Activities and Interest Areas
IFAC supports SMPs through initiatives in several key areas.
Regular and timely input to the international standard-setting process helps ensure the stability, relevance, and proportionality of international standards to SMEs and SMPs.
With input from the SMP Committee, IFAC submits comment letters at all key stages of the development process, from project proposal to draft exposure draft (ED) and, often, post exposure to the IAASB, IESBA, and other relevant bodies, such as the International Accounting Standards Board (IASB), which develops the IFRS for SMEs. A representative of the SMP Committee observes all IAASB, IESBA, IAASB Consultative Advisory Group (CAG), and IESBA CAG meetings.Recently submitted comment letters:
- re: IESBA Consultation Paper, Improving the Structure of the Code of Ethics for Professional Accountants
- re: IESBA Exposure Draft, Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client
- re: IAASB Exposure Draft, Addressing Disclosures in the Audit of Financial Statements
- re: IESBA Exposure Draft, Non-Assurance Services for Audit Clients
- re: IAASB Consultation Paper, Strategy and Work Program, 2015-2016/19
- re: IESBA Consultation Paper, Proposed Strategy and Work Plan, 2014-2018
- See All
Resources and Tools
IFAC facilitates the sharing of tools and resources to help SMPs compete in the global marketplace.
Using research and input from the SMP Committee to determine the gaps in available resources for SMPs, IFAC provides practical assistance to our member bodies to support their SMP constituents where it is needed most.
Key comprehensive guides include the Guide to Review Engagements, Guide to Quality Control for SMPs, Guide to Using ISAs in the Audit of SMEs, and Guide to Pratice Management for SMPs.
IFAC speaks out on behalf of SMPs/SMEs in its interactions with regulators, standard setters, and policy makers.IFAC also promotes the visibility and recognition of SMPs by participating in local and global speaking engagements and other outreach and communications activities (subscribe to SMP-related press releases and news).Recently submitted comment letters on regulation and policy:
- re: IIRC's Consultation Draft of the International Integrated Reporting Framework
- re: SMOs 1 through 7 (Revised)
- re: IIRC's Discussion Paper, Towards Integrated Reporting
- re: European Commission’s Green Papers on audit policy and the EU corporate governance framework
RESOURCES AND TOOLS
Global Knowledge Gateway—Related Discussions, Resources & News
RECENT NEWS & RESOURCES
IFAC's SMP-Related Activities
Aug 19, 2014
Guide to Review Engagements
Dec 10, 2013