A new report by ACCA and IMA (Institute of Management Accountants), shows that US companies are concerned about their exposure to cyber attacks due to an increased reliance on the internet for business and finance activity. 75% of senior executives and finance professionals identified cyber security as a driver for change in the future.
Rising fuel and energy costs were also a concern for US businesses in the short term with 78% of senior executives and 80% of accountants identifying it as the most important factor for their future plans.
Senior business executives saw the need for a wider role for accountants in their businesses as a vital development over the medium term from 2016-2022, with 74% citing this as a major factor for change in their businesses.
The report also shows the growing prominence of non-financial information reporting and integrated reporting in businesses with 80% of senior executives who took part in the survey rating it as a major consideration for their future plans to 2022.
Other findings emerging from the report include:
· 72% of accountants identified potential changes in the global reserve currency, moving away from the US dollar to either the euro or yuan as the most important concern for business in the long term – post 2023.
· 57% of senior executives and 55% of accounts said the potential move towards digital money as the basis of a currency exchange system was an important long-term development in their plans.
As part of a wider global report, more than 550 accountants and business leaders from different sectors of the US economy offered their insights into future drivers for change.