Challenges and Opportunities for SMPs
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IFAC and the World Bank Centre for Financial Reporting Reform hosted a joint Regional Small- and Medium-sized Practices (SMP) Forum for Europe and Central Asia on May 31 in Vienna, Austria. The Forum provided the opportunity to discuss addressing the challenges and opportunities SMPs and medium-sized entities (SMEs) face. This is a presentation by Hilde Blomme, Deputy Chief Executive, Accountancy Europe.
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Challenges and Opportunities for SMPs
- 1. Challenges and Opportunities for SMPs CFRR-IFAC Regional SMP Forum Vienna, 31 May 2017
- 3. Close to 1 million professionals 28 EU Member States 37 countries50 institutes
- 4. 4 4 Uncertain economy & politics Civil society Scrutiny Technology revolution Clients’ demands A changing environment
- 5. 2017-2018 strategy: Enhancing relevance & reputation Technology Ensure transparency • Tax transparency • Future of reporting incl.: <IR> & SMEs reporting Promote trust & integrity • Future of audit & attractiveness • Assurance services in tax and SMEs • Audit quality • AML, anti- terrorist, corruption • qualification Support a sustainable economy • Tax policy • ESG reporting and assurance • CMU, insolvency • Public finance (accounting) • Cross border trade
- 6. Civil society is watching… 6
- 7. 7 7 • Audit reform • Global standards • Tax policy • More regulation -> Informing is ACE’s core business … …Policymakers are responding
- 8. 8 8 Existential threat 0% Technology Barometer: Impact of technology on the profession Business as usual 17% Opportunity to reinvent profession 33% Opportunity to improve our services 56% Serious challenge requiring changes 42% http://bit.ly/2pO8LQ7
- 9. 9 Technology Barometer: our members’ activities in last year Training 61% Products & services 50% Conference 46% Interaction with legislator 43% Information paper 43% Strategy review 39%
- 10. 10 Moving to the cloud 10 • About cloud computing & online storage to better serve clients • Why, what, how • Benefits • Pitfalls • Selection of suppliers “Moving to the cloud” bit.ly/2gakpP4
- 11. 11 Future of SME ‘reporting’? 11 • Follow-on to Future of Corporate Reporting for PIEs? • Little appetite for a global solution to SME reporting • But interesting developments for SME accountants: • Technology not changing need for SMPs but is changing • services that SMEs demand & • means of delivery • Failure to adapt will render many SMPs obsolete • Formalised project on the SMP of the Future?
- 12. 12 12 Accountancy Europe: • Participated in stakeholder meetings • Responded to a public consultation • Issued a publication on the profession’s role in insolvency proceeding (January 2017) • Will organise an event in October 2017 Business Advisory & Consulting services: Restructuring and Insolvency
- 13. 13 European Commission’s CMU project •CMU: “open ended process”: integrate EU CM, develop national CM •Main priority areas: Access to finance (focus on SMEs) Increasing and diversifying sources of funding Better linking investors and funding requirements Removing barriers •ACE focus: simplified prospectus for growth SMEs, ‘proportionate IFRS’ for listed SMEs
- 14. 14 Strategic debate on the future of audit and assurance 14 2014 2015 2016
- 15. 15 15 • …Becomes attractiveness of the audit profession • Challenges and opportunities for the audit profession • How can we keep the audit profession attractive for all types of profiles? • Interview stakeholders incl. firms • To be published by summer 2017 Skillset of the future and rethink education …
- 16. 16 Consider the ends more than the means Accounting, reporting Audit, assurance Tax, advisory services Improved governance More efficient markets Better societies
- 17. 17 17 Look out
- 18. 18 18 • Future of assurance • Changing stakeholders’ needs • IT and innovation • Skillset and attractivity • Exploring new services • SMEs • ESG • Tax Innovation in audit & assurance
- 19. 19 19 • Stimulate debate • Short term gain / long term pain? • New role and services? Tax & public finance
- 20. A wealth of demands and opportunities… 20 More expertise More transparency More integrity & reliability More ethics & social responsibility … if we change
- 21. 21 www.accountancyeurope.eu Connect with European Professional Accountants @AccountancyEU @AccountancySME Stay connected!
- 23. Accountancy Europe is the new name of the Federation of the European Accountants
Hinweis der Redaktion
- Points raised – client expectations No systematic demand from SMEs for ESG reporting More and more clients are expecting real time access to accounting information Clients primarily interested in front line information and metrics – not details of fixed costs Increasing move towards zero entry Clients want up to date tax information but lack skills & inclination to calculate it Therefore, still a role for accountants to SMEs Points raised – impact of technology Zero entry data entry is moving closer – from bank, self-invoicing, autocoding of scans etc. If a business is stable, it is very easy to automate accounting Increasing integration of systems – i.e. Xero in Australia has partnered with 2nd largest bank to automatically offer loans Integration with tax accounting – by 2020 HMRC plans for accounting systems to feed directly into tax account Points raised – other trends Cloud computing makes the spread of large players – i.e. Intuit are already targeting the French and Brazilian markets However, accounting requirements will likely still be driven by local law No indication so far that new finance requires different information Disruption in the market mostly coming from “traditional” sources” – i.e. banks moving into the market is not universal Points raised – impact on the profession Professional accountants will no longer be paid for data entry. Compliance work is obsolete If there is a process then it can (eventually) be automated The market in future is for interpretation, non-routine advice and outsourced CFO Training needs for the accountant of the future?
- Accountancy Europe participated in stakeholder meetings organized by the Commission in 2016, and also responded to a public consultation on business insolvency. In light of the initiatives at EU level, Accountancy Europe decided to look into current application of insolvency proceedings in MS to better reflect on the profession’s involvement in these proceedings. Accountancy Europe conducted an internal survey on business insolvency and the profession’s involvement. The information was collected through a questionnaire which was sent to Accountancy Europe members across Europe. Based on the survey results, Accountancy Europe published a briefing paper on business insolvency and the profession’s involvement. The main objective of the publication - to better identify the role of the professional accountants in insolvency proceedings in Europe and to propose suggestions on how accountants and auditors can offer their expertise to promote early warning and re-structuring mechanisms and to provide a 2nd chance to honest entrepreneurs. To further discuss business insolvency and how the profession can help to salvage a viable business, Accountancy Europe will organise an event in October 2017.
- CMU = collection of 35+ separate actions (legislative, non-legislative, reports, recommendations, impact assessments etc.) with the aim of integrating CM in Europe First CMU Communication September 2015 Follow-up: ‘accelerating reform’ September 2016, mid-term review June 2017 6 thematic areas: Financing for innovation, start-ups and non-listed companies Making it easier for companies to enter and raise capital on public markets Investing for long term, infrastructure and sustainable investment Fostering retail and institutional investment Leveraging banking capacity to support the wider economy Facilitating cross-border investing Heavy EC/EU agenda for 2017 21 March: Commission consultation on ESAs 23 March: Commission consultation on FinTech 7 June: CMU mid-term review with follow-up actions 28 June: legislative proposal on personal pension scheme July: interim report on sustainable finance 6 July: ESMA consultation on prospectus level II Mid-2017: Code of Conduct on withholding tax retrieval procedures H2: follow-up to Call for Evidence December: final report on sustainable finance Accountancy Europe and CMU work: Main work: Joint position paper with UEAPME and ESBG on SME access to finance Simplified prospectus paper and Invest Week event Contribution to AFME paper on pre-IPO finance CMU mid-term review consultation Upcoming work streams: Simplified prospectus mock-up paper Proportionate IFRS for companies listed on MTFs & SME GMs Public consultations on ESAs, FinTech
- Transition slide to speaking about how FEE contributes
- SMPs: size matters less