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International Federation of Accountants
IFAC’s Role in Supporting SMPs
Robert Bunting, IFAC President
SMP Forum
Beijing, China
October 28, 2009
The Credit Crisis
IFAC SMP Forum
• Raising the profile of SMPs and SMEs
• Collaboration with others
• IFAC’s global voice
Agenda
IFAC SMP Forum
• 42 million in China – 99.9%
• 68% of exports
• 75% of new jobs created
• More than 65% of China’s patents
• However – 67,000 ceased operations in first half of 2008 (source: NDRC)
Importance of SMEs
IFAC SMP Forum
• Financial, tax, accounting and assurance services
• Regulatory compliance
• Strategic and business sounding board/advisor
• IT and financial reporting systems support
• Risk management, fraud prevention, HR and more
• Credibility and communications with banks and outside stakeholders (FT Banker Survey)
SMPs - Helping SMEs Survive and Thrive
IFAC SMP Forum
• Guide to use of ISAs on SME audits
• Guide to Quality Control for SMPs
• Practice Management for SMPs
• Advocacy of IFRS for SMEs
• Promotion of “Train the Trainer” for IFRS for SMEs
IFAC Support for SMPs
IFAC SMP Forum
• IAASB alternative assurance project
• Participation in IFAC Boards and Committees
• SMP Review initiative
• Primary placement in the IFAC “global voice” initiative
IFAC Support for SMPs
IFAC SMP Forum
• Conducted by FT Banker magazine
• Focused on SME lending and SMP services
• Represents marketplace validation for
– Impact of credit crisis on SMEs
– Critical role of professional accountant in accessing credit
• Other opportunities for SMPs
– Assisting with private capital raising
– Support for public listing
• The Banker Survey is available at this conference
IFAC Support for SMPs – FT Banker Survey
IFAC SMP Forum
• World Bank initiative announced in July 2009
• Objective is “coordinated and sustained capacity building for the profession”
• Working together:
– IFAC
– World Bank, Regional Development Banks, Bilateral Agencies
– Member Bodies
– Regional Organizations
• Long-term work in progress
Collaboration with Others
IFAC SMP Forum
• Threats
– Credit availability
– Shrinking SME population
– Loss of innovation and source of growth
– Re-regulation of the financial markets
The Global Voice and SMPs
IFAC SMP Forum
• Opportunities
– Accounting and auditing are important issues
– SMEs are recognized as necessary to growth and innovation
– The accounting and auditing profession has received less criticism than in the past
– We can help shape the future – using our “Global Voice”
The Global Voice and SMPs
IFAC SMP Forum
• How?
– G-20 Forum (and others)
– Common voice – nationally and globally
– Featuring the importance of helping the SME (SMP) sector – “Think small first”
The Global Voice and SMPs
International Federationof Accountants
www.ifac.org