Smaller practices weighed down by burden of regulation

REGULATORY burdens and economic woes continue to top the list of challenges faced by small- and medium-sized accountancy practices and their clients, a report has found.

Around 30% of respondents to the International Federation of Accountants (IFAC) survey chose burden of regulation and economic uncertainty as the biggest challenge, followed by difficulties in accessing finance.

Similarly, for accountants within small practices, keeping up with new standards and regulations ranked as the top challenge, followed by attracting and retaining clients.

As a whole, pessimism increased since the the previous poll with only 29% of respondents reporting that business was better in 2011 than 2010.

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