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EFAA latest news

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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26.06.2020

Brussels, 26 June 2020 - EFAA’s Annual General Meeting (AGM), one of the most important activities or events for an organization, was, for the first time ever, held by video conference. This time, members came together on the MS Teams platform to, amongst other things, receive a presentation on the federation’s activities and financial performance in 2019, approve a new ordinary member and reappoint four Board members. One of the highlights of the meeting was the admission of a new member. EFAA unanimously approved the admission of the Chamber of Financial Auditors of Romania...

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02.06.2020

Brussels, 29 May 2020 - EFAA reads with interest the Report Strengthening the Single Market: the future of free movement of services (INI 2020/2020). While we concur with much of the content, which aligns with our position statement, we wish to make a few points that you might wish to consider as you finalize the report: EFAA urges the European Parliament both to acknowledge the indispensability of the services provided by qualified accountancy practices generally and to recognise the unique and essential role and value of small and medium-sized accountancy practices (SMPs). The physical...

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12.05.2020

Brussels, 12 May 2020 EFAA Annual Report 2019 Salvador Marin, EFAA President, explains “in 2019 EFAA has been working intensively to inform and connect with partners and stakeholders to highlight the high quality of services provided by small and medium-sized accountancy practices (SMPs), as well as to strengthen its position as the leading advocate for SMPs and SMEs in Europe”. Presidential elections, the celebration of EFAA 25th anniversary (1994-2019) as well as the approval of the new EFAA statute are three key activities that occurred in 2019. EFAA achieved several of its...

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12.03.2020

Brussels, 12 March 2020 – EFAA, the European Federation of Accountants and Auditors for SMEs, represents over 350,000 accountants all over Europe. Our members are micro-, small- and medium-sized accountancy practices that provide accountancy services to millions of SMEs. Small entities will be heavily impacted by the economic consequences of the restrictions rightly introduced to protect the citizens’ health from COVID-19. However, the economic consequences of these restrictions will be disastrous for very small practices and self-employed accountants and for all their SMEs...

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05.02.2020

In September 2019 the European Federation of Accountants and Auditors for SMEs (EFAA) launched a new tool to help small- and medium-sized practices (SMPs) rate and improve their digital competency. This article examines the insights to be gained from the early set of results and how professional accountancy organizations (PAOs) can leverage the tool.   read article

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