IFAC SMP Committee
IFAC SMP Permanent Task Force
Meeting
Summary
New York, USA, March 11-12, 2010
Contact: Paul Thompson (paulthompson@ifac.org)
Chennai, India, January 10-11, 2007
This meeting summary of the IFAC Small and Medium Practices (SMP)
Committee has been prepared for information purposes only. Decisions
reported are tentative
and India,
reflectJanuary
only the
current
Chennai,
10-11,
2007status of discussions on
projects which might change after further deliberation by the SMP
Committee.
Chennai, India, January 10-11, 2007
Strategic Planning
The committee agreed an approach and timetable to develop its Strategic and
India,
January
10-11,
2007
Operational PlanChennai,
for 2011-14.
This
plan will
take
account of the IFAC Board
initiated review into how IFAC can best support SMPs. The plan will take
effect from January 1, 2011.
Chennai, India, January 10-11, 2007
Input to IAASB Standard Setting
Following presentations from staff and members of the International Auditing
Chennai,Board’s
India, January
10-11,
2007
and Assurance Standards
(IAASB)
the committee
agreed to continue
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focusing its input on the following projects : the IAASB’s strategic review;
ISA implementation support; ISA implementation monitoring; ISAE 3000;
Chennai, India, January 10-11, 2007
and reviews and compilations.
Input to IESBA Standard Setting
Chennai,aIndia,
January 10-11,
2007
The committee received
presentation
from the
chair of the International
Ethics Standards Board for Accountants’ (IESBA) and discussed the
implications for SMPs of the revised and redrafted Code of Ethics for
Chennai, India, January 10-11, 2007
Professional Accountants2. The committee agreed to work more closely with
the IESBA in identifying and developing other ways of helping SMPs
implement the new
Code. India, January 10-11, 2007
Chennai,
Input to IASB Standard Setting
The committee welcomed
International
Accounting
Chennai, the
India,
January 10-11,
2007 Standards Committee
Foundation’s (IASCF) publication of free-to-download training material to
support implementation of the International Financial Reporting Standard for
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Small and Medium-sized
(IFRS for
SMEs)
. The IFRS for SMEs was
Chennai,Entities
India, January
10-11,
2007
issued by the International Accounting Standards Board (IASB) in July 20094.
Chennai, India, January 10-11, 2007
Chennai, India,forJanuary
10-11,
2007
See http://www.ifac.org/IAASB/Projects.php
all project
summaries.
See http://www.ifac.org/MediaCenter/?q=node/view/657
3
See http://www.iasb.org/Current+Projects/IASB+Projects/Small+and+Mediumsized+Entities/Small+and+Medium-sized+Entities.htm
Chennai, India, January 10-11, 2007
4
See http://www.iasb.org/Education/Resources/Training+material.htm
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2
Chennai, India, January 10-11, 2007
The committee is encouraging IFAC member bodies, regional organizations
and others to make use of this material in training workshops. The committee
agreed to monitor implementation of the standard especially in respect of
micro-entities.
ISA Guide
The committee received an update on the project to revise the Guide to Using
International Standards on Auditing in the Audits of Small- and Medium-sized
Entities5 (ISA Guide). The updated ISA Guide, slated for launch in August
2010, will conform to the ISAs as redrafted under the Clarity project6 and
include various improvements. Designed to help practitioners efficiently
apply ISAs to audits of SMEs, the updated ISA Guide will comprise two
volumes, the first describing the basic concepts of a risk based audit in
conformance with ISAs and the second setting out the practical guidance for
the audit of SMEs.
Quality Control Guide
The committee received an update on the project to revise the Guide to
Quality Control for Use by Small- and Medium-sized Practices (QC Guide)7,
an implementation guide intended to help SMPs understand and efficiently
apply International Standard on Quality Control 1, Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information, and
Other Assurance and Related Services Engagements as redrafted under the
Clarity project. The revised QC Guide, which will conform to the revised and
redrafted Code of Ethics for Professional Accountants and include various
improvements, is scheduled for issue in August 2010.
Practice Management Guide
The committee approved for publication the Guide to Practice Management
for Use by Small- and Medium-sized Practices (PM Guide). Developed by
CPA Australia the PM Guide is intended to help SMPs operate proficiently
and profitably as well as enhance their responsiveness to the needs of their
clients. The PM Guide includes eight stand alone modules covering a range of
topics from planning through to risk management. It also includes an office
procedures manual, an integrated case study, and some forms. The plan is to
5
See http://www.ifac.org/Store/Details.tmpl?SID=1197644225547443
See http://web.ifac.org/clarity-center/index
7
See http://www.ifac.org/Store/Details.tmpl?SID=1236610272184921
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publish the first edition of the PM Guide, together with a guide explaining
how member bodies can make best use of the publication, in June 2010.
Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili and
CGA-Canada have helped finance its development.
Information Sharing
The committee noted ongoing improvements to the International Center for
Small and Medium Practices (the Center)8 and IFACnet. The Center now
includes an improved set of relevant links to free resources of IFAC member
bodies and other organizations9.
Business Support for SMEs
The committee approved for publication an information paper entitled The
Role of SMPs in Providing Business Support to SMEs. This paper, which
looks at the business advice and other non-compliance services that SMPs
provide SMEs, is expected to be published in April 2010.
Next Meeting
The next meeting of the SMP Committee will be on June 28-29, 2010 in
Montreal, Canada.
8
9
See http://www.ifac.org/smp
See http://www.ifac.org/SMP/index.php#Resources
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