CommBank Accounting Market Pulse. · the CommBank Accounting Market Pulse for FY16, conducted in partnership with Beaton Research + Consulting. What stands out is how effectively

CommBank Accounting Market Pulse.Conducted by Beaton Research + Consulting

May 2016 (Wave 2 FY16)

1

COMMBANK ACCOUNTING MARKET PULSE – MAY 2016

Contents

Foreword 2

Economic outlook 3

Snapshot of survey findings 5

Business conditions

Perceived performance of the Australian economy 7

Perceived performance of the Australian economy by segment 7

Perception of business conditions – present to 2017 8

Perception of business conditions by area – present to 2017 8

Perception of business conditions by area and firm type 9

Top 3 business challenges

Negotiating price with clients 11

Keeping quality staff 12

Finding quality staff 13

Business priorities

Market entry planning and growth 14

Revenue predictions

Changes in revenue by location over the next 6 months 15

Changes in revenue by service line over the next 6 months 15

Changes in revenue by service line and firm type over the next 6 months 16

Realised rates

Expected changes in realised rates over the next 6 and 12 months 18

Expense and profitability predictions

Changes in expenses over the next 6 months 19

Changes in expenses by segment over the next 6 months 19

Changes in staffing by segment over the next 6 months 20

Expected changes in core workforce turnover in FY2016 21

Changes in average remuneration in FY2016 22

Change in operating margins for the next 6 months 22

Outsourcing

Frequency of outsourcing to lower cost providers 23

Outsourcing work over the next 12 months 23

2


Marc Totaro National Manager, Professional Services Commonwealth Bank

It is my pleasure to present the second-half edition of the CommBank Accounting Market Pulse for FY16, conducted in partnership with Beaton Research + Consulting.

What stands out is how effectively accounting firms are responding to their business environment. The survey, which captures a cross-section of the top 100 accounting and restructuring firms, highlights the array of strategies they are implementing to add value to their clients and grow their own firms.

Diversification is a common tactic, with a sizeable percentage intending to enter and grow in new service lines over the next 12 to 18 months.

Management consulting services is the preferred area of expansion for many large and mid-sized accounting firms, as well as restructuring firms. The latter two groups also see increased opportunities in business advisory and property advisory services. Other firms plan on entering wealth management and financial planning.

This diversification push means the chase for acquisitions continues. Firms are after strategic bolt-on assets to gain capability in niche areas like human resources, taxation law and water asset management advisory.

More immediately, the greatest short-term growth in revenue is expected to come from economic and social policy advice, tax consulting and wealth

management, and financial planning. The jump in tax consulting, from fifth place in our last survey to its current ranking of equal second, may reflect the approach of the financial year-end while all three levels of government are increasingly attractive given their stability. Governments still seek assistance with commercialising their services.

Lifting productivity is another lever being pulled. The three largest areas of expense growth over the next six months remain staff training and development, investing in IT hardware and software, and a focus on marketing and business development.

The productivity push and expansion into new service lines partly explain why firms, with the exception of the very largest, forecast increased operating margins in coming months.

Another survey finding is that firms are hiring more equity partners, junior to mid-level accountants, directors, managers and fixed share and salary partners. In contrast, the head count of secretarial, administrative and shared service staff is still falling, a trend we expect to continue. The ratio of fee earners to non-fee earners is climbing.

These strategies to lift revenue are complemented by an increased propensity to outsource activities to lower cost providers. Large firms, with exposure to global trends, lead the way with 80 per cent frequently outsourcing work. Smaller firms are watching and waiting, with 74 per cent rarely or never outsourcing. Nevertheless, the accounting profession is years ahead of other professional services providers in riding the outsourcing and offshoring wave to improve profitability.

CommBank’s Accounting Market Pulse presents the profession’s latest views and trends, making it a useful tool for business planning and benchmarking. We look forward to continuing to monitor key financial and operational performance indicators within the industry and sharing these insights with you.

Email: [email protected] Tel : +61 2 9303 1940

Diversification push underway

3


Michael Workman Senior Economist Commonwealth Bank

The Australian economy continues to work its way through a transition away from mining-driven growth towards stronger outcomes from residential construction and the services areas of tourism, accommodation, health and education. The varying outcomes across the business sectors and the employment market reflect these shifts.

In our view, the domestic economy has strengthened in the past six months, with overall real growth finishing the year at 3 per cent, in line with the longer term average. A significant proportion of that growth came from higher goods and services export volumes. But there were also solid contributions from stronger household spending trends, particularly in the services areas like health, education and tourism.

The CommBank Accounting Market Pulse indicates that accounting firms are slightly less optimistic about future business conditions in the current survey than the previous one. They are also less positive on the 12-month and two-year outlooks for their firms.

The national employment market has expanded reasonably firmly over the past year and the unemployment rate is near 5.8 per cent, which is well below the rates of early 2015. Jobs growth has mainly been in the larger states of New South Wales, Victoria and Queensland over the past year. The combination of very low mortgage rates and a residential construction boom is beneficial

for the jobs market across a number of sectors in those states. The lower Australian dollar is lifting the currency exposed sectors of the economy. Low interest rates look set to stay in place over the coming year. Inflation remains low and there is little sign of change in the trend towards quite weak national wages growth.

In our view, the background conditions for the economy are likely to remain quite mixed through the coming year. The lack of a consistent theme of uniform improvement in overall growth tends to promote a greater degree of caution than otherwise would be the case. Even though interest rates remain low by historical standards, there is still considerable caution on the part of businesses and households in terms of investment and spending decisions.

The higher levels of business caution are likely to mean the emphasis on various measures to control costs, and even reduce them, will remain paramount. Relatively low national wages growth reflects the trend to both limit staff cost growth and lift productivity. The other challenges in the firms surveyed include collecting invoices, negotiating prices charged to clients and recruiting and holding quality staff. These issues are not just a local phenomenon. They are regularly covered in global business magazines. When growth in the market slows, there needs to be a much more concerted control over expenses to maintain a profitable business.

Overseas influences on the local economy will remain important over the rest of the year. Australia’s major trading partner, China, is also progressing through a transition towards more consumer spending driven growth. The change will present Australian businesses with new opportunities because part of it involves much higher numbers of Chinese tourists coming to Australia. They will also be interested in investment possibilities in parts of the local economy, like tourism, accommodation and all forms of property. So while there be some doubts about the future of Australia’s mineral exports to Australia, there are significant growth opportunities for other sectors if China’s transition succeeds.

Economic outlook


Real GDP (annual % change)

-2

0

2

4

6

Sep-89 Sep-95 Sep-01 Sep-07 Sep-13

%

Early'90s

recession

Net

%

Trend

Labour Market Trends

-10

0

10

20

30

40

3.5

4.1

4.7

5.3

5.9

6.5

Jul-05 Jul-07 Jul-09 Jul-11 Jul-13 Jul-15

Unemploymentrate, (lhs)

Une

mpl

oym

ent r

ate

Employm

ent growth ('000)

Trend

4

The Australian dollar can be seen as barometer of how China’s economy is performing. The Australian dollar’s recent shift to higher levels reflects not only a weak US dollar, but also a clear pick-up in global commodity prices like iron ore and oil. That is principally because the news on China’s economic outlook has become more optimistic but it also reflects reduced oversupply

concerns. For exporters, the higher Australian dollar is not such good news. But we do not see it returning to the very high levels of a few years ago. We believe the dining and tourism booms can proceed as China’s demand grows and the Australian dollar stays near current levels.

5


Perception of business conditions

Net % (positive - negative)

In 2 years

W1 FY16 W2 FY16

40%56%

In 12 months

W1 FY16 W2 FY16

20%36%

At the moment

W1 FY16 W2 FY16

23%25%

Snapshot of survey findings

Perceived performance of Australian economy

Geographic areas with highest revenue growth expectations

Main service lines to enter and grow in the next 12 to 18 months

Northern Territory 80%

New South Wales 75%

Victoria 68%

Net % (increasing-decreasing)

Management consulting services 100%Large

firms

Management consulting services Business advisory services

Property advisory Corporate finance

Economic and social policy

50%

Restructuring

firms

Management consulting servicesBusiness advisory services

Property advisory50%Mid-sized

firms

Wealth management & financial planning 47%Other firms

Top 3 business challenges for accounting firms

Net % (challenging - easy)

% of respondents

40%Negotiating price with

clients

40%Collecting invoices

37%Finding

quality staff

5

-20% Large firms

25% Mid-sized firms

50% Restructuring firms

-21% Other firms

Net % (positive - negative)

6


Outsourcing of work over the next 12 months

The majority of Accounting firms forecast an increase in outsourcing work over the next 12 months.

Top 3 areas of increased expenses over the next 6 months

Staff numbers


• Equity partners

• Junior to mid-level accountants

• Directors / Managers

• Fixed share / salary partners

• Shared service staff

• Secretarial and administration staff

43%Staff training and

development

40%IT hardware and

software

40%Marketing

and business development

Large firms

Mid-sized firms

Other firms

Restructuring firms

Operating margins forecast

Net % (increasing-decreasing)% who think it will increase

6

-20%

50% 42% 50% 60%Large firms

100%Mid-sized

firms

50%Restructuring

firms

65%Otherfirms


100%Economic and social policy

advice

83%Tax

consulting

82%Wealth management

and financial planning

Top 3 areas of increased revenue over the next 6 months

of Large firms frequently outsource work to lower cost

providers

80%

of Other firms have never outsourced work to lower cost

providers

26%

Outsourcing to lower cost providers

7


Business conditions

Perceived performance of the Australian economy

Perceptions of the Australian economy remain slightly negative among Australian accounting firms.

58 57

17 17

-25 -26 -8 -9

-100

-80

-60

-40

-20

0

20

40

60

80

100

Wave 1 FY16 Wave 2 FY16

Positive Neutral Net Negative

Net

% (

posi

tive

-neg

ativ

e)

Perceived performance of the Australian economy by segment

Leaders of Large, Mid-sized and Restructuring firms are all less optimistic about the economy compared to previous wave.

80

42

100

5380

2550 57

20

29 1450

5011

-29 -33 -20 -25 -32

20

0 0

-19 -20

25

50

-21

-100

-80

-60

-40

-20

0

20

40

60

80

100

Large �rms Mid-sized �rms Restructuring �rms

Other �rms Large �rms Mid-sized �rms Restructuring �rms

Other �rms


Net

%

Positive Neutral Net Negative

8


Perception of business conditions for Australian accounting firms – present to 2017

Accounting firm leaders are more optimistic about current business conditions compared to six months ago, and they remain confident across the long-term.

25 23

36

20

56

40

0

10

20

30

40

50

60

70

80

90

100

Wave 1 FY16 Wave 2 FY16 Wave 1 FY16 Wave 2 FY16 Wave 1 FY16 Wave 2 FY16

At the moment Likely to be in 12 months time Likely to be in 2 years time

Net

% (

posi

tive

- n

egat

ive)

Perception of business conditions by area

Price negotiation, collecting invoices and finding quality staff are considered the primary challenges in the current market conditions.

39

47

8 11

-22

-31 -31-25

-33

2013

0

-13

-27 -27

-37-40 -40

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

Accessing capital

Keeping staff fully utilised

Competing with other �rms

Keeping expenses

under control

Winning new business

Keeping quality staff

Finding quality staff

Collecting invoices

Negotiating price with

clients

Net

% (

easy

-cha

lleng

ing)


9


Perception of business conditions by area and firm type

Large firms are finding it most challenging to win new business, negotiate price with clients and compete with other firms.

Large �rms Restructuring �rms Other �rms Mid-sized �rms

40

20

-20

0

-60

-40

57

0

86

50

140 0 0

-33-50

-33

0

3826

62

1629

11

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100


Accessing capital Keeping staff fully utilised Competing with other �rms

Net

% (

easy

-cha

lleng

ing)


-40

-20

-80 -80

-20

-80

86

0 0

-25

0

-25

0 0

-100

-50

-67

0 0

-16-5 -11

-29-16

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100


Keeping expenses under control Winning new business Keeping quality staff

Net

% (

easy

-cha

lleng

ing)

10



-20

-60

-20

-40

-100 -100

-57-50

-43

-25

0

-25

0 0

-33

0

-100

-50

-29 -32 -29

-47

-19-26

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100


Finding quality staff Collecting invoices Negotiating price with clients

Net

% (

easy

-cha

lleng

ing)

11


What firms are doing to address the main challenges

Negotiating price with clients

“Focus on advisory versus compliance, with differentiated service offerings. Value based pricing options.” – Partner, Large firm

“Emphasising value over price; focusing on needs not cost; offering flexibility - phases of work, multiple decision points, high or low spec options where feasible.” – CEO/Managing Partner, Restructuring firm

“Increasingly fixing fees for repetitive work specials by negotiation with frequent communication on progress. High level of communication and transparency around fees.” – CEO/Managing Partner, Other firm

“Fixed fee arrangements with client with out of scope work done by an hourly rate.” – CEO/Managing Partner, Other firm

“Being upfront but identifying as soon as possible where problems/overruns are being met; guaranteeing fee level.” – CEO/Managing Partner, Other firm

“Discussing value and focus on getting scope right.” – Partner, Restructuring firm

“Significant increase in training for partners and directors re pricing discussions, and consultative conversations.” – CEO/Managing Partner, Large firm

12


Keeping quality staff

“Improving engagement; connecting them to our purpose and strategy, increasing training opportunities.” – Chief Operating Officer / General Manager, Large firm

“Continue winning interesting, challenging projects. Not tolerating under-performance. Maintaining benefits.” – CEO/Managing Partner, Restructuring firm

“Looking at the different levels of engagement with these people. Conducting career interviews to see that they are in line with the direction of the firm. Greater open communication. Flexibility in working hours. Providing HR support through consultants.” – CEO/Managing Partner, Other firm

“Introducing a training continuum to raise train and sustain key staff.” – CEO/Managing Partner, Mid-sized firm

“We keep quality people as we offer a great and engaging workplace, above market pay and great conditions. Many social functions and activity, lots of staff training, get the culture right and keep it right.” – CEO/Managing Partner, Other firm

“Targeted talent development, wellness and work-life balance programs. Focus on diversity and gender equality.” – Partner, Large firm

13


Finding quality staff

“Using recognized third parties to manage organic growth and target specialists and push our value proposition to bring in experienced staff.” – CEO/Managing Partner, Mid-sized firm

“Using sign on bonuses. Also employing earlier whilst they are undertaking their degrees to ensure we dont loose out to competitors.” – CEO/Managing Partner, Other firm

“Continuing focus on internal referrals.” – CEO/Managing Partner, Large firm

“Expanding recruitment beyond being a function of HR.” – Partner, Restructuring firm

“Focus on graduate recruitment, presenting firm culture and flexible working conditions. Also focus on brand and international affiliations.” – CFO, Other firm

“Attending university open days, attending career nights with accounting bodies, becoming an employer of choice.” – CEO/Managing Partner, Other firm

14


Business priorities

Market entry planning and growth

Management consulting, wealth management and business advisory are the primary areas of market growth over the next 12 to 18 months.

47 44

56

3944

8

17 14

4337

3027

2013 13 13

0

10

20

30

40

50

60

70

80

90

100

Management consulting services

Wealth management &

�nancial planning

Business advisory services

Tax consulting Superannuation Business recovery & insolvency

External / statutory audit

Property advisory


%

17 17

0

19

6

17

6 613

10 10 107 7

0 00

10

20

30

40

50

60

70

80

90

100

Risk management

Corporate �nance (including M&A)

Economic &social policy

advice

Tax compliance Forensic & fraud accounting

Internal audit Private equity Sustainability / climate change


%

15


Revenue predictions

Changes in revenue by location over the next 6 months

Firms net forecast for total revenue in New South Wales, Victoria and Northern Territory have increased, while forecasts in other states and regions have dropped or remained flat.

67 68

56 50

53

60

50

42

20

80 75

68

50 47

38 33

21

8

0

10

20

30

40

50

60

70

80

90

Northern Territory

New South Wales

Victoria New Zealand Queensland Australian Capital Territory

Tasmania South Australia Western Australia

Net

% (

incr

easi

ng-d

ecre

asin

g)


Changes in revenue by service line over the next 6 months

Economic & social policy advice, tax consulting and wealth management & financial planning service lines are expected to have the greatest increase in revenue.

100

74

90

83

74

82

57 56

100

83 82 75 74

61

44 44

0

10

20

30

40

50

60

70

80

90

100

Economic &social policy

advice

Tax consulting Wealth management &

�nancial planning

Superannuation Management consulting services

Business advisory services

Property advisory Corporate �nance (including

M&A)

Net

% (

incr

easi

ng-d

ecre

asin

g)


16


Changes in revenue by service line and firm type over the next 6 months

Other firm leaders forecast a net decrease in revenue in corporate finance in this wave, while leaders in large firms and mid-sized firm forecast a net decrease in business recovery & insolvency

100 100 100 100

50

75

50

20

0 0

71 75

100 100

71

100 100 100

0 0 0 0 0 0 0 0

67 80

100

79

94 87

-100

-80

-60

-40

-20

0

20

40

60

80

100

Wave 1 FY16 Wave 2 FY16 Wave 1 FY16 Wave 2 FY16 Wave 1 FY16 Wave 2 FY16 Wave 1 FY16 Wave 2 FY16

Economic and social policy advice Tax consulting Wealth management & �nancial planning

Superannuation

Net

% (

incr

easi

ng-d

ecre

asin

g)


5055 52 50

39

71

50

-27

40 38

27 25 2517

0 0

-40

-20

0

20

40

60

80

100

Forensic & fraud accounting

Tax compliance External / statutory audit

Risk management

Internal audit Private equity Sustainability / climate change

Business recovery & insolvency

Net

% (

incr

easi

ng-d

ecre

asin

g)


17



80

100 100

60

25

67 60

80

57 50

57 50

80 67

50

75

50

100

0

100

33

0

-50

50

89

67

86

61

100

0

100

-20

-100

-80

-60

-40

-20

0

20

40

60

80

100


Management consulting services Business advisory services Property advisory Corporate �nance (including M&A)

Net

% (

incr

easi

ng-d

ecre

asin

g)


80

60 60

40

60 60

20 20

50

0

43 50

67

33

67 67 67

50

0 0 0 0 0 0 0

33

58

35 42

14

75

0

-100

-80

-60

-40

-20

0

20

40

60

80

100


Forensic & fraud accounting Tax compliance External / statutory audit Risk management

Net

% (

incr

easi

ng-d

ecre

asin

g)

20

40

75

33

67

0

-20 -20

67 67 67

0 0 0

-17

-67

0 0 0 0 0 0

-67

50

33

0 0 0 0 0 0

50

-100

-80

-60

-40

-20

0

20

40

60

80

100


Internal audit Private equity Sustainability / climate change Business recovery & insolvency

Net

% (

incr

easi

ng-d

ecre

asin

g)


18


Realised rates

Expected changes in realised rates over the next 6 and 12 months

Compared to the last report, Restructuring firms now have a more optimistic view on realised rates.


1.5 1.5 1.5

0.5

2.5

0.0

2.5

4.4

-1.3

0.0

1.3

2.5

3.4 3.8 3.6

2.8

-4.0

-2.0

0.0

2.0

4.0

6.0

Wave 1 FY16 Wave 2 FY16 Wave 1 FY16 Wave 2 FY16

In the next 6 months (as compared to the last 6 months) In the next 12 months (as compared to the last 6 months)

Mea

n %

19


Expense and profitability predictions

Changes in expenses over the next 6 months Accounting firm leaders continue to prioritise staff training and development, IT hardware and software and marketing and business development.

54 51 51

41

23

11

3

43 40 40

33

13 20

0

-20

-10

0

10

20

30

40

50

60

70

80

Staff training &development

IT hardware &software

Marketing &business

development

Knowledge management

Professional indemnity insurance

Occupancy Telecommunications

Net

% (

incr

easi

ng-d

ecre

asin

g)


Changes in expenses by segment over the next 6 monthsThe main focus for Large firms for the next 6 months is on IT hardware and software and staff training and development, while for mid-sized firms, the main focus is on knowledge management.

80

60 60

80

60

20

0 0

43 50

14 25

43 50

71

100

-33

50

33

50

0 0 0

50 65

37

65

32

60 47 45

26

-100

-80

-60

-40

-20

0

20

40

60

80

100


Staff training & development IT hardware & software Marketing & business development Knowledge management

Net

% (

incr

easi

ng-d

ecre

asin

g)


20


20

0

20 20

40

0 0 0

-14

50

-29 -25 -33

0 0 0

-67

-50

40

21 20 16 15 11

-120

-70

-20

30

80


Professional indemnity insurance Occupancy Telecommunications

Net

% (

incr

easi

ng-d

ecre

asin

g)


Changes in staffing by segment over the next 6 monthsLarge firms forecast the highest net increase in partner numbers.


100 100

75 75 60

20 29

50

17

67

0

25 33

50

0 0

33

50

20 21 26 13

33 37

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100


Equity partner numbers Fixed share / salary partner numbers Director / manager numbers

Net

% (

incr

easi

ng-d

ecre

asin

g)

21



60 60

-20

-50

-20

-40

29

50

-14 -25

-14

-50

-33

50

0 0 0 0

67

26 14

5 14

-11

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100


Junior to mid-level accountant numbers Shared service staff numbers (e.g. Marketing, IT, Finance, HR)

Secretarial & admin staff numbers

Net

% (

incr

easi

ng-d

ecre

asin

g)

Expected changes in core workforce turnover in FY2016

Turnover across all levels, except secretarial and administrative staff are expected to increase.

-10

35

0

35

0

-10

14 25

17 17 10

-13

-100

-80

-60

-40

-20

0

20

40

60

80

100

Equity partner numbers

Fixed share / salary partner

numbers

Director / manager numbers

Junior to mid-level accountant numbers

Shared service staff numbers

Secretarial &admin staff numbers


%

22


Changes in average remuneration in FY2016Increase in remuneration is forecast to be highest for salary partners and directors

Change in operating margins for the next 6 months

All firms, except Large firms, forecast operating margins to increase for the next 6 months.


40

-20

57 50

-67

50 33

42

-120

-100

-80

-60

-40

-20

0

20

40

60

80

100


%

2.5

2.0

3.4

1.3 1.4

2.8 2.8 2.5

1.8

1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Fixed share / salary partner

numbers

Director / manager numbers

Junior to mid-level accountant numbers

Shared service staff numbers

Secretarial &admin staff numbers

Mea

n %


23


Outsourcing

Frequency of outsourcing to lower cost providers The proportion of firms who outsource work frequently has increased among all firm types except Restructuring firms.

14

33 33 26

24

11

40

43

34

28

20

50

100 37

40

29

33 5

60

50

21 20

14 10 20

5

0

10

20

30

40

50

60

70

80

90

100

Large �rm Mid-sized �rm Restructuring �rm

Other �rm Large �rm Mid-sized �rm Restructuring �rm

Other �rm


Never Almost never Rarely Somewhat frequently Very frequently

%

Outsourcing work over the next 12 months

The majority of firm leaders in Large, Mid-sized and Other firms forecast an increase in outsourcing work over the next 12 months.

14

29

33

53 40

50

35

80

57 67

41

40

50

50

59

20 6

20

50

6

0

10

20

30

40

50

60

70

80

90

100

Large �rm Mid-sized �rm Restructuring �rm Other �rm Large �rm Mid-sized �rm Restructuring �rm Other �rm


Decrease signi�cantly Decrease About the same Increase Increase signi�cantly

%

24


Further information

For further insights or information, please contact:

Marc Totaro, National Manager Professional Services

Mobile: 0477 739 315 Phone: +61 2 9303 1940 Email: [email protected] Web: commbank.com.au/accountingmarketpulse

For media inquiries, please contact:

Bethany Poore Mobile: 0477 763 097 Phone: +61 2 9303 1259

Things you should know: This report is published solely for information purposes. As this report has been prepared without considering your objectives, financial situation or needs, you should before acting on the information in this report, consider its appropriateness to your circumstances and if necessary seek the appropriate professional advice. This biannual report has been prepared independently by Beaton Research + Consulting and is commissioned by Commonwealth Bank. The confidential online survey used to prepare this report was undertaken by Beaton Research + Consulting in February and March 2016. The report is based on the views of 30 accounting firms across Australia with a combined revenue of approximately $4.7B. Any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its compilation. No representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this report. The project was undertaken in compliance with the requirements of ISO 20252. Commonwealth Bank of Australia ABN 48 123 123 124.

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CommBank Accounting Market Pulse. · the CommBank Accounting Market Pulse for FY16, conducted in partnership with Beaton Research + Consulting. What stands out is how effectively

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