Tag Archives: ACCA Wales

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

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, 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.”

Accountancy & Accounts, FInance, Finance and Banking, Politics

Accountants praise government for promising action – but more still to be done

  • In the first 100 days the government has taken some positive steps but significant barriers to economic growth and increased productivity remain
  • Proposals to late payments, corporate governance regulation, and local authority audit backlog all welcomed as announcements

 

As Keir Starmer’s Labour party celebrates 100 days in office, global accountancy body ACCA (the Association of Chartered Certified Accountants) calls on the UK government to stay focused on the key priorities to boost economic performance and business growth, and to be clear on this vision to boost optimism.

 

Just over three months since Labour’s decisive victory at the 5 July General Election, ACCA is encouraging the new government to stick to its priorities of putting economic growth at the heart of its agenda for the country.

 

Glenn Collins, head of technical and strategic engagement at ACCA UK, said: “We have seen some encouraging signs that the new government’s Treasury and business team understand the worries of the business sector and the concerns that we hear consistently from our 100,000 UK based members.

 

“We want them to build on the foundations that they have set out and we will continue to hold them to account.”

 

ACCA reports that members support the government’s emphasis on growing the economy, and ACCA welcomes moves over the first 100 days including:

 

  • Action on late payment which ACCA has consistently called out as a blight on the growth prospects of small business.
  • The appointment of a government minister as chair of HMRC board. ACCA hopes James Murray’s appointment will result in further investment in HMRC and strengthen delivery, particular around HMRC service levels which continue to be a major drag on business effectiveness.

 

  • The King’s speech announcement of long promised regulation on corporate governance including placing the planned new regulator, the Audit, Reporting and Governance Authority (ARGA), on a statutory footing and setting out clear expectations and accountability for boards, management and auditors.

Lloyd Powell, head of ACCA Cymru/Wales added: “The government needs to build on progress to date and to build confidence. Business confidence is low with many highlighting uncertainty and challenges in their day-to-day work. We feel the government has a critical month ahead to provide to business insight on industrial strategy at the upcoming International Investment Summit, and to see this clarified further at the Autumn Budget.”

 

Visit ACCA’s website for more information.

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

New diploma from ACCA sets the global standard sustainability in finance

  • The qualification has been developed in response to the demand for skills and training in sustainable finance.
  • ACCA has worked with global regulators on their requirements for sustainability auditors, and the new professional diploma has been designed to meet their needs.

 

In response to growing demand from businesses and professional accountants, ACCA has launched a pioneering Professional Diploma in Sustainability, designed for finance professionals at all levels who are looking to gain a comprehensive understanding of sustainability and accreditation to prove it.

Businesses often lack the essential skills to support the move to more sustainable business models and urgently need the skills to consider non-financial as well as financial business drivers, according to research by ACCA.

The professional diploma brings together high-quality learning support and assessment, aligning with the increasing demand from employers, as well as individuals, wishing to pursue the widening career opportunities related to sustainability, and emerging regulatory requirements around the world.

ACCA has been working closely with regulators globally on their requirements for sustainability auditors and this new professional diploma has been designed to meet their needs. Once completed, the professional diploma provides a comprehensive accreditation in the core areas of sustainability.

This leading-edge qualification builds on the increasing number of sustainability learning opportunities ACCA has added to its portfolio in recent years, as well as the addition of more sustainability content into the ACCA Qualification.

The Professional Diploma in Sustainability consists of a comprehensive, integrated learning programme, in-depth knowledge, a revision kit, and a three-hour exam. Offering over 60 hours of learning and practice across four certificates and one exam, learners will gain in-depth knowledge of sustainability frameworks and ethics, sustainability strategy and management, sustainability reporting and sustainability assurance.

Helen Brand, chief executive of ACCA, said: “The expertise of accounting and finance professionals in driving sustainable approaches to business is absolutely essential if we are to make the progress the planet so desperately needs.

“With their central role working in and for countless businesses and organisations across the world, professional accountants are well placed to play a key role in shaping the future we need. This new qualification is designed to help meet that increasing need and recognises that success is not now just about profits, but about sustainability and social value too.”

Lloyd Powell, head of ACCA Cymru/ Wales noted: “Sustainable organisations that create long-term value for society will be the bedrock of our future economy – and professional accountants will be at the heart of these organisations. This specialist diploma will support them as they drive positive business change and support the Welsh economy.”

 

Visit ACCA’s website for more information.

Accountancy & Accounts, Business, FInance, Finance and Banking

ACCA welcomes government action on late payment

Government action on late payment has been welcomed by leading accountancy body ACCA.

 

The announcement by Jonathan Reynolds, Secretary of State for Business and Trade, of a new Fair Payment Code to replace the Prompt Payment Code is the first step in the right direction.

 

Glenn Collins, head of technical and strategic engagement at ACCA, said: “We are pleased to see this move by the government today. ACCA has been a consistent and vocal supporter of the need to ensure small businesses are paid on time and have clear knowledge of the payment practices of who they are doing business with. It is a great first step but there will be more work to do. We look forward to participating in the consultation on the proposed new laws.

 

“Late payment and unfair practices continues to blight small businesses across the UK. We have long called for urgent implementation of proposed improvements to tackle late payment problems, including expansion of prompt payment reporting and the proposed expansion of powers for the Small Business Commissioner (SBC).  We are glad that some initiatives are now being taken.”

 

Lloyd Powell, head of ACCA Cymru/Wales, added: “Small businesses account for more than 99% of businesses in Wales. It is vital that they are able to get paid on time, as cashflow drying up can be a serious problem for them, more so than larger businesses.

 

“We are pleased that the SBC has been given extra powers to tackle some of the defaulters under the old code, however we will be calling for additional reforms to provide more transparency in this area.

 

“Clearly this is voluntary, but we urge Welsh businesses across the supply chain to see how they can sign up to this enhanced code and work together to eradicate the scourge of late payment.”

 

Based on the insight from members over the last two decades, ACCA is clear that late payment is a persistent problem in the UK. Poor payment practices have a domino effect throughout supply chains, with severe consequences for cashflow and the survival of SMEs. To rectify this situation, strong action – including a decisive culture shift – is required.