Small and medium-sized accountancy practices (SMPs) are a vital cog in the global economy, it has been claimed.
Robert L Bunting, president of the International Federation of Accountants (IFAC), explained that SMPs offer crucial support to small and medium-sized enterprises (SMEs).
He said: "IFAC understands that SMEs are engines for economic growth and ideas, but we also know that the SMPs who work with them are the first 'go-to partners' for these entrepreneurs, with the knowledge of the issues they face and how they can be addressed."
This is why IFAC places a great deal of importance on supporting SMPs, he added.
Mr Bunting's comments were made at the fourth annual IFAC SMP Forum which was held in Beijing.
Recently, Richard Mallett, spokesperson for the Chartered Institute of Management Accountants (CIMA), urged SMEs to keep one eye on their future plans during the recession.
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