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EFAA latest news

26.02.2021

25 February 2021 - EFAA’s article explains the role SMPs can play and sets out some early warning signs which SMEs and their SMP advisors should be looking out for.  Business owners, with help from specialists like an SMP, should monitor their businesses closely and, if they start to present any of the warning signs, take corrective action immediately. The article lists some of the signs including inadequate cash reserves, poor cash-flow management and the inability to access finance.  The full article is available here.

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15.02.2021

15 February 2021 - EFAA for SMEs welcomes the Commission’s Proposal for a Regulation on Digital Operational Resilience for the Financial Sector.  The proposal is timely and particularly relevant. Cyber breaches have become increasingly common threats for businesses in all sectors. The COVID-19 pandemic accelerated the digitalization of many businesses and a shift to remote working. This has significantly increased cybercrime and imposed significant new costs, in time and money, on businesses. Furthermore, financial entities and SMEs appear even more vulnerable to...

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08.02.2021

8 February 2021 - EFAA for SMEs welcomes the Commission’s consultation on a Proposal for an Initiative on Sustainable Corporate Governance. This initiative supports the EU Green Deal and the Commission’s COVID-19 Recovery Plan. EFAA for SMEs supports the objective of further embedding sustainability into SMEs’ objectives and management and believes in encouraging businesses to take into account the environmental impact (including on the climate and on biodiversity) of their business decisions as well as social, human, and economic factors. EFAA for SMEs also agrees...

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29.12.2020

29 December 2020 - SMEs collectively account for a majority of private sector economic, social, and environmental impact. Hence, SMEs are crucial to the achievement of the Sustainable Development Goals (SDGs) such as the goal of net zero carbon footprint. Accordingly, it is vital that SMEs report on and made accountable for their ESG impact. This will be greatly facilitated by having internationally recognised sustainability reporting standards. SMEs, however, are severely constrained by access to technical resources and disproportionately impacted by the burden of regulation. It is,...

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07.12.2020

7 December 2020 - The COVID-19 crisis continues to have a huge negative impact on hundreds of thousands of Small and Medium-Sized Entities (SMEs). The European Union (EU) and national governments are already addressing the issue, having set up strong support measures to assist companies including SMEs, that collectively provide two thirds of all jobs in the EU, and account for more than half of Europe’s GDP. However, these support measures will only be effective if SMEs can actually smoothly access them and are able to use the funding in most efficient ways. There are several...

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12.10.2020

12 October 2020 - There are significant variations between jurisdictions in Europe when it comes to the accounting treatment of intangibles by small and medium-sized enterprises (SMEs) and consequently users of SME financial statements need to be alert to the lack of comparability of information on intangibles. This is the key finding of a survey conducted by EFAA of its member organisation spanning 11 countries, ‘The Financial Reporting of Intangibles by SMEs in Europe’. Intangible assets are often, and increasingly, the primary drivers of the value of a company. This is...

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05.10.2020

5 October 2020 - The European Union Intellectual Property Office (EUIPO) and the European Federation of Accountants and Auditors for small and medium-sized enterprises (EFAA), have signed an agreement of collaboration to provide support to SMEs. Both organisations play an essential and complementary role in their shared vision to empower SMEs within the EU. Intellectual property (IP) rights have long been recognised as drivers of innovation and growth, providing holders a competitive advantage in a global market. Business owners turn to their trusted accountants when they need advice about...

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07.09.2020

Brussels, 7 September 2020 - EFAA publishes a report providing insights on the use of the DCMM™. EFAA's Digital Competency Maturity Model ( DCMM™) was launched on 2 September 2019 and is now available in 8 languages. Between 2 September and 30 June, it has been used by over 800 small- and medium-sized practices. The report, which analyses the results and draws recommendations for SMPs and PAOs, is available here and a summary article is available here.

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27.08.2020

Brussels, 27 August 2020 - EFAA supports the development of a NFR standard for SMEs, preferably by EFRAG with robust participation of SME organisations. This NFR for SMEs standard should be voluntary and cover sustainability / environmental matters to serve as fulfilment of the Taxonomy Regulation.  While we recognize the need for sustainable finance, we have concerns about the impact on SMEs, especially during these challenging times. Accordingly, we urge the Commission to apply the following principles for SMEs: Ensure the proportionality, simplification, and flexibility of...

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28.07.2020

Brussels, 28 July 2020 - Our new webinars reflect our commitment to stay in contact with relevant stakeholders, to press ahead with our lobby activities in the EU and to keep helping and supporting small- and medium-sized accountancy practices to the best of our abilities, even through these difficult time.  The videos of the webinars are available here. Slides are available upon request to secretariat@efaa.com Next EFAA's webinar will take place in early September and will focus the Future of SMEs: Liquidity and Business Contuinity. 

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