Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Ricardo Rodil and Andreas Noodt - Influencing the Regulatory Agenda


Published on

Presentation by Mr. Ricardo Rodil and Mr. Andreas Noodt, Members IFAC SMP Committee, IFAC SMP Forum, March 2012

Published in: Business
  • Login to see the comments

  • Be the first to like this

Ricardo Rodil and Andreas Noodt - Influencing the Regulatory Agenda

  1. 1. SMP Forum - Singapore March 2012 Session 4 – Breakout Groups Track B – Influencing the Regulatory Agenda Ricardo Rodil – Member IFAC SMP Committee Andreas Noodt – Member IFAC SMP Committee Page 1 | Confidential and Proprietary Information
  2. 2. SMP Forum – Singapore March 2012Overview Objective of Session IFAC’s Mission Stakeholder Interests: Public-SME-SMP GLS and SMPC Quick Poll Criteria / Boundaries Way forward in this Session Page 2 | Confidential and Proprietary Information
  3. 3. SMP Forum – Singapore March 2012Objective of Session • To identify regulatory issues and policy initiatives that impact SMEs and SMPs • To help prioritize IFAC and SMP Committee action for 2012 • To help SMPC participate in IFAC’s policy-making and regulatory activities, to help ensure that they are stable, relevant and proportionate Page 3 | Confidential and Proprietary Information
  4. 4. SMP Forum – Singapore March 2012IFAC’s MissionMain thing to have in mind is IFAC’s Mission• To serve the public interest by - contributing to the development, adoption and implementation of high-quality international standards and guidance; - contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants; - promoting the value of professional accountants worldwide; - speaking out on public interest issues where the accountancy profession’s expertise is most relevant. Page 4 | Confidential and Proprietary Information
  5. 5. SMP Forum – Singapore March 2012 Stakeholder Interests: Public-SME-SMP• Regulation and standards – Capable of being applied in manner proportionate to size and complexity of entity and practice (regulatory burden is main concern of SMEs & SMPs) – Stable platform (pace of change is main source of burden for SMEs & SMPs) – Relevant to SMEs and SMPs• Policy/regulatory proposals need to be appraised in terms of – Public interest – Impact on small business – Sufficient appropriate evidence – Benefits versus costs (not burdens!) Page 5 | Confidential and Proprietary Information
  6. 6. SMP Forum – Singapore March 2012IFAC Global Leadership Survey 2011 (GLS)Respondents were asked which public policy areas IFACshould take a position on and speak out on in 2012 Page 6 | Confidential and Proprietary Information
  7. 7. SMP Forum – Singapore March 2012SMP Quick Poll 2011Respondents were asked to identify the most importantissues SMPs are facing Page 7 | Confidential and Proprietary Information
  8. 8. SMP Forum – Singapore March 2012SMP Quick Poll 2011Respondents were asked to identify the most importantpolicy development areas Page 8 | Confidential and Proprietary Information
  9. 9. SMP Forum – Singapore March 2012Criteria / Boundaries• Regulation and policy areas for IFAC to address – Global relevance – not national issues – Common views amongst SMPs• Other factors – Resources – SMPC optimum use of limited resources – Relevance – for all SMPs world-wide Page 9 | Confidential and Proprietary Information
  10. 10. SMP Forum – Singapore March 2012Way Forward in This Session: Discussion Questions(see also tabled handout) 1. The IFAC SMP Quick Poll identified regulatory burden and keeping up with standards as the most important issue for SMPs and SMEs, and the pace of change the main cause of this burden. What type of regulation (for example, tax, HR, reporting and assurance) is the main biggest source of burden and what could be done to reduce it? 2. The poll identified certain policy development areas as the most important (see extract page 16 of SMP QP 2011). Which is your group‘s top area ? If missing from the top 3 please specify and explain (e.g. accounting or auditing standards, ethics code, quality control issues, etc.). 3. What top issues does your group suggest the SMPC take to IFAC and its members bodies for them to address (e.g., make a public statement, and if so saying what, research the issue further. etc.),or how else should SMPC act? 4. The GLS indentified reputation and credibility as the top policy development area. What does this mean to you and what might IFAC and its members do to enhance it? Page 10 | Confidential and Proprietary Information
  11. 11. SMP Forum – Singapore March 2012Way Forward in This Session: Instructions1. Form into groups at the tables and nominate a chair (5 minutes)2. Groups consider four questions on previous slide allowing approx. equal time for each question. (45 minutes)3. Group chairs present results of their discussion (3 minutes each: total 20-25 minutes)4. Summing up session (5-10 minutes) Page 11 | Confidential and Proprietary Information
  12. 12.