The Basel III capital and liquidity provisions are aimed at safeguarding the global financial system from a new crisis, but their impact on lending to SMEs is still uncertain. Policymakers know little about the potential impact of Basel III on SMEs, which contribute half of the world's private-sector output. An impact assessment should be designed to be "about right" rather than very precisely wrong. The Association of Chartered Certified Accountants (ACCA) is a global body for professional accountants that aims to offer business-relevant qualifications to people of application, ability, and ambition. ACCA's values are aligned to the needs of employers in all sectors and ensure that its qualifications and delivery meet the diverse needs of trainee professionals.
