Financial Modeling Spreadsheet Challenge – background

I’m familiar with the Twenty Principles of Good Spreadsheet Practice, published by the ICAEW in 2013. In 2016 they published the Spreadsheet Competency Framework.

Today I came across (why hadn’t I seen it before?) the Financial Modelling Code by the ICAEW.

There are some important principles here, cross referenced to the Twenty Principles of Good Spreadsheet Practice.

But, I was wondering how the average spreadsheet user (in an organisation) will go about setting up a standard ongoing spreadsheet.

This is a bit of a loaded question. Because in all the learning content out there I can’t see much that focuses on HOW TO GO ABOUT (STARTING TO) create a spreadsheet model. Almost like the users are expected to be born with some divine know-how on how one should start.

So, I setup this challenge to study how people THINK.

• What are the considerations when choosing how to set it up?
• Indeed, are there different ways? (I don’t see much discussion on ‘different ways’ so I guess there is some general acceptance that there is only one way. If so, what is it?)

“The lack of discussion on this topic makes me think there’s general acceptance that there is only one way to setup a financial model. If that’s true, then what is that one way?”