PracticeAccounting FirmsIFAC looks to help SMEs through downturn

IFAC looks to help SMEs through downturn

International accountancy body to study how profession can help smaller businesses during credit crunch

Accountancy’s global leaders are putting together plans to address the needs
of small practices and SMEs hard hit during the global downturn.

The International Federation of
Accountants
’ board met in New York last week to discuss the current
financial and economic crisis and explore how the profession’s expertise could
be used to alleviate the situation. A large part of the discussions focused on
how to help smaller business entities both inside and outside practice.

Board members approved a process for exploring how IFAC can support this
sector and the first proposals from this endeavour should be presented to the
board in June. All IFAC members and associates, regional accountancy
organizations, firms and professional accountants will be invited to provide
their input.

‘There was broad agreement that now, more than ever, our profession must be
unified in our approach to addressing economic issues,’ said IFAC President
Robert Bunting. ‘IFAC is working closely with its member organisations to
determine the best way forward in addressing matters related to the crisis.’

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