The SMP Committee:Supporting and Vocalizing theNeeds of SMPsPaul Thompson, Deputy Director, SMEand SMP Affairs, IFACMIA Co...
IFAC  Mission: “… is to serve the public interest by: contributing  to the development, adoption and implementation of hig...
SMP Committee: About• Represent SMPs globally• Helping IFAC member bodies support their SMPs• Building the capacity of SMP...
SMP Committee: Objectives• Participate in policy-making and regulatory dialogue  (relevant, stable and proportionate)• Inp...
Page 5 | Confidential and Proprietary Information
Page 6 | Confidential and Proprietary Information
SMP Quick Poll: About• IFAC SMP Quick Poll: 2011 Round-Up• Quarterly global poll started in Jan/Feb 2011• 2,500 SMPs respo...
SMP Quick Poll: Key Findings• Respondents not necessarily statistically representative since majority  from Europe (62%)• ...
SMP Quick Poll: Key Findings (cont..)• Top drivers of practice growth in 2012 are additional revenue from  existing client...
Future Challenges for SMPs• Adapting to change   – Keeping up with regulation and standards   – Competition from unqualifi...
Thankyouwww.ifac.org/smp                   Page 11 | Confidential and Proprietary Information
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The SMP Committee: Supporting and Vocalizing the Needs of SMPs

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Presentation given by Paul Thompson, Deputy Director, SME and SMP Affairs, IFAC, at the Malaysian Institute of Accountants Conference, Auditing Micro-Entities Efficiently and Effectively, March 23, 2012, Kuala Lumpur.

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The SMP Committee: Supporting and Vocalizing the Needs of SMPs

  1. 1. The SMP Committee:Supporting and Vocalizing theNeeds of SMPsPaul Thompson, Deputy Director, SMEand SMP Affairs, IFACMIA Conference: Auditing Micro-entitiesEfficiently and EffectivelyKuala Lumpur, MalaysiaMarch 23, 2012 Page 1 | Confidential and Proprietary Information
  2. 2. IFAC Mission: “… is 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; and speaking out on public interest issues where the accountancy profession’s expertise is most relevant.”• Recognizes that SMEs hold key to economic growth and SMPs play key role in supporting SMEs Page 2 | Confidential and Proprietary Information
  3. 3. SMP Committee: About• Represent SMPs globally• Helping IFAC member bodies support their SMPs• Building the capacity of SMPs to support business (SMEs) through high quality professional services• Members from 18 countries and all regions (4 from Asia)• MIA member presently Christina Foo (previously Peter Lim)• MIA contributes much SMP expertise and insights• MIA is a strong advocate for SMP issues within IFAC• IFAC supports and complements MIA’s SMP-related efforts Page 3 | Confidential and Proprietary Information
  4. 4. SMP Committee: Objectives• Participate in policy-making and regulatory dialogue (relevant, stable and proportionate)• Input to development of international standards, e.g. accounting, auditing, ethics (relevant, stable, proportionate)• Raise awareness of importance of SME sector and role of SMPs (voice and visibility) – SMP Quick Poll, member body articles, SMP eNews, Twitter, SMP/SME Discussion Board, Annual SMP Forum etc.• Provide practical support to SMPs (free resources & tools) – Implementation Guidance, Practice Management and Business Advisory – Guides for use as is and/or member bodies to adapt, translate etc. Page 4 | Confidential and Proprietary Information
  5. 5. Page 5 | Confidential and Proprietary Information
  6. 6. Page 6 | Confidential and Proprietary Information
  7. 7. SMP Quick Poll: About• IFAC SMP Quick Poll: 2011 Round-Up• Quarterly global poll started in Jan/Feb 2011• 2,500 SMPs responded to Q4 poll• 7 languages – Chinese, English, French, Italian, Portuguese, Romanian, & Spanish• Raw data passed to member bodies to use• Polling will continue in 2012, possibly semi-annually with more languages and more national/regional analysis• Please support us Page 7 | Confidential and Proprietary Information
  8. 8. SMP Quick Poll: Key Findings• Respondents not necessarily statistically representative since majority from Europe (62%)• Some significant regional variations in responses• Regulatory burden and keeping up with new regulations and standards top concerns for SMEs and SMPs respectively• Pace of change is main source/reason for burden• Economic uncertainty and difficulties accessing finance are also major concerns for SMEs• Attracting/retaining clients second most important challenge for SMPs• SMPs think 2012 will be better than 2011 (except Europe) Page 8 | Confidential and Proprietary Information
  9. 9. SMP Quick Poll: Key Findings (cont..)• Top drivers of practice growth in 2012 are additional revenue from existing clients then revenue from new clients• Main revenue earners: accounting and compilation then audit and assurance• Fastest growing revenue sources: accounting and compilation then advisory/consulting services• Advisory growth impeded by partner time and marketing services• New advisory clients driven primarily by existing client relationships• Tax consulting biggest area of business advisory• Top policy concerns: micro-entity financial reporting and global regulatory convergence Page 9 | Confidential and Proprietary Information
  10. 10. Future Challenges for SMPs• Adapting to change – Keeping up with regulation and standards – Competition from unqualified & non-accountants – Growth of business advisory – Sustainability agenda – Internationalization – IT developments – cloud computing – Referral networks• IFAC and its member bodies are collaborating to help Page 10 | Confidential and Proprietary Information
  11. 11. Thankyouwww.ifac.org/smp Page 11 | Confidential and Proprietary Information

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