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ACCA unveils £35.2m deficit
21 May 2019
The ACCA has unveiled a £35.2m deficit for the year ended 31 March 2019. This is way above the £14.8m planned deficit for 2018-19.
In a strategic performance update for members, ACCA CEO Helen Brand stressed that the ACCA’s balance sheet remains healthy and she expects the association to return to a pre-tax surplus for 2019-20.
Three factors helped push up the deficit:
*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.
The ACCA also reported a membership growth of 5% to 219,031. PQ numbers were also up 4.8% to 527,331. Member, affiliate and student overall satisfaction rates remain high at 79.1%.
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