Research conducted by International Accounting Bulletin, VRL’s leading publication for the global accounting industry, reports the combined fee income of major networks was $130.5 billion, a 16 percent increase on 2007, and there was a 15 percent increase in the total revenue of associations, up to $22.6 billion.

Arvind Hickman, Editor of IAB, comments: "This year’s survey indicates the global accounting profession had a strong 2007/2008 financial year despite the economic downturn. However, firms are now moving from growth into survival mode. Global leaders predict a difficult 2009 with only moderate growth. You will see a lot more emphasis on restructuring and business recovery services while corporate finance work will continue to decline. There will also be a further investment into the emerging markets, especially India and China."

Key findings from the survey include:

Growth:

- Asia-Pacific has been the standout region, driven mainly by growth in China, although Australia, Singapore, Japan, and Malaysia have also had a good year

- Other emerging markets to note include: Russia, India, Middle East, South America and Eastern Europe

- UK posted modest growth of 8 percent compared to other developed countries

Big hitters:

- PricewaterhouseCoopers remains top of the board, with revenues of $28.2 billion, following 14 percent growth

- Deloitte could overtake PwC in 2009. The revenue gap now stands at $785 million, down from $2.1 billion

- Largest mid-tier network is BDO International, which saw combined revenues grow 9 percent to $5.15 billion

Service lines:

- Tax has been one of the strongest performing service lines

- Firms are shifting focus from corporate finance to business recovery, restructuring and insolvency

- Audit demand is cooling off and there is talk of downward pressure on Big Four audit fees

Staffing:

- Firms deny major staff cuts in developed markets but hint at repositioning staff

- Recruitment continues at a rapid pace in emerging markets, especially India and China where firms have reported a struggle to find enough employees

- Staff cuts have been announced in the UK recently, mostly in consulting practices such as corporate finance