BDI CODE 2014 - Israel's Leading Companies, Law Firms, Accounting Firms, Best Companies To Work For - page 188

188
At the conclusion of 2013 the Institute of Certified Public Accountants in Israel
consisted of more than 12,500 members. During the past year the number of
recipients of accountancy licenses totaled 1,441 new accountants, a growth
of about 10% compared to 2012. The number of accountants registered in
Israel stood at about 25 thousand as opposed to 24 thousand accountants
in the previous year, a growth of about 4%. We should state that the five
leading offices in 2013 supplied auditing services to about 86% of the public
companies in Israel.
The Securities Authority in Israel continued also in 2013 to implement a
comprehensive strategic program that seeks to promote dealing with financial
market activity and includes, inter alia, regulating activity in the commercial
arenas, establishment of auditing bodies, provision of regulatory alleviations, as
well as development of the financial market and stock exchange. As part of the
financial market and stock exchange development program two committees
were set up. The first was a committee for advancement of research and
development companies, which was established with the purpose of preserving
the activities of Israeli technology companies within the confines of this
country. In January 2014 the committee submitted its final recommendations
that included provision of alleviations and incentives for high-tech companies
that registered for commerce, provision of tax benefits and more. The second
committee was the committee for enhancement of trade and encouragement
of liquidity in the stock exchange, which was established to deal with the
problem of the decline in the trading cycles on the stock exchange in recent
years. In April 2014 the committee submitted its final recommendations. The
main points of the recommendations were transforming the stock exchange
into a corporation operating for the purpose of profit, adoption of advanced
trading technologies, making the stock exchange more accessible to investors
from this country and from abroad, and more.
Furthermore, as a result of the difficulty of survival of small and medium
businesses in Israel in recent years, the Ministry of Finance and the Securities
Commission jointly established the committees for the promotion of
establishment of traded funds for financing businesses and for financing
infrastructures development. The first will examine the possibilities to increase
sources of financing that are at the disposal of the Businesses Authority, while
the second will work to expand the sources of financing that are available to
the Infrastructure Projects Authority as well as to bring about a reduction in
the costs of financing and capital.
On the backdrop of the many debt arrangements, which overshadowed the
Israeli financial system and the faith of the public in it, the Andoran Committee
was established in May 2013 to examine the procedures of preparing debt
arrangements that derived mainly from the increase in the extent of non-bank
credit that had been provided to the business sector in recent years. In 2013
an additional 10 companies entered into debt arrangements to the extent
of NIS 5.8 billion, this in comparison to 31 debt arrangements amounting
to about NIS 10 billion in 2012. In April 2014 the committee published its
interim recommendations for regulating the phenomenon of “haircuts” and
debt arrangements that drew a great deal of public criticism. The heart of
the committee’s recommendations includes three main stages in the life of
a company under cash flow distress. At the first stage, in cases where the
company believes that there is a possibility of future financial difficulties, it
will be entitled to initiate a voluntary procedure, the purpose of which is to
formulate an arrangement for the health of the company. At the second
stage, if the company is in difficulties, a representative shall be appointed
on behalf of the creditors to serve as an observer at meetings of the Board
of Directors, and financial limitations shall be imposed on the company. The
third stage relates to the possibility of removing control of the company from
those controlling it, or transfer of the company to the creditors in instances
in which the company does not in fact meet payments.
Ernst & Young Israel - Kost Forer Gabbay & Kasierer firm leads the ranking
of accountancy firms also this year. Deloitte Brightman Almagor Zohar is
rated second. In third, fourth, fifth and sixth places are ranked the following
firms: KPMG - Somekh Chaikin, Kesselman & Kesselman - PWC, BDO Ziv Haft
Accountants, and Fahn Kanne & Co. Grant Thornton Israel, respectively.
In seventh place was ranked UHY Shtainmetz Aminoach & Co. CPA, which was
founded more than 27 years ago. Among the services provided by the office,
we can mention accountancy and auditing, tax planning and arrangements,
assessment of value and more.
Lion, Orlitzky & Co. Moore Stephens Israel was ranked in eighth place.
Among the services offered by the office are accounting and auditing,
נתוני הגרף – התפלגות פעילות רואי חשבון בישראל, לפי אזורים
תל אביב
והמרכז
46%
חיפה והקריות
14%
46%
14%
500
750
1,000
1,250
1,500
2
7
0
10
20
30
40
50
60
2009
2010
2011
2012
2013
20
42
22
45
23
48
24
51
25
54
Tel-Aviv and Center
46%
Haifa and
Krayot
14%
Sharon and
Northern Coastal
Plain
13%
Jerusalem and
the Vicinity
8%
The Judean
foothills and South
Coastal Plain
8%
South
4%
North
7%
נתוני הגרף – התפלגות פעילו
תל אביב
והמרכז
46%
חיפה והק
14%
46%
14%
500
750
1,000
1,250
1,500
2006 2007 2008 2009 2010 2011 2012 2013
780
870
952
1,191
1,442
1,300 1,305
1,441
0
10
20
30
40
50
60
2009
2010
2011
2012
2013
20
42
22
45
23
48
24
51
25
54
Tel-Aviv and Center
46%
Haifa and
Krayot
14%
Sharon and
Northern Coastal
Plain
13%
Jerusalem and
the Vicinity
8%
The Judean
foothills and South
Co stal Plain
8%
South
4%
No th
7%
Deloitte
16%
KPMG
15%
PWC
12%
others
14%
BDO
9%
E&Y
34%
Number of CPA License Recipients, by Year
Israel Accountants and Lawyers, by Year
(in thousands)
Lawyers Accountants
Accounting Firms
CONTINUED
1...,178,179,180,181,182,183,184,185,186,187 189,190,191,192,193,194,195,196,197,198,...480