Michael Sharpe AO

Citation

Michael Sharpe has had a distinguished career in business and accounting over many decades both in Australia and internationally. As a graduate in Economics from the University of Sydney he joined then Coopers & Lybrand in 1955 remaining with successor firms in international and national executive positions until his retirement in 1998. He continued in an advisory role with PricewaterhouseCoopers until 2009. During his long career in practice Michael Sharpe was also actively involved as an international standard setter serving the profession as Chairman of the International Accounting Standards Committee (IASC) from 1995 until 1997 at a time of an irreversible movement towards the harmonisation of financial reporting throughout the world, a process that continues to this day.  In leading the Committee, Michael Sharpe was instrumental in encouraging the adoption of these standards by over 100 countries, with many others progressing towards adoption. During this period he also led a comprehensive review of the structure of the IASC designed to enhance its independence. This review was instrumental in the formation, in 2001 of the International Accounting Standards Board. As Chairman  of Coopers & Lybrand's International Accounting and Audit Committee from 1983-1986 he was instrumental in the development of auditing methodology that forms the basis of the present-day  auditing curriculum in many Australian and overseas universities. Michael Sharpe’s service to the accounting profession is also evident in his important contribution to accounting education. First, serving as Chairman of the NSW Education Committee of the Institute of Chartered Accountants in Australia (ICAA), then on the National Examination Committee, he was responsible for overseeing the change in examination format to the Professional Year. In 1982 he was elected President of the ICAA and worked tirelessly to support the professional education of chartered accountants and the accreditation of accounting programmes at universities around Australia. During his presidency he had the foresight to adopt a policy stance on the impact of technology on accounting and auditing, a relatively new phenomenon in the business world at that time. Michael Sharpe's considerable contribution to accounting and the Australian community is evidenced by the award of Member of the Order of Australia in 1991. In 1999 The University of Sydney conferred on him the degree Doctor of Science in Economics (honoris causa) and in 2000 he was appointed an Officer in the Order of Australia.

The Australian Accounting Hall of Fame honours Michael John Sharpe as a practitioner, distinguished standard-setter and office-holder.

Biography

Educated at the University of Sydney, Michael Sharpe studied part time and graduated Bachelor of Economics in 1959. During this period he joined Coopers & Lybrand in 1955. He remained with the firm where he held several international and national executive positions until his retirement in 1998, after which he continued an association with PricewaterhouseCoopers in an advisory capacity until 2009.

Michael has made an important contribution to the development of the practice of accounting and auditing, a contribution which has had a significant impact on the profession in Australia. As Chairman of Coopers & Lybrand's International Accounting and Audit Committee from 1983-1986 he was instrumental in the development of auditing methodology that forms the basis for the auditing curriculum in several Australian and overseas universities.

In a career distinguished by service, Michael Sharpe’s most noteworthy contribution to the profession was as Chairman of the International Accounting Standards Committee (IASC).  He led the IASC from 1995 to 1997, at a time of irreversible movement towards the harmonisation of financial reporting throughout the world. The fruits of his IASC work – comparable, high quality and transparent accounting standards, are vital to the development of a global economy. In leading the Committee Michael was instrumental in the adoption of these standards by over 100 countries, with many others progressing towards adoption. This movement has had far-reaching benefits for the global economy aimed at eliminating the confusion caused by international companies announcing different results depending on the set of accounting standards applied. The impact of Michael Sharpe’s leadership in guiding harmonisation of accounting standards cannot be overstated. During this period, he also chaired a review of the structure of the IASC to enhance its independence, which led to the formation of the International Accounting Standards Board.

Michael Sharpe's service to the accounting profession is also evident in his important contribution to accounting education. Serving as Chairman of the NSW Education Committee of the Institute of Chartered Accountants in Australia (ICAA), then on the National Examination Committee, Michael was responsible for overseeing the change in examination format to the Professional Year. In 1982 he was elected President of the ICAA and worked tirelessly to support the professional education of chartered accountants and the accreditation of accounting programmes at universities around Australia. He was a committed advocate for accounting education and for the profession, arguing that educational qualifications, professional development and work experience for Chartered Accountants would benefit both business and society. During his presidency he had the foresight to adopt a policy stance on the impact of technology on accounting and auditing, a relatively new phenomenon in the business world at that time.

Michael Sharpe has also contributed widely to the community as Lay Canon of St. Andrew's Cathedral, President of Cranbrook School, Chairman of the Sir David Martin Foundation, Chairman of the Barbara May Foundation, Chairman of the HM Bark Endeavour Foundation, Treasurer of the Order of Australia Association, Treasurer of the Australian Club in Sydney, President of The University of Sydney's Pacioli Society, Member of the International Board of Nijenrode University and honorary Professor at Capital University, Beijing.

Michael Sharpe's contribution to the Australian community is evidenced by the awards of Member of the Order of Australia (1991) and Officer of the Order of Australia (2000). The University of Sydney conferred on him the degree Doctor of Science in Economics (honoris causa) in 1999.