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Practical Support for SMPs Information Sharing and Networking

This article provides information and practical support for Small and Medium Practices (SMPs) in dealing with issues such as limited capacity, competition, and lack of engagement in the international arena. It discusses the IFAC SMP Committee Strategic and Operational Plan, the International Center for SMPs, and the future developments of IFACnet. The article also highlights the features and future developments of IFACnet, including improved language capabilities and additional search features.

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Practical Support for SMPs Information Sharing and Networking

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  1. Practical Support for SMPsInformation Sharing and Networking IFAC SMP Forum, Abuja , Nigeria, October 13, 2008 Alex Hilman, CPA (Isr.) IFAC Small and Medium Practices (SMP) Committee Member Past President, Institute of Certified Public Accountants in Israel 1

  2. Content • Some of the issues facing SMPs • From the IFAC SMP Committee Strategic and Operational Plan • International Center for SMPs • International Center for SMPs – Future Developments • IFACnet – Overview • IFACnet - Future Developments • Conclusions 2

  3. 1. Some of the issues facing SMPs • Limited capacity of SMP/SME, to efficiently implement and comply with international standards. • Inability to be informed and updated in real time. • Intense competition especially from non-professionals, reduced compliance work. • Lack of engagementof SMPs/SME in international arena. 3

  4. 2. From the SMP Committee Strategic and Operational Plan 2009-2012: Increase capacity of SMPs to perform high quality work and be competitive and profitable via practical support, for example, provision of implementation materials & web-based information resources and web-based tools.

  5. 3. International Center for SMPs - Present • Enter via IFAC/ SMP Committee website: http://www.ifac.org/SMP/ • Links for: • IFACnet portal (see later) • News ( quarterly SMP News, updates) • Resources (publications; speeches; links to high quality, relevant & free resources) • SMP Committee details • Translated into 5 UN languages; Russian, French, Spanish, Arabic, Chinese • Expecting 10,000 (+) visitors in 2008 (2007: 7,224) 5

  6. Public SMP/SME Discussion Board – Targets: To get SMPs and SMEs discussing key issues; To elicit SMPs and SMEs views on draft standards To facilitate dialogues and sharing of ideas on topics relevant to SMPs & SMEs International Center for SMPs recently added

  7. Discussion board - few of the topics now on board: How is the Credit Crisis affecting your practice? What steps are you taking to cope? How do you think the redrafting of the IFAC Code of Ethics will impact SMEs and SMPs? What are your views on the consultation paper on the IAASB's review engagement standard? What has been your experience in implementing the Guide to Using ISAs in SME Audits? AICPA's Accounting and Review Services Committee Reliability Project Is there a need for standards and guidance designed specifically for micro-entities? Top Ten Reasons I Like Being an Accountant 3. International Center for SMPs recently added (cont.)

  8. Looking at other ways to use Web 2.0 technology Possible future developments: - Global firm directory (e.g., http://www.icaewfirms.co.uk/) - Professional Education Center, offering access to subsidized online CPD courses (e.g., www.smartpros.com) SMP/SME Communications Center: Developing the discussion board: practitioners can ask questions, raise issues, exchange information (including information on “doing business overseas”) & invite opinion. Online networking between SMPs & SMEs 4.International Center for SMPs - Tomorrow Future Developments

  9. 5. IFACnet - Overview • See: www.ifacnet.com • Customized web search engine, providing access to resources of IFAC and its member bodies (around 40 member bodies websites). • Non members body websites being added. (FEE & PIOB already included. To follow – IASB, Big 4 and many others). • Improving the search system and the presentation of search results. 9

  10. 5. IFACnet – Overview – Language. • Home page is translated to the 5 UN languages (Russian, French, Spanish, Arabic & Chinese) • Professional material can be found in more languages using Latin letters (such as: Danish, French, Italian, Protégé's and Turkish) IFACnet – Expecting 80,000 (+) visitors in 2008 Number of visitors in 2007 – 76,000.

  11. 6. IFACnet - Future Developments Improved language capabilities: - Expend to Chinese, Japanese, Hindi & Korean. - Language that are read left to right (such as Arabic & Hebrew) are the next challenge. Menu/Lists of Key search terms and categories (multi – languages)* * 7,200 distinct search terms were already used in 2008 (until 31.7) 5 most requested search terms: IFRS, ISA, Code of Ethics, IFRS handbook 2007 and International Accounting Standards 11

  12. 6. IFACnet: Possible Future Developments More Features based on search results: list top 20 in vertical hierarchy; present suggested terms for refining search; present relevant current news stories; and one can share results and provide feedback rating for articles (number of hits, satisfaction etc.)

  13. 7. Conclusion Please see http://www.ifac.org/smp Please subscribe to SMP eNews Please tell your friends about us & our activities Group C will get to further discuss these and other topics

  14. IFACnet.com Thank you! Alex Hilman, CPA (Isr) IFAC Small and Medium Practices (SMP) Committee Member Past President, Institute of Certified Public Accountants in Israel 14

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