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Fuel price rise fears and cyber security pose the greatest challenges for UK business in the short term, according to a new report from ACCA

Drivers of change is a joint research initiative with ACCA and IMA (Institute of Management Accountants) that looks at what drivers will impact on the future success of the accountancy profession and global business. This latest report takes a more focused view on the drivers that will impact on the UK.

The research showed that 88 per cent of executives and 78 per cent of accountants thought that fuel price rise fears and cyber security pose the greatest challenges, in the short term, for UK business.

The research also showed that 3 out of 4 senior executives and accountants identified the increased focus on the accountant’s role as a business partner as the most important factor in the medium term from 2016-2022, while the biggest long term focus of both business leaders and finance professionals was a potential shift in the global reserve currency from the US dollar to a different currency, such as the Euro or Yuan.

The findings also point to a greater priority for non-financial information and integrated reporting, with 70 per cent of executives and accountants citing it as critical for medium term future plans.

Other findings from the survey:

  • Accountancy practices identified cloud computing as a major factor due to affect business over the medium term
  • 68 per cent of accountants identified the increasing cost and accessibility to higher education as a major, short-term concern
  • SMEs identified an increase in carbon taxes and the potential change in the global business language as long term factors that would drive change in their businesses

 

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Published: 27 Feb 2013