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The Global Financial Crisis |
Specific SMP/SME Resources
This web page features links to resources that will be of assistance to small and medium practices (SMPs) and small and medium-sized enterprises (SMEs) in addressing issues related to the financial crisis. Information is alphabetized by the name of the organization. Additional relevant resources for SMPs and SMEs can be found in the Resources section of the International Center for Small and Medium Practices: www.ifac.org/SMP.
If your organization has SMP/SME resources dedicated to the financial crisis that you would like to have appear on this web page, please email them to communications@ifac.org.
According to the article, Accountants seen as vital advisers to SMEs, SMEs remain optimistic about surviving the economic downturn, and their demand for accountant's services will increase dramatically in 2009.
The article Downturn in Practice examines the strategies that firms are using to counter the challenges of the economic crisis using the results from a survey conducted from November-December 2008.
An article by Steve Viuker (Feb. 2010) discusses the difficulty for SMEs in obtaining access to credit in the current economic climate and how accountants' services can positively influence lending decisions.
American Institute of Certified Public Accountants (AICPA)
Client Credit Crisis Communication, a sample letter that SMPs can use to communicate to their clients how they can survive the credit crisis;
A special edition of Small Firm Solutions, a quarterly e-newsletter, looks at the impact of the economy on small practices; and
Focusing on Business Fundamentals is Key in Uncertain Times, a business brief, focuses on the importance and benefits of having a sound business strategy.
Association of Chartered Certified Accountants (ACCA)
Credit Crunch - What does it mean for SMEs is a web page featuring 20 guidance points on how SMEs can weather the financial crisis.
Association of Chartered Certified Accountants (ACCA), CGA-Canada, CPA Australia (Joint Report)
This report on the problems facing small and medium-sized enterprises in accessing finance from banks and other lenders includes a series of recommendations for governments, banks, and business. The recently released report is based on research by the Economist Intelligence Unit sponsored by these three bodies.
Auditing Practices Board (APB)
The UK Auditing Practices Board has issued a bulletin, Going Concern Issues During the Current Economic Conditions, which can be downloaded from www.frc.org.uk/apb/publications/bulletins.cfm.
Small firms fighting the recession (January 2009) follows ten small businesses from across the UK to see how they are being affected by the economic downturn.
The Chartered Institute of Management Accountants (CIMA)
CIMA warns small businesses not to lose sight of long-term strategy while taking immediate measures to survive the recession.
CIMA warns that small businesses are particularly susceptible to fraud during a recession.
CPA Australia warns SMEs that attempts to increase cash flow during the economic downturn could make them particularly vulnerable to scams.
European Commission (EU)
The European portal for SMEs provides access to information on EU policies and initiatives that are of particular interest to small- and medium-sized enterprises.
European Federation of Accountants and Auditors for SMEs (EFAA)
The EFAA organized a conference, held on November 21 in Vienna, on SME finance, banks, and the role of the accountancy profession, with special consideration of the current financial crisis. Summaries of conference presentations are included on this website.
Fédération des Experts Comptables Européens (FEE)
Call for Action for European SMEs is a policy paper that focuses on the need to support and improve conditions for small- and medium-sized entities.
The presentations from the Fourth SME/SMP Congress held in Copenhagen September 3-5, 2008 are accessible through the news release, FEE/NRF Fourth European SME/SMP Congress Copenhagen.
Financial Reporting Council (FRC)
The FRC published an update on going concern for directors of smaller companies.
The Financial Times has devoted a section of its website to articles related to the financial crisis.
Global Banking Reshaped is a compilation of media coverage of the financial crisis and its impact on the markets through links to in-depth packages, interactive maps, audio, video, and blogs.
IFAC/The Banker Survey of SME Lenders
This survey of more than 500 SME lenders indicates lender expectations of potential SME borrowers and highlights the critical role that accountants play in providing information that influences lender decision making. The October issue of The Banker features the survey results in a special supplement section composed of the following articles:
- Insight for Business: Foreword
- Advancing with Caution: SME lending
- The Power of Innovation: SME growth
- Logical Progression: IFAC services
The Institute of Certified Public Accountants in Ireland (CPA Ireland)
Simple Facts of Accounting issue No.13 provides 35 "Best Practice" tips aimed at SMEs for more effective credit control.
The Institute of Chartered Accountants in Australia
Small business: guidance in light of global economic instability offers guidance, in addition to other resources, for small businesses dealing with the economic downturn in the areas of cash flow, banking relationships, stock management, and foreign exchange.
The Institute of Chartered Accountants in England and Wales (ICAEW)
The Access to Finance Report-July 2009, based on research that polled senior partners from large and small accounting and audit firms, gives a snapshot of the availability of credit for SMEs.
The guide, SME Finance, focuses on financing options for SMEs and aims to increase awareness of government schemes launched to respond to credit constraints faced by small businesses.
The Institute released a guide, titled Eight Ways to Survive the Downturn, to help directors and their advisers manage the recession, as well as a statement urging the government to help small- and medium-sized entities.
Raising Finance provides access to information and advice for SMEs on sourcing finance and building lender relationships.
SME access to finance discusses lending issues for SMEs in the UK.
The ICAEW's Enterprise Survey Report 2008 sheds light on the impact of the crisis on SMEs.
Going concern - don't panic offers advice to directors and auditors dealing with going concern issues.
The Institute of Chartered Accountants in Ireland (ICAI)
On their website, the ICAI has posted articles relevant to the credit crunch.
International Auding and Assurance Standards Board (IAASB)
Audit Considerations in Respect of Going Concern in the Current Economic Environment (January 2009), deals with the effect of the credit crisis and economic downturn on an entity's ability to continue as a going concern and whether these effects ought to be described in the financial statements. It also raises awareness of issues surrounding liquidity and credit risk that may create new uncertainties for entities or exacerbate those already existing.
International Accounting Standards Board (IASB)
IASB response to the financial crisis provides an overview of the IASB's response to the financial crisis, including links to related information.
The Financial Crisis Advisory Group (FCAG) was established by the IASB and the US Financial Accounting Standards Board to advise the two Boards about the standard-setting implications of the global financial crisis and potential changes to the global regulatory environment.
The FCAG has issued a letter to the members of the G20, providing an update on their work.
Malaysian Institute of Accountants (MIA)
The Malaysian Institute of Accountants published a set of guidance to assist preparers, members of the board/audit committee, and auditors in fulfilling their roles in the financial reporting process during the financial crisis; the Guide for the Preparation of Upcoming Financial Reports and the Guide for the Audit of Upcoming Financial Reports may be of particular interest to SMPs and SMEs.
Microsoft Small Business Center
This Microsoft Small Business Centre web page features podcasts and a PDF summary of the SME Advisory Panel's meeting, in which challenges and coping strategies related to small businesses during the financial crisis were discussed.
Public Company Accounting Oversight Board (PCAOB)
Staff Views - An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements: Guidance for Auditors of Smaller Public Companies was released in January 2009 to help auditors understand the types of controls that might be encountered in the audit of a smaller, less complex public company.
U.S. Small Business Administration (SBA)
The United States Small Business Administration is offering free online courses to help small businesses counter the effects of a slowing economy.
The End of Wall Street: An Oral History is a three-part video about the financial collapse of Wall Street, including the causes and predictions for recovery.
The article "Credit Retention Worries for CPA Firms" discusses challenges with client retention in a weakened economy, particularly for small CPA firms.
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