The International Federation of Accountants’ (IFAC’s) Professional Accountants in Business (PAIB) Committee has released a new information paper entitled “Business Planning Guide: Practical Application for SMEs”, providing guidance on developing a business plan for small and medium entities (SMEs). The paper, prepared in collaboration with the Malaysian Institute of Accountants (MIA), was designed primarily, but not exclusively, for management operating SMEs and for the small- and medium-sized accounting practices that service them.
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“The publication provided comprehensive guidance to assist SMEs and their SMP advisors in the business planning processes and features critical success factors to help them effectively manage their technological, human and financial resources. We would like to thank the MIA for their contribution to the development of the document,” PAIB Committee Chair Bill Connell said in a prepared statement.
The 86-page paper describes how the business plan may serve as a performance tool on an ongoing basis and support a business in obtaining external funding. It also includes a checklist and practical example of the structure of a business plan. The information paper can be downloaded free-of-charge from the IFAC bookstore at www.ifac.org/store.
The IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Current membership consists of over 160 professional accountancy bodies in 120 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards on ethics, auditing and assurance, education and public sector accounting. It also issues guidance, such as this information paper, to encourage high-quality performance by professional accountants in business.