Accountancy Age timeline: 1969 – 2004

1969: Accountancy Age is launched.

DTI inquiry into Robert Maxwell’s Pergamon Press causes its takeover by LeaseCo to fall apart.

Touche, Ross, Bailey & Smart becomes Touche Ross

1970: ICAEW’s proposal to merge with ICAS, ICAI and other bodies fails

1973: Henry Benson appointed first chairman of the International Accounting Standards Committee

1974: The Consultative Committee of Accountancy Bodies (CCAB) is formed

1977: IFAC is founded

1979: Ernst and Whinney is formed

1980: ACCA’s Vera di Palma becomes the first female president of an international accounting body

1984: Merger of Deloitte, Haskins & Sells and Price Waterhouse falls through

1987: Peat Marwick International and KMG merger forms KPMG

1989: Arthur Andersen/Price Waterhouse merger collapses in September.

Ernst & Young is formed from Ernst & Whinney and Arthur Young. Touche Ross and Deloitte Haskins Sells merge to form Deloitte & Touche

1990: The ‘Guinness Four’ are found guilty of fraud

1991: Robert Maxwell drowns. BCCI collapses. Polly Peck and Coloroll scandals lead to Ian Cadbury’s report on good corporate governance

1995: Deloitte & Touche creates Deloitte Consulting. Barings collapses

1996: Ian and Kevin Maxwell cleared of fraud, Coopers & Lybrand’s audits of Maxwell companies face JDS investigation. KPMG produces the first annual report by an accountancy firm, which reveals senior partner Colin Sharman earns a total package of £740,000

1998: Coopers & Lybrand and Price Waterhouse form PricewaterhouseCoopers.

JDS turns the spotlight on Arthur Andersen in connection with the £50m overstatement of profits by Wickes

2000: European Commission announces in July that it intends to make IAS mandatory from 2005.

The IASC completes its three-year restructuring programme and creates the International Accounting Standards Board, effective from April 2001.

Ernst & Young sells consulting arm to Cap Gemini

2001: SEC’s Enron investigation begins. Big Five issue a joint statement in December insisting that self-regulation remains the best policy following the collapse of Enron

2002: Andersen’s Houston office admits to shredding documents relating to Enron. WorldCom is accused of $4bn fraud, which drags Andersen into another scandal. Andersen UK acquired by Deloitte. SEC implements Sarbanes-Oxley

2003: Grant Thornton is dragged into €4bn accounting ‘black hole’ at Parmalat.

Deloitte & Touche rebrands as simply ‘Deloitte’. Higgs and Smith reports take an evolutionary step on from Cadbury and Turnbull

2004: The Financial Reporting Council is revamped. Inland Revenue merges with Customs & Excise.

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