INTERNATIONAL FEDERATION OF ACCOUNTANTS

1
Standard Setting and the Needs of SMP/SMEs and
Developing Nations
Feedback from Breakout Sessions Prague, Czech
Republic, March 11, 2005
2
General Standard Setting
SMP/SME and DNPTF Conference

• Clarity
• Translation
• Response to IFAC Report on convergence with
  international standards
• Primary concerns are focused on Financial
  Reporting Standards

3
Auditing Standards

• Education and expectation of users
• Clarify different levels of assurance
• Consider the need to revisit Review Standard
  (ISRE 2400)
• Need for core training materials
• Importance of SMP and Developing Nations
  representation in standard setting activities
• Exploration of regional funding mechanisms
• Exploration of IFAC funding mechanism

4
Financial Reporting Standards
SMP/SME and DNPTF Conference

• Definition of a non-publicly accountable entity
• Will this reduce the reporting burden of most
  SMEs?
• Encouragement to progress quickly
• Need for standards for micro-entities
• Careful articulation of user needs

5