IFAC Forum Addresses Challenges and Opportunities Facing SMPs in an Ever-Changing Global Marketplace

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    Mar 19, 2012
    Singapore/New York


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    IFAC Forum Addresses Challenges and Opportunities Facing SMPs in an Ever-Changing Global Marketplace

    Today over 200 delegates from 40 professional accountancy organizations in 36 countries convened in Singapore for the sixth annual IFAC Small and Medium Practices (SMP) Forum. Co-hosted with the Institute of Certified Public Accountants of Singapore (ICPAS), this year’s event featured a keynote address by Ms. Jessica Tan, Chairman of the Government Parliamentary Committee for Finance and Trade & Industry in Singapore, and speakers from the Singapore Business Federation (SBF) and Accounting and Corporate Regulatory Authority (ACRA) of Singapore.

    Delegates from IFAC member bodies convened with representatives from the regulatory community, leading regional business associations, and international standard setters to discuss the hot-button challenges facing the SMP sector and to collaborate on the solutions on a global level. Plenary panel session topics included shaping regulations and standards and how SMPs can capitalize on emerging opportunities in an ever-changing marketplace.

    In his opening remarks, IFAC Deputy President Warren Allen gave an overview of IFAC’s role in the changing SME/SMP landscape: “The results of the 2011 IFAC Global Leadership Survey highlighted that the needs of SMPs and small- and medium-sized entities (SMEs) continue to be a high-priority area among IFAC’s membership. This may be because SMEs—and the SMPs that serve them—often constitute the backbone of economic stability. Here in Singapore, for instance, SMEs and small components (subsidiaries, branches, etc.) of multinational corporations contribute up to half of gross domestic product (GDP). And that is why IFAC is speaking out to ensure that world leaders recognize that the small business sector is a public interest issue, and that policy, regulation, and standards are developed in a way that will facilitate the growth of this sector.”

    ICPAS President Dr. Ernest Kan said, “ICPAS is honored to co-host this year’s SMP Forum with IFAC. The focus on SMPs and SMEs dovetails with ICPAS’ strategic focus on SMP development. In today’s complex global economic environment, SMPs and SMEs face unique challenges in value creation and capacity building. With the forum, we aim to provide a platform for international representatives to share insights on supporting this sector.”

    IFAC SMP Committee Chair Giancarlo Attolini added, “We can see from the attendance here today and the high level of participation in the SMP Quick Poll throughout 2011 that IFAC members are committed to serving their SMP constituents. IFAC shares this commitment since small accountancy practices typically serve small businesses, and when small businesses prosper, their local economies tend to prosper as well. We believe that SMEs and SMPs can be a part of the solution to the global economic recession.”

    For media enquiries:



    Laura Wilker
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    1 212 471 8707

    Low Xiao Jing
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    65 9171 8852

    About the IFAC Small and Medium Practices Forum

    This annual event provides a unique, global platform for delegates of IFAC member bodies to learn, debate, and collaborate on the opportunities and challenges facing SMPs and their small- and medium-sized entity clients. Learn more at www.ifac.org/2012SMPForum. This year’s event was made possible by the generous support of its co-host, the Institute of Certified Public Accountants of Singapore, and the sponsorship of the following IFAC member bodies: Association of Chartered Certified Accountants; Body of Expert and Licensed Accountants of Romania (CECCAR); Certified General Accountants Association of Canada; Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili; CPA Australia; Hong Kong Institute of Certified Public Accountants; and Institute of Chartered Accountants in England and Wales.

    About the Institute of Certified Public Accountants of Singapore
    Established in 1963, the Institute of Certified Public Accountants of Singapore (ICPAS) is the national accountancy body that develops, supports, and enhances the integrity, status, and interests of the profession.

    ICPAS accords the Certified Public Accountant Singapore (CPA Singapore) designation. The CPA Singapore is a professional in accountancy, finance, and business distinguished by their technical expertise, integrity, and professionalism, in addition to a recognized accountancy qualification and relevant work experience. CPAs Singapore serve every corner of the world in every industry. Many of them helm some of the most prominent local and international corporations. Presently, there are close to 25,000 members in ICPAS.

    For more information, please visit www.icpas.org.sg.

    About the IFAC SMP Committee
    The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee collaborates with IFAC member bodies to develop guidance and tools and speaks out on behalf of SMPs and small- and medium-sized entities (SMEs) to raise awareness of their role and value. The committee also works to ensure that the needs of the SMP and SME sectors are considered by standard setters, regulators, and policy makers.

    About IFAC
    IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.


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