July 2007 update
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.
HONG KONG: SME INTEREST GROUP
An SME Interest Group meeting was held on 21 March. Under the increasingly regulated and highly competitive business environment, small and medium sized practitioners (SMPs) have to face lots of threats and challenges in recent years. To keep their business afloat and to keep pace of the rapid changes, many SMPs have expanded the scope of their professional service into other arenas, among which business consultancy has become one of the hot choices. Two SME sub committee members, Rosanna Choi and Nelson Lam, were therefore invited to share with the Interest Group members on experiences of how to become a business consultant.
Another SME Interest Group gathering will be held on 6 June. John Ng, an ACCA member who is currently employed by a multinational UK financial services company as Advance Market Specialist, is invited to give a talk on business succession.
PAKISTAN: JOINT SME SUBCOMMITTEE MEETING
ACCA's Joint SME Subcommittee Meeting was held on 30 March 2007 in Islamabad. The meeting was chaired by Mr. Faysal Shaikh, Member SME Subcommittee (North). Mr. Hasnain Javed, the Manager Financial Services for SMEDA was invited as a guest speaker to the meeting. He explained SMEDA’s proposed program to assist SMEs in their software based business documentation.
It was decided in the meeting that ACCA will develop a single manual containing easy to understand accounting literature in both English and Urdu. Dr. Afra Sajjad, Head of Policy Development ACCA Pakistan, briefed the committee about the proposed roundtable conferences on the Exposure Draft of IFRS for SMEs. It was also decided to obtain the opinion of members on the Exposure Draft.
MALAYSIA: ACCA ADDRESSES INTERNATIONAL CONFERENCE
In May, SMIDEC invited ACCA to speak at the Malaysian Technical Cooperation Programme (MTCP) 2007 on Cash flow Management. The programme was attended by approximately 30 participants from various member countries of the OIC (Organization of Islamic Conference). A member of ACCA’s Malaysia Advisory Committee, Mohd Yusof Hussian, delivered the paper entitled 'Mind Your Dollars & Cents.'
PAKISTAN: IFRS FOR SMES FOCUS GROUPS
ACCA Pakistan working with Professor Jarvis, ACCA Head of Small Business and Richard Martin ACCA Head of Financial Reporting organised a number of focus groups to discuss the exposure draft of IFRS for SMEs. The workshops, in Islamabad, Lahore and Karachi enabled members, users and other SME stakeholders to discuss the current exposure draft and to explore the appropriateness of introducing IFRS for SMEs in Pakistan
HONG KONG: SEMINARS FOR MEMBERS ON PLANING AND BUSINESS LAW
Two seminars from the SME perspectives were also organized for members who work for SMEs, namely New Company Law of Mainland China and Its Impact on SMEs, and Business Plans - from the perspectives of a bank and venture capital.
HONG KONG: SEMINARS FOR SMES
ACCA, working with the Support and Consultation Centre for SMEs, has organised a series of seminars have been organized for the SMEs of the Centre. These seminars focused on tax, accounting and financial management issues, such as business valuation and impact of the new Income Tax Law of Mainland China. Senior ACCA members were invited to deliver these seminars.
MALAYSIA: SEMINARS FOR SMES
ACCA working with the Malaysian Small and Medium-sized Industries Development Corporation (SMIDEC) are organising a series of workshops for SMEs 5 workshops are scheduled across the country throughout 2007 on the subject of Business Planning and Cash flow Management. An ACCA member, Ms Madinah Abang and ACCA staff member, Helmy Mohtar, will be conducting the sessions. The latest workshop was in June at Kapit in Sarawak.
PAKISTAN: ACCOUNTING AND BOOKKEEPING, 16 JANUARY 2007, FAISALABAD
ACCA Pakistan jointly organized a workshop on Accounting and book keeping with SMEDA and Faisalabad Chamber of Commerce and Industries. ACCA member, Mr. Malik Mirza FCCA, conducted the workshop which was very well received by the participants.
PAKISTAN: SME FINANCING, 20 MARCH 2007, QUETTA
Obtaining appropriate finance for Pakistani SMEs is often problematic. In order to improve this situation ACCA working with, SMEDA and SBP organised a workshop for SMEs on the issue. ACCA's presentation was very well received by the participants. The ACCA trainer also facilitated frequent one to one discussions of SME owners with bank representatives. The SME owners were able to discuss their problems related to financing and bankers responded with their viewpoints. The workshop helped the two parties, SME and Financier, to understand each other better.