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Challenges and Opportunities for SMPs

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IFAC and the World Bank Centre for Financial Reporting Reform hosted a joint Regional Small- and Medium-sized Practices (SMP) Forum for Europe and Central Asia on May 31 in Vienna, Austria.
The Forum provided the opportunity to discuss addressing the challenges and opportunities SMPs and medium-sized entities (SMEs) face. This is a presentation by Hilde Blomme, Deputy Chief Executive, Accountancy Europe.

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Challenges and Opportunities for SMPs

  1. 1. Challenges and Opportunities for SMPs CFRR-IFAC Regional SMP Forum Vienna, 31 May 2017
  2. 2. Close to 1 million professionals 28 EU Member States 37 countries50 institutes
  3. 3. 4 4 Uncertain economy & politics Civil society Scrutiny Technology revolution Clients’ demands A changing environment
  4. 4. 2017-2018 strategy: Enhancing relevance & reputation Technology Ensure transparency • Tax transparency • Future of reporting incl.: <IR> & SMEs reporting Promote trust & integrity • Future of audit & attractiveness • Assurance services in tax and SMEs • Audit quality • AML, anti- terrorist, corruption • qualification Support a sustainable economy • Tax policy • ESG reporting and assurance • CMU, insolvency • Public finance (accounting) • Cross border trade
  5. 5. Civil society is watching… 6
  6. 6. 7 7 • Audit reform • Global standards • Tax policy • More regulation -> Informing is ACE’s core business … …Policymakers are responding
  7. 7. 8 8 Existential threat 0% Technology Barometer: Impact of technology on the profession Business as usual 17% Opportunity to reinvent profession 33% Opportunity to improve our services 56% Serious challenge requiring changes 42% http://bit.ly/2pO8LQ7
  8. 8. 9 Technology Barometer: our members’ activities in last year Training 61% Products & services 50% Conference 46% Interaction with legislator 43% Information paper 43% Strategy review 39%
  9. 9. 10 Moving to the cloud 10 • About cloud computing & online storage to better serve clients • Why, what, how • Benefits • Pitfalls • Selection of suppliers “Moving to the cloud” bit.ly/2gakpP4
  10. 10. 11 Future of SME ‘reporting’? 11 • Follow-on to Future of Corporate Reporting for PIEs? • Little appetite for a global solution to SME reporting • But interesting developments for SME accountants: • Technology not changing need for SMPs but is changing • services that SMEs demand & • means of delivery • Failure to adapt will render many SMPs obsolete • Formalised project on the SMP of the Future?
  11. 11. 12 12 Accountancy Europe: • Participated in stakeholder meetings • Responded to a public consultation • Issued a publication on the profession’s role in insolvency proceeding (January 2017) • Will organise an event in October 2017 Business Advisory & Consulting services: Restructuring and Insolvency
  12. 12. 13 European Commission’s CMU project •CMU: “open ended process”: integrate EU CM, develop national CM •Main priority areas:  Access to finance (focus on SMEs)  Increasing and diversifying sources of funding  Better linking investors and funding requirements  Removing barriers •ACE focus: simplified prospectus for growth SMEs, ‘proportionate IFRS’ for listed SMEs
  13. 13. 14 Strategic debate on the future of audit and assurance 14 2014 2015 2016
  14. 14. 15 15 • …Becomes attractiveness of the audit profession • Challenges and opportunities for the audit profession • How can we keep the audit profession attractive for all types of profiles? • Interview stakeholders incl. firms • To be published by summer 2017 Skillset of the future and rethink education …
  15. 15. 16 Consider the ends more than the means Accounting, reporting Audit, assurance Tax, advisory services Improved governance More efficient markets Better societies
  16. 16. 17 17 Look out
  17. 17. 18 18 • Future of assurance • Changing stakeholders’ needs • IT and innovation • Skillset and attractivity • Exploring new services • SMEs • ESG • Tax Innovation in audit & assurance
  18. 18. 19 19 • Stimulate debate • Short term gain / long term pain? • New role and services? Tax & public finance
  19. 19. A wealth of demands and opportunities… 20 More expertise More transparency More integrity & reliability More ethics & social responsibility … if we change
  20. 20. 21 www.accountancyeurope.eu Connect with European Professional Accountants @AccountancyEU @AccountancySME Stay connected!
  21. 21. Accountancy Europe is the new name of the Federation of the European Accountants

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