The European Federation of Accountants and Auditors for SMEs (EFAA) has published its summary of key policy positions and recommendations for 2024, addressing crucial areas for the development and support of Small and Medium-Sized Enterprises (SMEs). This document provides guidance on regulatory improvements that can enhance the financial stability and sustainability of SMEs, a sector that plays a vital role in Europe’s economy.
As a member of EFAA, AIA supports these recommendations and encourages its members to take note of the key areas outlined:
- Improved Financial Reporting for SMEs: EFAA proposes simplified, proportionate reporting standards, aimed at improving transparency while reducing administrative burdens, helping SMEs access finance more efficiently.
- Sustainability Reporting: The report calls for SME-specific sustainability reporting standards to help businesses meet rising expectations for environmental, social, and governance (ESG) performance.
- Support for Digitalisation: EFAA advocates for greater assistance in the digital transformation of SMEs, enabling them to adopt new technologies for tax compliance and business efficiency.
- Proportional Audit and Assurance Services: EFAA continues to recommend audit and assurance services tailored to SME capacities, ensuring trust and integrity in business operations.
Philip Turnbull, AIA Chief Executive, said: EFAA’s 2024 policy recommendations address some of the most pressing challenges faced by SMEs today. AIA strongly supports these initiatives, which will help our members navigate an evolving regulatory landscape and provide better service to their clients.
AIA encourages its members, particularly those working with SMEs, to review the full report and consider how these policy recommendations may impact their practices. These updates will shape the accounting landscape in 2024 and beyond, offering important insights for professionals in the sector.
EFAA’s 2024 policy recommendations address some of the most pressing challenges faced by SMEs today. AIA strongly supports these initiatives, which will help our members navigate an evolving regulatory landscape and provide better service to their clients.
Philip Turnbull, AIA Chief Executive
