ICAS celebrates 170 years as the world’s oldest accountancy body
ICAS celebrates 170 years as the world’s oldest accountancy body
The Institute of Chartered Accountants of Scotland (ICAS) is marking its 170th anniversary this month, celebrating its role as the world’s oldest professional body for chartered accountants. Founded in 1854 by Royal Charter, ICAS has been a key player in shaping the accountancy profession globally and continues to focus on upholding its public interest mandate.
From its origins in an era where financial accounts were completed by candlelight using dip pens, to today’s digital transformation and AI-driven tools, ICAS has maintained a prominent position in the evolution of accounting standards and practices. In 1855, the institute introduced the designatory letters ‘CA’ as a mark of professional distinction, a designation that remains synonymous with trust and excellence in the field.
With a membership base of over 24,000 professionals spanning more than 80 countries, ICAS has grown into a global network of accountants, business leaders, and financial experts. The institute has also been behind significant contributions to the profession, including influential research such as its 1988 report Making Corporate Reports Valuable, which played a role in reshaping financial reporting practices.
This year has been one of change and innovation for ICAS. In March, the institute introduced ‘CA24’, a new syllabus and learning approach for accountancy students. Touted as a UK first, CA24 is designed to ensure that the CA qualification remains relevant in an evolving business environment and prepares future accountants to meet the challenges of the modern economy.
Additionally, ICAS launched its ‘Shaping the Profession’ initiative earlier this year. The programme aims to map out the future of accountancy, examining how finance professionals can better address societal needs and navigate ongoing developments such as technological advancements, sustainability reporting, and governance reforms.
Bruce Cartwright CA, CEO at ICAS, highlighted the significance of this milestone: “It’s no exaggeration to expect the pace and scale of change over the next five years to be faster than at any time in the last 170. While technological advancements, sustainability reporting developments, governance reforms and regulation continue to reshape the profession, our legacy serves as a reminder of the need for resilience and capacity for adaptability.”
To mark its anniversary, ICAS also launched a nationwide competition for school children to design the front cover of CA magazine, its monthly publication for accountancy and business professionals. The competition encouraged pupils to reflect on ICAS’ legacy and highlight themes for creating a better future. The winning entry will feature in the magazine’s December issue.
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