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1、COVID-19 GLOBAL SURVEY: INSIDE BUSINESS IMPACTS AND RESPONSES 2020 Association of Chartered Certified Accountants April 2020 About ACCA ACCA is the Association of Chartered Certified Accountants. Were a thriving global community of 219,000 members and 527,000 students based in 179 countries that uph
2、olds the highest professional and ethical values. We believe that accountancy is a cornerstone profession of society that supports both the private and public sectors. Thats why were committed to the development of a strong global accountancy profession and the many benefits that this brings to orga
3、nisations, individuals and society. Our qualifications develop forward-thinking professionals with the financial and business skills essential for the creation of sustainable economies and flourishing societies. Every day, ACCA professional accountants support people and organisations in making soun
4、d decisions and doing the right thing. We build public trust by creating an inclusive profession with people from all backgrounds, bound by a common global code of ethics and committed to updating their skills to meet ever-changing needs. Since 1904 being a force for public good has been embedded in
5、 our purpose, and this powers everything we do. Like offering everyone, everywhere the opportunity to access a rewarding career in accountancy. By working in partnership with emerging economies to establish their own professional accountancy organisations and grow their finance ecosystems. Through f
6、reely sharing our leading-edge research that answers todays questions and prepares us for tomorrow. And by supporting our global family of members, future members, and partners and developing the profession for the next generation. We think ahead and lead the profession. Find out more at The COVID-1
7、9 crisis is a systemic shock to the global economy that has affected all organisations. The world is on the edge of a major economic recession. This short report gauges ACCA members and other stakeholders views of the impact of the crisis so far and the measures being undertaken to mitigate the impa
8、ct of COVID-19, exploring and sharing the early lessons that have been learned. The survey supporting this report was issued on 13 March 2020. Over 10,000 members and other stakeholders across the world from over 100 countries responded to the survey. Further demographic information on the responden
9、t base is available towards the end of this report. COVID-19 GLOBAL SURVEY: INSIDE BUSINESS IMPACTS AND RESPONSES INSIDE BUSINESS IMPACTS AND RESPONSES ACCAs global research with over 10,000 finance prefessionals identifies a wide range of business and financial challenges facing organisations of al
10、l sizes and across all sectors. 80% OF BUSINESS LEADERS expect a significant downturn in expected revenues and profit year on year EMPLOYEE PRODUCTIVITY IDENTIFIED as the most widespread concern facing organisations OVER ONE THIRD of organisations already facing cashflow problems ONE FIFTH of organi
11、sations deferring investments ALMOST HALF of businesses had not undertaken a reforecast impacting ability to plan OVER ONE FIFTH of organisations already freezing recruitment ONLY 17% currently see current government interventions as effective ALMOST ONE THIRD of organisations have no business conti
12、nuity plan in place See ACCAs COVID-19 hub, which includes useful resources to help organisations deal with the impacts and implications, including advice for ACCA members in practice and in business, students, and a section on wellbeing. 4 Contents Executive summary 7 1. Business and financial impa
13、ct of COVID-19 12 2. Organisational responses to COVID-19 25 COVID-19 response: recommendations for organisations 30 Regional comparisons: data snapshot 35 Survey demographics 37 Acknowledgements 38 5 COVID-19 GLOBAL SURVEY: INSIDE BUSINESS IMPACTS AND RESPONSES | EXECUTIVE SUMMARY THE COVID-19 CRIS
14、IS IS AFFECTING ALL ORGANISATIONS IRRESPECTIVE OF SIZE, SECTOR OR COUNTRY OF OPERATION. 6 COVID-19 GLOBAL SURVEY: INSIDE BUSINESS IMPACTS AND RESPONSES | EXECUTIVE SUMMARY The COVID-19 crisis is a once-in-a-lifetime systemic shock to the global economy. At the time of writing over 2.5 million cases
15、of coronavirus COVID-19 (SARS- CoV-2) have been recorded globally in more than 180 countries, with transmission growth accelerating. Things may never be the same again. Executive summary There is even talk of a Pre-COVID-19 and Post- COVID-19 world. The long-term impact on the global economy and our
16、 working lives at the time of writing remains impossible to calibrate precisely. Nonetheless, there is a clear narrative from ACCAs global data of the impact of COVID-19 so far on organisations and the global business community. It is, of course, only the start of the story. Over the coming weeks an
17、d months different regions of the world, countries, businesses and organisations in all sectors will seek to navigate a way through the crisis, using different strategies and interventions to respond to the crisis in what will be a continuously and rapidly fast-changing situation. So what story does
18、 the data tell us so far from our global survey of members and other stakeholders on the business impact of the crisis so far, and how should organisations be responding to the situation? Business and financial impact of COVID-19 Organisations irrespective of size, sector or country of operation are
19、 being hit right across the value chain nThe data is very clear in one sense. The COVID-19 crisis is affecting all organisations irrespective of size, sector or country of operation. This is a major challenge facing all business leaders. nThe impact on organisations stakeholders, particularly employ
20、ees, is by far the most widespread concern that respondents have had. Almost 60% of respondents cite reductions in employee productivity. Stakeholder health and safety is front and centre as an immediate issue. nBeyond concerns about well-being, the challenges facing organisations cut right across t
21、he operational value chain. A significant number of respondents are seeing falling customer demand, major supply chain disruptions, deferred launches of new products and services, and capital investment plans being put on hold. Organisations are struggling to fulfil customer orders and some are faci
22、ng higher operating costs from increases in input prices. There is an increased risk of stock obsolescence. nThese interconnected issues naturally have an impact on core financing issues. Almost 40% of respondents are already experiencing cash-flow issues, a particularly acute challenge for smaller
23、organisations, and for a minority there are small but growing concerns about financing and debt obligations, which we could expect to rise in the coming weeks. The immediate picture is of focusing on short-term survival, which may worsen over the coming weeks and months. Many respondents see these i
24、ssues threatening the very viability of their organisations over the next six months. Revenue and profit forecasts are being dramatically reduced nGiven the situation, it is no surprise that revenue and profit forecasts are being dramatically reduced. Among business leaders surveyed, 80% expect year
25、- on-year revenue and profit this year to be significantly below the previous year. In a worst case scenario, well over half of business leaders responding to our survey expect revenues and profits to be down over 25% year- on-year. For those organisations expecting to make a loss in the current fin
26、ancial year, almost half believe this will be because of the COVID-19 outbreak. 7 COVID-19 GLOBAL SURVEY: INSIDE BUSINESS IMPACTS AND RESPONSES | EXECUTIVE SUMMARY nThis outbreak is particularly challenging for smaller organisations. They have an even more pessimistic view than the largest organisat
27、ions when considering both revenue and profit, compared with the previous financial year. Among business leaders of the smallest organisations (fewer than 200 employees) 85% expect year-on-year revenue to be lower than the previous year, and 86% expect year-on-year profit to be lower. Organisational
28、 response is compromised by a lack of regular financial forecasting and poor data n In the face of a significant crisis such as COVID-19, its important for organisations to plan and perform financial reforecasts regularly. In practice, only 53% of respondents suggest that their organisations have pe
29、rformed a reforecast since the COVID-19 outbreak. nWhile the usual challenges of poor data and a lack of good analytical tools are cited as impeding the ability to forecast accurately, by a significant margin the biggest challenge organisations currently face with their forecasting is the uncertaint
30、y created by the COVID-19 outbreak. Almost half of respondents (47%) suggested that the crisis was having a very significant impact on their ability to establish reasonable forecasts. The effectiveness of government economic interventions so far is uncertain for many nThe data suggests many responde
31、nts remain unsure of the impact of different government interventions around the world in response to the COVID-19 crisis. While different business support strategies are being adopted, only 17% currently see these as effective, with almost one-third of respondents indicating that they remain unsure
32、. It is vital that government assistance interventions are easily accessible and understood. nThere were, however, noticeable differences identified across different countries in the perceived effectiveness of government interventions, which may be a reflection of the differences in policies adopted
33、 as well as the stage the pandemic had reached in a particular country at the time of the survey. Differences between large and small organisations here were marginal. How are organisations responding to COVID-19? An immediate response about employee and stakeholder health and safety followed by sho
34、ring up the operational fundamentals nAs an immediate response to the COVID-19 crisis, the vast majority of organisations are rightly prioritising the health and well-being of employees and other stakeholders such as customers, suppliers and other partners. Among our respondents, 84% suggested that
35、their organisations have already put heightened health and safety practices in place for their employees and 71% have already established communication mechanisms, relating to COVID-19 measures, for employees, customers and partners. nThe data also shows that, as we look forward, other responses are
36、 being actively considered. And many of these measures focus on operational practicalities and ensuring that the business stays viable. These include activities focused on reducing costs, negotiating with banks and debt providers on debt service repayment obligations, reviewing creditors and debtors
37、 to manage cash flow, delaying investments, and making adjustments to remuneration and employment models. Remuneration and employment models under review nEmployment and remuneration policies are under review to reduce cost, flex employment models and ensure compliance with emerging health and safet
38、y requirements. Unsurprisingly, the most widespread intervention has been an immediate recruitment freeze, as this is quick to implement. Yet the data also shows a range of other interventions already activated by some organisations, such as salary freezes and removal of staff bonuses. It also shows
39、 that many organisations are considering more interventions to remuneration and employment models in the near future. Continuity planning is falling short nThe data suggests that a significant minority of organisations (almost one-third) do not have appropriate business continuity plans in place to
40、respond effectively to the crisis. This potentially compromises the resilience of organisations management through the COVID-19 outbreak and could have significant implications for employees, customers, investors and all stakeholders connected to the organisation. This is a particularly acute issue
41、for smaller organisations, with almost 40% suggesting they do not have a continuity plan in place. 8 COVID-19 response: recommendations for organisations1 nIn the face of this unprecedented crisis, all organisations need to respond quickly and effectively to ensure both short-term survival and to bu
42、ild resilience to chart a path to longer-term recovery. ACT AND RESPOND IN A SUSTAINABLE MANNER 1. Think people first. Pay attention to the physical and mental health of employees and develop appropriate plans for the resumption of work. Put in place a communications plan that will engage and update
43、 employees regularly and human resources policies that address crisis measures. 2. Accept the short-term focus and demonstrate true leadership. Timelines and targets will need to be refocused on near and mid-term horizons. Senior leaders in organisations need to accept a change of focus from strateg
44、ic to tactical. 3. Recognise the needs of your customers and other stakeholders. Make sure you do not miss the opportunity to respond to those changing needs. Understand the impact on your supply chains, and wider relationships with stakeholders and partners. 4. Use a crisis-management team / skills
45、 and establish a resilience plan. Oversee major issues, formulate business contingency plans, coordinate and align implementation across different departments, and ensure speedy responses and decision-making. Initiate resilience planning to ensure activities across the organisation are connected in
46、response to an event and broader business integrity is protected. ANALYSE THE DIFFERENT INFORMATION SOURCES TO SECURE YOUR ORGANISATION 5. Model scenarios and plan for resumption. In a crisis such as COVID-19, organisational scenarios are not constant and require regular review. It is important to u
47、nderstand how using analytical capabilities to assess both external and internal data can put the organisation in a stronger position and help it understand the operational and financial impact of different scenarios that may arise. Information insight is also critically important for business resum
48、ption planning, which aims to get the organisation back up and running properly, planned in manageable phases. This requires analysis of the resources and assets that the organisation needs to safeguard in order to be able to resume. 6. Review government and fiscal policies that may be of benefit. M
49、onitor the relief measures and policies introduced by the government and seek to use the benefits fully. Take a lead role and communicate the needs of your industry (leveraging on data insights) to relevant government agencies for appropriate policy formulation, refinement or implementation. 7. Remember: Liquidity is the lifeblood. Organisations should review their lines of credit and renegotiate their debt financing obligations. Payment periods, for example, may well be extended in the immediate term as businesses recover. S