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.
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.