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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

Updating guidance on prospective financial information

We recently consulted on the scope of updating to ICAEW's 2003 guidance Prospective Financial Information. In consultation on prospective financial information, we proposed extending the application of preparation principles to forecasts and projections prepared for private finance-raising. We are considering how the responses might new guidance.

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. Our most recent technical releases address the preparation of pro-forma financial information and financial position and prospects procedures.


Financing Change activities seek to explain corporate finance deal making and to raise awareness of sources of finance. The publication Private Equity Demystified provides an objective explanation of how private equity operates, and a summary of academic findings from around the world on the impact of private equity.

Creative Industries - Routes to Financeis a bespoke guide to finance and advice for businesses in the creative sectors.

The Business Finance Guideis a guide to information and advice for each stage of business growth. Published with the British Business Bank and 20 organisations representing finance providers and businesses, the guide is also available in an online version and in Welsh.

Public discussions and debate

Financing Change uses ICAEW's power to convene to bring together protagonists with different points of view. Public discussions and debates have been held around the Breedon review, the Takeover Code and business finance for growth icaew.com/bfg.

What's new? 

Consultation on prospective financial information
Proposals for new guidance on preparing forward looking financial information

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.