Transcript Slide 1

International Federation of Accountants
Small and Medium Practices Committee
Paul Thompson
Senior Technical Manager, SMP Committee
IAASB Meeting
New York, USA
March 18, 2010
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
• Health of SME sector is public interest priority
Importance of SMEs and SMPs
SMPs
• Confronted with unprecedented challenges
(operational, regulatory, market)
• Can help SMEs perform & conform
• Business support services (SME finance)
General
General
• Started out around 5 years ago
• 18 members
• Formal procedures, project teams etc.
• Annual SMP Forum
Strategy
Strategy
• Helping member bodies to help their SMPs
• Building capacity of SMPs to support SMEs
• 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
SMP Review
SMP Review
• How IFAC can best support SMPs (& SMEs)
• Recommendations
– Strategic
– Representation
– Policy-making and regulation
– Voice, visibility and communications
– Practical Support
– Post-implementation review
Standard Setting
IAASB
• IFAC’s Support for a Single Set of Auditing
Standards
• Clarified ISAs
• Key projects
– Implementation support & NSS guidance
– ISA implementation monitoring
– ISAE 3000
– Revision of review & compilation standards
Standard Setting
IAASB
• Strategic review
– Timely input (consultation plan, survey &
consultation paper)
– SME/SMP input to process (non-response bias)
Standard Setting
Other
• IESBA
– New Code of Ethics
– SMP/SME implementation challenges
– Input to strategy review
• IASB
– IFRS for SMEs
– IASC Foundation training materials
– SME Implementation Group
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
Practical Support
International Center for SMPs
• See www.ifac.org/smp
• Publications
• IFACnet portal
• SMP eNews
• Links to other resources (IFAC and other)
• Discussion board
• Annual SMP Forums
Conclusion
Conclusion
• High degree of staff and volunteer
interaction
• Even more scope for us to work together
• Mutual interest in promoting convergence
and high quality practices
International Federation
of Accountants
QUESTIONS
www.ifac.org