Management Accountant-an accountant of the future for Governance-Both Corporate world and the Government.
SME act.

7. (1) Notwithstanding anything contained in section
11B of the Industries (Development and Regulation)
Act, 1951, the Central Government may, for the
purposes of this Act, by order, notified and having
regard to the provisions of sub-sections (4) and (5),
classify any class or classes of enterprises, whether
proprietorship, Hindu undivided family, association of
persons, co-operative society, partnership firm,
company or undertaking, by whatever name called, -
Classification of
enterprises
(a) in the case of the enterprises engaged in
the manufacture or production of goods
pertaining to any industry specified in the
First Schedule to the Industries (Development
and Regulation) Act, 1951 as -
(i) a small enterprise, where the investment
in plant and machinery does not exceed five
crore rupees; or
(ii) a medium enterprise, where the
investment in plant and machinery is more
than five crore rupees but does not exceed
ten crore rupees;
(b) in the case of the enterprises engaged in
providing or rendering of services in relation
to any industry specified in the First Schedule
to the Industries (Development and
Regulation) Act, 1951, as –
(i) a small enterprise, where the
investment in equipment does not
exceed two crore rupees; or
(ii) a medium enterprise, where the
investment in equipment is more than
two crore rupees but does not exceed
five crore rupees.
(ii)
Explanation. – For the removal of doubt it is hereby
declared that the investment in land and building or
equipment, as the case may be, shall not be taken
into account while determining the investment in
plant and machinery or, as the case may be,

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While the government has clearly expressed its concern very clearly in the SMEd bill 2005 it is for the ICWAI to comeup with a concept paper to present before the government on the Management Accountants role in SMEs.
From the industry angle i suggest to go for Inclusive Accounting Model(a varient of Integrated Accounting).
While financial accounting is concerned about the status of historical accounting on a particular date Cost and management accounting is vital for SMEs sustainable development whether the business horizon restricts to production of rawmaterial,agricultural produce or transcends to rendering service to the society.
A concept paper on inclusive accounting will go a longway to help SMEs realise the value of management accounting.