The SMP Forum in Singapore in March 2012 aimed to identify regulatory issues affecting SMEs and SMPs and prioritize actions for the IFAC SMP Committee. Key concerns highlighted included regulatory burdens and the need for regulations that are stable, relevant, and proportionate. The session encouraged discussions on the main sources of compliance burdens and proposed actions for enhancing the profession's reputation and credibility.

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. SMP Forum – Singapore March 2012
Overview
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. SMP Forum – Singapore March 2012
Objective 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. SMP Forum – Singapore March 2012
IFAC’s Mission
Main 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. 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. SMP Forum – Singapore March 2012
IFAC Global Leadership Survey 2011 (GLS)
Respondents were asked which public policy areas IFAC
should take a position on and speak out on in 2012
Page 6 | Confidential and Proprietary Information

7. SMP Forum – Singapore March 2012
SMP Quick Poll 2011
Respondents were asked to identify the most important
issues SMPs are facing
Page 7 | Confidential and Proprietary Information

8. SMP Forum – Singapore March 2012
SMP Quick Poll 2011
Respondents were asked to identify the most important
policy development areas
Page 8 | Confidential and Proprietary Information

9. SMP Forum – Singapore March 2012
Criteria / 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. SMP Forum – Singapore March 2012
Way 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. SMP Forum – Singapore March 2012
Way Forward in This Session: Instructions
1. 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. www.ifac.org