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1968-2003

A timeline of the development of the Accountancy Profession in the United Kingdom. This page covers developments between 1968 and 2003, including increased co-operation between the UK accountancy bodies and the adoption of international accounting standards.

1968 (25 Jul) ICAEW proposes two major changes to the profession. Firstly, a merger of the ICAEW, ICAS, ICAI, the Association of Certified Corporate Accountants, the Institute of Cost and Works Accountants and the Institute of Municipal Treasurers and Accountants into three geographical Institutes in England & Wales, Scotland and Ireland. Secondly, a reduction of the number of qualifications to two: the Chartered Accountant (signifying highly qualified) and the Licentiate Accountant (less qualified).
1970 (24 Jun) At a joint meeting at the Albert Hall the proposals to merge the professional bodies and change the qualification structure are discussed. Opponents speak against it and at their own expense canvas every member to vote against it. Their efforts pay off as they win the postal vote and the proposals fail.
1970 (May) The extended and new building at Chartered Accountants' Hall is opened by Her Majesty Queen Elizabeth, the Queen Mother.
1971 Association of Certified and Corporate Accountants is renamed the Association of Certified Accountants.
1973 Institute of Cost and Works Accountants is renamed the Institute of Cost and Management Accountants.
1973 Institute of Municipal Treasurers and Accountants is renamed the Chartered Institute of Public Finance and Accountancy. (CIPFA)
1973 Faculty of Auditors is absorbed by association into the British Association of Accountants and Auditors.
1973 International Association of Book-keepers is founded.
1974 Consultative Committee of Accountancy Bodies (CCAB) is established partly solving the problem of the proliferation of accountancy bodies and helping the co-ordination of efforts.
1974 Institute of Company Accountants is renamed the Society of Company and Commercial Accountants.
1977 International Federation of Accountants (IFAC) is founded.
1978 (Jun) Association of Technicians in Finance and Accounting (ATFA) is launched backed by the ICAEW, ICMA and CIPFA.
1980 Centenary of the ICAEW.
1980 British Association of Accountants and Auditors is absorbed by association into the Society of Company and Commercial Accountants.
1980 Association of Accounting Technicians (AAT) is incorporated by unifying the Institute of Accounting Staff (IAS) and the Association of Technicians in Finance and Accounting (ATFA).
1983 (December) Gloucester House, the ICAEW's new building in Milton Keynes (replacing the offices at City House and St. Alphage House in London) is completed.
1984 (29 October) Gloucester House is officially opened by HRH The Duke of Gloucester.
1984 Association of Certified Accountants is renamed the Chartered Association of Certified Accountants.
1986 Institute of Cost and Management Accountants is renamed the Chartered Institute of Management Accountants (CIMA).
1990 Society of Company and Commercial Accountants is renamed the Institute of Company Accountants.
1996 Chartered Association of Certified Accountants is renamed the Association of Chartered Certified Accountants (ACCA).
2001 (2 Dec) Enron, the once global energy trading giant, files for protection under Chapter 11 bankruptcy proceedings.
2002 Enron's Auditor Arthur Andersen discloses that staff at its Houston office had shredded documents and deleted emails relating to the Enron Audit. Andersen is indicted by the Justice Department on charges on obstruction of justice relating to the enquiry into Enron's Accounting.
2002 (Mar) International Accounting Standards are adopted by the European Union with changeover target of 2005.
2002 (15 Jun) US Andersen is found guilty of charges of obstruction of justice in relation to the Enron collapse.
2002 (Aug) The Sarbanes-Oxley Act is passed in the United States in the wake of the Enron scandal.
2002 The Proceeds of Crime Act makes it an offence for accountants not to report suspicions about their clients to the National Criminal Intelligence Service (NCIS).
2003 (29 Jan) UK Government Announces that the Financial Reporting Council (FRC) will assume the functions of the Accountancy Foundation to create a unified, independent UK regulator.
2003 (Jan) The Higgs Report on the role of non-executive Directors is published.
2003 Institute of Company Accountants merges with the Association of International Accountants.
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