Ainslie van Onselen, the Chief Executive Officer of Chartered Accountants Australia and New Zealand (CA ANZ), has emphasized the urgent need for a thorough evaluation of international accounting standards. This call to action was made during the recent 50th Fiji Institute of Chartered Accountants (FICA) annual congress, where she highlighted a significant gap in the current global accounting framework that disproportionately benefits large corporations and major financial institutions.
Van Onselen pointed out that the development of accounting standards in recent years has largely catered to larger firms, overlooking the unique needs of small and medium-sized enterprises (SMEs). “International standards should be applicable to small medium practices and small medium enterprises,” she stated, underscoring the importance of ensuring these standards can be effectively implemented by smaller entities.
She further urged international standard-setting bodies to conduct comprehensive impact analysis, questioning whether jurisdictions worldwide are adopting these standards and why some are not. The focus, according to van Onselen, should not only be on compliance but also on the practical application of the standards by small practices.
This advocacy aligns with the sentiments expressed by Fiji’s Deputy Prime Minister Manoa Kamikamica, who has also recognized the critical role of accountants in supporting Micro, Small, and Medium Enterprises (MSMEs) in Fiji. Kamikamica emphasized the importance of affordable accounting services for these businesses as they work to navigate complex regulatory frameworks and improve their operational efficiency.
The discussions highlight an ongoing recognition of the vital contributions that accountants make to economic development, particularly in supporting smaller businesses that are essential to overall economic resilience. By fostering a framework that better supports SMEs, there is hope for enhanced investor confidence and a stronger economic future for smaller economies.
The acknowledgment of the challenges faced by SMEs and the push for more inclusive accounting standards reflect a growing understanding of the essential role that quality financial guidance plays in nurturing vibrant economies. With continued advocacy and focus on suitable regulatory frameworks, the potential for growth and sustainability in smaller economies remains promising.
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