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Enhancing Support for Small and Medium Practices: Insights from the IFAC SMP Forum 2009

The IFAC SMP Forum 2009, held in Beijing, focused on addressing the needs and challenges facing Small and Medium Practices (SMPs) globally. Key agenda items included objectives for SMPs and SMEs, improvements to the IFAC website, and tools for practical support. Updates on the International Center for SMPs emphasized providing resources to help SMPs perform high-quality work and adapt to changes, including the global financial crisis. With an increased emphasis on networking and web-based support, the session aimed to enhance SMP relevance and capabilities in a rapidly changing environment.

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Enhancing Support for Small and Medium Practices: Insights from the IFAC SMP Forum 2009

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  1. Information Sharing Alex Hillman, Small and Medium Practices (SMP) Committee Member IFAC SMP Forum 2009 Beijing, China October 28, 2009

  2. Agenda Agenda • SMP/SME Objectives • IFAC Website • International Center for SMPs • IFACnet • Online SMP Networking Center • Conclusion

  3. SME/SMP Objectives SMP/SME Objectives • Helping member bodies to help their SMPs • Helping to shape form and content of international standards • Provide practical support for SMPs • Increase capacity of SMPs to perform high quality work through networking and web-based resources • Help to remain relevant

  4. IFAC Website Overview • Expecting 600,000+ visitors • 220+ countries in 2009

  5. IFAC Website Recent Improvements • Global Financial Crisis Resource Center - http://www.ifac.org/financialcrisis • Online exposure draft comments submission - http://www.ifac.org/Guidance/EXD-Outstanding.php • Translations Database - http://www.ifac.org/Translations/ • IAASB Clarity Center - http://web.ifac.org/clarity-center/index • IESBA Resources - http://www.ifac.org/Ethics/Resources.php

  6. IFAC Website Future Developments • Significant redesign • Enhanced publications section • site navigation • functionality • accessibility

  7. International Center for SMPs Overview • See http://www.ifac.org/SMP/ • IFACnet portal • SMP Committee activities • Translation from English into 5 UN languages: Arabic, Chinese, Spanish, French, Russian • Expecting 10,000+ visitors in 2009

  8. International Center for SMPs SMP eNews • Free quarterly electronic newsletter • Updates on IFAC projects, other global developments and special features • 10,000+ subscribers within 2 years of launch

  9. International Center for SMPs Links • To free tools/guidance from member bodies and others • Assurance/accounting, business support, practice management, business overseas, & IT • To IFAC resources • IAASB Clarity Center • Translations Database • Global Crisis Resource Center (SME/SMP)

  10. International Center for SMPs Other • Speeches • Material from past events • SMP/SME Discussion Board • For exchanging views on topical issues (e.g., coping with credit crisis, client retention) • For eliciting input to draft IFAC standards (e.g., alternative assurance services)

  11. International Center for SMPs SMP Survey • Over 80 member bodies responded • Main relevant survey findings • Awareness/Usefulness of Existing Web-based Resources/Tools • Useful but limited awareness • How to help member bodies raise awareness? Via presentations, articles etc

  12. International Center for SMPs SMP Survey • Possible new web-based resources/tools • Online database of materials supporting implementation of IFAC standards – strong support • Online SMP networking center and online professional education center - less strong support

  13. Online SMP Networking Center Online SMP Networking Center • Communication between SMP to SMP and SMP to others • Purpose • Exchange of information and experience • Backing for international clientele • Answering technical queries • Forming informal referral networks

  14. IFACnet Overview • See http://www.ifacnet.com • Customized web search engine providing access to resources of IFAC & member bodies (40+) • Non-member body websites (external providers): • FEE, PIOB, IASB & IAAER included • Others to follow soon • Expecting 70,000+ visitors in 2009 • Member bodies & firms can link to it

  15. Conclusion Conclusion • Please see for yourself • Please subscribe to SMP eNews • Please communicate what we have to your members, colleagues etc. • Please provide feedback

  16. Conclusion International Federation of Accountants  Thank you Alex Hillman, Small and Medium Practices (SMP) Committee Member

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