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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

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
Agenda
  • Importance of SMEs (MSMEs) and SMPs
  • IFAC SMP Quick Poll
  • Implications for SMPs
  • Role of IFAC SMP Committee
  • References
importance of smes msmes and smps
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
ifac smp quick poll about i
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
ifac smp quick poll about ii
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)
ifac smp quick poll key findings i
IFAC SMP Quick Poll – Key Findings I
  • What is the biggest challenge faced by your small- and medium-sized entity (SME) clients?
ifac smp quick poll key findings ii
IFAC SMP Quick Poll – Key Findings II
  • What is the biggest challenge your practice is facing right now?
ifac smp quick poll key findings iii
IFAC SMP Quick Poll – Key Findings III
  • How is your fee revenue split among the following areas?
ifac smp quick poll key findings iv
IFAC SMP Quick Poll – Key Findings IV
  • What is the fastest growing source of revenue for your practice?
ifac smp quick poll key findings v
IFAC SMP Quick Poll – Key Findings V
  • What is the main driver of your practice's profitability?
implications for smps service provision i
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
implications for smps service provision ii
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
implications for smps practice management
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)
role of ifac smp committee about
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.
role of ifac smp committee mission
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
role of ifac smp committee key activities
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
references general
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
references adoption and implementation
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
references development and quality i
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