The Exchange: MSME - Strengthening Accountancy Foundation

Event Details

DATE: June 18, 2013

TIME: 6:15 am

Location:Amman, Jordan

June 18-20, 2013 – Dead Sea, Amman, Jordan

The Exchange covered three different, yet interrelated, topics: the development of micro, small, and medium enterprises (MSMEs), accountancy, and job creation. It explored the need for strong accountancy to underpin MSME development and access to finance, with a view to aiding this sector of the economy in contributing to job creation. As the countries of the MENA region seek ways to provide both social and economic opportunities for their citizens, The Exchange was designed to bring together high-level policymakers, academics, the accountancy profession, civil society organizations, and others to discuss working together to achieve this objective.

The Exchange included 140 participants from around the world, including 108 participants from the region, who came to Amman to share their experiences and learn from fellow speakers and attendees. These participants represented roughly 83 different regional organizations, including the Egyptian Fund for Social Development, the Ministry of Finance of Iraq, the Palestinian Investment Fund, and the Pan-African Federation of Accountants.  

The Exchange supported the strengthening of MSMEs’ corporate financial reporting framework with the objective of enhancing their ability to access finance and to strike the balance between improved financial information and lessening the regulatory burden. Participants shared experiences and knowledge to enhance countries’ legal frameworks to promote inclusive growth. Sessions promoted best practice regulation of MSMEs and discussed applied accounting standards and alignment with the tax legislation. The Exchange also supported building the capacity of MSMEs and accounting practitioners in the areas of accounting, reporting, and auditing.  

 

Key Proposed Results and Framework for Monitoring and Evaluation

 

 

Intended Results

Indicators

Achievement

Policy/strategy informed

· Government policy/strategy informed

· Public debate stimulated/initiated

· Contributed to stakeholder involvement

YES – Roundtable-style sessions offered opportunities for discussion stimulation, stakeholder involvement and reflection on strategy. Participants were very pleased with the format of the event and its use of roundtable discussion (90% satisfaction).

Knowledge deepened

Facilitate exchange of best practice with countries

Countries share their own successful practices

YES - Inclusion of high-level speakers from around the world offered opportunities for exchange and sharing of country experiences and practices. 80% of attendees surveyed felt that the event was of high quality and of direct relevance to their work.

Innovation approached and solutions

Community of Practice operationalized

Future Boot Camps and Solutions Lab design informed

YES – Community of Practice was incorporated into agenda, and discussions and comments helped to inform the design of future activities. 92 % of event attendees were satisfied with the incorporation of Maarefah CoP in the event activities.

Capacity of the profession strengthened

Capacity increase of small and medium practices

Increased application for IFRS for SMEs.

YES – Inclusion of IFRS for SMEs training workshop allowed participants to increase capacity and degree of application of these standards.

 

Our Partners:  MSME Facility
Micro, Small and Medium Enterprise Trust Fund for the Middle-East and North Africa Region

The MENA MSME Facility comes under the umbrella of the Arab World Initiative (AWI).  It is supported by two trust funds, one managed by the IFC, and another managed by the World Bank.

The activities covered by the trust fund are expected to contribute to a sustainable improvement in inclusive (region, gender, youth) MSME development in the MENA region through improving the business environment, building the capacity of financial institutions and enhancing the capacity of MSMEs.  This will ultimately contribute to job creation, poverty reduction and overall inclusive economic growth.