April 2008 update
HONG KONG: INTEREST GROUP GATHERING
The SME Interest Group had a gathering on 19 January 2008 where a PRC consultant was invited to share with the Interest Group members information on the new PRC Labour Law, which took effect from 1 January 2008. The gathering was jointly organised with ACCA Hong Kong’s Mainland Affairs Interest Group. Over 50 members attended the gathering.
PAKISTAN: SME AND MICRO FINANCE SUB COMMITTE
The meeting was held on 11 December 2007 in Lahore, chaired by Mr. Faysal Shaikh, Member of the SME and Microfinance Subcommittee (North). The meeting discussed the various activities and initiatives of the SME sub-committee during 2007. These included the successful launch of the research report ‘Access to Finance for Female Entrepreneurs in Pakistan’ in Lahore in September 2007, joint initiatives between ACCA Pakistan and the Small and Medium Enterprise Development Authority (SMEDA), which included six workshops during 2007 on topics ranging from ‘Accounting and Bookkeeping’, ‘Compliance of Income Tax’ to ‘Access to Finance’. The meeting also reviewed the proposal by the Women Business Incubation Centre (WBIC) to have training workshops and seminars conducted by ACCA members on basic accounting skills, working capital management and sources of finance for small entrepreneurs.
The committee members proposed that in view of the recent growth in microfinance sector, the sub-committee should be renamed ‘SME and Microfinance Sub-Committee’ which was approved unanimously. This aims to broaden the scope of the sub-committee and will enable sub-committee members to exchange ideas on key challenges and emerging issues relating to microfinance sector.
HONG KONG: World SME Expo
ACCA and its qualifications were showcased to SME audiences during the World SME Expo organised by the Hong Kong Trade Development Council from 12-14 December 2007.
PAKISTAN: REVIEW OF ‘ACCOUNTING MANUAL FOR SMEs
ACCA Pakistan was requested to review the ‘Accounting Manual for SMEs’ developed by the Small and Medium Enterprise Development Authority (SMEDA) for SME owners and managers. Some key amendments were suggested by the Policy Development team at ACCA Pakistan on the basis of key accounting concepts and practical issues usually faced by an SME owner and manager.
HONG KONG: INTERNATIONAL FINANCIAL REPORTING STANDARDS
ACCA Hong Kong organised a seminar on 27 November 2007 with the Society of Chinese Accountants and Auditors to share with ACCA Hong Kong members the current developments relating to International Financial Reporting Standards for SMEs .The convergence of Hong Kong accounting and auditing standards with the international standards and the development of international standards, including IFRS and ISA, have a significant impact on small and medium-sized entities and practitioners.
PAKISTAN: SMEDA ACCOUNTING PACKAGE (SMAP) CURRICULUM REVIEW
SMEDA has developed an Accounting Package ‘SMAP’ which aims to facilitate SMEs in effective and efficient management of accounting and bookkeeping records. ACCA Pakistan, in its role as a strategic partner of SMEDA, is providing a support role in the curriculum review of SMAP. ACCA Pakistan is part of the curriculum review committee which meets on a periodic basis to review the curriculum contents and provides feedback to consultants. The project is expected to complete by June 2008
PAKISTAN: UNDERSTANDING CORPORATE SOCIAL RESPONSIBILITY
Workshop on “Understanding Corporate Social Responsibility (CSR)” was held on 5 December 2007 at Marriott, Karachi, Pakistan. The workshop was a joint event of ACCA Pakistan, SMEDA and Memon Professional Forum (MPF). The event promoted the concept of Corporate Social Responsibility (CSR) by creating awareness of best practice and standards of CSR and illustrating importance of reporting practices of CSR among SMEs. Dr. Afra Sajjad, Head of Education and Policy Development - ACCA Pakistan, was the workshop leader and the workshop itself was very well received by the forty participants that included prominent SME owners and managers.