Business leaders are bracing themselves for tough challenges over the next five years and forecast a need for accountants with a wider range of skills, according to research from the ACCA.

In an international survey of 750 business executives, the accounting body asked chief financial officers, partners and senior accountants how they think the economic downturn is likely to affect their business in the next five years.

An increase in demand for accountants was forecasted by 63% of the respondents who thought this would be caused not just by an upturn in business, but also due to the fact that accountants would be essential in helping businesses to deal with a tougher trading climate in the long term.

Respondents also said that there was likely to be an increased focus on risk management, with 84% saying they were more wary of risk taking, and business leaders also predicted that accountants will need to demonstrate more complex business and managerial skills going forward.

Skills in enterprise risk management, strategic scenario planning and improving the use of data were all cited as must-haves for accountants going forward.

Basic accounting skills such as financial audit, financial narrative reports and budget planning are expected to be in demand in emerging economies, but will be taken for granted in others, with accountants expected to have the full range of skills. Where basic skills are not outsourced, senior business people take it as a ‘given’ that those accounting activities will form part of the qualified accountant’s ‘technical toolkit’.

The research forms part of the ACCA’s paper ‘Accountancy: The future outlook’, which assesses the impact of global economic conditions on the accountancy profession.