On Tuesday, 17 June 2014, the Institute for Chartered Accountants in England and Wales (ICAEW) launched its “20 Principles for Good Spreadsheet Practice” at its headquarters, Chartered Accountants’ Hall in London.
As part of this launch, the ICAEW recognised the FAST Standard as the first modelling standard to be compliant with those Principles.
The ICAEW was founded in 1880 and, while it is based in London, it also has offices in Brussels, Dubai, Beijing, Hong Kong and Singapore. It has more than 142,000 members worldwide. It provides qualifications and professional development, but also has a strong alumnus that brings thought leadership to the fields of accounting, finance and business.
For an institution with the reach and influence of the ICAEW to have developed these principles – and to recognise FAST! – is a significant step forward for the world of spreadsheet modelling.
The Principles provide essential guidance across all aspects of effective spreadsheet use. They encapsulate decades of hard-won professional experience. They are a valuable body of work that advances the professionalism, commercial efficiency and effective risk management of spreadsheet modelling.
FAST, on the other hand, goes deep on design and build. Hence it is a proven example of a practical application of these Principles. Hand in hand, the Principles and the FAST Standard are a powerful combination.
For far too long, we have accepted a fragmented system of spreadsheet modelling. As I comment in the ICAEW’s press release, adopting a common modelling language could have a huge impact on the UK economy, boosting productivity by improving decision making and increasing levels of connectivity between businesses.
We are thrilled to share this exciting development of the the FAST Standard with you!