top stories

ACCA (the Association of Chartered Certified Accountants) has published a policy paper offering five key recommendations for the Czech Presidency to take on board during its six month tenure.

The paper covers: Small and Medium-sized Enterprises (SMEs); Financial Services Regulation; Accounting; the Lisbon Agenda and Climate Change.

ACCA (the Association of Chartered Certified Accountants) has published a policy paper offering five key recommendations for the Czech Presidency to take on board during its six month tenure.

The paper covers: Small and Medium-sized Enterprises (SMEs); Financial Services Regulation; Accounting; the Lisbon Agenda and Climate Change.

Andriy Gorbal, Public Affairs and Media Relations Officer for Central and Eastern Europe at ACCA, says: "The main theme of the Czech Presidency will be "Europe without Barriers", which reflects the four basic freedoms: the free movement of goods, capital, workers, and services. Our recommendations outline measures that ACCA would like to see taken during the Czech Presidency to achieve these objectives."

Small and Medium-sized Enterprises (SMEs) make a huge contribution to the European economy and therefore needs special and careful attention from regulators, especially in times of financial crisis. While supporting initiatives that cut the red tape that stifles business innovation and entrepreneurship, ACCA believes that the relevant light touch regulation can bring benefits, with initiatives accompanied by a transparent cost-benefit assessment capable of independent evaluation.

ACCA emphasized the importance of EU decision to use International Financial Reporting Standards as the basis for EU accounting standards, and called on EU authorities to engage in the standards-setting process, as well as encouraging EU companies to contribute to that process. In the interests of establishing a valid internationally accepted standard, the EU should avoid creating accounting exceptions and interpreting standards.

ACCA believes that the "Lisbon" economic reforms agenda should be promoted, with sharper, more realistic goals linked to action plans which commit the EU Member States to implementing reforms in the labour markets, financial services sector and discriminatory tax systems should be a key priority.

Considering climate change initiatives, ACCA believes that, unlike taxation and direct regulatory intervention, the Emissions Trading Scheme delivers quantifiable reductions in greenhouse gas emissions at the lowest possible cost to the economy. A carbon market price will encourage reduction of GHGs through, for example, switching to cleaner fuels or improving efficiency where cost-effective. Among other points, ACCA stressed that it is important that work towards the EU becoming a low-carbon economy is managed effectively and completed without damaging the competitive of businesses (especially SMEs).

Download the Czech Presidency of the EU (January-June 2009)  - English language version

Download the Czech Presidency of the EU (January-June 2009)  - Czech language version

Back to top