PracticeConsultingConsulting sale delay halts PwC accounts

Consulting sale delay halts PwC accounts

Publication of PricewaterhouseCoopers' full UK accounts may not materialise until 2004, a year later than the firm's senior partner anticipated, due to delays in hiving off its consulting arm

In January Kieran Poynter told Accountancy Age that by June the firm would move to limited liability status requiring PwC to publish its UK accounts in 2003 – after it had finalised the initial public offering of its consulting arm, Monday. Poynter said it was time ‘it practised what it preached’.

But PwC’s financial year ended on 30 June with no announcement about a switch to LLP status. The firm had wanted to avoid renewing contracts twice by going LLP and then listing its consulting arm.

When changing a partnership structure all client contracts must be renewed.

LLP specialist David Sprecher, of Sprecher, Grier Halbersham, said: ‘Nearly everyone I know has chosen to do it at year-end.’

Mark Lee, tax expert at WJB Chiltern, said: ‘A firm is most likely to coincide it with its year-end and the following year it would publish its full accounts.’

PwC would not comment.

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