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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.

UK: BRIBERY AND CORRUPTION: THE IMPACT ON UK SMES

ACCA Technical Department published a members survey report on ‘Bribery and Corruption: the Impact on UK SMEs’. This report is the first insight into how this issue affects the SME sector and has received coverage in a number of publications including the Financial Times and the Mail on Sunday. The reports
reveals that:

• Seventy per cent of respondents said the potential for bribery and corruption exists in all commercial dealings.
• Almost two thirds (63 per cent) agreed cross border negotiations could fall foul of bribery and corruption, while a similar percentage (64 per cent) thought it could arise as a result of pressures from the supply chain.
• Fewer than half (46 per cent) considered that SMEs would be able to differentiate between contract-related consultancy or facilitation fees and bribery and corruption.

ACCA now intends to explore these issues further and engage with regulators and key SME stakeholders in order to improve the support given to SMEs in this important area. The complete document can be found in the publications section of the small business website

UK: INTANGIBLE ASSETS AND SMES - A SEMINAR REPORT

ACCA's Small Business Unit has recently published a report based upon its policy seminar on Intangible assets and SMEs. Intangible assets underpin an increasing number of small businesses’ competitive and advantage and future earnings. ACCA working with the UK Government and the Intellectual Property Institute have published commissioned research on the matter and ACCA intends to carry out further ground breaking work.

The seminar publication is available on the ACCA Small Business website and contains recommendations on the following issues; SMEs use of the formal intellectual property system; the creative industries; encouraging successful business transfers; accessing finance; business advice on intangible assets; the relationship between innovation and intangible assets; the role of higher education institutions; and knowledge management in SMEs.

EUROPE: A FURTHER TERM FOR PROFESSOR JARVIS

Professor Robin Jarvis, Head of ACCA's Small Business Unit, has been asked to remain as chairman of the European Commission's expert panel on financial services for consumers (FIN USE).FIN USE offers opinions on the financial issues affecting consumers and small businesses to the various European institutions.

EUROPE: EUROPEAN PARLIAMENTARIANS AND ACCA

In March ACCA held a Joint conference with the SME UNION on the Challenges Facing SMES in the New Member States. The SME UNION is a grouping of European MEPs who share an interest in the needs and concerns of SMEs. The Head of Small Business facilitated the panel session on Access to Finance.

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