IFAC Issues Guidance on Developing SMB Business Plans

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.


Advertisement



Over 400,000 customers use Monarch to transform any report into live data. No more re-keying data into spreadsheets, no need for IT help! Download our white paper today!


“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.

You may like these other stories...

Read more from Larry Perry here and in the Today's World of Audits archive.The planning phase of an audit engagement of an entity using U.S. GAAP or a special purpose framework will, with minor differences, include...
Internal audit: Know when to discloseIn an excerpt from his book, Lessons Learned on the Audit Trail, Institute of Internal Auditors President and CEO Richard F. Chambers said if you analyze enough audit reports, you can...
The Governmental Accounting Standards Board (GASB) on Monday defined two approaches for measuring assets and liabilities, which officials said will guide the standard-setting organization in establishing accounting and...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.