Contributors

Contributors to this issue

Looking to a sustainablefuture

Angela Partington Editor, IA

We are going through some turbulent times in the UK at the moment. There has been the sad passing away of Queen Elizabeth II, followed by King Charles III acceding to the throne. Meanwhile in political circles, our new Conservative prime minister Liz Truss and chancellor Kwasi Kwarteng appear to be taking the UK through a fundamental shift in economic policy – which has not gone unacknowledged either by the international markets or the UK electorate. We will watch with interest to see how things unfold.

But as in all times of change, it is important to look ahead. The Association of International Accountants is proud to be a Silver Sponsor of the 21st World Congress of Accountants, which will take place in Mumbai from 18 to 21 November. The Congress seeks to celebrate ideas for the future, and this year will dwell upon the theme ‘Building Trust Enabling Sustainability’. It will celebrate the important part that the accountancy profession is playing as a protector of public interest, and how the profession can play an instrumental role to enable sustainable economies for the future.

In their article on page 14, Salvador Marin and Paul Thompson from the European Federation of Accountants and Auditors for SMEs (EFAA) consider the emergence of the sustainability agenda and its implications for small and mediumsized accountancy practices (SMPs). Small and medium-sized enterprises collectively account for a significant share of environmental and social impacts by private sector business. The accountancy practices that provide professional services to them stand to play a vital role in making economies worldwide sustainable. The article explains how the EFAA, in collaboration with members like AIA, is helping SMPs to get ready.

On page 22, Ganesh Ramaswamy extends this theme when he considers the environmental, social and governance agenda and its implication on tax.

We must acknowledge that we are embracing this challenge in difficult times, of course. High inflation has become a reality around the world, and in some countries it has escalated at the fastest pace in 40 years. On page 26, Christine McAlarney asks how organisations can cope with the impact of rising costs and inflation on corporate budgets.

Meanwhile, with a more rigorous approach to compliance and new legislations set to come into play in 2023, HMRC has increased its focus on research and development (R&D) tax relief – a fact that should be welcomed by accountancy practices. On page 18, Jen Badger explains the key issues to understand in the new era of R&D tax relief compliance and the value of tax claims preparation.

And on page 20, Oliver Froehlich considers the impact of indirect tax in an online retail environment with a global supply and customer base.

SALVADOR MARIN

Salvador Marin is President of the European Federation of Accountants and Auditors for SMEs, with professional background in academia, business and practice

PAUL THOMPSON

Paul Thompson is Director of the European Federation of Accountants and Auditors for SMEs and serves on the SME Implementation Group, an advisory body to the IASB.

GANESH RAMASWAMY

Ganesh Ramaswamy is an international tax spokesperson and a associate at Kreston Rangamani and is based in Kerala, India.

JEN BADGER

Jen Badger is Operations Director at WhisperClaims. She previously spent five years working for a large R&D consultancy in the UK.

OLIVER FROEHLICH

Oliver Froehlich is European e-commerce manager for Vertex, with a focus on setting-up and growing the e-commerce market share within the European region.

CHRISTINE MCALARNEY

Christine McAlarney is a Managing Director at CBIZ MHM. She has more than 18 years of experience providing audit and financial reporting services.