An Association of Chartered Certified Accountants (ACCA) survey revealed that although profit margins are tightening, accountants in Hong Kong and the mainland see opportunities for themselves and their clients. They are also increasingly focusing on capturing niche markets and adapting to changes in demand as the global economy recovers.
Respondent members on the mainland, Hong Kong and Singapore also reported a net increase in employment and investment among their clients. Compared with Europe and the United States, ACCA members in the Asia-Pacific region also expect to see a continuation of robust government spending.
Rosanna Choi, ACCA Hong Kong chairman, says that while the association's local members are concerned about the challenges posed by the global economic recovery, they are also excited by the economic opportunities that are being created.
'We are seeing a lot of mainland companies involved in cross-border mergers and acquisitions involving different business sectors. This is good news for Hong Kong accountants with multinational experience and the communication skills to talk to clients and other professionals involved in cross-border transactions,' Choi says.
The booming market for initial public offerings in Hong Kong is another bright area. And the growth of intra-Asia trade and renminbi transactions will surely benefit the Hong Kong accountancy sector, she adds.
As the accounting industry becomes even more complex, Choi says there is a tendency for accountants to specialise. However, she cautions that accountants who focus on one particular industry sector could suffer during a market contraction or change in economic direction.
