US accountants: recovery to take longer

Senior US accountants view the economic downturn lasting longer than
previously expected.

Any economic or business recovery is not expected by the respondents until at
least the beginning of 2010, having suggested the second half of 2009 in a
previous survey in November, by the American Institute of CPAs and University of
North Carolina’s Kenan-Flagler Business School.

Some 30% of senior accountants expect the situation to turn around by H2
2009, compared to 41% expecting to see the shoots of recovery in H1 2010,

‘As the recession has deepened and pessimism solidified, a majority of CPAs
working in business and industry now don’t expect an economic recovery before
2010,’ said Arleen Thomas, the AICPA’s senior vice president for member
competency and development.

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