Research project funding

This workstream aims to investigate why companies fail and the role of internal control and corporate governance in mitigating failures. This includes exploring internal mechanisms (such as the board and audit committee) and external mechanisms (such as the regulator, market and social actors) that play a role in preventing failures. ICAEW's Corporate Governance Committee has identified internal control failings as a significant contributor to corporate failures, particularly surprise failures, where risks leading to failure are not appropriately portrayed in financial statements. We are interested in investigating dynamic approaches like out-of-the-box thinking and reverse stress testing to anticipate failure in changing markets.

In 2023, ICAEW invited scholars to submit proposals for a literature review. Read more about:

• initial analysis that highlighted three key areas to strengthen corporate governance against the risk of unexpected failure; and 
• insights from a recent ICAEW round table that offer a practical guide for businesses navigating the complexities of corporate governance, resilience and risk management in uncertain times.

Despite the effort that goes into producing and auditing local government accounts, they are little used or understood. This initiative in partnership with academic journal Public Money and Management (PMM) aims to explore ways in which financial statements can enhance local government effectiveness and accountability. Read our Insights article to find out more about the call for papers and potential research topics.

This workstream proposes a research study to investigate how academic access to new, relevant research data can be facilitated to draw actionable insights for the profession. Data is the driving force behind research, and access to new, relevant data propels the research frontier forward. We are interested in exploring questions such as what data the accountancy profession holds, or could reasonably gather, that would be of value to academic researchers. Additionally, what routes could be used to disseminate findings for practical use and enable dialogue between the profession and academics.

Find out more about the Call for papers for this research study and additional questions we are interested in exploring.

This workstream aims to investigate the evolving role of corporate data resources within the digital economy era. It proposes a framework that categorises corporate data assets according to those used internally, those that are tradable and those of strategic value, emphasising their economic value-creation characteristics. The suggested approach involves the conditional recognition method for internally-used and tradable data assets in financial statements, with subsequent measurement under a mixed model. The findings will be valuable both to the standard-setting process and to businesses seeking to make better use of digital assets.

Read our Insights article on research by ICAEW and the China Accounting Standard Committee highlighting the challenges of accounting for corporate data resources and which suggests a new framework for their treatment in financial statements.

The aim of this campaign is to address specific challenges within the UK's VAT system. It seeks research that considers the underlying reasons for the challenges outlined in the call for proposals and explores how simplification can facilitate easier compliance, reduce administrative costs and attract inbound investments by creating a more business-friendly tax environment. Authors are invited to propose approaches to address these challenges, such as the adoption of digital technologies in tax administration or streamlining VAT rates to remove unnecessary exemptions and zero rates. Research could explore the impact of a modernised VAT system on consumer behaviour, economic growth, and/or fiscal stability. The author of the selected proposal will receive a £5,000 award and also the opportunity to present their research at a VAT conference scheduled to be held at Chartered Accountants’ Hall in London in 2025. Additionally, accepted papers will be published on the ICAEW website, providing authors with further exposure for their work.

We are currently supporting six research projects in this area, including on:

• climate disclosure (part of a collaborative research series with the China Accounting Standards Committee);
• food waste reporting;
• sustainability and the profession;
• SDGs, where are we now?;
• senior female management: ESG reporting; and
• emissions reporting.