July 2007 update
ZAMBIA: BETTER BUSINESS 2007
In August ACCA will be hosting an event for Zambian owner-managers. Working with a number of local business organisations, the event will provide owner-managers with the skills to run their businesses in a more efficient manner; demonstrating the important role that accountants can play in this process and the work of ACCA in the area of small business.
In order to organise this event, James Meyrick, visited ACCA Zambia as part of a scoping visit. Whilst there Meyrick met with representatives from the leading retail banks in the country, the president of the Zambia Chamber of Commerce and Industry and with representatives from the Zambian Government. He also attended a breakfast meeting of senior ACCA members.
INTERNATIONAL: ACCA ISSUES AN INTERNATIONAL CALL FOR RESEARCH PROPOSALS
SMEs (small and medium sized enterprises) - and especially smaller firms - are critical to the success of their economies. Governments, industry standards setters and regulators must develop their understanding of this sector if they are to maximise the contribution it can make.
Recognising the importance of evidence-based policy, ACCA supports and widely disseminates high-quality research that aims to develop knowledge and/or kick-start debate on some of the most important issues facing SMEs. As a result, we have developed a strong body of knowledge in important areas in the sector, such as regulation, banking, succession and equal opportunities.
ACCA now seeks to broaden and bolster that body of knowledge with evidence and informed thinking in new and emerging issues for SMEs:
- mentoring,
- social enterprise,
- new business models and
- income composition.
ACCA's Research Committee invites proposals for research projects that address - from a policy and/or practice perspective - these four important issues. Research projects with international relevance are particularly encouraged, as are those with a multi-disciplinary approach. Proposals will be considered from applicants based anywhere in the world. Please see the research section of our website for further details.
INTERNATIONAL: IFRS FOR SMES
Since the publication of the exposure draft of IFRS for SMEs, ACCA and in particular the head of Small Business, Robin Jarvis, and the head of Financial Reporting, Richard Martin, have been canvassing views from across the world and are developing ACCA’s position, whilst improving awareness about the issue. Professor Jarvis attended an IFAC SMP Committee Tunis finalising the IFAC response to IFRS for SMEs.
Robin and Richard have also chaired a number of IFRS for SMEs Focus Groups. The focus groups have consisted of preparers of financial statements (accountants in the main) and users (lenders). The objective of the Focus Groups is:
- to consider whether the proposed standard - IFRS for SMEs are likely to meet the needs of users.
- to consider what changes could be made to the Exposure Draft to make them better suited to users and preparers of financial reports
- If the proposed standards are considered wholly suitable for the whole range of SMEs
It is planned that further focus groups will be held in a number of ACCA regions between now and November.