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Financing Change

Advancing thinking and debate

Financing Change, the thought leadership programme of ICAEW's Corporate Finance Faculty, aims to advance the economic and social contribution of corporate finance activity by promoting better understanding of the value it can create and its role in improving efficiency and practice in capital markets.

What’s it all about?

Financing change promotes corporate finance activity which serves the public interest by encouraging all those involved in effecting deals to:

  • have a greater regard to the context and infrastructure in which corporate finance transactions take place;
  • raise their own performance, expertise and ethical standards;
  • provide affected parties with clear, transparent and objective information; and
  • support necessary and proportionate regulation.
What we’re thinking about

Financing Change is interested in three essential pre-conditions for successful and sustainable corporate finance activity:

  • Imagination - the creativity that generates business ideas and the funding to bring them to fruition
  • Infrastructure - the legal, regulatory and tax frameworks and the behaviours that support the funding of transactions
  • Information - what is needed to support decision making and also the assessment of a deal’s wider implications

Reviewing guidance on prospective financial information

We are set to consider the scope of revisions needed to ICAEW's 2003 guidance Prospective Financial Information, in which addressed forward-looking information. If you would like to get involved please email financingchange@icaew.com or contact Katerina Joannou on +44 (0)20 7920 8806.

What we’ve done

Technical guidance

The Corporate Finance Faculty is a leading authority on guidance for market transactions in the UK. We have just published Technical Release TECH01/15 CFF Guidance for preparers of pro forma financial information, which includes commentary for preparing pro forma financial information that complies with the requirements of the Prospectus Directive Regulation.


The Financing Change initiative seeks inter alia, to explain corporate finance dealmaking. The publication Private Equity Demystified provides an objective explanation of how private equity operates, and a summary of current academic findings on the impact of private equity.

Public discussions and debate

Financing Change draws on ICAEW's power to convene to bring together protagonists with different points of view.  To date public discussions and debates have been held around the Breedon review, the Takeover Code etc.

What's new? 

Technical Release TECH 01/15CFF

Providing practical help for applying the preparation and presentation requirements of the Prospectus Directive (PD) Regulation.

Guidance on financial position and prospects procedures

TECH 14/14CFF addresses a regulatory requirement of companies seeking to list on a UK market. The guidance is aimed at directors and reporting accountants and updates TECH 01/13CFF. TECH 14/14CFF should be implemented for listing processes beginning on or after 1 December 2014.

Business Finance Guide

This is a guide that sets out the main things to consider when raising funds for growth and outlines sources of equity and debt finance available to businesses – ranging from start-ups to SMEs and growing mid-sized companies. The guide also includes several tools and ideas to help businesses consider their options, make decisions and plan how they will finance expansion.

Cyber-Security in Corporate Finance

The Corporate Finance Faculty worked with the Cabinet Office to initiate a Taskforce to tackle the cyber-security risks in corporate finance. This publication helps to raise awareness of the specific risks that businesses face and shows how they can – with expert help – begin to tackle them when they are raising finance, undertaking M&A and restructuring.