Who We Are
Small and Medium Practices Advisory Group
Small- and medium-sized practices (SMPs) are a critically important part of the accounting profession and constitute the vast majority of accountancy practices worldwide. A strong SMP constituency can contribute to increased choice and competition in the market for professional services.
SMPs service an extremely significant segment of the economy – small- and medium-sized entities (SMEs). Research indicates that more than 95% of enterprises across the world are SMEs, accounting for approximately 60% of private sector employment and contributing significantly to countries’ gross domestic product (GDP). SMEs are crucial to the health, stability, and sustainable economic growth of both developed and developing economies.
The definition of SMP will vary from one jurisdiction to another. IFAC describes SMPs as practices that exhibit the following characteristics: their clients are mostly SMEs; they use external sources to supplement limited in-house technical resources; and they employ a limited number of professional staff.
The IFAC SMP Advisory Group is an advisory body that provides strategic input on IFAC’s activities in three main areas:
- Supporting standard setting—providing regular and timely input to the international standard-setting process in order to help ensure the stability, relevance, and proportionality of international standards to SMEs/SMPs;
- Building a future-ready profession—developing and sharing practical guidance, tools and resources with a focus on implementation of international standards, practice management, and business advisory services; and
- Speaking out—promoting the visibility and recognition of SMPs and representing and advocating on behalf of SMPs and SMEs worldwide.
Key Contact
Monica Foerster, Chair
Brazil
United Kingdom
Colombia
Barbados
New Zealand
Nigeria
United States
South Africa
Canada
Hong Kong (Special Administrative Region of China)
Kenya
Romania
Pakistan
Japan
Finland
Germany
Malta
China
Korea, Republic of
Useful Links
Supporting International Standards
The Risk Identification and Assessment Process: Tips on Implementing ISA 315 (Revised 2019)
December 15, 2022
Supporting International Standards
Quality Management Series: Small Firm Implementation, Installment One
October 31, 2022
Supporting International Standards
Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool
April 05, 2022
Preparing Future-Ready Professionals
Sustainability Information for Small Businesses: The Opportunity for Practitioners
November 18, 2021
Preparing Future-Ready Professionals
Guide to Practice Management for Small- and Medium-Sized Practices
May 23, 2018
Contributing to the Global Economy
New Global SMP Survey Reveals Keys to Growth for Small Accounting Firms
October 23, 2018
Contributing to the Global Economy
The Role of SMPs in Providing Business Support to SMEs: New Evidence
September 14, 2016
Supporting International Standards
Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure Services
December 18, 2020
