PRESIDENT BLOG - Brendan Murtagh

Year end brings first concrete signs of recovery

ACCA's fourth quarter Global Economic Conditions Survey has provided us with the first firm evidence that economic conditions are finally improving – albeit with good old accountancy caution still firmly in place.

Nearly half of the 1700 respondents worldwide believe economic conditions are about to improve or already doing so. And there are also signs that demand, access to finance and cash flow are recovering. 

But a growing number of finance professionals across regions are forecasting a very weak recovery, with 11% of respondents now expecting the downturn to last another three years or even longer. Of course that still means the overwhelming majority believe recovery will be with us sooner.

On balance, ACCA shares that view, expecting at least another year of challenging economic conditions, while conceding that the more pessimistic of our members have a point.

I'd like to thank everyone who has contributed to the quarterly survey, making it one of the world's largest and most representative surveys of economic confidence.

I would also like to send seasons greeting to everyone who is celebrating at this time of year, and to wish you all a happy and healthy 2010.

Finding a way out of the crisis

On 1 December, ACCA is organising a top-level event in London that looks at the role the finance professional can play in leading us out of the current crisis.

Along with ACCA's chief executive Helen Brand and an outstanding line-up of experts, I will be discussing a range of issues and challenges that we face now and in the coming months.

Professor Andrew Chambers will be speaking on the issue of the Walker report; Andrew Lennard, from the Accounting Standards Board, will address the current fair value issues; Philippa Foster Back, director of the Institute of Business Ethics, will address the role of ethics in the current crisis; and Angela Knight, chief executive of the British Bankers' Association, will be looking at how EU regulation changes will impact on banks in the UK.

I am looking forward to the presentations and debate, and we will keep you up to speed on the issues that arise from this event.