Sir Alan Parker, the former agency creative turned big screen director, will chair the judging panel which will make its choice from the people who have performed outstandingly in the major creative awards throughout the year.
The new awards - dubbed the Best of the Best - reflect the IPA president Bruce Haines' agenda in putting the promotion of creativity at the heart of the organisation's activity. The winners will be announced at an awards night on Wednesday 11 December.
Entry will be free for the awards, which will be open to staff working for IPA member agencies. Shortlisted people will be drawn from their success in the major awards - including Campaign, Cannes, D&AD and the Creative Circle - throughout the year.
From these, the judging panel, which includes John Hegarty, the Bartle Bogle Hegarty chairman, and Dave Droga, Saatchi & Saatchi's executive creative director, will select the winners.
These will include best creative director, best copywriter, best art director, best typographer, best photographer, best production company commercials director and best agency TV producer.
However, IPA executives stress that the scheme will not cut across the IPA Effectiveness Awards or try to duplicate any other creative awards already running.
Hamish Pringle, the IPA's director-general, said he hoped the "BOBs" would follow a path pioneered by awards such as literature's Booker Prize in promoting the importance of advertising creativity to a wider community.