Your preview of Spain’s presidency of the EU (10-16 December) touched relatively lightly on two issues that the Association of Chartered Certified Accountants (ACCA) believes may prove to be among its main challenges: improving the single market and preparing the EU2020 strategy.

In efforts to enhance the internal market, Spain should, we argue, ‘think small first’ by placing small business at the heart of its considerations. A process of consultation and economic-impact assessment would, we are convinced, force it to reconsider a European Commission proposal to allow member states to exempt ‘micro-entities’ from the need to file accounts on the public record.

The possible exemption of more than 90% of enterprises would represent an unprecedented removal of financial information from the public domain. Moreover, since companies will continue to need to prepare accounts for themselves, for tax purposes and to satisfy lenders, the proposal would do little to lighten the burden on small businesses. Uneven use of this exemption option would make the quality, reliability, availability and comparability of financial information even more varied across Europe. This would complicate Europe’s business environment and could distort cross-border competition. This is not the way to help the single market.

As for the EU2020 strategy, we believe it should set sharply focused and realistic goals, including support for entrepreneurs and innovation and, as it is generally expected to do, it should place a new emphasis on a more stable, low-carbon economy.

ACCA, which has 131,500 members, believes the combination of energy dependency, climate change and the real possibility that oil production is nearing its peak makes it vital to move to a new energy culture and structure.

From:

Cecile Bonino

Association of Chartered Certified Accountants

Brussels

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