The Small and Medium Practices (SMP) Committee is charged with identifying and representing the needs of its constituents and, where applicable, to give consideration to relevant issues pertaining to small- and medium-sized entities (SMEs). The constituents of the SMP Committee are small and medium-sized practices (SMPs) who provide accounting, assurance and business advisory services principally, but not exclusively, to clients who are SMEs.
The SMP Committee will primarily seek to support SMPs by helping IFAC Member Bodies support their SMP stakeholders.
SMP is used to refer to accounting practices that exhibit the following characteristics: its clients are mostly SMEs; it uses external sources to supplement limited in-house technical resources; and it employs a limited number of professional staff. What constitutes an SMP will vary from one jurisdiction to another.