20/07/2009 07:27
The economic slowdown puts pressure on the activities of the accounting sector, affecting the international operations of the big accounting offices and reducing the appointments of new employees in the sector. Certain market circles believe that growth will drop this year, while others talk about a shrinkage in its activities by up to 30%.
The downturn is exceptionally intense in the sector of international services due to the crisis in the Russian market and the subsequent flow of new companies to Cyprus.
In his statements to StockWatch, new Chairman of the Institute of Certified Public Accountants of Cyprus, Nicos Syrimis said that the growth rate of registrations of new companies in the accounting sector fell. “This decline is bigger in the registration of foreign companies”, he said.
Experts of the sector talk about a drop of 20% - 30% in the turnover of the sector. They stressed, however, that certain audit firms might record an increase due to their new big players.
Although there are no figures for the course of the accounting sector this year, the latest Companies’ Superintendent’s data on the registration of companies in Cyprus are indicative of the trends as described by Mr. Sirimis, especially in international services.
In the first half of 2009, registrations fell 45% to 7,445 from 13,546 in the corresponding period of 2008. In June, applications decreased 41.9% to 1237 from 2,130 in June 2008.
The downturn is exceptionally intense in the sector of international services due to the crisis in the Russian market and the subsequent flow of new companies to Cyprus.
In his statements to StockWatch, new Chairman of the Institute of Certified Public Accountants of Cyprus, Nicos Syrimis said that the growth rate of registrations of new companies in the accounting sector fell. “This decline is bigger in the registration of foreign companies”, he said.
Experts of the sector talk about a drop of 20% - 30% in the turnover of the sector. They stressed, however, that certain audit firms might record an increase due to their new big players.
Although there are no figures for the course of the accounting sector this year, the latest Companies’ Superintendent’s data on the registration of companies in Cyprus are indicative of the trends as described by Mr. Sirimis, especially in international services.
In the first half of 2009, registrations fell 45% to 7,445 from 13,546 in the corresponding period of 2008. In June, applications decreased 41.9% to 1237 from 2,130 in June 2008.
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