June 19, 2024

Leverage Expertise of Accountants to Drive Economic Growth

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Reform needed across multiple areas of the UK business ecosystem, led by experts, to drive stable and sustained growth.

 

In ‘Accounting for a better world: An ACCA policy prospectus for the UK’, ACCA sets out clear goals and aims which will help the UK strengthen its position on sustainable business, global trade, AI, and talent retention. Key areas for policy reform are also addressed, including improvements to tax systems, audit, corporate governance, and the public sector.

Highlighting the importance of trusted, forward-thinking regulations and institutions to capitalising on the UK’s growth potential, ACCA calls for urgent reform to the corporate governance landscape, including kickstarting the stalled audit reform process, as well as restoring trust in HMRC.

ACCA lays out a plan covering the following five areas:

  1. Creating a thriving economy in a changing world by supporting business and expanding international trade
  2. Promoting a sustainable and just transition to a new way of doing business that delivers a better world through adoption of international standards
  3. Creating a framework for growth, nurturing a transparent and trustworthy business ecosystem by reforming corporate governance, audit, tax, and public services
  4. Promoting the ethical and responsible use of AI in a safe and transparent environment by developing world leading government legislation
  5. Supporting the development of an ethically motivated, expertly trained, educated accountancy profession to deliver robust business practice and a robust economy

ACCA also supports addressing ongoing late payment issues, mutual recognition of professional qualifications between countries, the introduction of a Skills Tax Credit Pilot, simplification of the UK tax system, and adopting the International Sustainability Standards Board (ISSB) into UK law.

 

Helen Brand, chief executive, ACCA, said: “There is much we can accomplish together when the UK seeks to champion business in an era which is changing forever how businesses operate; how they judge success, and how they measure long-term value. Accountants work in strategically important high-value roles, bringing a breadth of vision and expertise to government, financial institutions, businesses, the public sector and public practice.

“The future of thriving international trade; of sustainable economic growth which benefits all; and of harmonious commercial relations between the UK and rest of world, depends entirely on the strength of a healthy finance profession – with dedicated people who are devoted to the public good. ACCA’s contribution will continue to give the UK – and the world – the accountancy profession it needs.”

Lloyd Powell, Head of ACCA Cymru/Wales, said: “In order to grow and thrive, the UK must look at 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 give a holistic approach to the way in which accountants can assist in improving UK business. As such a diverse profession with a highly strategic skillset, accountants are often well placed to help businesses achieve these aims and can provide valuable analytical and data-driven insights to guide from the ground up – in businesses, accountancy practices, and in influencing wider policy.”

Calling on UK policymakers such as MPs, government officials and agencies, as well as business advisers, financial institutions, public sector bodies and accountancy practices, ACCA lays out a firm foundation for the UK economy.

The full policy prospectus can be found here which expands on each of the five points in more detail.

Visit ACCA’s website for more information.