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In This Issue:
1. New Guidance on Developing Business Plans for SMEs
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new information paper, Business Planning Guide: Practical Application for SMEs, that provides guidance on developing a business plan for small and medium entities (SMEs), including how to develop a corporate values statement and manage business risks. The paper describes how the business plan may serve as a performance tool and support SMEs in obtaining external funding. It also includes a checklist and an example of the structure of a business plan.
The paper can be downloaded free-of-charge from the IFAC online bookstore at www.ifac.org/store.
2. Accountants in Business to Get New Global Knowledge Resource
The PAIB Committee is making final preparations for the October 2006 launch of the new web-based IFAC KnowledgeNet for professional accountants in business. The new KnowledgeNet will feature a powerful Internet search engine that will enable users to search a key term or phrase to access information from the websites of IFAC and more than a dozen member bodies on topics of interest to professional accountants in business, including budgeting and planning, corporate governance, internal control, and strategic management accounting.
More information on the launch of the KnowledgeNet will be provided in a future issue of the PAIB eNews and will be announced on the IFAC home page: www.ifac.org.
3. New Information Paper to Focus on Internal Control
To provide professional accountants in business with practical guidance on internal control, the PAIB Committee is preparing an information paper to consolidate current developments in internal control. This paper, to be released in the third quarter of 2006, is the first stage in a three-year action plan on internal control approved by the committee at its April 2006 meeting.
Following the release of the information paper, the PAIB Committee will develop a theme booklet that will focus on the professional accountant in business' role in supporting and contributing to internal control and, ultimately, enterprise governance at their organization.
4. Sustainability and the Professional Accountant in Business
As part of its sustainability action plan, the PAIB Committee is preparing a new information paper entitled The Role of the Professional Accountant in Business in Sustainability. The new paper, which will be released later in 2006, will provide an overview of the concept of sustainability, explain its relevance to the professional accountant in business and their organization, and identify why professional accountants should build basic competence in sustainability. In conjunction with the development of the information paper, interviews will be conducted with professional accountants from around the world to understand the role they play in their organization's approach to sustainability. The interviews will form the basis for a theme booklet to be released in the next few months.
For more information on this and other PAIB Committee projects, visit its home page on the IFAC website at www.ifac.org/PAIB.
5. 2006 Articles of Merit Winners to Be Announced
In August, the PAIB Committee will release its 2006 Articles of Merit, a collection of award-winning international articles on current financial and management accounting topics first published in the journals of IFAC member bodies. Previous Articles of Merit publications, which contain articles on a wide variety of topics such as risk management, corporate social responsibility and corporate governance, are available for download free-of-charge from the IFAC bookstore: www.ifac.org/store. Articles of Merit: 2006 will be posted in the IFAC bookstore when it is released in August.
6. IFAC Annual Report Highlights Activities to Support PAIBs
The International Federation of Accountants has released its 2005 annual report, which highlights activities and services undertaken to build an investment climate of trust, including raising awareness of and providing support for professional accountants in business. The report also details standards and guidance issued by IFAC boards and committees, collaboration and representation activities, and regulatory and oversight developments.
The 2005 IFAC annual can be downloaded by clicking here. Print copies can be obtained by sending an email with your postal address to pr@ifac.org.
7. IFAC Speeches Focus on Professional Accountants in Business
In recent months, speeches by IFAC's President, Chief Executive and other leadership have focused on issues pertaining to professional accountants in business. For example, in a speech given last month, IFAC Chief Executive Ian Ball discussed efforts by IFAC to enhance the effectiveness of professional accountants in business and provide them with resources and guidance. You can view this and other speeches on financial and management accounting issues in the IFAC Article and Speech Library at www.ifac.org/library.
8. Future PAIB Committee Meetings
The next meeting of the Professional Accountants in Business Committee will be held in New York on October 2-4, 2006. Future PAIB Committee meetings will be held in Amsterdam, Netherlands on March 26-28, 2007 and in Montreal, Canada in the second half of 2007. Highlights from previous PAIB Committee meetings can be downloaded at www.ifac.org/PAIB.
For more information about any of the items mentioned above or other information about the PAIB Committee, please contact: pr@ifac.org or visit the PAIB Committee's homepage at http://www.ifac.org/paib.
About IFAC
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. IFAC's 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 to encourage high-quality performance by professional accountants in business.