SMEs have been advised to get early agreements on the valuation of their stock and all ‘fair value’ items on their balance sheet, by Allen Blewitt, ACCA chief executive.

He recommends small and medium sized enterprises plan ahead keeping a tight reign on their cashflow and a cool head in the current climate.

‘While it is tempting to worry about the global situation, a level and sensible approach is needed during these turbulent times,’ he says on the BBC business website.

In particular he advises SMEs with December year ends to start thinking about the value of their assets now and revisit their risk register and whether measures to mitigate risk are still valid.