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2000-2003

A timeline of the development of the Accountancy Profession in the United Kingdom. This page covers developments between 2000 and 2003, including ENRON and the adoption of international accounting standards.

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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