ACCA (the Association of Chartered Certified Accountants) has signed a Memorandum of Understanding (MOU) with the International Chamber of Commerce (ICC) United Kingdom.
The MOU sees ACCA joining forces with ICC in its “Save Our SMEs” (SOS) global campaign, as well as sharing professional insights research.
The SOS campaign highlights the challenges many SMEs are facing due to the impact of Covid-19, and has clear, six-point recommendations for governments around the world to offer tangible support to SMEs in these difficult times.
Helen Brand OBE, chief executive at ACCA says: ‘ICC’s SOS campaign is an impressive global initiative, highlighting the vulnerability of SMEs at this time. Our own research into the impact of Covid-19 on business sectors clearly shows that small businesses have a more pessimistic view of what lies ahead compared to larger organisations. Revenue and profit are specific concerns. Among business leaders in smaller organisations – those with fewer than 200 employees – 85% expect year-on-year revenue to be lower than the previous year, and 86% expect year-on-year profit also to be lower.’
Chris Southworth, Secretary General of ICC United Kingdom says: ‘We are delighted to have ACCA’s support in this venture. This is a critical moment for businesses across the world – in particular for SMEs that may operate with smaller margins. These businesses form the backbone of the economy and governments globally must give them the support they need throughout the crisis, or they risk incurring long-term economic damage.”
ACCA and ICC will work together to share with their respective memberships’ insights and guidance to sustain SMEs and the SMPs that support them throughout the current crisis and beyond. They will also invite their stakeholders to take part in each other’s events and research initiatives.
Options will be explored to work together on co-branded research projects, policy development and co-hosted events around critical issues for businesses. These will leverage the diverse and complementary know-how of our networks to support SMEs globally, and drive inclusive growth and prosperity.
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Notes to Editors:
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.
Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com