A Global Imperative for a Regional Commitment
On 13 March 2025, the IFAC International Federation of Accountants released revised versions of the International Education Standards (IES) 2, 3, 4 and 6. These revisions represent a decisive step in embedding sustainability into the core competencies of future professional accountants.
The FCM - Fédération des Experts Comptables Mediterranéens / Federation of Mediterranean Accountants , representing professional accountancy organisations across the Mediterranean, fully supports this initiative and sees it as an opportunity to align educational practices with global priorities while addressing the unique realities of our region.
Sustainability Embedded in Professional Competence The revised standards deliver a clear message: sustainability is no longer an optional topic — it is a central theme of professional development. Key enhancements introduced by the revisions to IES 2, 3 and 4 include:
These improvements are particularly relevant for jurisdictions in Southern Europe, North Africa and the Middle East, where economic transformation, environmental resilience, and social inclusion are urgent priorities. For example, in Tunisia, the integration of ESG metrics into public reporting frameworks is gaining momentum, while in Greece, climate-related financial disclosures are being adopted by large and mid-sized enterprises alike.
Modernising Assessment: IES 6 and the Principles for Fair and Effective Evaluation The revised IES 6 introduces two new principles — authenticity and integrity — and strengthens the principle of equity, all of which are crucial in ensuring the credibility of professional assessments. The standard provides updated guidance on how assessments should reflect real-world scenarios, be fair and inclusive to all candidates, and safeguard against breaches of exam integrity, especially in hybrid and remote formats.
In countries such as Albania, where digital infrastructure and access to resources may vary significantly between urban and rural areas, the focus on equity and accessibility is particularly timely. The standard's flexibility also allows organisations to tailor assessment formats — including simulations, case studies, or supervised workplace evaluations — to their local context and available resources.
Mediterranean Challenges and Shared Opportunities The Mediterranean region is marked by a unique diversity: varying levels of economic development, differing regulatory environments, and a mixture of mature and emerging accountancy professions. Yet, the challenges of climate adaptation, responsible governance, and inclusive growth are shared.
FCM recognises this diversity as a strength. By promoting the adoption of the revised IESs, the Federation aims to foster a generation of accountants capable of navigating sustainability risks, supporting ethical business practices, and contributing to national and regional development goals.
For example, in Morocco, green finance initiatives are already being integrated into professional development pathways. In Portugal, digital and sustainability reporting skills are being included in national CPD frameworks. These are steps in the right direction — but more systemic alignment is needed.
The Role of FCM: A Regional Enabler and Global Voice FCM stands ready to support its members through the transition to the revised standards, with actions including:
As a recognised regional platform, FCM also commits to channelling feedback from its members to IFAC, ensuring that the global standards reflect lived realities and implementation challenges across the Mediterranean.
Conclusion: A Profession Renewed by Purpose The revised IESs affirm a powerful truth: the accountancy profession must evolve to remain relevant and trusted. Integrating sustainability and modernising assessment processes are essential to that evolution. FCM welcomes this transformation and calls on its members — from France to Egypt, from Türkiye to Portugal — to embrace these standards not only as a compliance requirement, but as a blueprint for a renewed, ethical, and future-ready profession.
EFRAG released the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME), as announced last December 17 at EFRAG website.
Here you find some questions you might have on VSME standard and FCM - Fédération des Experts Comptables Mediterranéens / Federation of Mediterranean Accountants answers.
The VSME, or Voluntary Sustainability Reporting Standard for non-listed SMEs, is a voluntary standard designed to support small and medium-sized enterprises (SMEs) in their sustainability reporting journey. It aims to simplify and harmonise ESG reporting for non-listed SMEs in the EU, helping them meet the increasing demands for sustainability information from stakeholders such as investors, banks, and large corporate clients.
The VSME is specifically targeted at non-listed SMEs operating in the EU, meaning their securities are not traded on a regulated market. It can be applied by a wide range of businesses, from micro-undertakings with fewer than 10 employees to medium-sized companies with up to 249 employees, across various sectors.
The VSME was developed to address several challenges faced by SMEs in sustainability reporting. Firstly, existing reporting frameworks were often too complex and burdensome for smaller businesses. Secondly, there was a lack of harmonisation in data requests from various stakeholders, leading to confusion and duplication of effort. The VSME aims to provide a simplified, proportionate, and standardised approach to sustainability reporting for SMEs, reducing the complexity and cost associated with the process.
The VSME features a modular structure, allowing for flexibility and scalability based on the size and reporting needs of the SME. It includes:
Using the VSME offers several benefits for non-listed SMEs:
The VSME Comprehensive Module specifically addresses data points relevant to financial institutions, aligning with requirements under regulations like the SFDR and the EU Taxonomy. It ensures SMEs can provide information relevant to assessing their sustainability risk profile, enabling them to access bank loans and attract investors focused on ESG factors.
The VSME covers key environmental aspects relevant to SMEs, including:
While the VSME draws inspiration from the European Sustainability Reporting Standards (ESRS), it is specifically tailored to the needs and capabilities of non-listed SMEs. The VSME adopts a simplified and more proportionate approach, requiring fewer disclosures and less detailed information compared to the comprehensive ESRS framework designed for larger companies.
The discussion and vote on the activity plan and budget for 2025 was the main point on the work agenda.
This meeting has the particularity of match with the celebration of the 25th anniversary of the FCM, an entity created on October 28, 1999, in Rome.
Its membership consists of 16 professional institutes of accountants from 13 Mediterranean countries (Albania, Bulgaria, Cyprus, France, Greece, Kosovo, Montenegro, Morocco, Portugal, Spain, Tunisia, Türkiye, UK), plus two affiliate members (from Italy and Egypt).
The Portuguese Nelson Ferreira, certified accountant and member of the Representative Assembly of the Order, is the current president of the FCM, since November 23, 2023, and the support of the Order of Certified Accountants was essential for this objective.
Nelson Ferreira was elected as the new president of the Fédération des Experts Comptables Méditerranéens (FCM) on November 23, 2023. This election occurred during the general assembly at the Ordre des Experts-Comptables in Paris.
At OCC (Portuguese Certified Accountants), alongside his role as an advisor to the president, Ferreira is also a member of the Order's Representative Assembly.
The executive committee, including Ferreira, officially took office on January 1, 2024.
The FCM, representing the accounting profession in the Mediterranean area, includes 16 accounting entities from 12 countries. The Executive Commission (ExCOM) for the 2024-2025 term consists of:
