CPA Australia has been awarded a contract to develop an accounting practice guide to help 2.5 million accounting professionals located in 118 countries.

At its meeting in Kuala Lumpur, the New York-based International Federation of Accountants (IFAC) awarded a contract to develop a practice management guide for small and medium-sized practices (SMPs) to CPA Australia, the world's seventh largest accounting body and IFAC member.

CPA Australia was awarded the contract after an extensive selection process that considered the technical and financial capability of the organisation and its experience in developing similar materials.

The guide will help SMPs succeed in today's competitive accounting marketplace by covering a diverse range of strategic and operational topics helping firms practise in a safe, profitable and professional manner.

The guide will be offered free of charge to all of IFAC's 157 member bodies for use by practitioners in public practice, government, education, industry and commerce.

The guide will particularly help member bodies and small to medium-sized practices in countries where the profession is in a developmental phase and or where neither IFAC member bodies nor commercial providers have published practice management guidance.

CPA Australia CEO Geoff Rankin said the development of the guide will help enhance the competitive edge accounting professionals and practices worldwide.

'This guide will be a valuable tool for the accounting profession and its capacity to operate in a global marketplace and to share best practice and manage risk strategies.

'Being awarded this contract recognises CPA Australia's record and experience in providing regulation and guidance to public practitioners,' Mr Rankin said.

The guide will be used by member bodies and commercial organisations under licence as the basis for developing products such as education and training materials and modules to support continuing professional development programs, software tools and electronic practice aids.

It is also expected that the guide will be used by other areas of the accountancy community such as students, policy makers, researchers, international development agencies and academia.

IFAC is the global organisation for the accountancy profession dedicated to strengthening the profession and contributing to the development of strong international economies. It also sets international ethics, auditing and assurance, education, and public sector accounting standards.

View an image of Ian Ball and Mr Rankin signing the contract.

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