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

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

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

4. Key Attributes of SMPs Innovative Flexible Resourceful
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. SMP Challenges Relevance and cost-benefit of international standards
Capacity to comply with these standards
Ability to remain competitive

7. Relevance and Cost Effectiveness of Standards
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. Capacity to Comply with Standards
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. Competitive Tools New practice management guide
IFAC SUPPoRT
Competitive Tools
New practice management guide
Business Planning Guide: Practical Application for SMEs
Governance support

10. IFACnet

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

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

13. International Federation of Accountants www.ifac.org