Accounting Profession History


World War I

1914 - 1918

World War I began in 1914 and ended in 1918

Great Depression

1929 - 1939

Focused the U.S. on the comprehensive accounting reform

Stock Market Crash

october 24, 1929 - november 1954

Happened on Black Tuesday and the following day the market dropped nearly 12 percent.

Generally Accepted Accounting Principles (GAAP)

1930 - Present

Had Substantial authoritative support

Securities Exchange Commission

1934 - Present

The Securitires Act of 1934 chartered the SEC

American Institute of Certified Public Accountants

1957 - Present

AICPA was dated back to 1887 where it was called the American Association of Public Accountants.

Financial Accounting Standards Advisory Council (FASAC)

1973 - Present

Was formed in 1973 along with the establishment of the financial accounting Standards Board.

Financial Accounting Standards Board

1973 - Present

Became the designated organization in the private sector for standards that govern the preparation of corporate financial reports along with not-for-profit organizations.

Government Accounting Standards Board (GASB)

1984 - Present

The GASB organization was formed under the FAF umbrella to issue standards and other communications that result in decision-useful information for users of government financial reports.

Sarbanes-Oxley Act

2002 - Present

The act was passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations.