International Federation of Accountants
IFAC SMP Forum, Abuja, Nigeria, October 13, 2008
Giancarlo Attolini
IFAC SMP Committee Member, CNDCEC

Content
•
Practice Management Tools
•
Practice Management Guide:
– Rationale
– Aims
– Target Audience
– Overview
– Table of Contents
– Features
– Dissemination, Derivatives & Linked Projects
•
Conclusion

Practice Management Tools
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Practical information and tools designed to help practitioners run their practice in an efficient, clientfocused & profitable way
• Includes forms, office procedures manual, worksheets, software applications, guides etc.
• Embraces all different disciplines required to manage a business
• Commonly used in medical and legal profession

Practice Management Guide
Rationale
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Delegates at SMP Forum 2007 strongly supported
IFAC’s development of Practice Management Guide
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SMPs are struggling to cope with:
– Increased competition
– Ever changing and complex standards and regulations
• Often lack time to think strategically and reflect on how best to manage their practice
• Hence, need an authoritative source of practical help on how to run a practice
•
An SMP is a small business after all!

Practice Management Guide
Target Audience
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SMPs including sole practitioners
• Practices that offer compliance (accounting, audit, tax) and/or business support services
•
Jurisdiction neutral – written for a global audience

Practice Management Guide
Aims
• Improve competitiveness, profitability & sustainability of SMPs
•
Enhance competence and efficiency of those managing SMPs, so as to provide an environment conducive to the provision of high quality services
• Facilitate global convergence in best practices in practice management by SMPs
•
Provide basis for development of other products aimed at promoting effective practice management,
(CPD materials, software, practice aids ,etc.)

Practice Management Guide
Overview
• First edition to be published late 2009/early 2010
•
Approximately 500 pages
•
CPA Australia commissioned to develop
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SMP Committee overseeing quality review
•
Funding: IFAC – 60%; contributions (CGA Canada,
CNDCEC , plus ?) – 40%
•
IFAC will own full copyright
• To be available free-of-charge on CD Rom & PDF

Practice Management Guide
Table of Contents
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Opportunities & Challenges for SMPs
• Practice Structures & Models
•
Planning for your Practice – Now and for the Future
•
Building and Growing your Practice
•
People Power Developing a People Strategy
• Technology & E-Business
•
Client Relationship Management
• Knowledge & Risk Management
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Succession Planning

Practice Management Guide
Features
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Generic chapters for jurisdiction sensitive material
• Written in plain English
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IFAC SMP Committee publication
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Number of illustrations, practice aids, etc.
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Member bodies and others can use as is or adapt
•
Separate guide for MBs providing guidance on:
– how to customize for their own jurisdiction; &
– how to use it (e.g., as basis for training courses)
•
Annual updates

Practice Management Guide
Dissemination, Derivatives & Linked Projects
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IFAC to encourage translations, reproductions & adaptations
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IFAC to facilitate development & dissemination of high quality derivatives at reasonable cost to users
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See http://www.ifac.org/SMP/ for online catalogue of free PM materials & PM discussion threads
•
Possible Professional Education Center offering subsidized access to online CPD courses

•
For those joining Group B: Practice Management
Tools we welcome your comments & ideas
•
This is what the Forum is meant for!
• Thanks for helping us develop better quality guidance, suited to the actual needs of Small &
Medium Practices

International Federation of Accountants
SMP Committee www.ifac.org/SMP
Giancarlo Attolini
IFAC SMP Committee Member