The document summarizes the objectives and findings of the IFAC SMP Forum and SMP Committee. The SMP Committee represents small and medium practices globally and aims to help them build capacity to support small and medium enterprises. Key findings from the SMP Quick Poll include regulatory burden being a top concern for SMPs and economic uncertainty affecting small businesses. The forum provides a platform for SMPs to collaborate and discuss challenges and opportunities around changes in the operating landscape.

1. Session 1: Setting the Scene:
SME and SMP Landscape
Giancarlo Attolini, Chair, Small and
Medium Practices (SMP) Committee
IFAC SMP Forum
Singapore
March 19, 2012
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2. IFAC SMP Forum 2012: About & Objectives
• Previous Forums
– Hong Kong SAR (2006), Malta (2007), Nigeria (2008), China
(2009) and Turkey (2011)
• 200 delegates, 36+ countries and 40+ member bodies
• Key aspect of our outreach
• Assists in our strategy development
• How you can help us
– Listen, learn, debate and collaborate
– Opportunities and challenges facing SMPs and their SME clients
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3. SMP Committee: About
• Represent SMPs globally
• Helping IFAC member bodies support their SMPs
• Building the capacity of SMPs to support business (SMEs)
• Members from 18 countries and all regions (3 from Asia)
• Full IFAC committee in January 2006
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4. SMP Committee: Objectives
• Participate in policy-making and regulatory dialogue
(relevant, stable and proportionate)
• Input to development of international standards, e.g.
auditing, ethics (relevant, stable, proportionate)
• Raise awareness of importance of SME sector and role of
SMPs (voice and visibility)
• Provide practical support to SMPs (resources and tools)
– For member bodies to adapt, translate etc.
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7. SMP Quick Poll: About
• IFAC SMP Quick Poll: 2011 Round-Up (delegate packet)
• 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
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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 also
major concerns for SMEs
• Attracting/retaining clients second most important challenge
for SMPs
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9. SMP Quick Poll: Key Findings (cont..)
• SMPs think 2012 will be better than 2011 (except Europe)
• 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
• Top policy concerns: micro-entity financial reporting then
global regulatory convergence
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10. Future Challenges: IFAC, Member Bodies, SMPs
• SMP constituency is diverse
• SMPs having to adapt to change
• IFAC and its member bodies are collaborating to help
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11. Session 1 Speakers
• Warren Allen, Deputy President, IFAC
• Dr. Ernest Kan, President, ICPAS
• Victor Tay, Chief Operating Officer, Singapore Business
Federation
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12. Thankyou
www.ifac.org/smp
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