Presentation given by Giancarlo Attolini, chair of the Small and Medium Practices Committee to the IFAC Chief Executives Strategic Forum in New York, NY, February 27, 2012.

See the press release and article on the cover of the April 2012 IFAC Newsletter. See also the brochure or email SMPForum@ifac.org for more information.

Forum Program

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, today released the results of its 2011 IFAC Global Leadership Survey of the Accounting Profession.

Respondents identified three issues of particular concern to the profession in 2012: the Difficult global financial climate, Enhancing the reputation/credibility of the profession, and Addressing the needs of SMPs and SMEs. Additional concerns for this year include: Issues related to EU draft legislation, Public sector/sovereign debt issues, Increased regulation, Global regulatory convergence, Role of the professional accountant in business, and Auditor independence.

“The difficult financial climate was a strong theme in this year’s survey,” said Ian Ball, chief executive officer of IFAC. “Accountancy leaders around the world told us that a key concern is addressing the needs of SMPs and SMEs, important engines of economic growth and development that could be instrumental in improving the world’s economies. Continued global regulatory convergence—which can help promote growth and development, reduce economic uncertainty, and enhance international financial stability—was also highlighted as a significant issue. Addressing the ongoing sovereign debt issues, which are impacting growth and contributing to economic uncertainty, were also highlighted as key concerns for 2012.”

About the Survey
The 2011 IFAC Global Leadership Survey on the Accountancy Profession asked officers (generally presidents and chief executive officers) from IFAC’s member bodies, associates, affiliates, and regional accountancy organizations and groupings a variety of questions regarding the accountancy profession. The survey results include data from 123 respondents from 71 countries and jurisdictions who took the survey from December 1, 2011 to January 11, 2012.

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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IFAC believes that the accountancy profession will have an essential role to play in resolving the current crisis and in building a reformed international financial system. Therefore, IFAC would like to support the G20 in its work in facilitating change throughout the world. In doing so, IFAC submitted separate letters (of which this is one) to three of the four G20 Working Groups. In each letter, IFAC provides recommendations in response to the general objectives stated in the G20’s Declaration from the Summit on Financial Markets and the World Economy issued on November 15, 2008.

IFAC believes that the accountancy profession will have an essential role to play in resolving the current crisis and in building a reformed international financial system. Therefore, IFAC would like to support the G20 in its work in facilitating change throughout the world. In doing so, IFAC submitted separate letters (of which this is one) to three of the four G20 Working Groups. In each letter, IFAC provides recommendations in response to the general objectives stated in the G20’s Declaration from the Summit on Financial Markets and the World Economy issued on November 15, 2008.

Presentation by the chair of the IFAC Small and Medium Practices Committee in January 2012 at the Institute of Chartered Accountants in India International Conference.