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...

Curious as to what the fastest-growing accounting and finance jobs might be for the next several years? According to the new 2015 Salary Guide from staffing firm Accounting Principles, some of those jobs include bookkeeping...
Read more from Larry Perry here and in the Today's World of Audits archive.The first part discussed the principles of revenue recognition under the FRF for SMEs. This part will focus on auditing issues, including some...
Accounting group pushes back against retirement age scrutinyMichael Rapoport of the Wall Street Journal reported that the American Institute of CPAs (AICPA) on Monday pushed back against federal regulators who are again...

Already a member? log in here.

Upcoming CPE Webinars

Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.