Tag Archives: ACCA Cymru

Accountancy & Accounts, Events

Celebrate St David’s Day with Welsh manager Rhian Wilkinson

Celebrate St David’s Day this year by hearing first-hand about a great Welsh success story. For many years, the ACCA Cymru/Wales Saint David’s Day Breakfast has been a highlight of the business networking calendar in south Wales.

 

The event brings together representatives from across the entire business community to network and to celebrate Dydd Gŵyl Dewi. And this year ACCA keeps to that tradition as it hears from a very special guest speaker who is not afraid to analyse and address the challenges sport, women in sport and Welsh society face.

 

Guests will be able to hear from Rhian Wilkinson, Head Coach of the Wales Women’s Football Team. The side recently made history by qualifying for their first ever major tournament, Euro 2025, which takes place later this year. The breakfast will be a fantastic opportunity to hear first-hand from Rhian about the success of the team, the impact that this will have in growing the game in Wales, as well as lessons that we can all learn from sporting success.

 

The breakfast will take place on Friday 28 February 2025 at the Hilton Hotel in Cardiff, and as well as the guest speaker includes a sparkling drinks reception, a traditional Welsh breakfast and performances from a Welsh choir. The event is kindly sponsored by Menzies LLP.

Places can be booked by visiting https://events.accaglobal.com/pd/3327/acca-st-davids-day-breakfast-2025 (ACCA member and non-member places available).

Accountancy & Accounts, FInance, Finance and Banking, Wales

ACCA Cymru/Wales on the draft Welsh budget

Lloyd Powell, head of ACCA Cymru/Wales, in response to the draft Welsh budget said:

“Following on from the extra spending on public services announced in the UK Budget in October, the draft Welsh Budget saw additional £1.5 billion of spending announced on public services, including the NHS and local authorities. Spending announcements in the draft Budget were firmly in line with the four priorities outlined by the First Minister earlier this year.

 

NHS

 

“Recognising the significant challenges the NHS in Wales faces, with an ageing population, increasing demand, persistent health inequalities and skills shortages, the 2025/26 draft Welsh Government budget saw a further £600 million allocated to Health and Social Care in Wales – amounting to over 50% of the total Government Budget. This needs to be accompanied by service reform and productivity gains. WG needs to redouble its efforts to address the fundamental challenges as outlined in ‘A Healthier Wales’ in 2022, including reducing waiting times, increased use of technology and investing in the workforce for the future.

 

Business support/skills

 

“Businesses in Wales continue to face challenges in 2025 and into 2026 which have adversely affected business confidence. These include higher employer National Insurance contributions and other rising costs such as the National Minimum Wage.

 

“The commitment to continue to support skills provision is welcome. The importance of supporting people into high-quality jobs, which are designed to drive economic growth and tackle poverty cannot be overstated. The additional investment of £6.5m resource funding to support the Flexible Skills programme, particularly in those sectors associated with decarbonisation, is a positive announcement.

 

“The announcement to extend non-domestic rates relief for businesses in the retail, leisure and hospitality sectors at the current 40% will help Welsh businesses in these sectors, although there will be concern at what support will be available beyond 2025/26.

 

“The announcement on accelerating planning decisions to grow the Welsh economy will be welcomed by many Welsh businesses looking to expand, as will announcements to improve the transport system in Wales. Businesses will hope that improvements in these areas will be delivered at pace to support the growth of the economy across all of Wales. .

 

Climate Change

 

“The additional funding to support climate change is welcomed as Wales continues to transition to low carbon industries and developing renewable sources of energy which also provide high skill jobs for Wales.

 

General

 

“The draft Budget only outlines spending plans for one year. Multi-year settlements for resource and capital at the conclusion of the UK Spending Review in 2025 will provide much needed certainty for the Welsh Government and its partners.

 

“The draft Budget needs the support of at least one opposition party, and it will be interesting to see how the discussion and debate on the draft budget develops in the new year prior to the Budget’s final approval in February 2025.

 

“Welsh Government needs to work with all partners, including businesses and the UK Government, to ensure the successful delivery of programmes of work that benefit the Welsh economy and society.”

Accountancy & Accounts, Finance and Banking

Leading professional bodies partner to empower accountants in non-executive roles

Alliance plans to boost the ACCA NEDonBoard-certified community in the UK, equipping them to strengthen board best practices

 

A leading accountancy body and the professional body for board members are joining forces to support professional accountants pursuing careers as non-executive directors (NEDs).

 

ACCA (the Association of Chartered Certified Accountants) has chosen NEDonBoard, Institute of Board Members, as its preferred partner to empower ACCA members in non-executive roles, to equip them with skills to strengthen board practices and enhance the organisations they join. This partnership brings together two leading professional bodies, working jointly to build a strong community of board-ready ACCA members.

 

ACCA and NEDonBoard are united by shared values of forward-thinking, modern governance practices, and a commitment to advancing professional standards, serving as a force for good through diverse and impactful leadership.

 

Mel Venes, sector and communities lead, ACCA UK, said: “The role of a NED is important and professionals occupying these roles are chosen due to wealth of business experience and strong reputation. We’re delighted to announce this partnership with NEDonBoard through which we hope to encourage more ACCA members to contribute their talent and experience as NEDs.

 

“An exciting aspect of this partnership is the opportunity to strengthen ACCA’s community of NEDs. Our partnership will support us to build creative, meaningful and practical support for our members in this work.”

 

The partnership aims to support ongoing professional development and growth while cultivating a dynamic and collaborative network.

 

Elise Perraud, chief operating officer, NEDonBoard, said: “We are thrilled to join forces with ACCA, a partner whose values align closely with our own, to support professionally qualified accountants on their journey to board roles. This partnership reflects our shared commitment to empower these professionals with a clear pathway to board roles, and the resources, recognition, and continuous development they need to make meaningful contributions and be impactful.”

 

The partnership formally launches on 3rd December. As a first step in the partnership ACCA and NEDonBoard, Institute of Board Members are planning a series of webinars to present the non-executive career opportunity and insights into how to secure a first role when you are an ACCA member.

 

Read more details.

Accountancy & Accounts, FInance, Finance and Banking

Half of businesses fail to explain sustainability in daily operations

  • Businesses and other organisations need to improve reporting of the interconnections between business activities with sustainability
  • New research from leading global accountancy body ACCA reveals a disjointed picture of sustainability matters and business activity.

All professionals, and especially accountants, need to gather and use insights to better understand the relationship between sustainability-related matters and business activities if businesses are to survive, according to Making information connections for sustainable value creation, the latest release in ACCA’s sustainability reporting research series.

Those that fail to do so are at risk of not being alert to challenges impacting their resilience and future survival, and could also miss good opportunities, says ACCA.

Unfortunately, connectivity for sustainability-related matters is not common practice among organisations in their corporate reporting activities, including the publication of annual reports. Frequently the connections are not communicated – risking poor quality decision-making by all stakeholders.

A survey of over 1,000 finance professionals from around the world revealed that only half (49%) of their organisations explain how sustainability is reflected in their operations and only 38% explain how they manage sustainability risks.

ACCA is recommending corporate disclosures build on the rules already laid down by the International Sustainability Standards Board (ISSB). This research has identified an opportunity for sustainable value creation by expanding the ISSB definition of connectivity and connected information in order to provide better information that will create more resilient business models.

Report author Sharon Machado, head of sustainable business at ACCA, said: “Successful organisations have always worked to make connections but if we’re to make the progress on sustainability that the world needs then we’re calling on businesses to supercharge those connections. Currently there is a real risk that progress will not be swift enough. Professional accountants are uniquely placed to connect sustainability-related information to financial information.”

The ISSB and some of ACCA’s network of business experts shared their valuable insights to help connect information for quality decision-making and sustainable value creation. Many of their recommendations call for professionals to leverage core ‘business as usual’ activities – but incorporate sustainability-related insights central to the organisation’s survival.

The research launches in the same month that ACCA was recognised with a special nomination in the international category of the UN Trade and Development (UNCTAD) International Standards of Accounting and Reporting (ISAR) Honours 2024. The award recognised ACCA’s 360-degree approach to building capacity for sustainable business through high quality, connected sustainability and financial information.

ACCA has shared the research and guidance it has produced on a range of sustainability issues at the COP29 climate summit in Azerbaijan.

The research includes real-life examples and suggested activities to help professional accountant to be the connectors that organisations need to create sustainable value. Read the research at the ACCA website.

Accountancy & Accounts, FInance, Finance and Banking

Labour’s industrial strategy needs the accountancy profession at its heart

ACCA says the government’s growth agenda will only succeed if it forms meaningful partnership with the accountancy sector.

 

The government needs to work closely with the accountancy sector if it is to make a success of its number one mission – a growing economy.

 

Accountancy is an undoubted success story for the UK economy. The sector contributed £98bn to the UK and Irish economies in 2022, exported £4bn of services in the same year and has a trade surplus of £4.9bn.

 

Responding to Invest 2035: the UK’s modern industrial strategy – the strategy which Chancellor Rachel Reeves says is central to its growth mission – leading global accountancy body ACCA (the Association of Chartered Certified Accountants) says that the work of the accountancy profession underpins the success of all the eight growth-driven sectors identified by the new Labour administration.

 

Glenn Collins, Head of Policy, Technical and Strategic Engagement ACCA, said: “The UK government’s ambitious strategy for growth needs to be supported by detailed plans to ensure that the aspiration has a chance to be realised. ACCA has a track record of working with Government to support detailed policy implementation which will enhance growth. We look forward to working in partnership with government to make it happen.”

 

In its response ACCA says that the government refreshing its understanding of the accountancy sector would help directly to deliver the government’s desired target of net zero, regional growth, and economic security and resilience.

 

ACCA points out how accountants are crucial in offering UK businesses – including the vital SME and entrepreneurial sectors – strategic business advice and unlocking investment opportunities.

 

Jessica Bingham, Regional Policy Lead for ACCA, said: “ACCA UK is pleased to see that professional and business services – of which accountancy is a significant part – is one of the eight growth-driving sectors identified by the government’s industrial strategy.

 

“ACCA has members working in and helping businesses every day across every region of the UK, grappling with the problems that this industrial strategy identifies – skills and jobs, investment and technology adoption. Our members are keen to share their knowledge and insights to make growth a reality.”

 

Read the ACCA’s response here.

Accountancy & Accounts, Climate

Accounting professionals driving urgent action on climate reporting standards, sustainability skills-building and SME support

Leading global accountancy body works to ensure Azerbaijan climate conference understands crucial importance of building skills in climate finance, business resilience, and sustainability reporting

 

ACCA is at COP29 Azerbaijan with key partners working to emphasise the importance of the adoption of sustainability reporting standards.

 

In a series of meetings and panel discussions, ACCA (the Association of Chartered Certified Accountants) is raising awareness of how adoption of sustainability disclosures is driving investment in sustainable businesses and the net zero transition, and the urgent need for this to speed up and become universal.

 

It is also highlighting the pressing need for more professional skills capacity in sustainability. The skillset of the accountancy profession is broadening to embrace sustainable business, finance and reporting, and ACCA is working to spread these skills as widely as possible.

 

At the same time ACCA is ensuring that delegates to the UN Climate Conference are aware of the vital role that small and medium sized businesses (SMEs) have in ensuring that business moves to Net Zero.

 

Vikas Aggarwal, Regional Head of Public Affairs for Europe, Eurasia, Middle East and the Americas, ACCA, said: “It’s crucial that SMEs – the backbone of supply chains and economies across the world – aren’t forgotten in the journey to Net Zero. But they face huge challenges, including accessing sustainable finance and a lack of the professional skills needed to adopt sustainable business models.”

 

ACCA has led the accountancy profession in taking action on climate change including sharing best practice; creating knowledge hubs; working with partners across the globe; building world-leading education and learning opportunities and providing guidance and toolkits on sustainability reporting. For instance in September it launched a new Professional Diploma in Sustainability.

 

At COP16 – the UN Biodiversity Conference which took place earlier in November – ACCA launched Empowering business: navigating nature-related reporting, calling on accountants to get to grips with the concepts, principles, challenges and opportunities of nature-related reporting.

 

As COP29 opened ACCA published Weathering the storm: building resilience against climate disruptions which outlined how unprepared businesses are for climate-related disasters and as the conference draws to a close ACCA is set to release Sustainability guide to preparation: telling a connected story.

 

Lloyd Powell, Head of ACCA Wales/Cymru, said: “As our recent reports show ACCA is determined to lead the way in driving the change towards sustainable businesses. In Wales ACCA’s members understand how SMEs are the backbone of the Welsh economy and are facing myriad challenges currently. That means the accountancy profession needs to work hard to make sure we are playing our part using our skills, experience and know-how to help government, the public sector and businesses of all sizes transition as quickly as possible to create a sustainable future for all.”

 

Vikas Aggarwal, said: “Financial professionals are in no doubt that huge investment is needed in clean energy and sustainable business. Part of ACCA’s role is to explain and amplify that message to business and government.

 

“That is why we were so pleased to be part of the discussion at COP29 Azerbaijan set up by the Global Capacity Building Coalition which ACCA is a supporter member. Over the week it has been highlighted how resilience will be key, as explored in our new report, Weathering the storm. A focus on skills development is crucial; we’ll continue to work urgently to play our part because the critical need is to take action.”ACC

Accountancy & Accounts, Events, FInance, Finance and Banking, Finance News

Finance professionals look to build a better future for all

Held in Cardiff, ACCA’s Future of Finance conference set out the accountancy profession’s opportunity to build a better world

 

Technology, sustainability and talent were the three powerful themes that dominated the Finance Futures conference in Cardiff on 6 November.

 

The conference, organised by ACCA (the Association of Chartered Certified Accountants) – and featured speakers from the University of South Wales, PureCyber, British Business Bank, Menzies, Welsh Government, PwC and Sage – was attended by accountants from all over the UK, representing all sectors of the economy, from SMEs to large corporates, as well as accountants in practice who support businesses of all sizes.

 

Lucia Real-Martin, executive director, relationships at ACCA, told the conference: “Be bold and curious. We have to seize this fantastic opportunity to discuss the challenges and opportunities facing the accountancy profession. It is important to recognise the enormous value accountants create for organisations and for national economies, but we also need to shift how the public views the role of accountants.

 

“Only by analysing clearly how the role of accountants is changing – such as our contribution to building a sustainable world – will we explain the immense contribution we make to economies and society.”

 

Delegates at the Parkgate Hotel discussed how technology is changing the nature of work. They looked at the challenges of cybersecurity threats and how to manage these, as well as the opportunities presented through advances in Artificial Intelligence, automation and big data.

 

Technology is transforming accountants’ work, freeing them from routine tasks to add more value to their businesses and clients with greater insight using their intuition, insight and experience. That requires ethically trained professionals, with strong technical accounting skills as well as new skills in sustainability and digital – and strong, collaboration, communication skills as well as emotional intelligence.

 

ACCA’s commitment to equipping accountants with the skills required to face the latest challenges can be seen in the recent launch of the pioneering Professional Diploma in Sustainability. Designed for finance professionals at all levels, the diploma provides a comprehensive understanding of sustainability and accreditation to prove it.

 

In order to attract and retain the best talent in a fast-changing world, delegates were reminded of the crucial importance of training and upskilling – to adapt and to support their organisations, businesses and the economy. Employers were reminded that providing a supportive working environment and seeing businesses clearly demonstrating (‘living’) their organisational values were now a key factor in attracting and retaining the best staff.

 

Lloyd Powell, head of ACCA Cymru/Wales, said: “We were delighted to welcome ACCA members and partners from across the UK to Cardiff. Everything we heard and discussed today underlines how accountancy professionals are vital to ensuring sustainable organisations and that businesses prosper in changing and challenging times.

 

“ACCA’s partnerships in Wales, across the UK and globally with governments, universities and employers illustrates how as a profession we’re working hard to have a positive impact on the economy, society and the planet.”

Accountancy & Accounts, Business, Economy & Jobs News, FInance, Finance and Banking, Finance News

Tax rises and complicated tweaks piles pressure on businesses

  • Multiple small tax changes announced at the Autumn Budget will create complexity for accountants and businesses
  • Small businesses will be feeling the pressure of new tax changes announced

 

ACCA, the leading global accountancy body, noted that while a commitment for greater stability in public finances is welcomed, including the alignment of economic strategy, a corporate tax roadmap and spending plans, it remains to be seen whether the announcements provide a much-needed boost to business confidence.

 

The changes announced continued the pattern of opaque changes to taxes, such as shifts to thresholds, to boost tax take in the short term, while avoiding long-overdue reform of our tax system, which will be necessary to create a long-term approach to investment and innovation.

 

Lloyd Powell, head of ACCA Cymru/Wales, said: “The focus on investment, economic stability, boosting growth and supporting public services are welcomed – with £1.7bn of additional funding for Wales though the Barnett Formula, the announcement on support for coal tips and a green hydrogen project in Bridgend.

 

“However, although partially offset by changes to allowances, the impact of the £40bn of increased taxes announced – including on Employer National Insurance contributions and thresholds and Capital Gains Tax – will be felt by many businesses across Wales. Business confidence, critical to encourage investment and stimulate growth, has been in short supply in recent months. Following these announcements, it’ll be more important than ever for these businesses to seek the advice of their accountants; to ensure they comply with changes, as well as refocusing business growth plans.

 

“Workers across Wales will welcome the decision not to increase Fuel Duty and to unfreeze Income Tax and NI thresholds from 2028/29.

 

“With a wide range of tax changes announced, the Chancellor should have gone further on simplifying the tax system, with the changes announced arguably adding to existing complexity.”

 

Glenn Collins, head of technical and strategic engagement, ACCA UK, added: “The UK tax landscape is already too complex, and yesterday’s announcements do little to address this. At a time when we need to see a longer-term approach to our tax system to support investment, we have seen more short-term adjustments to raise revenue, adding yet more complication. ACCA has repeatedly called for the government to commit to a programme of tax simplification and it was disappointing not to hear more about that from the Chancellor.

“Expectations were high ahead of the Budget. Ultimately it has left some questions unanswered, perhaps until the next phase of the spending review in spring 2025. Whether this will provide the clarity and certainty business needs remains to be seen.”

Accountancy & Accounts, Economy & Jobs News, FInance, Finance and Banking

ACCA Cymru/Wales on the Autumn Budget

Lloyd Powell, head of ACCA Cymru/Wales, said:

 

“The focus on investment, economic stability, boosting growth and supporting public services are welcomed – with £1.7bn of additional funding for Wales though the Barnett Formula, and the announcement on support for coal tips and a green hydrogen project in Bridgend.

 

“However, although partially offset by changes to allowances, the impact of the £40bn of increased taxes announced – including on Employer National Insurance contributions and thresholds and Capital Gains Tax – will be felt by many businesses across Wales. Business confidence, critical to encourage investment and stimulate growth, has been in short supply in recent months. Following these announcements, it’ll be more important than ever for these businesses to seek the advice of their accountants; to ensure they comply with changes, as well as refocusing business growth plans.

 

“Workers across Wales will welcome the decision not to increase Fuel Duty and to unfreeze Income Tax and NI thresholds from 2028/29.

 

“With a wide range of tax changes announced, the Chancellor should have gone further on simplifying the tax system, with the changes announced arguably adding to existing complexity.”

Accountancy & Accounts, Business, Business Finance, Finance and Banking

ACCA sets out how accountancy profession can meet the nature reporting challenge

Report sets out accountant’s vital role in protecting and restoring the natural world

 

​​​Accountants must understand the concepts, principles, challenges and opportunities of nature-related reporting to engage with boards and management on this increasingly vital issue.

 

The global accountancy body ACCA has issued a ​paper Empowering business: navigating nature-related reporting, designed to assist accountants supporting organisations to undertake nature-related reporting and drive meaningful action to tackle the sustainability-related challenges.

 

​​Jessica Bingham, regional policy ​​​l​​​​​​​ead for ACCA​ and the report author, said: “Nature is the foundation for all life on Earth​,​ and our research suggests that an overwhelming number of organisations do not effectively assess and communicate their impacts and dependencies on nature.”

 

Organisations are increasingly disclosing their impacts and dependencies on nature, especially with the advent of the Corporate Sustainability Reporting Directive in Europe. The International Sustainability Standards Board (ISSB) has​ recently announced​ that it plans to carry out ​​research into biodiversity, ecosystems and ecosystem services as part of its work plan over the next two years​, with a view to developing global reporting standards​. ​         ​

 

These changes will require accountants to increase their knowledge in this area. ​A ​​c​ore​ element of ​​reporting ​these ​​matters is​ ​setting out​​ an organisation’s material nature-related impacts, dependencies, risks and opportunities and underpins interconnections between the natural, social and human capitals.

 

The ​key messages in​​​ the report will be discussed by Jessica Bingham at COP16 on biodiversity in Colombia 21 October​ ​-​ ​1 November​, including​​​ a panel discussion with standard setter the Global Reporting Initiative, credit agency S&P and biopharmaceutical company AstraZeneca.   ​​

​

​ACCA’s ​​​​research​, ​​in​ collaboration with​ Glasgow University​,​ found that 95% of the 183 early adopters of ​disclosures recommended by ​The Taskforce on Nature-related Financial Disclosures (TNFD) have policies or commitments to halt and ​reverse​ biodiversity loss.

 

However​,​ only 35% have policies and commitments informed by 2030 and 2050 global diversity frameworks (GBFs). Organisations that are already working with accountants on Task Force on Climate-related Financial Disclosures (TCFD) are giving themselves a head start in developing nature-related reporting​,​​ making themselves more ​resilient​ and managing their impact on nature​.

 

The rise of nature-related reporting is ​an opportunity for individual accountants and the profession across strategic planning, value creation, risk management, regulatory compliance, partnership development and decision making processes.

 

Lloyd Powell, head of ACCA Wales/Cymru, said: “Nature-related reporting is increasingly recognised as an essential component of organisational reporting. The role of accountants in this domain is pivotal in driving sustainable business practices and ensuring long-term financial health and environmental stewardship.”