AIA news

EFAA MEMBERSHIP

AIA joins the European Federation of Accountants and Auditors for SMEs

The AIA has been accepted to membership of the European Federation of Accountants and Auditors for SMEs (EFAA). An IFAC Network Partner, the EFAA is an umbrella organisation for 15 national accounting, auditing and tax advisor organisations. They collectively have over 380,000 individual members, mainly small and medium-sized practitioners (SMPs), including a significant number of sole practitioners, that provide a range of professional services (e.g. audit and assurance, accounting, bookkeeping, tax and business advice) primarily to SMEs within the EU and Europe as a whole. Formed in 1994, EFAA is a member of SMEunited and a founding member of the European Financial Reporting Advisory Group (EFRAG).

AIA President Shahram Moallemi said: ‘SMEs are the backbone of Europe’s economy and SMPs are their most important provider of compliance and advisory services. AIA looks forward to working with EFAA in supporting and promoting SMPs.’

EFAA President Salvador Marin said: ‘AIA is a natural fit for EFAA. Many of its members work in or as SMPs. We look forward to working with AIA to support and strengthen SMPs and their SME clients.’

SMES

Are SMEs ready to report under ESRS?

As a member of the European Federation of Accountants and Auditors for SMEs (EFAA), AIA was delighted to support the EFRAG-EFAA-SMEunited Joint Outreach on Draft EU Sustainability Reporting Standards (ESRS) Exposure Drafts on 8 July, where a speech was made by EFAA President Salvador Marin.

As one of the 15 member organisations supporting a combined 370,000 members working as small and medium-sized accounting practices (SMPs) or in SMEs, it is vital that we come together on the topic of sustainability and in particular climate change. We must understand that it is undoubtedly one of the most important issues and challenges of our time.

Salvador Marin said: ‘We welcome the Corporate Sustainability Reporting Directive’s embrace of SMEs. Sustainability is not just an indulgence of the large companies.

‘Collectively, SMEs account for the majority share of private sector sustainability impact. So they cannot, they must not, be left behind or ignored. Accordingly, EFAA welcomes the Corporate Sustainability Reporting Directive and its intent. And we welcome, in principle at least, the development of the EU Sustainability Reporting Standards.’

However, to ultimately determine whether SMEs are currently ready to report under the EU Sustainability Reporting Standards, Salvador Marin has outlined several key observations to consider, including capacity, pace of change, prioritisation, and proportionality.

Salvador Marin’s speech and key observations can be read in full at: bit.ly/3PJCvZp.

AIA Chief Executive, Philip Turnbull added: ‘When we take into consideration capacity, pace of change, prioritisation and proportionality, we wholeheartedly agree with the EFAA. The standards are clearly necessary, but it is our duty to be realistic and find a balance between excellence and the practicalities required by companies and society.’

HONG KONG

AIA Hong Kong Branch AGM 2022

The AIA Hong Kong Branch 47th Annual General Meeting was held on Tuesday 21 June 2022 at 7:30pm at The Chinese Restaurant, Craigengower Cricket Club (CCC), 188 Wong Nai Chung Road, Happy Valley.

During the AGM, five Executive Committee members were elected: Ms Chan Mei Mei, Mr Chiu Ho Man, Mr Hui Hon Chung, Dr Pun Ki Wai and Mr Tsui Chi Yuen.

After the AGM, the first Executive Committee Meeting was held which elected the office bearers, consultants and co-opted members.

SINGAPORE

AIA Singapore Branch AGM 2022

The AIA Singapore Branch 47th Annual General Meeting was held on Thursday 30 June 2022. During the AGM, the following members were elected/re-elected as office bearers: Tony Loke, Branch President; Lim Tai Mong and Thomas Ng, Vice Presidents; Jimmy Lee, Honorary Secretary; Joanne Wan, Honorary Treasurer; Yao Jie, Assistant Secretary; and Edward Chen, Assistant Treasurer.