Building Capacity to Add Value to Business Enterprises

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Presentation by Sylvia Tsen, Director, Quality and Member Relations, IFAC at the Central and South East Europe Regional Forum for Professional Accountancy Organizations co-hosted with the World Bank in Vienna on June 1, 2012.

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Building Capacity to Add Value to Business Enterprises

  1. 1. Building Capacity to Add Value toBusiness EnterprisesSylvia Tsen,Director, Quality and Member Relations,IFACPAO Regional Forum on BuildingCompetence and Striving for ExcellenceVienna, AustriaJune 1, 2012 Page 1 | Confidential and Proprietary Information
  2. 2. CompetitivenessDefinition (BusinessDictionary.com): Ability of a firm or nation to offer products and service that meet the quality standards of local or global markets at prices that are competitive and provide adequate returns on the resources consumed in producing itBusinesses need to be competitive to be sustainable andcontribute to economic development Page 2 | Confidential and Proprietary Information
  3. 3. IFAC Quick Poll: Challenges Facing SMEs• SME Top Concerns – Difficulties accessing finance; and – Regulatory burden• Growing information needs of SMEs – Regulatory demands extending outside financial compliance – Advice (business, personal, regulatory compliance)• SMEs lack in-house expertise – Prefer to ‘go it alone’ but often need assistance Page 3 | Confidential and Proprietary Information
  4. 4. New Information and ServicesBusiness Development:Strategic business planning, budgets and projections,sustainable business practice, virtual CFO, etc.Business Advisory:Business structuring, valuations, equipment financing, Revenuelitigation support, due diligence and business buy/sell, etc. source:Regulation and Compliance: 2ndHealth and safety regulation, employment reporting, fastestsustainability / carbon emission, etc. growingWealth Creation and Preservation:Succession planning, financial position evaluation, investmentstrategy development, asset allocation, pension planning, etc.Tax consulting: .Tax advice and/or representation on tax matters torevenue authorities, etc. Page 4 | Confidential and Proprietary Information
  5. 5. SMPs: Changing Environment and Challenges toTraditional Provision of Services• Shift in regulatory environment – Fewer statutory audits• Reluctance of some SMPs to provide advice – Technical and operational preparedness to deliver new services• Shift in nature of SME population – Impact of IT – Generation differences• Growth in new services areas impeded by – Lack of partner time and lack of marketing services and materials Page 5 | Confidential and Proprietary Information
  6. 6. Focus on Opportunities• Growing competition – Competent and certified?• New advisory clients driven primarily by existing client relationships – Trust, Competency, Proximity• What can professional accountancy organizations do to help? Page 6 | Confidential and Proprietary Information
  7. 7. Examples From Other Jurisdictions• Singapore Accountancy Hub – Ranked #1 in Doing Business 2012 – Ministry of Finance initiative promoting accountancy service growth – Recommendations: • Establishment of an Accountancy Sector Development Fund • ICPAS continuing to lead the profession but focus on global• PAFA endorsement of International Standards – Specifically IFRS for SMEs Page 7 | Confidential and Proprietary Information
  8. 8. www.ifac.org Page 8 | Confidential and Proprietary Information

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