Business school professors share expertise on planning for the future

Business school professors share expertise on planning for the future

As the economy begins to recover, many companies are searching for ways to ensure their financial well-being in the event of another downturn. As a results, several campus-based and online MBA programs are beginning to add contingency planning to their business curricula.

In fact, many experts of the field are working to make these skills more easily accessible to the wider business community.

For example, a group of business professionals were recently hired by BNA Tax and Accounting to write Accounting for Contingencies, which focuses on the ways companies can follow internationally accepted standards of contingency planning.

The document - which was developed according to the Generally Accepted Accounting Principles and the International Financial Reporting Standards - outlines the key issues associated with reporting and dealing with contingencies. The authors aim to teach readers how to plan and account for changes to their finances due to future operations, cash flows or net worth.

"This portfolio addresses textbook contingencies, but it also identifies other similar items not properly accounted for as contingencies," said George Farrah, executive editor for BNA Tax and Accounting.

By Stefanie Hughes