fee income and 16th position based on staff numbers. MGI Worldwide is represented in Chile by Santiago-based MGI Hernán Espejo y Asociados Ltda.
These figures from the IAB underline the key role the network and its members are playing in Latin America, a region that has gone through some highly significant changes in the past 12 months.
Members can download the latest edition of the IAB by signing into the Member Area > Knowledge hub > Key International organisations
For more information contact Regional Director Andrea Pallas email@example.com
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MGI Latin Americais part of MGI Worldwideis a top 20 ranked international accounting networkwith some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.