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Detailed Survey Results — 1Q 2012


Survey Background Conducted between February 15 and March 1, 2012 Quarterly survey CPA decision makers (primarily CFOs, CEOs and Controllers) AICPA members in Business & Industry only 1,396 total responses, 1,358 qualified responses

American Institute of CPAs


Survey Highlights CPA Outlook Index continues upward trend • • •

After 6 point increase in 4Q, CPAOI improved 5 points in Q1 to 69 Optimism about US economy largest contributor to increase All components of the Index up from Q4

Key Performance Indicators provide modest support for increased optimism • •

Expectation for revenue, profit and headcount growth are up from 4Q 2011, and even with 1Q 2011 levels Spending plans stable showing slight average increases across all categories

Limited improvement in hiring plans • • •

Four percent (10% to 14%) increase in number of respondents who expect to hire in the short term; Still, 20% need people but are hesitating to hire (down from 25% in 4Q 2011) Fifty-seven percent feel they have right number of employees.

Inflation expectations dropped • •

Despite rising gasoline prices, only 37% are concerned about inflation down from 43% in 4Q 2011 and 55% in 1Q 2011 Among those concerned, raw material costs were the #1 concern followed by energy prices. American Institute of CPAs


CPA Outlook Index (CPAOI)

American Institute of CPAs


CPA Outlook Index The CPA Outlook Index is a robust measure of sentiment about the U.S. economy that is  supported by the unique insight and knowledge that CEOs, CFOs, Controllers, and other CPA  executives have about the prospects for their own organizations, their expectations for revenues  and profits, and their plans for spending and employment. 

The CPA Outlook Index is the composite of the following nine indicators at equal weights: • • • • • • • • •

U.S. Economy Optimism - Respondent optimism about the U.S. economy Organization Optimism - Respondent optimism about prospects for their own organization Expansion Plans - Respondent expectations of whether their business will expand over the next 12 months Revenue - Expectations for increases or decreases in revenue over the next 12 months Profits - Expectations for increases or decreases in profits over the next 12 months Employment - Expectations for increases or decreases in headcount over the next 12 months IT Spending - Plans for IT spending over the next 12 months Other Capital Spending - Plans for capital spending over the next 12 months Training & Development - Plans for spending on employee training and development over the next 12 months

A reading above 50 indicates a generally positive outlook with increasing activity. A reading below 50 indicates a generally negative outlook with decreasing activity. American Institute of CPAs


Continued improvement across all indicators moves index upward – returns to 1Q 11 levels

CPA Outlook Index (CPAOI) 100 90 80 70 60 50 40 30 20 10 0 CPA Outlook Index

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 75

73

72

68

59

American Institute of CPAs

56

52

38

32

40

48

52

55

61

59

62

69

66

58

64

69


CPA Outlook Index Component Indicators Component

1Q11

2Q11

3Q11

4Q11

1Q12

U.S. Economic Optimism

65

53

25

40

61

 21

04

Organization Optimism

70

68

60

65

72

 07

 02

Expansion Plans

77

73

66

70

74

 04

03

Revenue

77

72

67

70

76

 06

01

Profits

69

64

62

67

69

 02



Employment

63

62

58

62

64

 02

 01

IT Spending

70

72

68

73

75

 02

 05

Other Capital Spending

66

66

60

66

67

 01

 01

Training & Development

64

62

56

62

66

 04

 02

American Institute of CPAs

∆Q to Q ∆Y to Y


CPA Outlook Index (CPAOI) vs GDP 100

10.0% CPA Outlook Index

90

8.0%

80

6.0%

70

4.0%

60

2.0%

50

0.0%

40

‐2.0%

30

‐4.0%

20

‐6.0%

10

‐8.0%

0

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

CPA Outlook Index Change in GDP

GDP Growth

75

73

72

68

59

56

52

38

32

40

48

52

55

61

59

62

69

66

58

64

0.5% 3.6% 3.0% 1.7% ‐1.8% 1.3% ‐3.7% ‐8.9% ‐6.7% ‐0.7% 1.7% 3.8% 3.9% 3.8% 2.5% 2.3% 0.4% 1.3% 2.0% 3.0%

American Institute of CPAs

69

‐10.0%


U.S. & Organization Outlook

American Institute of CPAs


Outlook for the U.S. and Organizations Optimism for the U.S. Economy improved but is not back to 1Q 2011 levels • • •

Percent of respondents indicating optimism more than doubled from 19% to 43% but is still below the 48% in 1Q 2011 Optimists most frequently mentioned reduced unemployment and increased optimism about the housing market and other signs of economic growth Pessimists were most concerned about the government, regulations and the political environment in Washington, the size of the US debt & budget deficit and continued unemployment.

Organizational optimism and expansion plans also showed solid improvement • • •

Both remain below 1Q 2011 levels however More than half (55%) are optimistic about their organizations Sixty-one percent expect their organizations to expand

Inflation concerns subsided a bit this quarter • •

Thirty-seven percent of respondents are concerned about inflation Respondents were most concerned about raw material, energy and labor costs American Institute of CPAs


Optimism & Expansion US, Organization, Expansion 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

1Q07 US 56% Organization 68% Expansion 68%

2Q07 48% 66% 66%

3Q07 47% 65% 67%

4Q07 30% 59% 61%

1Q08 12% 46% 54%

American Institute of CPAs

2Q08 12% 45% 51%

3Q08 4Q08 1Q09 2Q09 11% 5% 5% 20% 38% 26% 21% 33% 45% 31% 26% 36%

3Q09 26% 38% 42%

4Q09 27% 38% 45%

1Q10 25% 44% 48%

2Q10 40% 51% 56%

3Q10 21% 46% 54%

4Q10 28% 51% 58%

1Q11 48% 57% 66%

2Q11 3Q11 4Q11 1Q12 33% 9% 19% 43% 54% 41% 45% 55% 61% 53% 59% 61%


For your business, are you more concerned about inflation or deflation?

For your business, over the next 6 months, are you more concerned about the possibility of ‌?

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Inflation

23%

33%

31%

32%

42%

24%

34%

55%

61%

38%

43%

37%

Deflation

15%

9%

11%

8%

6%

20%

14%

5%

4%

13%

11%

6%

Inflation American Institute of CPAs

Deflation


Inflationary Risks and Costs Inflationary Factor Representing the Most Significant Risk to your Business  50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Food costs

Energy costs

Raw material costs

Labor costs

Interest rates

Other

1Q11

3%

18%

36%

17%

20%

6%

2Q11

3%

25%

32%

17%

20%

4%

3Q11

5%

17%

33%

23%

16%

5%

4Q11

5%

18%

32%

25%

15%

4%

1Q12

3%

27%

34%

20%

12%

5%

American Institute of CPAs


Key Performance Indicators

American Institute of CPAs


Key Performance Indicators Organizational expectations for revenue and profit increases improved for the second consecutive quarter • •

Improvement reverses two consecutive quarters of decline Expectations now back to 1Q 2011 levels

Staffing expectations also improved slightly, but remain low •

1.5% expected increase is the same as in 1Q 2011

Expectations for pricing and cost increases remain stable • • •

Respondents continue to expect the prices they pay to increase more than what they charge but the gap closed this quarter to .7%, the smallest amount since 2Q 2007 Expectations for increases in salary and benefits costs remained stable Expectations for healthcare costs increased slightly

Spending plans are generally stable • •

Expectations for R&D spending improved from 0.9% to 1.2% Plans for other spending increases remained stable American Institute of CPAs


Key Performance Indicators Expected Growth in Revenue, Profits and Number of Employees

Thinking about the coming 12 months, please comment on the probable change for your organization for ‌

10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0%

2Q07 3Q07 4Q07 Revenue 4.5% 4.5% 4.0% Profit 3.5% 3.6% 3.3% Employees 2.3% 2.4% 2.0%

1Q08 2.7% 1.8% 1.0%

American Institute of CPAs

2Q08 1.9% 1.0% 0.6%

3Q08 1.2% 0.1% 0.1%

4Q08 -1.9% -2.5% -1.8%

1Q09 -3.5% -3.7% -3.0%

2Q09 -2.1% -2.1% -2.1%

3Q09 -0.5% -0.7% -1.1%

4Q09 0.5% 0.3% -0.5%

1Q10 1.2% 1.2% 0.1%

2Q10 1.8% 1.8% 0.5%

3Q10 2.1% 1.9% 0.5%

4Q10 2.4% 2.0% 0.6%

1Q11 3.7% 2.9% 1.5%

2Q11 3.4% 2.5% 1.1%

3Q11 2.4% 1.7% 0.9%

4Q11 2.8% 2.4% 1.2%

1Q12 3.5% 2.9% 1.5%


Pricing & Costs Average Change Expected

Thinking about the coming 12 months, please comment on the probable change for your organization for Input Prices

10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0%

2Q07 Input Prices 2.9% Prices Charged 2.3% Salary & Benefits 3.6% Healthcare 6.8%

3Q07 2.7% 2.3% 3.6% 6.6%

4Q07 2.5% 2.1% 3.6% 6.4%

1Q08 2.5% 1.9% 2.8% 5.7%

American Institute of CPAs

2Q08 3.1% 2.0% 2.6% 5.7%

3Q08 3.8% 2.4% 2.7% 6.0%

4Q08 1.4% 0.8% 1.3% 5.4%

1Q09 0.3% -0.1% 0.1% 4.7%

2Q09 0.2% -0.2% -0.1% 4.6%

3Q09 1.1% 0.1% 0.5% 5.4%

4Q09 1.2% 0.4% 0.8% 6.1%

1Q10 1.8% 0.7% 1.3% 6.0%

2Q10 1.9% 0.9% 1.5% 6.5%

3Q10 1.6% 0.8% 1.6% 6.6%

4Q10 2.2% 1.2% 1.7% 7.0%

1Q11 2.6% 1.4% 2.0% 6.7%

2Q11 2.8% 1.5% 2.2% 6.6%

3Q11 2.3% 1.2% 1.9% 6.4%

4Q11 2.1% 1.2% 2.1% 6.0%

1Q12 2.1% 1.4% 2.0% 6.2%


Spending Plans IT, Other Capital & Training

Thinking about the coming 12 months, please comment on the probable change for your organization for IT, other capital and training

10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0%

1Q07 IT 3.5% Other Capital 2.9% Training 2.2%

2Q07 3.3% 2.8% 2.0%

3Q07 3.2% 2.7% 2.0%

4Q07 2.6% 2.2% 1.6%

American Institute of CPAs

1Q08 2.2% 1.2% 1.1%

2Q08 1.7% 1.0% 0.7%

3Q08 1.1% 0.4% 0.2%

4Q08 -0.7% -2.0% -1.4%

1Q09 -1.6% -3.3% -2.4%

2Q09 -1.6% -3.0% -2.3%

3Q09 -0.4% -1.2% -1.3%

4Q09 0.2% -0.7% -0.8%

1Q10 0.8% 0.4% -0.2%

2Q10 1.4% 0.7% 0.1%

3Q10 1.6% 1.0% 0.2%

4Q10 1.8% 1.4% 0.4%

1Q11 2.3% 2.1% 1.3%

2Q11 2.6% 2.0% 1.1%

3Q11 2.0% 1.4% 0.5%

4Q11 2.7% 2.2% 1.2%

1Q12 2.8% 2.1% 1.4%


Spending Plans Marketing & R&D

Thinking about the coming 12 months, please comment on the probable change for your organization for advertising, sales & marketing and R&D

10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Marketing 2.2% 2.1% 2.0% 1.7% 1.3% 1.0% 0.5% -0.9% -1.8% -1.8% -0.7% 0.1% 0.5% 0.8% 1.1% 1.1% 1.6% 1.5% 1.1% 1.8% 1.8% R&D 2.2% 2.1% 1.9% 1.6% 1.4% 0.7% 0.4% -1.2% -1.7% -1.3% -0.6% -0.1% 0.6% 0.5% 0.9% 1.1% 1.5% 1.0% 0.8% 0.9% 1.2%

American Institute of CPAs


Hiring Plans

American Institute of CPAs


Hiring Plans Hiring plans are improved for the short-term but remain muted for the long-term • • • •

Percent of organizations planning to hire increased from 10% to 14% this quarter. Twenty percent need people but are hesitating to hire until further uncertainty is resolved (down from 25% in 4Q 2011) Overall the total percentage of organizations needing employees remained stable leaving long-term prospects unchanged Number of organizations with excess employees continued to drop

American Institute of CPAs


Overall staff situation relative to your needs

Given current conditions, how would you characterize your overall staffing situation relative to your needs (i.e., do you have excess capacity or are employees stretched)?

70% 60% 50% 40% 30% 20% 10% 0% We have an excess number of employees

We have approximately the appropriate number of employees

We have too few employees, but are hesitating to hire

We have too few employees and are planning to hire

Other

1Q11 2Q11

11%

55%

19%

13%

3%

11%

54%

21%

12%

2%

3Q11 4Q11

10% 9%

58% 57%

21% 25%

10% 10%

2% 0%

1Q12

7%

57%

20%

14%

2%

American Institute of CPAs


Liquidity

American Institute of CPAs


Liquidity Respondents liquidity positions show slight change • • • •

About 1/3 of respondents have more liquid capital than they need One in five have more capital than they need, but are reluctant to deploy Forty-four percent report having the right amount of capital Slightly more respondents (13% vs.10%) need to raise capital and expect to have trouble doing so than in 4Q 2011

Respondents expect credit availability to remain about the same • •

The majority (56%) of respondents continue to believe that it will not get any harder or easier to obtain credit in the next quarter Twelve percent expect it to be more difficult and 9% expect it will be less difficult

Most organization (56%) don’t expect to raise capital •

Organizations that plan to raise cash are most likely to expect to use short-term borrowing

American Institute of CPAs


How would characterize your organization’s current liquidity position

Cash & Liquidity Position 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

About right

Less than we need, and plan to raise capital

Less than we need, but credit/capital availability and/or pricing is a barrier

22% 19% 19%

42% 46% 46%

12% 12% 11%

14% 12% 13%

12% 14%

23% 23%

41% 44%

11% 9%

13% 10%

14%

20%

44%

9%

13%

More than we need and plan to deploy

More than we need, but reluctant to deploy

11% 11% 12%

American Institute of CPAs


Which of the following plans does your organization have for raising additional capital over the next 6 months? (Select all that apply)

Plans to Raise Capital 70% 60% 50% 40% 30% 20% 10% 0%

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Short‐term borrowings

Long‐term debt

Private equity/debt

Public stock offering

No plans to raise capital

Other

17% 16%

14% 12%

15% 12%

2% 1%

53% 56%

5% 4%

16% 17%

11% 10%

11% 11%

1% 1%

57% 57%

4% 4%

16%

11%

10%

1%

58%

3%

18%

11%

9%

1%

56%

5%

American Institute of CPAs

Percentages may add to more than 100% due to rounding.


Difficulty Obtaining Required Financing

Do you expect it to be more or less difficult to obtain your required financing in the next quarter?

60%

50%

40%

30%

20%

10%

0% 1Q11 2Q11 3Q11 4Q11 1Q12

More difficult

About the same

Less difficult

NA

14%

52%

13%

21%

16% 20% 15%

51% 54% 54%

12% 4% 7%

21% 22% 25%

12%

56%

9%

24%

American Institute of CPAs


Top Challenges

American Institute of CPAs


Top Challenges Facing Organizations Top three challenges remain unchanged from last quarter 1. Domestic economic conditions 2. Regulatory requirements 3. Employee and benefit costs

Some change in positions for next three • •

Stagnant markets dropped from #4 to #6 Domestic competition and domestic political leadership each moved up a slot to #4 and #5 respectively

American Institute of CPAs


Top Challenges for Organizations

Please indicate the top three challenges for your organization?

4Q11

1Q12

Domestic economic conditions

Domestic economic conditions

Regulatory requirements/changes

Regulatory requirements/changes

Employee and benefits costs

Employee and benefits costs

Stagnant/declining markets

Domestic competition

Domestic competition

Domestic political leadership

Domestic political leadership

Stagnant/declining markets

Materials/supplies/equipment costs

Developing new products/services/markets

Developing new products/services/markets

Materials/supplies/equipment costs

Global economic conditions

Availability of skilled personnel

Availability of skilled personnel

Global economic conditions

Note: Challenge categories were modified in Q4 2011. American Institute of CPAs


Outlook by Industry, Region and Business Size

American Institute of CPAs


Industry, Region and Business-size Outlook Healthcare-other is now the most optimistic about their own prospects (formerly Technology) • • • • •

All industries except Healthcare-provider and Retail Trade are more optimistic in 1st Quarter than they were in 4th Quarter 2011 Technology, Finance & Insurance, and Manufacturing are the most optimistic after Healthcare-other Healthcare-provider is the most pessimistic Technology, Healthcare-other and Manufacturing expect to do the most hiring No industries expect to reduce staffing

Respondents from all regions report an increase in optimism about their organizations •

Midwest remains the highest

Expansion expectations for all business sizes except Revenues more than $1 Billion improved; smaller businesses continue to lag larger ones •

65% of businesses with revenues of more than $1 billion expect to expand while only 55% of businesses under $10 million do American Institute of CPAs


Organization Optimism by Industry Health Care Provider

Health Care Other 100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

0%

0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Professional Service

Technology

100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

0%

0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

American Institute of CPAs

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12


Organization Optimism by Industry Manufacturing

100%

Wholesale Trade

100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Retail Trade 100% 80% 60% 40% 20% 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

American Institute of CPAs


Organization Optimism by Industry Finance & Insurance

Construction 100%

100%

80%

80%

60%

60%

40%

40%

20%

20%

0%

0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Real Estate  100% 80% 60% 40% 20% 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

American Institute of CPAs


Thinking about the coming 12 months, please comment on the probable change for your organization for Number of Employees

Expected Employment Change by industry Construction

1.7%

Finance and Insurance

1.4%

Healthcare ‐ other (pharmaceuticals: medical device… Healthcare ‐ provider (hospitals: nursing homes: medical offices)

3.4% 0.4%

Manufacturing

2.2%

Professional: Scientific and Technical Services Real Estate & Property

1.7% 0.8%

Retail Trade

1.2%

Technology

3.6%

Wholesale Trade

0%

American Institute of CPAs

1.0%

1%

2%

3%

4%


Organization Optimism by Region

Please select the rating that best describes your view for the economic outlook for your own organization for the next 12 months.

70% 65% 60% 55%

Note: Axis was shortened to highlight differences

50% 45% 40% 35% 30%

Midwest Northeast South West

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

50% 43% 42%

51% 55% 50%

46% 50% 41%

52% 52% 49%

63% 59% 52%

58% 50% 53%

42% 40% 40%

51% 37% 44%

60% 53% 53%

40%

52%

46%

45%

54%

51%

41%

42%

55%

American Institute of CPAs


Expansion Plans by Business Size

Please indicate whether you expect your business to expand or contract over the next 12 months

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% < $10 million $10 to <$100 million $100 million to <$1 billion > $1 billion

1Q 10 45% 46% 53% 52%

American Institute of CPAs

2Q10 47% 56% 61% 66%

3Q10 51% 50% 60% 63%

4Q10 54% 55% 61% 70%

1Q11 61% 65% 68% 77%

2Q11 53% 59% 69% 72%

3Q11 50% 53% 57% 60%

4Q11 54% 56% 62% 69%

1Q12 55% 60% 66% 65%


Survey within a Survey Each quarter this survey asks questions on a special topic in order to better understand the views and actions of AICPA members. This quarter the â&#x20AC;&#x153;survey within a surveyâ&#x20AC;? focused on CPAs thoughts on fiscal and monetary policy

American Institute of CPAs


Fiscal and Monetary Policy CPA Executives do not support another round of quantitative easing • •

Seventy percent said “No” when asked if the Fed should initiate another round of quantitative easing Only 11% said “Yes” and another 18% was “Unsure”

Extension of “Bush era” tax cuts would make respondents more optimistic; repeal of sequestration budget cuts would not •

Sixty-four percent said extension of “Bush era” tax cuts would increase optimism - 18% said it would decrease optimism and 18% said it would neither increase or decrease optimism Forty-three percent felt that the repeal of sequestration budget cuts would decrease optimism - 36% felt it would neither increase or decrease optimism - 21% believed it would increase optimism

Respondents overwhelming felt that it was unlikely that meaningful economic policy action would come out of Washington this year American Institute of CPAs


With respect to monetary policy, do you think the Fed should initiate another round of quantitative easing (QE3) to stimulate economic recovery?

Another Round of Quantitative Easing?

Yes

18%

1%

11%

No

Unsure

70% Other

American Institute of CPAs


How would Congressional action on either  of the following two possible fiscal stimulus  options impact your optimism about the  economy? 

Fiscal Stimulus Option Repeal of sequestration budget cuts

Extension of “Bush era” tax cuts 

18%

21% 36% 18%

64% 43%

Increase optimism

Decrease optimism

American Institute of CPAs

Neither

Increase optimism

Decrease optimism

Neither


Highly Charged Political Environment What is your estimation of the likelihood of  any meaningful economic policy action  coming out of Washington in the current  highly‐charged political environment? 

2%

Are you anticipating that the highly‐charged  political environment in Washington will  change for the better next year following  the 2012 elections? 

1%

8%

22%

51%

89% <25%

25‐50%

American Institute of CPAs

51‐75%

27%

> 75%

Yes

No

Unsure


Demographics

American Institute of CPAs


Demographics 2% 2%

Type of Organization

Size of Organization

Position  2% 11%

1% 3%

11%

4%

22% 21%

8%

0%

15%

14%

7% 11%

2%

49%

12%

33%

69%

$0 to under $10 million $10 million to under $50 million CEO/President

COO

$50 million to under $100 million

VP

CFO

$100 million to under $250 million

CAO/CAE/CIO

Controller

$250 million to under $500 million

Director

Manager

$500 million to under $1 billion

Other

$1 billion or more American Institute of CPAs

Publicly Listed Company Privately Owned Entity Government Not for Profit Other


AICPA Business and Industry Economic Outlook Survey 1Q 2012

For additional information contact:

Kenneth W. Witt, CPA Technical Manager kwitt@aicpa.org

Nancy‐Anne Potts Research Manager npotts@aicpa.org


AICPA0308