Confidence among chief financial officers, accountants, and finance professionals declined moderately in the third quarter of 2024, marking its lowest point since the fourth quarter of 2023 and slightly below its historical average.
This is the findings of the latest joint survey by the Association of Chartered Certified Accountants and Institute of Management Accountants, revealing that CFOs' confidence fell, with a sharp deterioration in their assessment of new orders.Â
The study noted on the decline in confidence in Asia Pacific, as concerns about the continued weakness of the Chinese economy likely weighed on sentiment, considering that the survey was completed before the Chinese authorities announced a pivot to a more aggressive policy stimulus.
Meanwhile, the proportion of respondents reporting increased operating costs remains elevated by historical standards in most regions in the world, suggesting central banks need to proceed quite cautiously with monetary easing, particularly given ongoing geopolitical events.
Further, accountants to rank their top three risk priorities and for the second quarter running, regulatory change was top for respondents in financial services, while the economy remained first for those in the corporate sector.
Both public sector entities and small and medium-sized practices put cybersecurity as their biggest concern. For the first time, climate change claimed a top three spot, with the public sector placing it third.
