PARENTEBEARD DEBUTS
Philadelphia - Accounting firms Parente Randolph and Beard Miller Co. have officially become ParenteBeard LLC. The merger was announced in July and was to take effect in the fourth quarter, but the firms had put off the announcement of the new name.
The $175 million merger creates one of the top regional firms in the mid-Atlantic region, with more than 170 partners and 1,200 team members throughout Pennsylvania, New York, New Jersey, Maryland, Delaware and Texas. The firms ranked No. 35 and 36 on Accounting Today's list of the Top 100 Firms.
"We selected the name ParenteBeard after considering the collective strengths and attributes of both firms and the significance of this combination," said CEO Bob Ciaruffoli. "Our new name honors our histories, while positioning the union as one firm, ParenteBeard."
The combined firm will be headquartered in Philadelphia and belong to the Baker Tilly International network.
TRAVISWOLFF, BURNSIDE RISHEBARGER MERGE
Dallas - Two firms in the Lone Star State, TravisWolff & Co., of Dallas, and San Antonio-based Burnside Rishebarger, have merged, creating a combined firm with over $25 million in annual revenue.
The two firms had casually discussed a merger several years ago at an accounting network conference and began serious conversations in February 2009, according to TravisWolff managing principal Harold Gaar.
Financial terms of the merger were not disclosed, but Gaar said that the firms were merely merging their assets and liabilities. TravisWolff, with 130 staff members, is contributing approximately $22.5 million to $23 million in annual revenue and Burnside Rishebarger, with 25 staff, a little over $3 million.
TECH GLITCHES DELAY PCAOB REPORTS
Washington, D.C. - The Public Company Accounting Oversight Board has delayed the effective date of its new rules requiring accounting firms to report on events such as litigation so it can resolve technical issues with the Web-based system it plans to use for receiving the reports.
The Securities and Exchange Commission approved the new rules, rule amendments and forms in August, and they had been scheduled to go into effect on Oct. 12, 2009. However, the effective date has now been postponed to Dec. 31, 2009, as the PCAOB works to resolve the technical glitches in the new online system it will use to process and publish the filings that it receives from firms.
Under the new rules, PCAOB-registered firms will be required to report on events such as changes in the firm's contact information and the institution of legal proceedings against the firm or its personnel. Firms will also need to report on when they succeed to a predecessor's registration status, as when a merger or acquisition occurs.
However, the PCAOB cautioned that the postponement will not affect the timing of the first annual reports, which are still due on June 30, 2010, for the 12-month period ending March 31, 2010. Reporting firms are encouraged to familiarize themselves with the new forms in the meantime.
The revised effective date also does not change the deadline for the annual fee due from registered firms. Beginning in 2010, all firms registered as of March 31 of a given year must pay an annual fee by July 31 of that year. The PCAOB will announce the amount of the annual fee at a later date.
The PCAOB will also publish additional guidance on the use of the Web-based system closer to the effective date.
