Small practice area on the IFAC global knowledge gateway
To help improve the management and operational efficiency of practices, especially small- and medium-sized accountancy practices (SMPs), this dedicated area on the IFAC global knowledge gateway (GKG) is intended to help those managing practices to address opportunities and challenges; improve their competitiveness, profitability, and sustainability; enhance their expertise, competence, and efficiency; create an environment conducive to the provision of high-quality services; and showcase global best practices and latest practice management techniques.
Recent contributions from CIMA to the GKG include articles on relevant service offerings: practice of the future (part 1) and spotting economic crime.
IFAC small and medium practices committee (SMPC)
IFAC supports small and medium enterprises (SMEs) and the accountants that work in this sector through a number of initiatives to raise the profile and build the capacity of SMPs globally. IFAC represents SMPs’ interests to standard setters and regulators, facilitates the sharing of tools and resources to help them compete in the global marketplace, and speaks out to raise awareness of their role and value, especially in supporting SMEs.
It is important that the requirements of the standard setters are as appropriate and proportionate to small practitioners as they are to big business. With input and guidance from the SMP committee, IFAC provides a conduit from the practitioners working with SMEs on a regular basis. This is vitally important to developing and recovering economies.
Projects and priorities in 2015 include:
- Updating of the IFAC practice management guide.
- Development of an integrated reporting guide and template for SMEs.
- A new guide to compilation engagements (coming soon).
- Publication of the annual SMP survey results (2014).
A CIMA member, Berend Van Aswegen, sits on the SMPC. You can contact him via his technical adviser Samantha McDonough, CIMA's Professional Standards Support Manager, at firstname.lastname@example.org.
Business advisory – a brave new world – for some
The provision of a business advisory service is arguably the province of management accountants and many business-savvy CIMA members are already in this market. In a shrinking audit arena we have seen big accounting firms offering one-stop shop services to SMEs and traditional accountancy firms rethinking their professional offerings.
This 'brave new world' should be a world that management accountants fit into naturally. How do you convince your client that you are the one to guide them through stabilising or developing their business?
Evidence helps. CIMA has identified some of the latest data, research or resources that may help you when you are discussing your services with your client or potential client. This article looks at the evidence behind the need that management accountants can address.
Should you be a registered member in practice?
Under the CIMA byelaws and regulations, all CIMA members, if working in practice or providing services as an external accountant (ie not employed by your clients, but offering services to them independently), will need to complete the online members in practice (MiP) application.
Note: if you are regulated through another body and practising under their supervision, please fill in the ‘practising under another body’ page of the MiP application.
Unless you or your firm are registered for anti-money laundering supervision with a supervisory authority (for CIMA members and students, normally CIMA), you are possibly committing an offence under the CIMA regulations. Failure to register for supervision may be punishable by a fine and will result in a criminal record. Failure to register with CIMA may also result in disciplinary action.
Find further information about applying for MiP status
If you have any queries about whether or not you should or need to register as a MiP, please don’t hesitate to contact email@example.com.