中小事務(wù)所委員會12月電子新聞簡報

中小事務(wù)所委員會12月電子新聞簡報1.FourthSMPQuickPollNowOpen!

Areyouapractitionerinasmall-ormedium-sized(SMP)practice?ThentaketheNovember/DecemberSMPQuickPollnow!Thepoll,nowavailableinsevenlanguages,shouldtakeonlythreeminutestocompleteandtheresultswillbehighlightedinacompositereportfor2011.

PollingwillcloseonDecember19,2011.

2.ThirdSMPQuickPollRevealsIncreasingOptimismAmongSmallPractices

ThethirdSMPQuickPollelicited798responsesfrompractitionerswhooperateinsmall-tomid-sizedpractices(SMPs)fromallregionsoftheworldoveramonth-longperiod(August8,2011toSeptember9,2011).ResultsshowedanincreaseinoptimismamongSMPssincethelastpollwasconducted;nearly40%ofpractitionersexpectbusinesstobebetterthisyearthanitwaslastyear,comparedtojust23%inApril.Thepollalsoshowedthatburdenofregulationcontinuestobethelargestchallengefacedbypractitioners’small-andmedium-sizedentity(SME)clients.Similarly,whenaskedaboutthemostimportantissuefacingtheirpracticesrightnow,thelargestgroupofrespondentsonceagainindicatedkeepingupwithregulationsandstandards(35%),followedbyattractingandretainingclients(26%).ThethirdeditionofthepollincludedquestionsonthetrendtowardSMPsprovidingbusinessadvisoryservices.ResultsshowedthateventhoughmoreSMPsarenowofferingbusinessadvisoryservices,traditionalaccountancy-basedservicescontinuetogeneratethelargestportionofSMPs’feerevenue.TheIFACSMPQuickPollaimstotakeasnapshotofthekeyissuesconfrontedbySMPsandtheirSMEclients.Thankyoutoeveryonewhoparticipatedinourfirstthreepollsandtothosememberbodiesandregionalorganizationsthatpublishedthepollsintheirnewsletters,orotherwisehelpedpromotethem.Wehopeyou’lldothesamewiththeNovember/Decemberpoll,nowopen(seeaboveand/SMP).

3.SMPCommitteeWelcomesNewMembersAttheendofDecember,thecommitteewillbidfarewelltoSMPCommitteeChairSylvieVoghel.SincetakingthehelmofthenewlyformedcommitteeinJanuary2006(previouslytheSMPPermanentTaskForce),Sylviehassteeredthecommitteetoconsiderablegrowthandprogress.WethankSylvieforherdedicatedserviceandexceptionalleadership,andwishhereverysuccessinherfutureendeavors.Thecommitteealsowishestothankoutgoingcommitteemembersfortheiroutstandingserviceandcommitment:HechmiAbdelwahed(Tunisia),AlexHilman(Israel),BernardScicluna(Malta),MasumTurker(Turkey),andYeXin(China).InJanuary2012,thecommitteewillwelcomesixnewmembers:AbdulwahidAboo(Kenya),PhilipCowperthwaite(Canada,currentlyIAASBmember),CemalIbis(Turkey),ChenLongwei(China),NnamdiOkwuadigbo(Nigeria),andMatsOlsson(Sweden).CurrentDeputyChairGiancarloAttoliniwilltakethehelmasSMPCommitteechair,withBrianBluhmasthedeputychair.

ResourcesandTools4.UpdatedGuidesSupportSMPsinSMEAuditsandPracticeManagement

TheSMPCommitteerecentlyreleasedanupdatedGuidetoUsingInternationalStandardsonAuditingintheAuditsofSmall-andMedium-SizedEntities(ISAGuide).Nowinitsthirdedition,thiscomprehensiveimplementationguideisintendedtohelppractitionersunderstandandefficientlyapplytheInternationalStandardsonAuditing(ISAs)toauditsofsmall-andmedium-sizedentities(SMEs).Thiseditionfeaturesanumberofrefinementstothetechnicalcontentandpresentation.Aswiththesecondedition,volume1coversthebasicconceptsofarisk-basedauditinconformancewiththeISAs;volume2containspracticalguidanceonperformingSMEaudits,includingtwoillustrativecasestudies—oneofanSMEauditandoneofamicro-entityaudit.ThesecondeditionoftheGuidetoPracticeManagementforSmall-andMedium-SizedPractices(PMGuide)willbeavailableinthecomingweeksandincludesminortechnicalupdates,includingguidanceoncloudcomputingandupdatedfurtherreadingresources.ThePMguideisintendedtohelpimprovepracticemanagementbyprovidingguidanceinabroadvarietyofareas,fromstrategicplanningandriskmanagementtosuccessionplanningandinformationtechnology.Comprisedofeightstandalonemodules,thisguideincludesanumberofpracticalfeatures,includinganextendedcasestudy,asampleofficeproceduresmanual,andnumerouschecklistsandotherworksheets.VisittheSMPCommittee’sResourcesandToolspageforaccesstotheguidesandrelatedresourcesfromIFACmemberbodiesandothers.TranslationsoftheguideshaverecentlybeencompletedinFrench,Italian,andDutch.SeetheIFACTranslationsDatabaseformoredetails.

5.IFACLaunchesNewWebsite

KeyPagesforSMPs

IFAC’srecentlylaunchedwebsitefeaturesacleanandmoderndesign,amoreintuitivearchitecture,expandedcontent,andtopicalandtimelyissuesandinsights,includingSMPandSMEissues.Fromthehomepage,visitorscanselect,“IamanSMP/SME,”fromadrop-downlisttogodirectlytotheSMPCommittee’slandingpage.Alternatively,visitorscanselectSMPs&SMEsunderIssues&Insights(intopnavigation),tolearnmoreaboutSMPissues,navigatetotheSMPCommitteepage,andaccessrecentlyreleasedresourcesforSMPs.

TheSMPCommitteepagesfeaturenumerousimprovements,includingbetterintegrationofsocialmedia:theSMPDiscussionBoardnowfeaturesprominentlyonthelandingpageandtheSMPTwitterhandlefeedslivetoacall-outboxonthetopright.OntheSMPResourcesandToolspage,we’veconsolidatedresourcesfromIFAC,ourmemberbodies,andotherorganizationswithinthreemaincategories:ImplementationGuidance,PracticeManagementSupport,andBusinessAdvisoryPracticeDevelopment.Call-outboxesontheright-handsideofthepagehighlightselectedresourcesandprovideaccesstoadedicatedRelevantLinkspageforeachofthesethreeareas.

Thenewwebsitealsogivesregisteredusersmorecontrolovermanagingtheiraccountandsubscriptionpreferences,includingselectingallnewslettersandpressreleases,orjustthoseintheirareaofinterest.Finally,IFACnet,ourcustomaccountancysearchengine,isaccessiblefromthesearchboxatthetopofeverypageforeasieraccess.IFACnetispoweredbyGoogleandsearchesselectedwebsitesfromleadingaccountancyorganizationsfromaroundtheworldinadditiontotheIFACsite.

6.ArticlesforSMPs:TipsforSuccess;BuildingaBusinessAdvisoryPracticeHowtoMakeYourSmallPracticeaBigSuccess,ashortarticledevelopedbySMPCommitteeDeputyChairGiancarloAttoliniandIFACstaff,suggestssevensimplemeasuresthatSMPscantaketoimprovethemanagementoftheirpracticeandincreasetheirchancesofsuccess.HowtoBuildYourBusinessAdvisoryPractice,developedbySMPCommitteememberStuartBlackandIFACstaff,examinesthebusinesscaseforSMPstodevelopabusinessadvisorypracticeandofferstipsforgettingstarted.IFACstaffandSMPCommitteemembersregularlydeveloparticlesforIFACmemberbodiestopublishintheirlocalmagazinesandjournalstosupporttheirSMPconstituents.Thesearticlesareofferedexclusivelytomemberbodiesforaperiodof60days.Afterthistime,IFACwillpublishthearticlesonitswebsiteand/ornewsletter(s).SeethePracticeManagementRelevantLinksandBusinessAdvisoryRelevantLinkspagesonourwebsiteforaccesstoadditionalfreeresourcesforSMPsintheseareas.MeetingsandEvents7.UpcomingSmallandMediumPracticesForum

ThenextIFACSmallandMediumPracticesForumwillbeheldonMarch19,2012inSingapore.AtthisannualeventforSMPs,delegatesfromaroundtheworldwillconvenetolisten,learn,debate,andcollaborateontheuniqueopportunitiesandchallengesfacingSMPsandtheirsmall-andmedium-sizedentity(SME)clients.Co-hostedwiththeInstituteofCertifiedPublicAccountantsofSingapore,thisyear’sday-longeventwillfeatureakeynoteaddressbyIFACDeputyPresidentWarrenAllenandplenarysessionswithpanelistsfrominternationalstandard-settingbodies,organizationsrepresentingsmallbusinessinSoutheastAsia,andthedonorcommunity.Duringbreak-outsessionsintheafternoon,delegateswillbeinvitedtoprovideinputtotheSMPCommittee’sWorkPlan,whilesharingbestpracticesandideasonselectedtopics.AformalletterofinvitationwillbesenttoallIFACmemberbodiesinmid-December.Eachmemberbodymaysendupto10representatives.Presentationsandvideosfromlastyear’seventareavailableat/2011SMPForum.

8.RecentSMPCommitteeSpeechesNewslidesfromtwooftheSMPCommitteemembers’recentspeakingengagementsarenowavailable:InDecember,FlorinToma,SMPCommitteemember,spokeattheOrdenDosTécnicosOficiaisdeContas(OTOC)andEuropeanFederationofAccountantsandAuditorsforSMEs(EFAA)Conferenceonthefutureofmicro-entityfinancialreporting(seeslides).InOctober,SMPCommitteeDeputyChairGiancarloAttolinispokeattheNewYorkStateSocietyofCPAs(NYSSCPA)IFRSConferenceontheIFRSforSMEs,includingIFAC’sroleinthedevelopmentofthestandardandtheimportanceofproperadoptionandimplementation(seeslides).

StandardsandGuidance9.IFACCommentsonEuropeanCommissionProposedLegislationEarlierthismonth,IFACcommentedontheEuropeanCommission(EC)’sproposedlegislationissuedinNovember.IFACsupportsinitiativestocontinuallyimproveauditquality,enhancetheroleofaudit,andsafeguardauditorindependence,andbelievesthatinnovationandevolutionareessentialforthisvitalservicetomaintainitsrelevanceandmeettheneedsofinvestorsandotherstakeholders.SeeIFAC’spressreleaseandmoreinformationontheproposedreformsontheEC’swebsite.10.SMPCommitteeContributestoStandardSetting

TheSMPCommitteehassubmittedthefollowingcommentletterstotheInternationalAuditingandAssuranceStandardsBoard(IAASB)onthescalabilityofstandardsandotherkeyissuesofrelevancetoSMPs:A)ProposedInternationalStandardonAssuranceEngagements(ISAE)3000(Revised),AssuranceEngagementsOtherThanAuditsorReviewsofHistoricalFinancialInformation(seetheSMPCommittee’sCommentLetter);and

B)EnhancingtheValueofAuditorReporting:ExploringOptionsforChange(seetheSMPCommittee’sCommentLetter).

11.FEEIssuesBriefingPaperonProportionalityofISAsTheFederationofEuropeanAccountants(FEE)recentlyissuedaBriefingPaperontheproportionalityoftheInternationalAuditingandAssuranceStandardsBoard(IAASB)’sclarifiedInternationalStandardsonAuditing(ISAs).ThepapermakesthecasethattheISAsarenotoverlyburdensomeforSMPsandSMEsandthatthestandardsweredevelopedforusebyentitiesofallsizeswithinvolvementfromSMPsandSMEs.SeetheBriefingPaper,ProportionalityandtheInternationalStandardsonAuditing,ontheFEEwebsite.

12.FinalReportfromIESBASME/SMPWorkingGroup

AttheirlastmeetinginOctober,theInternationalEthicsStandardsBoardforAccountants(IESBA)receivedthefinalreportfromtheIESBASME/SMPWorkingGroup,formedtohelpaddresstheuniqueandchallengingissuesfacedbythisconstituencyincomplyingwiththeIESBACodeofEthicsforProfessionalAccountants(theCode).

TheWorkingGroup’srecommendationscoveredthefollowing:knowledgeandunderstandingoftheCode;applicationofsafeguardsinanSMP/SMEenvironmentincludingappropriatesafeguardsavailabletosolepractitionersandsmallerSMPs;suggestionsregardingfutureexpansionoftheCode;andongoingconsiderationofSMEsandSMPsinthestandard-settingprocess.TheIESBAwillconsidertherecommendationsoftheWorkingGroupatitsFebruary2012meeting.SeemoreinformationintheIESBA’sMeetingSummary.

13.PAIBCommitteeProposesGuidanceonInternalControl

TheIFACProfessionalAccountantsinBusiness(PAIB)CommitteerecentlyissuedproposedInternationalGoodPracticeGuidance,EvaluatingandImprovingInternalControlinOrganizations,forpubliccomment.Theaimofthisguidanceistoestablishabenchmarkforgoodpracticeinmaintainingeffectiveinternalcontrolinresponsetorisk,andhelpPAIBsandtheirorganizationscreateacycleofcontinuousimprovementfortheirinternalcontrolsystems.Theproposedguidanceisdirectedatprofessionalaccountantsinbusinessworkingfororganizationsofalltypesandsizes,includingSMEs,asallorganizations,nomattertheirsizeorstructure,privateorpublic,shouldhaveanappropriateinternalcontrolsysteminplace.SMPsmaywishtorefertotheguidancewhenadvisingtheirSMEclientsonhowtoimprovetheirinternalcontrol.PractitionersoperatinginSMPsandSMEsareencouragedtorespondtotheproposedguidance.

14.IIRCDiscussionPaperonIntegratedReporting:LastChancetoComment!

TheInternationalIntegratedReportingCouncil(IIRC)recentlyreleaseditsDiscussionPaper,TowardsIntegratedReporting:CommunicatingValueinthe21stCentury.Thepaperpresentstherationaleforintegratedreporting,offersinitialproposalsforthedevelopmentofaninternationalintegratedreportingframework,andoutlinesnextstepstowarditscreationandadoption.

OfmostrelevancetoSMEsandSMPsisquestionfourontheapplicabilityofintegratedreportingtoSMEsandtheinitialfocusofintegratedreportingonlargercompanies.Commentscanbesubmittedtodpresponses@orthroughbyDecember14,2011.TelluswhatyouthinkbyrespondingtothisquestionontheSMPCommitteeDiscussionBoard.

15.IFRSforSMEs:NewDraftQ&AsandMicro-Entities

InNovember,theInternationalAccountingStandardsBoard(IASB)’sSMPImplementationGroupreleasedtwoadditionalquestion-and-answer(Q&A)publicationsforpubliccomment:RecyclingofCumulativeExchangeDifferencesonDisposalofaSubsidiaryandFallbacktoIFRS9FinancialInstruments.CommentsonbothareduebyJanuary31,2012.

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