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| KN74008 |
| KEY NOTE ACCOUNTANCY NOVEMBER 1998 |
| Overview |
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This report looks at the key sectors of the
accountancy industry, which together had a market value of £7.48bn in
1997. This represents an increase of 9.6 percent on 1996. Key Note estimates that the
value of the market in 1998 was a further 8 percent higher at £8.08bn.
Accountants are now providing services covering accounting and auditing,
taxation, management consultancy, corporate finance and corporate
recovery/insolvency work. The fastest growing work is consultancy and corporate
finance. However, the single largest part of the market remains accountng and
auditing.
The accountancy industry is split into various segments: the Big
Five, which are all international in scope and personnnel; medium-sized
accountancy practices; smaller practices; and sole practitioners. There is
rationalisation taking place at every level. Before July 1998, the largest
firms were talked about as the Big Six, but since the merger of Price
Waterhouse and Coopers & Lybrand, there are now only five very big firms.
Meanwhile, a process of consolidation is taking place among the smaller and
medium-sized firms.
There is the possibility that some of the accountancy
institutes may follow suit and merge, although past experience suggests that
institutional mergers in this industry are much harder to acheive than the
merger of practices.
The advent of the euro will have repercussions for any
accountant whose clients have Contintental connections, and there is talk of
moving towards common European auditing practices. It is a measure of the
standing of the UK profession that Brussels is looking to the UK to set the
norm for the rest of Europe. Of more immediate interest to accountants is the
fact that they should be able to constitute themselves as limited liability
partnerships, which is something they have been wanting to do for years. This
depends on the necessary legislation getting through Parliament. Another change
for accountants is that there are likely to be statutory improvements to
company financial reporting in the near future.
Key Note anticipates a
growth of 5 percent in the UK market for 1999 and thereafter a year-on-year growth of
between 7.5 percent and 8.1 percent until 2002, slowing to 6.5 percent in 2002/2003. Hence the
market for accountancy and related services should reach £11.35bn by
2003. By that time, auditing and accounting will represent 29.1 percent of the market,
management consultancy 43.6 percent, tax advice 17.6 percent, corporate finance 7 percent and
corporate recovery 2.6 percent.
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Text © 1998 Key Note
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