The International Federation of Accountants (IFAC) held the first Global Forum Co-hosted by the Hong Kong Institute of Certified Public Accountants and the Confederation of Asian and Pacific Accountants earlier this month. The IFAC Global Forum focused entirely on small and medium- sized entities (SMEs) and small and medium accounting practices (SMPs). Over 135 people from 35 countries have attended the IFACs Global Forum.
The Forum provided an opportunity for the national and regional accountancy organizations, and representatives of SMEs and SMPs, and international standards setters to discuss the challenges and opportunities facing SMEs and SMPs and also discuss the programs and Initiatives that could best support them.
The President of the IFAC Graham Ward pointed out that small and medium-sized enterprises drive economic growth and IFAC fully recognizes this role and is committed to supporting them at an international level.
The current project includes publishing an International Standards on Auditing Guide for SMEs and developing a web-based knowledge resource for SMPs.
IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information please visit the following website: www.ifac.org