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IFAC: Supporting SME/SMP Development and Growth

IFAC: Supporting SME/SMP Development and Growth . Paul Thompson, Deputy Director, SME and SMP Affairs The Exchange: Strengthening Accountancy as a Foundation for MSME Sector Development and Job Creation Amman, Jordan June 18-20, 2013. Agenda. Importance of SMEs (MSMEs) and SMPs

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IFAC: Supporting SME/SMP Development and Growth

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  1. IFAC: Supporting SME/SMP Development and Growth Paul Thompson, Deputy Director, SME and SMP Affairs The Exchange: Strengthening Accountancy as a Foundation for MSME Sector Development and Job Creation Amman, Jordan June 18-20, 2013

  2. Agenda • Importance of SMEs (MSMEs) and SMPs • IFAC SMP Quick Poll • Implications for SMPs • Role of IFAC SMP Committee • References

  3. Importance of SMEs (MSMEs) and SMPs • SMEs typically account for majority of private sector GDP, employment and growth • SMEs typically look to practitioners, especially SMPs, for range of professional services (assurance to advice) • Accountants often preferred source of advice for SMEs • SMPs often constrained by lack of in-house resources and expertise as well as ability to participate in standard setting

  4. IFAC SMP Quick Poll – About I • Identify key challenges and issues for SMPs (& SME clients) • Comparisons over time (trends) and across regions and size • Helps inform policy and strategy, raise awareness, etc. • Commenced Jan. 2011 (quarterly), semi-annual in 2012 • Runs in 17 languages and attracts over 3,700 respondents • Reports explain how we are addressing findings • Results widely reported in accounting media

  5. IFAC SMP Quick Poll – About II • Limitations – uneven regional participation (e.g., Europe) • Significant differences across regions and practice size • Country data available on request • Findings from latest poll at June 19 • Global respondents = 1,800+ • Africa/Middle-East respondents = 14%; Arabic respondents = 2% • Please respond, and encourage others to, at http://ifac.smpquickpoll-may-june-2013.sgizmo.com/s3/(deadline early July)

  6. IFAC SMP Quick Poll – Key Findings I • What is the biggest challenge faced by your small- and medium-sized entity (SME) clients?

  7. IFAC SMP Quick Poll – Key Findings II • What is the biggest challenge your practice is facing right now?

  8. IFAC SMP Quick Poll – Key Findings III • How is your fee revenue split among the following areas?

  9. IFAC SMP Quick Poll – Key Findings IV • What is the fastest growing source of revenue for your practice?

  10. IFAC SMP Quick Poll – Key Findings V • What is the main driver of your practice's profitability?

  11. Implications for SMPs – Service Provision I • Develop new services to meet emerging needs of SMEs • New forms of assurance (e.g., review engagements) • Compliance with regulations (e.g., HR, IT, Safety) • Advisory • Risk management • Financial management incl. access to finance • Sustainability • International development

  12. Implications for SMPs – Service Provision II • Edinburgh Group research, Growing the Global Economy through SMEs,June 2013 • http://www.edinburgh-group.org/activities/papers.aspx • SMEs increasingly international but need more support • SMPs can help with • Identifying markets • Navigating red tape • Facilitating finance • Dealing with FOREX

  13. Implications for SMPs – Practice Management • Develop capability to offer new services • Forge alliances/network with other practices • Market new services and/or to new clients • Exploit IT developments like cloud computing • Existing services at lower cost and new services (e.g., virtual CFO) • Invest in people • Develop technical and soft skills (e.g., IT, communication) • Make (train existing staff) and/or buy (recruit new staff)

  14. Role of IFAC SMP Committee – About • Committee formed in January 2006 • To represent interests of SMPs • Comprises 18 members (incl. 3 from Africa/ME) • Vision: The SMP Committee is a valued contributor to helping IFAC member bodies develop their small- and medium-sized practices.

  15. Role of IFAC SMP Committee – Mission • Standards and Guidance: Contributing to the development of international standards and guidance that are stable, relevant, and can be applied in a manner proportionate to the size of an entity or practice • Adoption and Implementation: Facilitating the adoption and implementation of high-quality international standards and guidance by SMPs and SMEs • Development and Quality: Building competence and relevance of SMPs through IFAC member bodies and other professional accountancy organizations and promoting the value of SMPs • Speaking Out: On public interest issues of relevance to SMPs & SMEs

  16. Role of IFAC SMP Committee – Key Activities • Building and sharing knowledge, including access to resources and tools, amongst member bodies and SMPs • Practice management, implementing standards & business advisory • Insight articles such as value pricing and sustainability services • Guides on implementing ISAs and ISQC 1 (and ISRE 2400, from late 2013) and practice management • Good Practice Checklist for Small Business • Suite of links to free resources from member bodies (e.g., AICPA) • IFAC Global Knowledge Gateway

  17. References – General • IFAC SMP Committee website: http://www.ifac.org/smp • IFAC SMP Twitter: https://www.twitter.com/IFAC_SMP • IFAC SMP eNews: https://www.ifac.org/login?register • IFAC SMP Community: http://www.linkedin.com/groups?home=&gid=4542841&trk=anet_ug_hm • IFACnethttp://ifacnet.com/ (also in many languages) • IFAC SMP Forum: http://www.ifac.org/news-events/2013-06/upcoming-event-2013-ifac-small-and-medium-practices-forum • IFAC SMP Quick Poll: 2012 Round-Up (Nov/Dec 2012): http://www.ifac.org/publications-resources/ifac-smp-quick-poll-2012-round • Resources and tools (all): http://www.ifac.org/about-ifac/small-and-medium-practices-committee/smp-resources-and-tools • IFAC Translations and Permissions: http://www.ifac.org/about-ifac/translations-permissions

  18. References – Adoption and Implementation • Links to other implementation resources: https://www.ifac.org/aggregator/sources/7 • Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (Third Edition) (incl. companion manual and slides): https://www.ifac.org/publications-resources/guide-using-international-standards-auditing-audits-small-and-medium-sized-en • Guide to Quality Control for Small- and Medium-Sized Practices (Third Edition) (incl. companion manual and slides): www.ifac.org/publications-resources/guide-quality-control-small-and-medium-sized-practices-third-edition-0 • ISRS 4410: The Standard for Today's Compilation Engagements article: https://www.ifac.org/news-events/2012-07/isrs-4410-standard-todays-compilation-engagements • The Standard for Limited Assurance Review Engagements article: http://www.ifac.org/news-events/2012-12/standard-limited-assurance-review-engagements

  19. References – Development and Quality I • Links to other practice management resources: https://www.ifac.org/aggregator/sources/8 • Links to other business advisory resources: https://www.ifac.org/aggregator/sources/6 • SMP Committee Business Advisory Interviews (Videos) http://www.youtube.com/playlist?list=PL38B5A23305EFBFB0&feature=view_all • Good Practice Checklist for Small Business (Second Edition): http://www.ifac.org/publications-resources/good-practice-checklist-small-business • Guide to Practice Management for Small- and Medium-Sized Practices (Third Edition) (incl. companion manual): https://www.ifac.org/publications-resources/guide-practice-management-small-and-medium-sized-practices • Tomorrow’s Firm and the Role of Value Pricing: IFAC Interview with Ronald J. Baker article: https://www.ifac.org/news-events/2013-02/tomorrow-s-firm-and-role-value-pricing • Sustainability: Challenges and Opportunities for SMPs and SMEs article: https://www.ifac.org/news-events/2013-04/sustainability-challenges-and-opportunities-smps-and-smes

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