Accountancy Europe comments on Forced Labour Directive
Accountancy Europe published a statement on EC’s new regulation on 28 October. It aims to ban products made with forced labour from the EU Single Market.
Accountancy Europe welcomes the regulation and maintains it is a milestone in the fight against modern-day slavery worldwide. Professional accountants contribute to preventing human rights risks by monitoring if companies have the appropriate business processes and internal controls. In addition to carrying out due diligence, accountants help to provide transparency on companies’ environmental and social impacts.
Accountancy Europe underlines that SMEs will rely on the partners in their ecosystem – such as accountants – to make them aware of and help fulfil their obligations. Their role in assisting SMEs to assess risks and map their supply chains should be explicitly recognised and encouraged.
Accountancy Europe publishes SME cyber risks paper
Accountancy Europe published the latest paper in its SME risk management series on 10 November. The publication focuses on SMEs’ cyber risks and resilience.
Cyber incidents can have a significant impact on an SME’s ability to do business and cause major financial loss. It is crucial that SMEs identify and mitigate those risks in a context where our economies are increasingly digitalised. SMEs’ accountants are their trusted advisors and can play a key role in mitigating SMEs’ cyber risk.
This paper explains why and how SMEs should consider and mitigate cyber risks and how the SME’s accountant can best support them. The paper includes a checklist for accountants to improve SMEs’ cyber resilience. This checklist can serve as a basis for a discussion or initial assessment of the client’s cyber resilience. Accounting practices themselves can also use this tool to assess their own cyber resilience.
Accountancy Europe publishes FAQs on sustainability reporting, including SME impact
Accountancy Europe has published FAQs on the new sustainability reporting rules that will come into force by the end of 2022.
The new rules will also impact SMEs. The FAQs include an overview of how and when the SME-related provisions will come into force. SMEs’ accountants should be aware of these timelines and support their SMEs’ transition, if necessary.
SME Assembly 2022 focuses on supporting SMEs through crises
The annual SME Assembly took place on 28-30 November in Prague. The event brought together 450 delegates, including legislators, SMEs and SME ecosystem representatives. The assembly revolved around the massive and simultaneous crises that SMEs are currently going through and how SMEs’ immediate survival can be coupled with ambitious digital and sustainable transition objectives.
Johan Barros represented Accountancy Europe at the SME Assembly. Accountants are crucial in supporting and advising SMEs navigate through these difficult times.