ICAEW Annual Review 2012

Michael Izza

Foreword by Michael Izza


  • Income and spending

    Our total income was in line with expectations at £82.7m. Our retained loss for the year was £1.2m. This result reflects volatility in a number of material provisions, including AADB, pensions and other operating areas.

  • Growing membership

    We grew our membership to over 140,000 and our students to over 20,000.

    Women are now 26% of our membership (up 1%)

  • Supporting growth

    Our members support and advise more than 1.5m businesses around the world. We helped our members, their businesses and their clients grow their exports, get finance, and start new businesses. We’ve also continued to encourage our members to share their expertise through the Business Advice Service

  • Widening access

    We continued our focus this year on widening access to our profession through non-University routes such as the new Higher Apprenticeships programme, and new partnerships with the University of the West of England, Birkbeck and University of London. We also updated the ICAEW Chartered Accountant qualification, ACA, to ensure it continues to be the premium qualification for business and finance.

  • Regulatory reform and policy

    Events in 2012 raised more questions about trust and integrity in financial markets and in business. Through our regulatory, policy and thought leadership work we increased our engagement with governments and other stakeholders, and reached over 4,000 people through international thought leadership roadshows. We have also applied to become a regulator for probate and alternative business structures.

Organisation overview

We support over 140,000 chartered accountants around the world.


Our strategic objective is for ICAEW to be a world leader of the finance and accountancy profession.


Measuring our performance against our KPIs.

Operating environment

2012 was a year of continuing turmoil and economic slowdown in many global financial markets.


ICAEW is a chartered corporation and operates under the terms of its Royal Charter, bye-laws and regulations.

Future outlook

At the start of 2013, the global economic outlook remained challenging.