Accountancy in The UK

INDUSTRY PROFILE
Accountancy in the United Kingdom

Reference Code: 0183-0415 Publication Date: September 2010
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United Kingdom - Accountancy

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EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
Market value
The United Kingdom accountancy market shrank by 1.8% in 2009 to reach a value of $14,175.8 million.
Market value forecast

In 2014, the United Kingdom accountancy market is forecast to have a value of $17,447.7 million, an increase of 23.1% since 2009.
Market segmentation I
Audit is the largest segment of the accountancy market in the United Kingdom, accounting for 48.3% of the market's total value.
Market segmentation II
The United Kingdom accounts for 14.7% of the European accountancy market value.
Market rivalry
Buyers can vary in size but includ many medium and large businesses, which strengthens buyer power considerably. The "big four" accountancy firms are established in this market, alongside some second-tier and smaller players. The complex accounting and auditing needs of the most lucrative clients weaken buyer power. IT and skilled employees are important inputs in this market, and supplier power is boosted. Moderate market growth encourages market entry and tends to weaken rivalry to some degree, despite the difficulty of competing with the largest players.

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CONTENTS
TABLE OF CONTENTS
EXECUTIVE SUMMARY MARKET OVERVIEW Market definition Research highlights Market analysis MARKET VALUE MARKET SEGMENTATION I MARKET SEGMENTATION II FIVE FORCES ANALYSIS Summary Buyer power Supplier power New entrants Substitutes Rivalry LEADING COMPANIES Deloitte Touche Tohmatsu Ernst & Young International KPMG International PricewaterhouseCoopers MARKET FORECASTS Market value forecast MACROECONOMIC INDICATORS APPENDIX Methodology Industry associations Related Datamonitor research Disclaimer 2 7 7 8 9 10 11 12 13 13 14 15 16 18 19 20 20 22 24 25 27 27 28 30 30 31 32 33

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CONTENTS
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CONTENTS
LIST OF TABLES
Table 1: Table 2: Table 3: Table 4: Table 5: Table 6: Table 7: Table 8: Table 9: Table 10: Table 11: Table 12: Table 13: Table 14: United Kingdom accountancy market value: $ million, 200509 United Kingdom accountancy market segmentation I:% share, by value, 2009 United Kingdom accountancy market segmentation II: % share, by value, 2009 Deloitte Touche Tohmatsu: key facts Ernst & Young International: key facts KPMG International: key facts PricewaterhouseCoopers: key facts United Kingdom accountancy market value forecast: $ million, 200914 United Kingdom size of population (million), 200509 United Kingdom gdp (constant 2000 prices, $ billion), 200509 United Kingdom gdp (current prices, $ billion), 200509 United Kingdom inflation, 200509 United Kingdom consumer price index (absolute), 200509 United Kingdom exchange rate, 200509 10 11 12 20 22 24 25 27 28 28 28 29 29 29

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CONTENTS
LIST OF FIGURES
Figure 1: Figure 2: Figure 3: Figure 4: Figure 5: Figure 6: Figure 7: United Kingdom accountancy market value: $ million, 200509 United Kingdom accountancy market segmentation I:% share, by value, 2009 United Kingdom accountancy market segmentation II: % share, by value, 2009 Forces driving competition in the accountancy market in the United Kingdom, 2009 Drivers of buyer power in the accountancy market in the United Kingdom, 2009 Drivers of supplier power in the accountancy market in the United Kingdom, 2009 Factors influencing the likelihood of new entrants in the accountancy market in the United Kingdom, 2009 Factors influencing the threat of substitutes in the accountancy market in the United Kingdom, 2009 Drivers of degree of rivalry in the accountancy market in the United Kingdom, 2009 United Kingdom accountancy market value forecast: $ million, 200914 10 11 12 13 14 15
16
Figure 8:
18 19 27
Figure 9: Figure 10:

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MARKET OVERVIEW
MARKET OVERVIEW
Market definition
The accountancy market consists of revenues generated by firms engaged in designing, preparing and auditing accounting records. Income from tax, auditing, and advisory service provision is included. For Japan, the market covers certified public accountant firms only. Any currency conversions used in the creation of this report have been calculated using constant 2009 annual average exchange rates. For the purposes of this report, Europe consists of Western Europe and Eastern Europe. Western Europe comprises Belgium, Denmark, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, and the United Kingdom. Eastern Europe comprises the Czech Republic, Hungary, Poland, Romania, Russia, and Ukraine.

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MARKET OVERVIEW
Research highlights
The UK accountancy market had total revenue of $14,175.8 million in 2009, representing a compound annual growth rate (CAGR) of 2.7% for the period spanning 2005-2009. The audit segment was the market's most lucrative in 2009, with total revenue of $6,847.2 million, equivalent to 48.3% of the market's overall value. The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.2% for the fiveyear period 2009-2014, which is expected to drive the market to a value of $17,447.7 million by the end of 2014.

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MARKET OVERVIEW
Market analysis
The UK accountancy market fell into decline in 2009, but the market is expected to return to growth and accelerate throughout the forecast period. The UK accountancy market had total revenue of $14,175.8 million in 2009, representing a compound annual growth rate (CAGR) of 2.7% for the period spanning 2005-2009. In comparison, the French and German markets grew with CAGRs of 1.8%, over the same period, to reach respective values of $14,972.4 million and $9,241.2 million in 2009. The audit segment was the market's most lucrative in 2009, with total revenue of $6,847.2 million, equivalent to 48.3% of the market's overall value. The tax segment contributed revenue of $4,707.4 million in 2009, equating to 33.2% of the market's aggregate value. The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.2% for the fiveyear period 2009-2014, which is expected to drive the market to a value of $17,447.7 million by the end of 2014. Comparatively, the French and German markets will grow with CAGRs of 1.7% and 0.6% respectively, over the same period, to reach respective values of $16,261.5 million and $9,542.7 million in 2014.

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MARKET VALUE
MARKET VALUE
The United Kingdom accountancy market shrank by 1.8% in 2009 to reach a value of $14,175.8 million. The compound annual growth rate of the market in the period 200509 was 2.7%. Table 1: Year 2005 2006 2007 2008 2009 CAGR: 200509 Source: Datamonitor United Kingdom accountancy market value: $ million, 200509 $ million 12,732.2 13,290.7 13,850.7 14,432.5 14,175.8 million 8,168.9 8,527.2 8,886.5 9,259.7 9,095.1 million 9,156.6 9,558.3 9,961.0 10,379.4 10,194.8 % Growth 4.4% 4.2% 4.2% (1.8%) 2.7% DATAMONITOR
Figure 1:
United Kingdom accountancy market value: $ million, 200509
Source: Datamonitor
DATAMONITOR

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MARKET SEGMENTATION I
MARKET SEGMENTATION I
Audit is the largest segment of the accountancy market in the United Kingdom, accounting for 48.3% of the market's total value. The tax segment accounts for a further 33.2% of the market. Table 2: Category Audit Tax Advisory Total Source: Datamonitor United Kingdom accountancy market segmentation I:% share, by value, 2009 % Share 48.3% 33.2% 18.5% 100% DATAMONITOR
Figure 2:
United Kingdom accountancy market segmentation I:% share, by value, 2009
Source: Datamonitor
DATAMONITOR

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MARKET SEGMENTATION II
MARKET SEGMENTATION II
The United Kingdom accounts for 14.7% of the European accountancy market value. France accounts for a further 15.6% of the European market. Table 3: Category France United Kingdom Germany Spain Italy Rest of Europe Total Source: Datamonitor United Kingdom accountancy market segmentation II: % share, by value, 2009 % Share 15.6% 14.7% 9.6% 8.5% 6.1% 45.5% 100% DATAMONITOR
Figure 3:
United Kingdom accountancy market segmentation II: % share, by value, 2009
Source: Datamonitor
DATAMONITOR

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FIVE FORCES ANALYSIS

The accountancy market will be analyzed taking accountancy firms as players. The key buyers will be taken as companies and individual consumers, and providers of software, information technology and office equipment as the key suppliers.
Summary
Figure 4: Forces driving competition in the accountancy market in the United Kingdom, 2009
Source: Datamonitor
DATAMONITOR
Buyers can vary in size but includ many medium and large businesses, which strengthens buyer power considerably. The "big four" accountancy firms are established in this market, alongside some second-tier and smaller players. The complex accounting and auditing needs of the most lucrative clients weaken buyer power. IT and skilled employees are important inputs in this market, and supplier power is boosted. Moderate market growth encourages market entry and tends to weaken rivalry to some degree, despite the difficulty of competing with the largest players.

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Buyer power
Figure 5: Drivers of buyer power in the accountancy market in the United Kingdom, 2009
Source: Datamonitor
DATAMONITOR
Buyers can vary in size but include many medium and large businesses, which strengthens buyer power considerably. For businesses, the service is a necessity (for example, most companies will be legally required to engage independent auditors), while it is less so for most private individuals. Four major players dominate the accountancy market: PriceWaterhouseCoopers, KPMG, Deloitte Touche Tohmatsu, and Ernst & Young. For example, 99 of the FTSE 100 companies (all listed on the London Stock Exchange) are audited by these "big four" accountancy firms. There is limited choice of players for the largest corporate clients, as they will tend to need accountants that can offer a wide range of competencies. A multinational client will need guidance on the tax regimes in all the countries it operates in, for example. Also, to maintain investor confidence, a corporation needs to engage an accountancy firm with a high reputation for probity, which may tend to favor the more well-known majors; and it may be advantageous to retain one accountancy firm, which has a deep understanding of the client the national economy are particularly restricted in their choice of auditor. While auditors in the UK are appointed annually, there is a strong tendency for buyers to avoid switching from existing accountancy firms. Buyer power is strengthened by the fact that accountants as such can rarely integrate forwards into their clients' businesses, while clients can carry out some accounting functions in-house. Overall, buyer power is moderate.

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Supplier power
Figure 6: Drivers of supplier power in the accountancy market in the United Kingdom, 2009
Source: Datamonitor
DATAMONITOR
Suppliers in the accountancy market consist of specialized accountancy software publishers. These provide computer software that records and processes accounting transactions. This is a necessity for most accounting firms, and varies in its cost and complexity. Furthermore, large accountancy firms need more specialized technology, and therefore rely on a limited range of suppliers to provide this. However, the wide range of low end and high end products on offer, such as ERP software, weakens supplier power. Other suppliers to accountancy firms will include manufacturers of PCs and office equipment. Accountancy firms require a reliable ICT infrastructure in place and therefore often commit to one suppliers product as they do not want to spend the money training staff on new software, again putting suppliers in a strong position through high switching costs. It is also vital for players in this market to recruit and retain highly skilled employees. Changing the labor supply (that is, experiencing staff turnover) incurs switching costs. This is not just the one-off expenditure needed to recruit replacements, but also the amount spent on training and development of staff, which is not recovered when an employee moves on, and may in fact benefit a competitor that takes on the same person. Overall, supplier power is moderate.

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New entrants
Figure 7: Factors influencing the likelihood of new entrants in the accountancy market in the United Kingdom, 2009
Source: Datamonitor
DATAMONITOR
The UK accountancy market may be entered by an individual accountant establishing his/her own practice. For such a low-key entry, there is relatively little capital outlay or proprietary knowledge involved. However, entering the high end of the market (e.g. auditing the FTSE 100 companies) is considered difficult, due to the dominance of the "big four" incumbents. The leading companies have strong brand reputations. Competing for the largest clients is difficult except for the major accountancy firms, which can offer an appropriate range of expertise. Such competencies may not always constitute "proprietary knowledge" in the strict sense, since information on tax laws, accounting principles, industry practices, etc are usually in the public domain, but may have a function akin to intellectual property for the major accountancy firms, especially since the replication of such competencies can be costly, and constitutes a barrier to market entry: companies will need to be aware of and abide by industry practices in the UK. The UK Generally Accepted Accounting Principles (UK GAAP) are the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. This includes not only accounting standards, but also UK company law. Companies also may come under investigation by the Accountancy and Actuarial Discipline Board (AADB). For example, in 2010 Ernst & Young were under investigation for the auditing of the investment bank Lehman Brothers accounts in 2007.

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The UK government is currently considering the introduction of proportionate liability for auditors. When the new legislation is implemented, it should make the UK market more attractive to new entrants, by reducing the risks for auditing firms. (Belgium, Germany, and three other European countries already have capped liability for auditors.) Overall, there is a strong likelihood of new entrants.

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Substitutes
Figure 8: Factors influencing the threat of substitutes in the accountancy market in the United Kingdom, 2009
Source: Datamonitor
DATAMONITOR
While there are no obvious substitutes for the functions offered by accountants, specialized accountancy firms do face the threat of substitutes. For private individuals, "DIY" accounting is often a possibility. This substitute avoids costs in terms of fees paid to a third-party accountant, but may incur other costs, such as the time absorbed by the process, and the greater possibility of mistakes being made. There may also be switching costs, such as the need to purchase appropriate software. In a similar way, corporate clients can carry out many accounting processes in-house. However, for companies with complex business operations, perhaps covering several tax- and reporting jurisdictions, the costs of maintaining a suitably skilled in-house team will rise. Also, the important function of auditing cannot by its nature be performed in-house. Overall, the threat of substitutes is weak.

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Rivalry
Figure 9: Drivers of degree of rivalry in the accountancy market in the United Kingdom, 2009
Source: Datamonitor
DATAMONITOR
The "big four" players have a strong presence in the UK, particularly in the large public corporation auditing market, a very concentrated market segment. However, there are also many smaller firms, which increases rivalry. This is enhanced by the fact that many players are very similar to each other. Even for large players that have diversified beyond accountancy into areas such as corporate advisory services, accountancy is quite central to the business of most players in the market. Further, although accountancy firms have few specialized physical assets to dispose of, their staff will tend to have specialized skills. Exiting the accountancy market would therefore incur costs: IT systems could be re-deployed in another business area, but laying off a large staff and recruiting a new one with different skills is not a trivial exercise. Growth has been better than in markets such as France and Italy, although comparable to that of Spain. Stronger growth tends to reduce rivalry between market players. Overall, rivalry in the UK market is assessed as strong.

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LEADING COMPANIES
LEADING COMPANIES
Deloitte Touche Tohmatsu
Table 4: Deloitte Touche Tohmatsu: key facts 1633 Broadway, New York, New York 10019 6754, USA 1 212 489 1600 1 212 489 1687 www.deloitte.com May DATAMONITOR
Head office: Telephone: Fax: Website: Financial year-end: Source: company website
Deloitte Touche Tohmatsu is an organization of member firms around the world, providing a broad range of professional services including audit, tax, consulting and financial advisory services. The company operates in nearly 150 countries through 70 member firms. The company serves national and middle market enterprises, public institutions, privately owned companies and public sector organizations. It provides its services to all major sectors including aviation and transport services; consumer business, energy and resources, financial services, life sciences and health care, manufacturing, public sector and technology, and media and telecommunications. The separate units of the company are Deloitte & Touche; the US accounting arm; and Deloitte Consulting. Deloitte's services can be categorized into four broad functional areas: audit, consulting, tax and advisory services. Deloitte's audit services segment offers audit technology, addresses new regulatory requirements, incorporates multiple generally accepted accounting principles (GAAP) compliance, and facilitates the auditor's understanding of business processes, controls, and risks. Its core competencies encompass risk management, capital markets, control assurance, internal audit, regulatory consulting, and security and privacy services. The consulting services of the company range from strategy formulation to technology implementation. It also offers industry and functional business performance knowledge. The company has consulting alliances with leading companies such as 3M Company, BEA Systems, HP, IBM, Oracle Corporation, SAP, Siemens Medical Solutions USA and Sun Microsystems.

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LEADING COMPANIES
The company's tax services include corporate tax, indirect tax, international assignment services, international tax, mergers and acquisitions (M&A) transaction services, research and development credits, tax technology solutions and transfer pricing. The company's Global Backbone is locally delivered, centrally coordinated global tax compliance and reporting service scalable to meet each client's specific needs. The advisory services are composed of four global service lines: corporate finance advisory, dispute consulting/forensic services, reorganization services, M&A transaction services, and valuation services. The corporate finance advisory unit provides M&A advice to corporate clients, private equity/venture capital firms, entrepreneurs and governments. It has 90 partners and more than 900 employees. Its main services include acquisitions and disposals; capital raising-private equity or capital markets; valuations; strategic and general corporate advice; and business modeling. The dispute consulting/forensic services range from litigation consulting provided locally and globally to forensic investigations encompassing fraud and accounting investigations. The reorganization services include lender solutions, restructuring services, corporate exit management and insolvency services. M&A transaction services provide tax, accounting and advisory services in business combinations to buyers or sellers. Valuation services provide business valuation, intangible asset valuation, tangible asset advisory services, transaction advisory, and capital allocation. The company's Deloitte's Value Initiative has developed tools such as Deloitte's Enterprise Value Map (EVM), ValueAnalytics, ValuePrint and Project Portfolio Management. Deloitte's Enterprise Value Map (EVM) identifies business activities and illustrates how each should be aligned to four primary value drivers: revenue growth, operating margin, asset efficiency, and expectations. ValueAnalytics enables the financial analyses of key value drivers. ValuePrint is a business case development tool. The Project Portfolio Management tool assesses individual projects' effectiveness and contribution to value. The company's local office is located at 2 New Street Square, London EC4A 3BZ, UNITED KINGDOM Tel.: 44 20 7936 3000 Fax: 44 20 7583 1198 Key Metrics The company recorded revenues of $26.1 billion during the financial year ended May 2009, a decrease of 4.7% from 2008.

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LEADING COMPANIES
Ernst & Young International

Table 5: Ernst & Young International: key facts 5 Times Square, New York City, New York 10036, USA 1 212 773 3000 1 212 773 6350 www.ey.com June DATAMONITOR
Ernst & Young International (Ernst & Young) is a global firm that provides a range of services, such as accounting and auditing, tax advisory, tax reporting and operations, technology and security risk, human capital, business risk, and transaction advisory services. Ernst & Young also provides legal services in some countries. Globally, Ernst & Young focuses on the 13 major industry groups: asset management, automotive, banking and capital markets, biotechnology, consumer products, insurance, media and entertainment, oil and gas, pharmaceuticals, real estate (includes construction, hospitality and leisure), technology, telecommunications and utilities. Ernst & Young's service lines primarily consist of assurance and advisory business services, taxation, and transaction advisory services. The company's assurance and advisory business services encompass three services: assurance, which includes independent audit of companies financial statements and other attestation services; risk advisory services, which include advisory services for risk management; and finance and performance management services, which provides advisory services on finance function strategy, organization design and development, and operational effectiveness. Taxation covers personal, corporate and indirect tax and consulting services. The division's services include tax compliance assistance and review, tax compliance outsourcing, tax advisory services, and tax department performance improvement. Transaction advisory services encompass services in relation to mergers and acquisitions, divestitures, strategic finance, corporate restructuring, business modeling, working capital management, and valuation.

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LEADING COMPANIES
In addition to these services, Ernst & Young also offers assistance in protecting clients' IT assets from viruses, attacks, and internal security threats, as well as providing assistance with capital markets advice, tax-effective supply chain planning, compensation design, M&A planning and post-merger integration services, and legal advisory services. Key Metrics The company recorded revenues of $21.4 billion during the financial year ended June 2009, a decrease of 6.8% over 2008.

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LEADING COMPANIES
KPMG International
Table 6: KPMG International: key facts Burgemeester Rijnderslaan 10-20, Amstelveen 1185 MC, NLD 31 20 656 7890 31 20 656 7700 www.kpmg.com September DATAMONITOR
KPMG International (KPMG) is a global network of professional services firm providing audit, advisory, and tax services. The company has operations in 148 countries and more than 113,000 professionals working in member firms around the world. KPMG is a Swiss cooperative that operates as an umbrella organization for its member firms. It has organized its structure into three operating regions: Europe, Middle East, and Africa; the Americas; and Asia-Pacific. The company operates through three business divisions: audit, advisory, and tax. KPMG's audit division provides independent auditing services to companies. The company provides resources and technological tools necessary to support internal controls. KPMG has established the Audit Committee Institute (ACI) to provide resources to audit committee members and help them keep pace with evolving business issues related to governance, audit issues, accounting, and financial reporting. KPMG's advisory professional services provide advice and assistance to enable companies, intermediaries, and public sector bodies to mitigate risk and improve performance. It provides risk and financial advisory services to clients, which helps them create strategies for the longer term. KPMG's tax services offer services related to tax compliance and managing tax risks. KPMG's tax input is delivered through a number of global service lines. These include: business tax, international corporate tax and indirect tax. These services assist clients in fulfilling compliance responsibilities, planning opportunities, and communicating between markets and regulators. Key Metrics The company recorded revenues of $20.1 billion during the financial year ended September 2009, a decrease of 11.4% from 2008.
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LEADING COMPANIES
PricewaterhouseCoopers
Table 7: Head office: Telephone: Fax: Website: Financial year-end: Source: company website PricewaterhouseCoopers: key facts 300 Madison Avenue, 24th Floor, New York, New York 10017 United States of America 1 646 471 4000 1 646 394 1301 www.pwcglobal.com June DATAMONITOR
PricewaterhouseCoopers (PwC) is one of the world's largest professional services firms. PwC is an accountancy firm that provides services in three lines of business: assurance (including financial and regulatory reporting), tax, and advisory. PwC is one of accounting's Big Four, along with Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. The company has operations in 150 countries spanning Europe, North America and the Caribbean, Asia, Australia and Pacific Islands, the Middle East and Africa, and South and Central America. The company's member firms offer services under six divisions: audit and assurance, crisis management, tax, transactions, human resources, and performance improvement. The audit and assurance division provides services in financial accounting issues related to matters such as valuations, pensions and share plans, listings, IFRS conversions, and corporate treasury and company secretarial functions. This division offers solutions related to Sarbanes Oxley and international financial reporting standards (IFRS). Under the crisis management division, PwC offers services related to business recovery, disputes and investigations. The company's recovery services range from turnaround and restructuring plans to exit strategies. Through the tax division, PwC assists businesses, individuals and organizations with tax strategy, planning, and compliance, whilst also delivering a range of business advisory services. The company develops comprehensive integrated solutions by combining industry insight with the technical skills of financial and tax specialists, economists, lawyers and other in-house experts. The company has 23,000 tax professionals in over 140 countries. The transaction division offers services related to a range of financial transactions such as mergers and acquisitions, corporate finance, and valuation and strategy.
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LEADING COMPANIES
The human resource services division offers services across three core disciplines: international assignments, reward and HR management. The PwC network is one of the world's largest HR advisory organizations with more than 6,000 professionals in over 100 countries. The HR management includes Saratoga, one of the leaders in human capital measurement, benchmarking and strategic application of human capital information. The performance improvement division focuses on financial effectiveness, IT effectiveness and governance, risk and compliance business operations of companies. Key Metrics The company recorded revenues of $26.2 billion during the financial year ended June 2009 a decrease of 7% from 2008.

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MARKET FORECASTS
MARKET FORECASTS
Market value forecast
In 2014, the United Kingdom accountancy market is forecast to have a value of $17,447.7 million, an increase of 23.1% since 2009. The compound annual growth rate of the market in the period 200914 is predicted to be 4.2%. Table 8: Year 2009 2010 2011 2012 2013 2014 CAGR: 200914 Source: Datamonitor United Kingdom accountancy market value forecast: $ million, 200914 $ million 14,175.8 14,527.0 15,108.0 15,786.2 16,574.0 17,447.7 million 9,095.1 9,320.4 9,693.1 10,128.3 10,633.7 11,194.3 million 10,194.8 10,447.4 10,865.2 11,352.9 11,919.5 12,547.8 % Growth (1.8%) 2.5% 4.0% 4.5% 5.0% 5.3% 4.2% DATAMONITOR
Figure 10: United Kingdom accountancy market value forecast: $ million, 200914
Source: Datamonitor
DATAMONITOR

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MACROECONOMIC INDICATORS
Table 9: Year 2005 2006 2007 2008 2009 Source: Datamonitor United Kingdom size of population (million), 200509 Population (million) 60.4 60.6 60.8 60.9 61.1 % Growth 0.3% 0.3% 0.3% 0.3% 0.3% DATAMONITOR
Table 10: Year 2005 2006 2007 2008 2009
United Kingdom gdp (constant 2000 prices, $ billion), 200509 Constant 2000 Prices, $ billion 1,672.0 1,719.6 1,767.6 1,777.2 1,689.8 % Growth 2.0% 2.8% 2.8% 0.5% (4.9%) DATAMONITOR
Source: Datamonitor
Table 11: Year 2005 2006 2007 2008 2009
United Kingdom gdp (current prices, $ billion), 200509 Current Prices, $ billion 2,262.8 2,430.7 2,830.7 2,737.4 2,252.0 % Growth 4.2% 7.4% 16.5% (3.3%) (17.7%) DATAMONITOR
Source: Datamonitor

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Table 12: Year 2005 2006 2007 2008 2009
United Kingdom inflation, 200509 Inflation Rate (%) 2.8% 3.2% 4.3% 3.7% 2.2% DATAMONITOR
Source: Datamonitor
Table 13: Year 2005 2006 2007 2008 2009
United Kingdom consumer price index (absolute), 200509 Consumer Price Index (2000 = 100) 112.7 116.3 121.3 125.8 128.6 % Growth 2.8% 3.2% 4.3% 3.7% 2.2% DATAMONITOR
Source: Datamonitor
Table 14: Year 2005 2006 2007 2008 2009
United Kingdom exchange rate, 200509 Exchange rate ($/) 0.5500 0.5435 0.4999 0.5449 0.6416 Exchange rate (/) 0.6837 0.6820 0.6840 0.7973 0.8921 DATAMONITOR
Source: Datamonitor

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APPENDIX
APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-checked and presented in a consistent and accessible style. Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by analysis from industry experts using highly complex modeling & forecasting tools, Datamonitors in-house databases provide the foundation for all related industry profiles Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market overview Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the market and our clients Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends Datamonitor aggregates and analyzes a number of secondary information sources, including: National/Governmental statistics International data (official international sources) National and International trade associations Broker and analyst reports Company Annual Reports Business information libraries and databases
Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative and qualitative data to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can then be refined according to specific competitive, regulatory and demand-related factors Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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APPENDIX
Industry associations
Institute of Chartered Accountants in England and Wales Chartered Accountants' Hall, One Moorgate Place, London EC2R 6EA Tel.: 44 20 7920 8100 Fax: 44 20 7920 0547 http://www.icaew.co.uk/ Institute of Chartered Accountants of Scotland CA House, 21 Haymarket Yards, Edinburgh EH12 5BH, UK Tel.: 44 131 347 0100 Fax: 44 0131 347 0105 http://www.icas.org.uk European Accounting Association Place de Brouckre Plein 31, 1000 Brussels, Belgium Tel.: 32 2 226 6660 Fax: 32 2 512 1929 http://www.eaa-online.org Fdration des Experts-Comptables Europens Avenue d'Auderghem, 22-28/8, B-1040 Brussels, Belgium Tel.: 32 2 285 4085 Fax: 32 2 231 1112 http://www.fee.be Association of Chartered Accountants 2 Central Quay, 89 Hydepark Street, Glasgow G3 8BW, United Kingdom Tel.: 44 141 534 4810 Fax: 44 141 534 4141 http://www.acca.co.uk

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APPENDIX
Related Datamonitor research

Industry Profile Accountancy in Belgium Accountancy in Italy Accountancy in Netherlands Accountancy in Spain

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APPENDIX
Disclaimer
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Datamonitor plc. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Datamonitor delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.

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Accountancy in The UK

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Accountancy in The UK

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Accountancy in the United Kingdom

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United Kingdom - Accountancy

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Market value forecast

United Kingdom - Accountancy

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United Kingdom - Accountancy

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ABOUT DATAMONITOR Premium Reports Summary Reports Datamonitor consulting

United Kingdom - Accountancy

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United Kingdom - Accountancy

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Figure 9: Figure 10:

United Kingdom - Accountancy

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United Kingdom - Accountancy

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United Kingdom accountancy market value: $ million, 200509

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United Kingdom accountancy market segmentation I:% share, by value, 2009

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United Kingdom accountancy market segmentation II: % share, by value, 2009

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FIVE FORCES ANALYSIS

FIVE FORCES ANALYSIS

United Kingdom - Accountancy

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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FIVE FORCES ANALYSIS

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Ernst & Young International

United Kingdom - Accountancy

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United Kingdom - Accountancy