IFACnet com http www ifac org Practical Support

IFACnet. com http: \www. ifac. org Practical Support for SMPs Information Sharing and Networking IFAC SMP Forum, Abuja , Nigeria, October 13, 2008 Alex Hilman, CPA (Isr. ) IFAC Small and Medium Practices (SMP) Committee Member Past President, Institute of Certified Public Accountants in Israel 1

IFACnet. com Content http: \www. ifac. org 1. Some of the issues facing SMPs 2. From the IFAC SMP Committee Strategic and Operational Plan 3. International Center for SMPs 4. International Center for SMPs – Future Developments 5. IFACnet – Overview 6. IFACnet - Future Developments 7. Conclusions 2

IFACnet. com http: \www. ifac. org 1. Some of the issues facing SMPs • • 3 Limited capacity of SMP/SME, to efficiently implement and comply with international standards. Inability to be informed and updated in real time. Intense competition especially from non-professionals, reduced compliance work. Lack of engagement of SMPs/SME in international arena.

IFACnet. com http: \www. ifac. org 2. From the SMP Committee Strategic and Operational Plan 2009 -2012: • Increase capacity of SMPs to perform high quality work and be competitive and profitable via practical support, for example, provision of implementation materials & web-based information resources and web-based tools. 4

IFACnet. com http: \www. ifac. org 3. International Center for SMPs - Present • Enter via IFAC/ SMP Committee website: http: //www. ifac. org/SMP/ • Links for: – IFACnet portal (see later) – News ( quarterly SMP News, updates) – Resources (publications; speeches; links to high quality, relevant & free resources) – SMP Committee details • Translated into 5 UN languages; Russian, French, Spanish, Arabic, Chinese • Expecting 10, 000 (+) visitors in 2008 (2007: 7, 224) 5

IFACnet. com http: \www. ifac. org International Center for SMPs recently added • Public SMP/SME Discussion Board – Targets: – To get SMPs and SMEs discussing key issues; – To elicit SMPs and SMEs views on draft standards – To facilitate dialogues and sharing of ideas on topics relevant to SMPs & SMEs 6

IFACnet. com http: \www. ifac. org 3. International Center for SMPs recently added (cont. ) • 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 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 for - micro-entities? - Top Ten Reasons I Like Being an Accountant 7

IFACnet. com http: \www. ifac. org 4. International Center for SMPs - Tomorrow Future Developments • Looking at other ways to use Web 2. 0 technology • Possible future developments: - Global firm directory (e. g. , http: //www. icaewfirms. co. uk/) - Professional Education Center, offering access to subsidized online CPD courses (e. g. , www. smartpros. com) • SMP/SME Communications Center: - Developing the discussion board: practitioners can ask questions, raise issues, exchange information (including information on “doing business overseas”) & invite opinion. - Online networking between SMPs & SMEs 8

IFACnet. com http: \www. ifac. org 5. IFACnet - Overview • • Customized web search engine, providing access to resources of IFAC and its member bodies (around 40 member bodies websites). • Non members body websites being added. (FEE & PIOB already included. To follow – IASB, Big 4 and many others). • 9 See: www. ifacnet. com Improving the search system and the presentation of search results.

IFACnet. com http: \www. ifac. org 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. 10

IFACnet. com http: \www. ifac. org 6. 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 (until 31. 7) 5 most requested search terms: IFRS, ISA, Code of Ethics, IFRS handbook 2007 and International Accounting Standards 11

IFACnet. com http: \www. ifac. org 6. IFACnet: Possible Future Developments • More Features based on search results: – – – 12 list top 20 in vertical hierarchy; present suggested terms for refining search; present relevant current news stories; and one can share results and provide feedback rating for articles (number of hits, satisfaction etc. )

IFACnet. com http: \www. ifac. org 7. Conclusion • Please see http: //www. ifac. org/smp • Please subscribe to SMP e. News • Please tell your friends about us & our activities • Group C will get to further discuss these and other topics 13

IFACnet. com http: \www. ifac. org Thank you! Alex Hilman, CPA (Isr) IFAC Small and Medium Practices (SMP) Committee Member Past President, Institute of Certified Public Accountants in Israel 14