IFACnet.comIFACnet.com http:\\ 11 Practical Support for SMPs Information Sharing and Networking IFAC SMP Forum, Abuja, Nigeria, October 13,

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IFACnet.comIFACnet.comIFACnet.comIFACnet.com http:\\www.ifac.orghttp:\\www.ifac.orghttp:\\www.ifac.orghttp:\\www.ifac.org

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Practical Support for SMPsPractical Support for SMPsInformation Sharing and NetworkingInformation Sharing and Networking

IFAC SMP Forum, Abuja , Nigeria, October 13, 2008IFAC SMP Forum, Abuja , Nigeria, October 13, 2008

Alex Hilman, CPA (Isr.)Alex Hilman, CPA (Isr.) IFAC Small and Medium Practices (SMP) Committee MemberIFAC Small and Medium Practices (SMP) Committee Member

Past President, Institute of Certified Public Accountants in IsraelPast President, Institute of Certified Public Accountants in Israel

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ContentContent

1.1. Some of the issues facing SMPsSome of the issues facing SMPs2.2. From the IFAC SMP Committee Strategic and From the IFAC SMP Committee Strategic and

Operational PlanOperational Plan3.3. International Center for SMPsInternational Center for SMPs4.4. International Center for SMPs – Future International Center for SMPs – Future

Developments Developments 5.5. IFACnet – OverviewIFACnet – Overview6.6. IFACnet - Future DevelopmentsIFACnet - Future Developments7.7. Conclusions Conclusions

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1. Some of the issues facing SMPs1. Some of the issues facing SMPs

• Limited capacityLimited capacity of SMP/SME, to efficiently of SMP/SME, to efficiently implement implement and and comply with international standards.comply with international standards.

• Inability to be informedInability to be informed and updated in real time. and updated in real time.

• Intense competitionIntense competition especially from especially from

non-professionals, reduced compliance work. non-professionals, reduced compliance work.

• Lack of engagementLack of engagement of SMPs/SMEof SMPs/SME

in international arenain international arena..

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2. From the SMP Committee Strategic and 2. From the SMP Committee Strategic and Operational Plan 2009-2012:Operational Plan 2009-2012:

• Increase capacity of SMPs Increase capacity of SMPs to perform high quality to perform high quality work and be competitive and profitablework and be competitive and profitable via practical via practical support, for example, provision of implementation support, for example, provision of implementation materials materials & & web-based information resources and web-based information resources and web-based tools.web-based tools.

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3. International Center for SMPs - Present3. International Center for SMPs - Present • Enter via IFAC/ SMP Committee website: Enter via IFAC/ SMP Committee website: http://www.ifac.org/SMP/

• Links for:Links for:– IFACnet IFACnet portal (see later)portal (see later)– News ( quarterly SMP News, updates)News ( quarterly SMP News, updates)– Resources (publications; speeches; links to high quality, relevant & free resources)Resources (publications; speeches; links to high quality, relevant & free resources)– SMP Committee detailsSMP Committee details

• Translated into 5 UN languagesTranslated into 5 UN languages; ; Russian, French, Spanish, Arabic, ChineseRussian, French, Spanish, Arabic, Chinese

• Expecting 10,000Expecting 10,000 (+) (+) visitors in 2008 (2007: 7,224)visitors in 2008 (2007: 7,224)

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• Public SMP/SME Discussion Board – Targets:Public SMP/SME Discussion Board – Targets:

– To get SMPs and SMEs discussing key issues;To get SMPs and SMEs discussing key issues;

– To elicit SMPs and SMEs views on draft standardsTo elicit SMPs and SMEs views on draft standards

– To facilitate dialogues and sharing of ideas on topics To facilitate dialogues and sharing of ideas on topics relevant to SMPs & SMEsrelevant to SMPs & SMEs

International Center for SMPsInternational Center for SMPs recently added recently added

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• Discussion board - few of the topics now on board:Discussion board - few of the topics now on board:

- How is the Credit Crisis affecting your practice? What steps are you taking to cope?How is the Credit Crisis affecting your practice? What steps are you taking to cope? - How do you think the redrafting of the IFAC Code of Ethics will impact SMEs and

SMPs? - What are your views on the consultation paper on the IAASB's

review engagement standard? - What has been your experience in implementing the Guide to Using ISAs

in SME Audits? - AICPA's Accounting and Review Services Committee Reliability Project - Is there a need for standards and guidance designed specifically forIs there a need for standards and guidance designed specifically for- micro-entities?micro-entities? - Top Ten Reasons I Like Being an AccountantTop Ten Reasons I Like Being an Accountant

3. International Center for SMPs3. International Center for SMPsrecently added (cont.)recently added (cont.)

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• Looking at other ways to use Web 2.0 technologyLooking at other ways to use Web 2.0 technology

• Possible future developments:Possible future developments:- Global firm directory (e.g., http://www.icaewfirms.co.uk/)- Global firm directory (e.g., http://www.icaewfirms.co.uk/)- Professional Education Center, offering access to subsidized online CPD - Professional Education Center, offering access to subsidized online CPD

courses (e.g., www.smartpros.com)courses (e.g., www.smartpros.com)

• SMP/SME Communications Center:SMP/SME Communications Center:- Developing the discussion board: practitioners can ask questions, raise Developing the discussion board: practitioners can ask questions, raise

issues, exchange information (including information on “doing business issues, exchange information (including information on “doing business overseas”) & invite opinion. overseas”) & invite opinion.

- Online networking between SMPs & SMEs Online networking between SMPs & SMEs

4.International Center for SMPs - Tomorrow 4.International Center for SMPs - Tomorrow Future DevelopmentsFuture Developments

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5. IFACnet - Overview5. IFACnet - Overview• See: www.ifacnet.comSee: www.ifacnet.com

• Customized web search engine, providing access to resources of Customized web search engine, providing access to resources of IFAC and its member bodies (around 40 member bodies websites).IFAC and its member bodies (around 40 member bodies websites).

• Non members body websites being added.Non members body websites being added. (FEE & PIOB already included.(FEE & PIOB already included. To follow – IASB, Big 4 and many others).To follow – IASB, Big 4 and many others).

• Improving the search system and the presentation of search Improving the search system and the presentation of search results.results.

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5. IFACnet – Overview – Language.5. IFACnet – Overview – Language.

• Home page is translated to the 5 UN languages (Russian, French, Spanish, Arabic & Chinese)

• Professional material can be found in more languages using Latin letters (such as: Danish, French, Italian, Protégé's and Turkish)

IFACnet – Expecting 80,000 (+) visitors in 2008

Number of visitors in 2007 – 76,000.

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6. IFACnet - Future Developments6. IFACnet - Future Developments• Improved language capabilities:

- Expend to Chinese, Japanese, Hindi & Korean.

- Language that are read left to right (such as Arabic & Hebrew) are the next challenge.

• Menu/Lists of Key search terms and categories

(multi – languages)*

* 7,200 distinct search terms were already used in 2008* 7,200 distinct search terms were already used in 2008

(until 31.7)(until 31.7) 5 most requested search terms: 5 most requested search terms: IFRS, ISA, Code of Ethics, IFRS handbook 2007 IFRS, ISA, Code of Ethics, IFRS handbook 2007 and International Accounting Standardsand International Accounting Standards

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6. IFACnet: 6. IFACnet: Possible Future DevelopmentsPossible Future Developments

• More Features based on search results:More Features based on search results:– list top 20 in vertical hierarchy;list top 20 in vertical hierarchy;

– present suggested terms for refining search; present suggested terms for refining search;

– present relevant current news stories; andpresent relevant current news stories; and

– one can share results and provide feedbackone can share results and provide feedback

– rating for articles (number of hits, satisfaction etc.)rating for articles (number of hits, satisfaction etc.)

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7. Conclusion7. Conclusion

• Please see http://www.ifac.org/smp Please see http://www.ifac.org/smp

• Please subscribe to SMP eNewsPlease subscribe to SMP eNews

• Please tell your friends about us & our activitiesPlease tell your friends about us & our activities

• Group C will get to further discuss theseGroup C will get to further discuss these

and other topicsand other topics

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IFACnet.comIFACnet.com

Thank you!Thank you!

Alex Hilman, CPA (Isr)Alex Hilman, CPA (Isr)

IFAC Small and Medium Practices (SMP) Committee MemberIFAC Small and Medium Practices (SMP) Committee MemberPast President, Institute of Certified Public Accountants in IsraelPast President, Institute of Certified Public Accountants in Israel

Documents

IFACnet.comIFACnet.com http:\\ 11 Practical Support for SMPs Information Sharing and Networking IFAC SMP Forum, Abuja, Nigeria, October 13,