Business leaders expect tough challenges over next five years
New ACCA report also predicts increasing demand for accountants
22 Apr 2009
An ACCA report has revealed that businesses will still be feeling the effects of the current global economic downturn in five years time, the outcome of which will see increasing demands placed on qualified accountants.
Accountancy: The future outlook , which is based on a survey conducted by ACCA and BPRI Group of 750 chief financial officers, partners and senior accountants from countries in Europe, Africa and Asia, reveals a deep concern for the future financial stability of clients and customers, with 87% of respondents predicting businesses will be cautious in giving credit. They also expect the sub-prime mortgage crisis and the ensuing global economic downturn to have far-reaching repercussions, with 84% saying business will be more wary of risk taking and 76% strongly believing that raising funds will be more difficult as a result.
The report also reveals that 63% expect to see an increase in demand for accountants, with finance professionals expected to complement their existing skills with relatively complex roles in enterprise risk management, strategic scenario planning and improving use of data.
'The results of our research show that the current global economic downturn is expected to have a significant impact on global business for the foreseeable future, and will create challenges and opportunities for our profession,' said Helen Brand, ACCA chief executive. 'We are committed to continue working with business to ensure ACCA qualified accountants can add considerable value to business by accessing finance, identifying drivers of value and profitability and driving down costs.'
Accountancy: The future outlook forms part of a series of ACCA research and commentaries looking at the impact of the global economic downturn on the accountancy profession. Go to www.accaglobal.com/economy for further details.