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Small and Medium Practices Committee

This article highlights the importance of Small and Medium Enterprises (SMEs) and Small and Medium Practices (SMPs) in the global economy. It discusses the challenges faced by SMEs and SMPs in challenging times and the role of SMPs in supporting SMEs. The article also provides an overview of the SMP Committee's initiatives and strategies to support SMEs and SMPs, including their involvement in standard-setting activities. Practical support and resources available for SMPs are also mentioned.

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Small and Medium Practices Committee

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  1. Small and Medium Practices Committee Sylvie Voghel, Chair, SMP Committee IESBA Meeting New York, USA February 18, 2010

  2. Importance of SMEs and SMPs General • SMEs account for majority of private sector employment and GDP • Essential for job creation, social cohesion, innovation and growth • IFAC Global Leadership Survey 2009: • Addressing needs of SMPs and SMEs 2nd most important issue • Avoid over-burdensome regulation of SMEs

  3. Importance of SMEs and SMPs Challenging Times • Slump in demand • Access to finance • Managing costs • Competition • Tighter and more complex regulation • G-20

  4. Importance of SMEs and SMPs Role of SMPs • Uniquely placed to help SMEs • SMPs are small businesses • Help SMEs perform better and comply with regulation • Business support services • Special role in SME financing

  5. SMP Committee’s Support for SMEs and SMPs General • Building the capacity of SMPs to support SMEs • Helping member bodies to help their SMPs • Started out around 5 years ago • 18 members • Formal procedures, project teams etc. • Annual SMP Forum

  6. SMP Committee’s Support for SMEs and SMPs Strategy • Help to shape form and content of international standards • Provide practical support • Help to efficiently implement standards • Help to manage better • Help to remain relevant

  7. SMP Committee’s Support for SMEs and SMPs Standard Setting - IAASB • IFAC’s Support for a Single Set of Auditing Standards • Clarified ISAs • Communications & implementation support • ISA implementation monitoring • Impact analysis • Revision of review & compilation standards

  8. SMP Committee’s Support for SMEs and SMPs Standard Setting – IESBA • Revised & redrafted Code of Ethics for Professional Accountants • Section 290 Independence • Similar general concerns to those for ISAs • Implementation

  9. SMP Committee’s Support for SMEs and SMPs Standard Setting – IESBA • Strategy review • Committee response to ED • Challenges to adoption • Monitor implementation and consider need to eliminate requirements • Additional implementation support materials • Work together

  10. SMP Committee’s Support for SMEs and SMPs Standard Setting – IASB • IFRS for SMEs • Global reaction highly positive • IASC Foundation training materials • Regional training workshops • Seeking membership on SME Implementation Group

  11. Practical Support Guidance • High quality and free to download guides • Guide to Using ISAs in the Audits of SMEs • Guide to Quality Control for SMPs • Guide to Practice Management for SMPs • The Role of SMPs in Providing Business Support Services to SMEs

  12. Practical Support International Center for SMPs • See http://www.ifac.org/SMP/ • Publications • IFACnet portal • SMP eNews • Links to other resources (IFAC and other) • Discussion board • Annual SMP Forums

  13. SMP Review SMP Review • How can IFAC best support SMPs & SMEs • Draft recommendations being discussed at IFAC Chief Executives’ Strategy Forum • SMP representation – in fact and appearance

  14. Conclusion Conclusion • More scope for us to work together • Mutual interest in promoting ethical behavior and convergence • Ken will present at our meeting on March 11

  15. International Federationof Accountants QUESTIONS www.ifac.org

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