Kyriakos Iordanou: Amid Global Tensions, ICPAC emphasises economic resilience and international engagement

Opening the Institute of Certified Public Accountants of Cyprus (ICPAC) General Assembly, General Manager Kyriakos Iordanou delivered a message of measured resolve.

Speaking at the official ceremony of the Institutes's 64th Annual General Meeting on 18 June, he called attention to the wider geopolitical tensions while underscoring the accounting profession’s indispensable role in Cyprus’ economic stability, reform, and global relevance.

A Sombre Backdrop and a Missed Opportunity

Iordanou began by acknowledging the unfortunate context in which the Assembly was being held: a period marked by heightened military conflict in both nearby and broader regions. “Let us hope,” he said, “that these hostilities end soon, human loss is minimised, and the worst is avoided on social and humanitarian grounds.”

He noted with regret the cancellation of a planned visit from a delegation of the Israeli accounting body due to the regional turmoil—a visit intended to initiate discussions on closer cooperation.

Global Disruption, Local Vigilance

Touching on the ripple effects of geopolitical instability, Iordanou warned of growing uncertainty across political, economic, and business environments. “We continue to operate within an unstable landscape,” he stressed, “which requires constant vigilance and adaptability.”

To counteract these pressures, he outlined a dual strategy: strengthening the national economy and internal institutions on the one hand, and forging international alliances and reinforcing investor trust on the other. Recent milestones—such as the launch of Cyprus’ Strategic Dialogue with the United States and the upcoming EU Council Presidency in the first half of 2026—were cited as key opportunities.

Jean Bouquot's presence a historic first for Cyprus

Highlighting the significance of the day, Iordanou welcomed Jean Bouquot, President of the International Federation of Accountants (IFAC), attending the ICPAC General Assembly in person for the first time in history. “Your presence here today honours us greatly,” he said, praising Bouquot’s support and the recognition it represents for both ICPAC and the Cypriot industry globally.

Delegations from professional bodies in France and Lebanon, along with diplomats based in Nicosia, also lent the event a notable international dimension.

“This underscores Cyprus’ potential,” Iordanou added, “to serve as a bridge for collaboration between continents—Asia, Africa, Europe, and the Americas—and as a launchpad for global business activity.”

The Accounting Profession: A Pillar of Economic Infrastructure

In a comprehensive assessment of the accounting profession’s contribution, Iordanou described ICPAC’s multi-dimensional role:

• As a professional body, supporting, educating, and guiding its members.
  
• As a supervisory authority, entrusted with regulatory responsibilities by the State.
  
• As an economic actor, supporting the state, private sector, and financial markets.

“Accountants,” he said, “are critical to every corporate and economic function—ensuring legal compliance, tax collection, public sector accountability, and the financial sustainability of businesses.”

He also emphasised their behind-the-scenes role in securing foreign investment, managing insolvency, and maintaining the integrity of financial systems. ICPAC members act as financial stewards across sectors, acting as both protectors of compliance and enablers of growth.

Lifelong Learning and Public Engagement

Stressing the importance of continuous professional development, Iordanou outlined ICPAC’s broad partnerships with academia and international organisations to keep members trained and future-ready. Beyond its professional base, the Institute is also active in financial literacy, ethics, and tax awareness initiatives targeting the wider public.

A Globally Integrated Profession

Accounting in Cyprus, he noted, is one of the most internationalised sectors of the economy. Since 1981, Cyprus has adopted international accounting standards and ethics codes. Today, all major global networks are present and active on the island.

“Our integration into European and global federations,” he said, “allows us to draw knowledge and best practices that continuously elevate our standards.”

ICPAC’s Strategic Contribution to National Policy

Iordanou reiterated ICPAC’s readiness to support national priorities, such as:

• Restoring and enhancing Cyprus’ international credibility.
  
• Advancing targeted economic and structural reforms.
  
• Supporting the implementation of the Vision 2035 national strategy.
  
• Encouraging real foreign investment and the return of Cypriot talent.
  
• Enabling tax reform and backing the startup and SME sectors.

“Our future,” he declared, “is defined by three words: Technology, Sustainability, and Competitiveness.”

Readiness for a New Era

The Institute is adapting to AI, embracing sustainable development in line with the UN’s 17 Sustainable Development Goals, and reinforcing its role in shaping a competitive, resilient, and future-proof economy. Iordanou concluded:

“ICPAC moves forward powered by its members, extending a hand of cooperation to all stakeholders—government, parliament, the private sector, and academia. We continue to serve our members, our economy, and the public interest in the best way possible.”