PwC and Deloitte disagree over who is the biggest
(25th November 2003 – US) Accounting firm PricewaterhouseCoopers (PwC) posted aggregated net revenues of US$14.7 billion for its global business for fiscal year 2003 compared with US$13.8 billion the previous year.
But despite being the largest of the Big Four accounting firms, it was trumped by rival Deloitte Touche Tohmatsu which reported revenue of $US15.1 billion for its fiscal year ended May 31.
However, the two firms differ in their approach to reporting revenue as Deloitte includes expenses billed to clients in its revenue figure whereas PwC does not. In fact, PwC said if reimbursed client expenses were included its aggregated gross revenues would total US$16 billion and be therefore larger than Deloitte’s.
One US accounting analyst said the two firms were suffering from a case of "revenue envy".
Deloitte said all the major accounting firms except PwC reported their revenue gross.
PwC global CEO Sam DiPiazza said the firm reported its figures net in an effort to comply with international accounting standards.
As for PwC’s result, he said revenue figures held up well despite the sluggish global economy, weak capital markets and substantial regulatory changes over the past year.
He forecast that 2004 would be stronger due to improving economic conditions.
"We expect to show significant real growth in fiscal 2004," DiPiazza said.
However, the two firms differ in their approach to reporting revenue as Deloitte includes expenses billed to clients in its revenue figure whereas PwC does not. In fact, PwC said if reimbursed client expenses were included its aggregated gross revenues would total US$16 billion and be therefore larger than Deloitte’s.
One US accounting analyst said the two firms were suffering from a case of "revenue envy".
Deloitte said all the major accounting firms except PwC reported their revenue gross.
PwC global CEO Sam DiPiazza said the firm reported its figures net in an effort to comply with international accounting standards.
As for PwC’s result, he said revenue figures held up well despite the sluggish global economy, weak capital markets and substantial regulatory changes over the past year.
He forecast that 2004 would be stronger due to improving economic conditions.
"We expect to show significant real growth in fiscal 2004," DiPiazza said.
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