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15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com
1980s to 1990s
In collaboration with the National Association of State Boards of Accountancy, the AICPA published the
first bill that would standardize the public accounting practice. This was legislated in the Uniform
Accountancy Act. Moreover, the Restructuring Professional Standards to Achieve Professional
Excellence in a Changing Environment was issued by the Anderson Committee as a reply to concerns
regarding the professions competence to serve the public interest and maintain their trust.
In the mid1980s, the National Commission on Fraudulent Financial Reporting or the Treadway
Commission detailed how financial frauds could be curtailed or prevented and how auditors could
minimize the expectations gap amongst themselves and the public. In addition, the peer review
program became compulsory, as instructed by the AICPA. Meanwhile, the AICPA Special Committee on
Financial Reporting suggested a business reporting standards in the early 90s. In addition, the Federal
Accounting Standards Advisory Board was established and it would, later on, be acknowledged as an
agency authorized to institute GAAP standards for federal government entities.
15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com
15301 Dallas Parkway, Suite 960 Addison, Texas 75001 Phone: 214.545.3965 Fax: 214.545.3966 www.bkmsh.com