During the early years of the newly established Republic of Cyprus, a few progressive and ambitious accountants set as goal the establishment of the Institute of Certified Public Accountants of Cyprus. This was accomplished on April 4, 1961. The ICPAC was founded with 21 members and Mr Solon Triantafyllides elected first Chairman.
Today, more than 50 years later, many things have changed and that vision is now shared by the 3,500 members of the Institute.
ICPAC and its members have constituted a lot to the development of the Cyprus economy. The Accounting profession helped in the recovery of the economy during the difficult years that followed the Turkish invasion in 1974.
The landmarks in ICPAC’s development from its foundation to date are the following:
- The establishment of the Institute on 4 April 1961.
- The adoption of the International Accounting Standards and the International Auditing Standards in 1981.
- The adoption of law 76(I)/2001 by the House of Representatives, which harmonized the Cyprus legislation with the EU Directives and assigned ICPAC as the competent body to regulate and supervise the accountancy profession in Cyprus, as from February 2002. This was probably the most important step in the Institute’s evolution.
- ICPAC is restructured in preparing for its challenging role and Mr. Theodoros Philippou is appointed First General Manager on 1 March 2002.
- The Institute decides to follow and implement the code of conduct of the International Federation of Accountants (IFAC), as from September 2002.
- In 2003, ICPAC was granted a traditional governmental building of colonial character at Byron Avenue in Nicosia, which was renovated and now hosts the Institute's offices since March 2008.
- ICPAC signs an agreement with ACCA of the United Kingdom for a joint examination scheme. Today, more than 2800 students are registered in this scheme. This is probably the second most important milestone for ICPAC.
- In 2004, ICPAC signed a new agreement with ACCA to conduct supervisory controls on Cyprus Audit firms, in ensuring the quality of assurance services offered.
ICPAC has a solid presence in the economic and social life of Cyprus, cooperating with organizations like the Government, the Central Bank, the Cyprus Stock Exchange, the Securities and Exchange Commission, the University of Cyprus, the Cyprus Investment Promotion Agency (CIPA) and the Cyprus Chamber of Commerce and Industry.
It also has an international presence as member of European Federation of Accountants (FEE), member of International Federation of Accountants (IFAC), member of Federation des Experts Comptables Mediterraneens (FCM) and member of International Fiscal Association (IFA). In addition ICPAC maintains excellent relations and cooperation with the British Accounting bodies ACCA and ICAEW.
ICPAC was established on April 4, 1961. Its members on the first General Meeting held on June 10, 1961 were the following:
Solon Triantafyllides (1961 - 1963)
George Syrimis (1963 - 1965) and (1973 - 1974)
Angelos Pikis (1965 - 1967)
Andreas Loizides (1967 - 1969)
Nicos Lakoufis (1969 - 1970) and (1982 - 1984)
Evdokimos Xenophontos (1970 - 1973)
Michalakis Costouris (1974 - 1976)
Michalakis Zampelas (1976 - 1978)
Andreas Michaelides (1978 - 1980)
Michalakis Christoforou (1980 - 1982)
Theodoros Philippou (1984 - 1986)
Costakis Christophides (1986 - 1987)
Savvas E. Savvides (1987 - 1989)
George Michaelides (1989 - 1991)
Christos Kyriakides (1991 - 1993)
Ntinos Papadopoulos (1993 - 1995)
Stavros Vakis (1995 - 1997)
Ninos Hadjirousos (1997 - 1999)
Phedias Pilides (1999 - 2001)
Rea Georgiou (2001 - 2003)
Christis Christoforou (2003 - 2005)
Christodoulos Papas (2005 - 2007)
Panikos Tsiailis (2007 - 2009)
Nicos Syrimis (2009 - 2011)
Theodoros Parperis (2011 – 2013)
Ioannis Charilaou (2013 - 2015)
Demetris Vakis (2015 - 2017)