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IFAC’s Role in Supporting SMPs

IFAC’s Role in Supporting SMPs. Robert Bunting, IFAC President. SMP Forum. Beijing, China. October 28, 2009. The Credit Crisis. IFAC SMP Forum. Agenda. Raising the profile of SMPs and SMEs Collaboration with others IFAC’s global voice. IFAC SMP Forum. Importance of SMEs.

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IFAC’s Role in Supporting SMPs

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  1. IFAC’s Role in Supporting SMPs Robert Bunting, IFAC President SMP Forum Beijing, China October 28, 2009

  2. The Credit Crisis

  3. IFAC SMP Forum Agenda • Raising the profile of SMPs and SMEs • Collaboration with others • IFAC’s global voice

  4. IFAC SMP Forum Importance of SMEs • 42 million in China – 99.9% • 68% of exports • 75% of new jobs created • More than 65% of China’s patents • However – 67,000 ceased operations in first half of 2008 (source: NDRC)

  5. IFAC SMP Forum SMPs - Helping SMEs Survive and Thrive • Financial, tax, accounting and assurance services • Regulatory compliance • Strategic and business sounding board/advisor • IT and financial reporting systems support • Risk management, fraud prevention, HR and more • Credibility and communications with banks and outside stakeholders (FT Banker Survey)

  6. IFAC SMP Forum IFAC Support for SMPs • Guide to use of ISAs on SME audits • Guide to Quality Control for SMPs • Practice Management for SMPs • Advocacy of IFRS for SMEs • Promotion of “Train the Trainer” for IFRS for SMEs

  7. IFAC SMP Forum IFAC Support for SMPs • IAASB alternative assurance project • Participation in IFAC Boards and Committees • SMP Review initiative • Primary placement in the IFAC “global voice” initiative

  8. IFAC SMP Forum IFAC Support for SMPs – FT Banker Survey • Conducted by FT Banker magazine • Focused on SME lending and SMP services • Represents marketplace validation for • Impact of credit crisis on SMEs • Critical role of professional accountant in accessing credit • Other opportunities for SMPs • Assisting with private capital raising • Support for public listing • The Banker Survey is available at this conference

  9. IFAC SMP Forum Collaboration with Others • World Bank initiative announced in July 2009 • Objective is “coordinated and sustained capacity building for the profession” • Working together: • IFAC • World Bank, Regional Development Banks, Bilateral Agencies • Member Bodies • Regional Organizations • Long-term work in progress

  10. IFAC SMP Forum The Global Voice and SMPs • Threats • Credit availability • Shrinking SME population • Loss of innovation and source of growth • Re-regulation of the financial markets

  11. IFAC SMP Forum The Global Voice and SMPs • Opportunities • Accounting and auditing are important issues • SMEs are recognized as necessary to growth and innovation • The accounting and auditing profession has received less criticism than in the past • We can help shape the future – using our “Global Voice”

  12. IFAC SMP Forum The Global Voice and SMPs • How? • G-20 Forum (and others) • Common voice – nationally and globally • Featuring the importance of helping the SME (SMP) sector – “Think small first”

  13. International Federationof Accountants www.ifac.org

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