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This guidance establishes broadly accepted, principles-based tenets for robust financial modelling, explaining model scope and purpose, workbook layout and user transparency, and requirements for consistency, clarity, and error reduction. It also covers practical calculation techniques, including limits on complexity, traceable references, avoidance of hardcoding, circular links, and unnecessary rounding, while advising sparing use of VBA and macros.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/financial-modelling-code-a-set-of-principles-for-robust-financial-modelling-icaew-thought-leadership/245595/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/financial-modelling-code-a-set-of-principles-for-robust-financial-modelling-icaew-thought-leadership/245595.png","ImageObject",442,249,{"name":88,"@type":89},"Riley West","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-20","2026-09-12",true,{"@type":98,"interactionType":99,"userInteractionCount":9},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of this Financial Modelling Code?","Question",{"text":108,"@type":109},"It provides essential, principles-based guidance to standard-setters, procurers, and modellers on good practice in financial modelling. The Code aims to support robust, understandable models and reduce the likelihood of errors.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How should a financial model’s scope and goals be defined?",{"text":113,"@type":109},"The guidance includes defining the scope of the financial model and determining the goals it is meant to achieve. This helps align the model’s design with its intended decision use.",{"name":115,"@type":106,"acceptedAnswer":116},"Which practices does the Code recommend to reduce errors in spreadsheet models?",{"text":117,"@type":109},"It recommends reviewing and testing models, including checks and a master check, and considering restrictions. It also advises improving clarity, consistency, and transparency to make errors easier to detect.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},245595,1789229685,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":9,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":140},1099523885074,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","FINANCIAL MODELLING CODE  \nA set of principles for robust financial modelling  \nICAEW THOUGHT LEADERSHIP  \nCONTENTS  \nFOREWORD 1  \nINTRODUCTION 2  \nMODEL DEFINITION AND PURPOSE 3  \nUnderstand the scope of a financial model 3  \nDetermine the goals of your model 3  \nLAYOUT AND STRUCTURE 4  \nPlan and assess the workbook layout 4  \nMake navigation simple 5  \nMake inputs easy to find 5  \nUSER INTERFACE AND TRANSPARENCY 6  \nInclude user guidance 6  \nAvoid duplication 6  \nIdentify and separate forecast or dummy data 7  \nDon’t hide things 7  \nCONSISTENCY 8  \nUse consistent formulas 8  \nUse consistent placement 9  \nCLARITY 10  \nUse clear formatting 10  \nUse clear and meaningful labels 11  \nUse clear units 11  \nUse a clear sign convention 12  \nUse easily understandable worksheet names 12  \nUse clear range names where appropriate 13  \nDocument VBA code clearly 13  \nERROR REDUCTION 14  \nReview and test your models 14  \nInclude checks 14  \nInclude a master check 15  \nConsider including restrictions 15  \nCALCULATION TECHNIQUES 16  \nMinimise calculation complexity 16  \nBuild traceable references 16  \nAvoid hardcoding 17  \nAvoid circular references 18  \nAvoid unnecessary rounding 18  \nUse VBA and macros sparingly 19  \nACKNOWLEDGEMENTS  \nStephen Aldridge – Numeritas Levi Bailey – White Box Financial Rob Bayliss – Grant Thornton Tom Brichieri-Colombi – Mazars David Colver – Operis  \nRoland Brook – Smith & Williamson Alexander Carse – John Laing Mike Copeman – Wolters Kluwer Daniel Emkes – Harrow School  \nGlen Feechan – [needaspreadsheet.com](needaspreadsheet.com)[ ](needaspreadsheet.com)Joanna Hayes – Amberside Advisors Simon Hurst – The Knowledge Base Michael Hutchens, Modano  \nAlistair Hynd – RSMAdam Lacey – Filtered Simon Livings – KPMG  \nAdrian Maconick – Finsbury Solutions Sanjay Magecha – Financial Visibility Patrick O’Beirne – Systems Modelling John Tennent – Corporate Edge Irfan Umarji – The Royal Society Paul Wakefield – Paul Wakefield John Yeldham, Mazars  \nFor a full list of supporting organisations, please visit our Financial modelling code webpage.  \n© ICAEW 2024.  \nAll rights reserved. If you want to reproduce or redistribute any of the material in this publication, you should first get ICAEW’s permission in writing. ICAEW will not be liable for any reliance you place on the information in this publication. You should seek independent advice.  \nTrademark acknowledgements: Excel is a registered trademark of Microsoft Inc.  \nFOREWORD  \nFinancial modelling is carried out by many chartered accountantsand other professionals and drives decision-making throughout the business world. Models to analyse simple data, forecast outcomes, and inform complex strategic choices can be found in businesses of every size and industry.  \nThere are various courses, standards and guides available that explain how to build models, each with their ideas about what the appearance, layout and functionality of a model should be. While there is much consensus among these methodologies, for both procurers and practitioners there is no universally accepted set of agreed principles for how to carry out financial modelling. Most existing methodologies were developed with particular sectors or practices in mind; hence, they are frequently detail-oriented and not accepted very widely.  \nTo address this, ICAEW has created this Financial modelling code to provide essential guidance to standard-setters, procurers and modellers on good practice. The guidance is principles-based, high-level and broadly accepted to encourage flexibility while maintaining best practice. It was formed from a review of seven methodologies and input from over a dozen financial modelling organisations.  \nI commend the work of our Excel Community’s advisory group in creating this guidance and recommend it to anyone involved in the production or use of financial models.  \nAlan Vallance,  \nChief Executive of ICAEW  \nINTRODUCTION  \nSpreadsheet financial models are ubiquitous in the business worl","cbCaikXJAuFrHBmk","https://ap.wps.com/l/cbCaikXJAuFrHBmk","pdf",773022,22,"English","# Contents\n## Foreword\n## Introduction\n## Model definition and purpose\n### Understand the scope of a financial model\n### Determine the goals of your model\n## Layout and structure\n### Plan and assess the workbook layout\n### Make navigation simple\n### Make inputs easy to find\n## User interface and transparency\n### Include user guidance\n### Avoid duplication\n### Identify and separate forecast or dummy data\n### Don’t hide things\n## Consistency\n### Use consistent formulas\n### Use consistent placement\n## Clarity\n### Use clear formatting\n### Use clear and meaningful labels\n### Use clear units\n### Use a clear sign convention\n### Use easily understandable worksheet names\n### Use clear range names where appropriate\n### Document VBA code clearly\n## Error reduction\n### Review and test your models\n### Include checks\n### Include a master check\n### Consider including restrictions\n## Calculation techniques\n### Minimise calculation complexity\n### Build traceable references\n### Avoid hardcoding\n### Avoid circular references\n### Avoid unnecessary rounding\n### Use VBA and macros sparingly","[{\"question\":\"What is the purpose of this Financial Modelling Code?\",\"answer\":\"It provides essential, principles-based guidance to standard-setters, procurers, and modellers on good practice in financial modelling. The Code aims to support robust, understandable models and reduce the likelihood of errors.\"},{\"question\":\"How should a financial model’s scope and goals be defined?\",\"answer\":\"The guidance includes defining the scope of the financial model and determining the goals it is meant to achieve. This helps align the model’s design with its intended decision use.\"},{\"question\":\"Which practices does the Code recommend to reduce errors in spreadsheet models?\",\"answer\":\"It recommends reviewing and testing models, including checks and a master check, and considering restrictions. It also advises improving clarity, consistency, and transparency to make errors easier to detect.\"}]","FINANCIAL MODELLING CODE - A set of principles for robust financial modelling - ICAEW thought leadership | PDF",8]