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EFAA latest news

07.08.2019

During its 2019 International Conference – Building the Digital Practice EFAA conducted the following interviews to ask the key questions discussed during the conference How Is the Profession in Asia Preparing for a Digital Future? by CA Manu Agarwal, Council Member, The Institute of Chartered Accountants of India How do SMPs need to adapt to better serve SMEs in a digital future? by Véronique Willems, Secretary General, SMEunited How is NBA preparing its members for a digital future? by Erik Kolthof, Innovation Project Leader, NBA How can SMPs best attract, retain and...

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03.07.2019

Marin was nominated by Consejo General de Economistas (CGE) and gained the unanimous support of EFAA’s member organisations. Marin’s term of office will run through to the EFAA AGM of 2021. He succeeds Bodo Richardt who helped transform EFAA into an influential regional accountancy body. Marin said: “EFAA is a highly capable organization with enormous potential. I look forward to working tirelessly with members, staff and the EFAA Board so that EFAA can continue to be of great service and support to its members, SMPs and our profession.” Marin is well equipped to...

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03.07.2019

EFAA Annual Report 2018

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16.05.2019

EFAA has today published a survey report ‘Acceptance Of The Micro-Entities Accounting Option In Europe’ which reveals, says EFAA President Bodo Richardt, “that accountants are instrumental in the decision of micro-entities to take-up the option for simplified accounting.” EFAA were motivated to investigate the take-up of the micro-entities option – the extent and the reasons for promoting it or otherwise – by way of a survey of accountants in practice conducted in conjunction with its member organisations in 2017 and 2018 once the option had become...

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03.04.2019

EFAA has published a new report 'Evidence on the Value of Audit for SMEs in Europe: Perspectives of Owner-Managers, Company Accountants and Directors' that presents new and recent evidence on the perceived value of audit for small and medium-sized entities (SMEs) in Europe. "The evidence presented in our survey and the reports from other countries may have significant implications for regulators and policy makers, standard setters and the profession, especially auditors", says Bodo Richardt, EFAA President. "The value of the SME audit is central to the public interest, and the benefits for...

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25.02.2019

The European Federation of Accountants and Auditors for SMEs (EFAA) has published the “EFAA Memorandum for Elections to the European Parliament 2019 - SMPs Supporting SMEs for Europe” in which EFAA sets out what it sees as the top priorities for SMEs in the coming few years. Small and Medium-sized Enterprises (SMEs) are crucial to the future economic and social prosperity and stability of Europe. Due to their inherent characteristics and their structure they are relying heavily on the advice from their trusted advisors. Small and Medium-sized accounting Practices (SMPs) play this...

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22.02.2019

EFAA Event Reveals Limited Support for Reporting of NFI by SMEs Making the reporting of non-financial information (NFI) by SMEs mandatory would not be effective in stimulating SMEs and driving their role for a sustainable economy. This was the prevailing view at an expert roundtable event on the role of small and medium-sized enterprises (SMEs) in making economies more sustainable and circular, hosted by the European Federation of Accountants and Auditors for SMEs (EFAA) in Brussels on 19 February 2019. The event was especially timely given a day later the Commission published a Consultation...

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18.12.2018

EFAA has submitted a response to the IAASB Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement expressing concerns about the scalability and complexity of the proposals. EFAA’s response is shown here while the Exposure Draft (ED), and all responses to the ED including EFAA’s (#68), are here. The ED has attracted considerable attention in the accounting media as one can see here. Katharine Bagshaw, ICAEW manager of auditing standards, has said: “ISA 315 is a cornerstone standard and changes to it will affect all other standards,...

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19.11.2018

While the EU Directive on Non-Financial Information(NFI) Disclosure only applies to larger companies, preliminary results from the EFAA survey suggest that NFI reporting is quite common for SMEs due to national requirements. Furthermore, there is also growing interest in the benefits of integrated thinking and reporting by SMEs. The survey’s findings have implications for regulators and policy makers seeking to harmonise in the shape and form of SME reporting and to enhance the transparency of societal and environmental impacts of corporate activities across the European Union. The...

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17.08.2018

EFAA President Bodo Richardt was the author of the article ‘How Much Roadmap into the (Digital) Future is there in Europe for SMPs?’ that headlined in the special July 2018 Platinum Anniversary issue of the journal of the Institute of Chartered Accountants of India (ICAI) alongside those authored by leaders of the global accountancy profession, including IFAC President Rachel Grimes. The article presents an overview of the challenges to SMPs, examines some significant technological trends relevant for SMEs and SMPs and concludes with how SMPs and their professional organisations...

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