The Association of Chartered Certified Accountants (ACCA) has revealed a £35.2m deficit in its accounts for the year ending 31 March 2019.
The accounting body had planned for a pre-tax deficit of £14.8m in 2018-19, but this increased due to the following factors:
- A one-off accounting adjustment relating to ACCA’s defined benefit pension scheme amounting to £12.5m
- Timing of investment in IT infrastructure and digital transformation, amounting to £6.1m
- A combination of smaller items, including the adoption of IFRS 15, Revenue from contracts with customers
However, ACCA said its balance sheet “remains healthy” and has “ready access” to liquid funds and expect to return to pre-tax surplus in 2019-20.
Additionally, over the 2018-19 financial year, ACCA has saw member growth of 5%, student/affiliate growth of 4.8% and a 0.6 % increase in market share among key international competitors to 20.3%.
A statement from ACCA read: “We continue to invest prudently in ACCA’s future strategy, ensuring that the ACCA Qualification retains its market-leading position, and that we are sustainable, efficient and easy to do business with.”