Today’s news in brief – 3/3/2025

Kreston Global achieved its highest-ever combined revenue of $3.12bn (£2.47bn) for the year ending October 2024, driven by significant expansion across four continents. Seven new firms joined the network, including Revicom (Italy), Kreston Thailand, and Kreston Eastern Caribbean. Audit and assurance services saw the most growth at 24%, while tax services rose by 3%. Latin America led regional growth with a 20% increase. CEO Liza Robbins credited the network’s success to its commitment to high-quality financial insights and global collaboration, despite industry-wide challenges like talent competition and technological advancements. The network’s combined workforce reached 27,509 employees. ICAS has launched a new accountancy and business qualification in partnership with the Ministry of Defence (MOD) to help service personnel transition to civilian careers. Recognized under the MOD’s Enhanced Learning Credits Scheme, the Certificate in Accountancy and Business (CAB) covers finance, taxation, business law, and ethics, requiring no prior experience. ICAS CEO Bruce Cartwright emphasized the program’s role in upskilling individuals and boosting confidence in competitive job markets. Veterans minister Alistair Carns highlighted the initiative’s importance in supporting lifelong learning and career development for military personnel, ensuring their success beyond service in various business sectors. The Global Accounting Alliance (GAA) and ICAEW have released ‘Why Nature Matters to Accountants,’ a guide addressing the integration of nature-related risks into accounting. Targeted at board members, auditors, and financial professionals, it links nature risk to financial stability and provides strategies for embedding sustainability into business practices. ICAEW CEO Alan Vallance stressed the urgency of nature conservation for economic resilience, especially as biodiversity declines. The guide builds on the GAA’s 2024 report advocating for accelerated progress towards global nature targets. The initiative aims to help businesses transition to nature-positive models for long-term financial and environmental sustainability. Technicolor Creative Studios UK has appointed Interpath Advisory as administrators following prolonged financial struggles, worsened by rising labor costs and the 2023 writers’ strike. With no viable refinancing or sale options, directors opted for administration, leading to immediate operational shutdowns and approximately 440 UK job losses. Administrators Nick Holloway and David Pike are assisting affected employees with redundancy claims. Holloway acknowledged Technicolor’s century-long legacy in visual effects and animation but cited industry-wide economic pressures as insurmountable. The administrators are now focused on winding down operations and exploring ways to maximize asset recovery amid the company’s collapse.