KPMG reported a 2.6 percent increase in annual revenue worldwide Thursday to $20.63 billion from $20.11 billion, a 0.1 percent increase in local currency terms.
“These combined FY10 revenues overall reflect positive and improving business performance across the KPMG network of firms and functional businesses worldwide,” said KPMG International chairman Timothy P. Flynn in a statement. “This improvement underscores the strength of our brand and that, in a significantly changing economic and regulatory environment, clients and stakeholders value how the high-performing people of KPMG are cutting through complexity, delivering informed perspectives and clear solutions to them.”
Among the geographic regions, growth this year in Asia Pacific led the way for KPMG. Revenues in the BRIC (Brazil, Russia, India and China) countries as a group grew 7.5 percent for the year. The fastest-growing among the largest member firms was in India, growing in excess of 20 percent, reflecting continued investment and growth in the Indian economy.
In the Americas region, combined FY10 revenue totaled US$6.37 billion in 2010 versus US$6.31 billion last year, a decline of 1.4 percent in local currency terms, and an increase of 1.0 percent in U.S. dollars.
Global revenues for fiscal 2010 in KPMG’s audit services totaled US$9.91 billion versus US$9.95 billion in aggregated revenues last year. This represented a 0.4 percent decline in U.S. dollars; a 2.9 percent decline in local currency terms.
KPMG’s advisory services recorded combined global revenues of US$6.57 billion in 2010, versus US$6.07 billion last year, an 8.3 percent rise in U.S. dollars, and a 5.5 percent increase in local currency terms.
The Performance and Technology group was the main driver of Advisory growth, increasing by 12.7 percent, with double-digit growth in large member firms including Canada, the U.K., France and the U.S. and also in the emerging and high-growth markets of China, the Commonwealth of Independent States, India and Brazil.
Revenues for tax services in 2010 totaled US$4.15 billion across the firms compared with US$4.09 billion in 2009, a 1.4 percent increase in U.S. dollars and a 0.7 percent decline in local currency terms. Among the growth areas for tax services in the last fiscal year were transfer pricing with 1.5 percent growth, international executive services with 1.1 percent, and indirect tax with 0.7 percent.
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