Business Advisory Committee

Introduction

In India, the “Business Advisory Committee” fixes up and controls the time and handles the routine of discussion in both houses of the parliament. Moreover, in the “Lok Sabha” and “Rajya sabha”, this committee brings suggestive modification on the recommendations of speaker and chairman accordingly and influences the discussion related to past and new debates and bills. On the other hand, “Small Business Advisory Committees and Councils” have been aimed at the shaping of existing legislation for the benefits of small businesses. In this particular article, basic concepts on these three contents have been attempted to enrich the study.

Discussion

Concept of the “Business Advisory Committee” (BAC) and its related activities

During the discussion of developing new congressional business, and performing debate based on existing and new acts and bills this committee has been involved. As per the “Rule of procedure and conduct of business”, the chairman gets rights to nominate the members as well as leader and chairman of the business advisory committee. However, any kind of report related to business has been suggested mainly by the house leader, or by the authorized member in the absence of the house leader to transact the business discussion properly.

The basic functions of this committee are to offer the specific time, that has been required for developing the government bills. Moreover, keeping the opinion of the speaker and house leader of the committee under consideration, this BAC has also participated in other issues.

In addition, regarding specific context, the committee suggests the government bring that particular topic under highlight in parliament and looks after the time to conduct the relevant discussion.

Every year, in the first week of June, the newly nominated BAC constitutes and assumes office and conducts a meeting at the starting of every session. However, BAC performs several meetings per year on the basis of business legislation and discussion whenever needed. Moreover, it has been observed that the final decision of BAC is “anonymous” in nature, which reflects the collective opinion of every member of both houses of parliament.

Components of the “Business Advisory Committee”

The “Business Advisory Committee” of India has been composed of a total number of 26 members, of which 15 members are participants of the “Lok Sabha” and the rest 11 members belong from the “Rajya Sabha”. However, the members of “Lok Sabha” and “Rajya Sabha” have been selected by “speaker” or “chairman” accordingly depending on the party’s strength and support. However, ministers are not part of this BAC.

Importance of “Small Businesses Advisory Committee” 

In 2004, FASB developed a committee to increase the active participation of “small businesses communities” to uplift the standard of monetary reporting and accounting. This committee has been referred to as the “Small Businesses Advisory Committee” or SBAC. However, it has been observed that, in 2017, FASB transferred the main aim of SBAC towards “small public enterprises”. This committee has been involved in offering financial input and getting backing the feedback from the standpoint of small public organizations. 

In addition, concerning the feedback, the SBAC analyzes and evaluates the difference between public and private companies in respect of input. On one hand, by the involvement of SBAC, FASB can make the decisions, whether the accommodation of private firms would be beneficial to expand including “smaller businesses communities”. Furthermore, SBAC helps the FABS during the decision-making procedures by guiding it with appropriate advice. 

Members of SBAC

SBAC consists of 15 to 20 participants, with high knowledge of finance, along with work experience in the “small businesses community”. Moreover, all the members of SBAC are capable of promoting financial statements and reports, accomplishing the capability of offering prominent input to support the small businesses. Furthermore, by the contribution of “SBAC’s charter”, “SBAC” manages all of its objectives, membership, operational activities, and responsibilities.

Concept of “Small Business Advisory Council”

In order to support and promote small businesses, the “Small businesses advocacy council” is also trying its best. This council helps small businesses to improve their revenue and GDP by increasing employees’ involvement with the increasing workforce even during and post-pandemic situations. The main purpose of this council is to bring evolution to small businesses communities and help those small organizations to overcome their losses by arranging business development campaigns. Moreover, it is focused on bringing all the small businesses leaders under consideration to provide optimum benefits.

Conclusion

It has been concluded that the business advisory committee has utmost importance as it determines the time required for establishing a new decision to transact the businesses. On the other hand, both the small businesses advisory committee and council have been engaged with the development of the small businesses by offering financial stability and profitability.