November 2007 update
ZAMBIA: BETTER BUSINESS FOR ZAMBIAN SMES
On 9 August, ACCA Zambia, working with the Small Business Unit arranged a day long conference and gala dinner to celebrate and support Zambian owner-managers. The conference in Zambia brought together the growing smaller firms of Zambia to discuss the issues facing their business today and for the future. It also equipped them with a number of simple techniques and insights into various aspects of financial management; helping them run their businesses more effectively and become more competitive.
Over 200 owner-managers gathered in Lusaka to hear from Government officials, commercial bank officials and ACCA's own Professor Robin Jarvis. In the afternoon senior ACCA members offered insights into improving owner-managers business skills. This included sessions on succession planning, cash flow management and the taxation system.
Minister of Commerce and Trade and Industry, Felix Mutati (also an ACCA member) welcomed the event and stated "By taking the initiative to organise today's event it is clear that the ACCA and the partners support the objectives of the fifth national development plan and support Zambia in its quest to become a prosperous middle income country by 2030."
This event is part of a global initiative undertaken by ACCA to highlight the importance of SMEs to the global economy; addressing the difficulties they face and offering workshops and seminars in business skills to improve competitiveness of SMEs.
GLOBAL: RESEARCH GRANTS
As mentioned in the last update, ACCA's research committee has issued a n international call for research proposal on the issue of SMEs and Entrepreneurship. In total 34 proposals were received and applications were received from research in eleven countries across five continents.
The vetting process chose four proposals from this high caliber field. We have now commissioned the following research projects:
- Comparison of the role of accountants in SME financing in China and the UK by Dr Junji Wu, Leeds Met and Prof Jinyi Zhu, Yunnan University of Finance & Economics, China
- Accountants as providers of support and advice to SMEs by Ass Prof Susela Devi, University of Malaysia and Helen Samujh, University of Waikato, NZ
- The Roles of Competence, Trust and Professional Ethics in the Supply of External Financial Advice to SMEs by Dr George Tanewski and Assoc Prof Peter Carey, Monash University, and Prof Robert Blackburn, Kingston University
- Unpacking incomes and rewards to understand self-employment decisions by Professor Ian Stone, Durham Business School
These research projects will be completed over different timescales over the next few years. We very much look forward to them producing thought provoking and insightful findings.
SOUTH AFRICA: BOOKLET ON IFRS FOR SMES
ACCA South Africa, working with ECSAF (Eastern Central and Southern African Federation of Accountants), has published a summary document on the exposure draft for IFRS for SME's. The document goes over some of the main issues contained within the exposure draft in a simple and easy to understand style. Copies of the booklet have been distributed to the IASB's Board and Staff.
Copies of the booklet were very much in demand and the only way to secure your copy is to download it from the link below.
ZAMBIA: FOCUS ON IFRS FOR SMES
ACCA organised two focus groups in Zambia on the IFRS for SMEs exposure draft. The first was for the preparers of financial reports and the second for the users of financial reports. The preparers were ACCA members with direct experience in producing financial reports for smaller businesses in Zambia. The second consisted primarily of financiers and representatives of the business banks in Zambia . This group had extensive experience in making lending decisions for small business and using financial reports to help make those decisions.
The focus groups were convened in order to ensure that ACCA's response to IFAC on the IFRS for SMEs exposure draft fully considered and reflected the views of our membership and those that use financial reports, it has organised a series of focus group across the world to gather the opinions of those working in different circumstances and jurisdictions. These focus groups gathered vital evidence on the views of ACCA members working in a developing economy.