Good morning. Accountants are increasingly concerned about their companies’ ability to sustain margins and lead amid constant change and disruption.For the first time in the survey’s 10-year history, geopolitics has emerged as the top global risk priority for accountants, according to the Q2 Global Economic Conditions Survey released this morning by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). The survey reflects a new phase of anxiety among accounting professionals—not only about external shocks like trade and policy, but also about internal resilience and adaptability.Compared with Q1, accountants across sectors and geographies in Q2 expressed growing concern over internal vulnerabilities: governance gaps, cost fragility, workforce strain, and cultural and digital readiness.The survey, conducted from June 3–25 with 420 respondents—all ACCA or IMA members and accounting and finance professionals, including CFOs—highlights these shifting concerns.Among major regions, confidence in North America rose some in Q2 compared to Q1, reflecting some improvement in sentiment among U.S.-based accountants. However, it remains depressed by historical standards. By contrast, confidence fell sharply in Asia Pacific, erasing gains made in Q1. The deterioration in the backdrop for global trade, amid major changes in U.S. trade policy, was likely a key factor weighing on sentiment.Looking specifically at CFOs, confidence among finance chiefs declined in Q2 and remains well below its historical average.The proportion of North American respondents reporting increased operating costs eased slightly, according to Alain Mulder, senior director of Europe operations and global special projects at IMA. However, it remains historically high after the substantial increase seen in Q1.“This raises the risk that firms may attempt to raise prices over the coming months,” Mulder said in the report.Sheryl Estradasheryl.estrada@fortune.comThis story was originally featured on Fortune.com