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ACCA reveals plan for a stronger, more sustainable economy
The Association of Chartered Certified Accountants (ACCA) has released a comprehensive policy prospectus outlining a vision for a more robust and sustainable UK economy.
In Accounting for a better world: an ACCA policy prospectus for the UK, ACCA sets out clear goals and objectives that will help the UK strengthen its position in sustainable business, global trade, AI and talent retention. Key areas for policy reform are also addressed, including improvements to tax systems, auditing, corporate governance and the public sector.
Highlighting the importance of credible and forward-thinking regulations and institutions to capitalize on the UK’s growth potential, ACCA calls for urgent reform of the corporate governance landscape, including kick-starting the stalled audit reform process, as well such as restoring confidence in HMRC.
ACCA establishes a plan covering the following five areas:
- Create a thriving economy in a changing world by supporting business and expanding international trade.
- Promote a sustainable and fair transition to a new way of doing business that provides a better world through the adoption of international standards.
- Create a framework for growth, nurture a transparent and trustworthy business ecosystem through reform of corporate governance, auditing, taxes and public services.
- Promote the ethical and responsible use of AI in a safe and transparent environment, through the development of world-leading government legislation.
- Support the development of an ethically motivated accounting profession, expertly trained and educated to deliver robust business practices and a robust economy.
ACCA also supports the resolution of ongoing late payment issues, the mutual recognition of professional qualifications between countries, the introduction of a skills tax credit pilot, the simplification of the UK tax system and the adoption of the International Sustainability Standards Board (ISSB) in UK law.
Helen Marca, chief executive of ACCA, said: “There is much we can achieve together as the UK seeks to defend business in an era that is forever changing the way businesses operate; how they evaluate success and how they measure long-term value.
“Accountants work in strategically important, high-value roles, bringing broad insight and experience to government, financial institutions, businesses, the public sector and public practice.
“The future of prosperous international trade; sustainable economic growth that benefits everyone; and harmonious trading relations between the UK and the rest of the world, depends entirely on the strength of a healthy financial profession – with dedicated people who are dedicated to the public good. ACCA’s contribution will continue to give the UK – and the world – the accounting profession it needs.”
Susana Amorstrategic engagement lead for Scotland at ACCA UK, said: “To grow and prosper, the UK must look for effective ways of working and doing business that will lead to greater prosperity for the country.
“The five points set out by ACCA are designed to provide a holistic approach to how accountants can help improve business in the UK. As such a diverse profession with a highly strategic skill set, accountants are often well positioned to help companies achieve these goals and can provide valuable analytical and data-driven insights to guide from the beginning – in business, in accounting practices. and in influencing broader policies. .”
Appealing to UK policymakers, including MPs, officials and government agencies, as well as business advisers, financial institutions, public sector bodies and accounting practices, ACCA lays a solid foundation for the UK economy.
The full policy prospectus can be found here – expanding each of the five points in more detail.