The Association of Chartered Certified Accountants (ACCA) is supporting the simplification of regulatory procedures for small and medium-sized enterprises (SMEs) within the European Union (EU). 

The professional body has responded to a consultation by the European Commission on the proposed 28th Regime – The European Innovation Act, which seeks to introduce an optional set of EU-wide regulations designed to benefit businesses. 

ACCA has endorsed the Commission’s efforts to streamline regulations, stressing the importance of reducing the load on businesses to facilitate their growth and enable them to explore new markets and enhance cross-border commerce. 

The association has identified the nurturing of the SME sector as a critical priority for the EU, advocating for a partnership approach where businesses are supported in their investment in workforce skills development.  

This strategy is seen as vital in driving the significant green and digital shifts that are reshaping the economic landscape. 

One of the challenges highlighted by ACCA is the skills gap that many European businesses are currently grappling with. 

The accountancy body recommends that the Commission tackle this by easing the administrative load related to training and the recognition of professional qualifications across member states.  

By doing so, the EC could make it easier for businesses to address their skill needs and improve their operational efficiency. 

ACCA public affairs regional head Vikas Aggarwal said: “For the EC to meet its desired objectives from the 28th regime, the framework must ultimately instil confidence and service the needs of business. 

“It should foster consistency and coordination between member states, including facilitating a financial system that provides confidence and services the needs of businesses when transacting with each other.” 

ACCA EEMA policy and insights regional lead Joe Fitzsimons stated: “A 28th Regime must complement initiatives such as the EU Startup and Scaleup Strategy which are already underway.  

“To reduce the skills shortage – which ACCA has highlighted in our global Talent Trends Survey – is for the EC to promote cross-border recognition of qualifications through disseminating guidance and best practice examples.” 

This follows the ACCA collaboration with UK Skills Minister Jacqui Smith and Skills England, aiming to enhance workforce capabilities within the UK.