The QCA welcomes the proposals outlined in the Single Market Act, particularly those aimed at assisting small and medium-sized enterprises and access to finance.

The QCA strongly supports a review of the accounting Directives in 2011, as a means to simplifying accounting standards. The QCA supports the adoption of full IFRS for larger listed companies, but believes it is appropriate to recognise the difference in scale and of resources available to smaller listed companies and those companies quoted on “exchange regulated” markets, which may have a capitalisation of just tens of millions of Euros combated to their global listed counterparts capitalised at many tens of billions of Euros. Therefore the QCA considers that a “one size fits all” approach to financial reporting by EU listed companies is not appropriate.

Encouraging private investment is a key to improving access to capital for SMEs. In particular, the QCA would urge the Commission to ensure that State Aid rules do not prohibit or overly restrain the creation and operation of venture capital schemes throughout the EU.

The QCA believes that effective corporate governance is important to developing sustainable and responsible business and also key in creating and maintaining value for stakeholders.

Press release