IFAC, Edinburgh Group launch tool to support SMEs
The International Federation of Accountants (IFAC) has launched an online tool to assist small- and medium-sized enterprises (SMEs) in integrating sustainability into their operations.
IFAC launched this tool in partnership with the Edinburgh Group, a coalition of 16 accountancy bodies representing more than 1.3 million professional accountants worldwide.
The Small Business Sustainability Checklist is an interactive resource developed for IFAC and EG members to share with their own members.
It offers practical steps to enhance sustainability practices and future-proof businesses.
The tool allows businesses to tailor it based on their industry sector, lifecycle, and products and services, according to IFAC's statement.
It uses a simple self-assessment approach to score users' sustainability initiatives across environmental factors, social responsibility, and governance.
The checklist also helps users identify risks and opportunities, which can inform a roadmap for improvement.
IFAC CEO Lee White said: 'This checklist is a practical tool to help small businesses benchmark and track their sustainability efforts, providing the resources and guidance to help them take the first step or make progress from what they're currently doing.'
With shifting global sustainability regulations, the tool arrives at a critical time for small and medium-sized practices aiming to support clients in managing sustainability risks and opportunities.
'This is all about building sustainable futures for both accounting practices and their clients, to face the global standards of today and tomorrow,' White added.
The tool includes interactive videos with peer-led content, offering real-world examples from industry professionals.
These insights share practical strategies and best practices to help accountants apply sustainability concepts to their firms and clients.
Edinburgh Group chair Rajendra Kumar said: 'As a coalition of 16 accountancy bodies from across the world that is focused on supporting small- and medium-sized practices and entities, the Edinburgh Group expects this new tool will be hugely beneficial to those who use it.'
"IFAC, Edinburgh Group launch tool to support SMEs" was originally created and published by The Accountant, a GlobalData owned brand.
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