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International Federation of Accountants

International Federation of Accountants. IFAC’s Role in Strengthening SMPs Bob Bunting, IFAC Deputy President IFAC SMP Forum October 13, 2008. SMP INFLUENCE. Percentage of Small and Medium Businesses by Region. 99%. 99.7%. 97%. 75%. 95%. 97%. CHALLENGES. Challenges to SMEs.

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International Federation of Accountants

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  1. International Federation of Accountants IFAC’s Role in Strengthening SMPs Bob Bunting, IFAC Deputy President IFAC SMP Forum October 13, 2008

  2. SMP INFLUENCE Percentage of Small and Medium Businesses by Region 99% 99.7% 97% 75% 95% 97%

  3. CHALLENGES Challenges to SMEs • Access to capital • Ability to meet rising costs • More stringent compliance requirements • National and global competition

  4. CHARACTERISTICS Key Attributes of SMPs • Innovative • Flexible • Resourceful • Marketing-oriented

  5. SMP ROLE Primary Role of SMPs Contribute to the performance and sustainability of SMEs and other entities

  6. CHALLENGES SMP Challenges • Relevance and cost-benefit of international standards • Capacity to comply with these standards • Ability to remain competitive

  7. CHALLENGES Relevance and Cost Effectiveness of Standards • SMP Committee provides direct input into standard setting process • Members of the committee serve on IAASB project task forces • IAASB standards include “Consideration Specific to Smaller Entities”

  8. CHALLENGES Capacity to Comply with Standards • Guide to Using ISAs in the Audit of Small- and Medium-sized Entities • Guide to Quality Control for Use by Small and Medium-sized Practices • Updated Standard on Review Engagements ISRE 2400, Engagements to review Financial Statements • Commenting on IASB’s IFRS for Private Entities

  9. IFAC SUPPoRT Competitive Tools • New practice management guide • Business Planning Guide: Practical Application for SMEs • Governance support

  10. IFACnet

  11. BRANDING SMP Branding • Focus on quality first • Promote strengths, i.e., flexibility • Look for niche markets • Promote resilience

  12. COLLABORATION Collaborating for the Future • Share • Resources • Expertise • Successes

  13. International Federation of Accountantswww.ifac.org

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