... regulated than those in the U.K, the original principles were imported to the United States of America by early pioneers from the United Kingdom who established business practises in the USA. These principles are now referred to as 'US GAAP' this is short for the US general accepted accounting principles. The origins of the American Association of Public Accountants began in 1886, and the profession of Accountancy was recognised by a 1896 New York State law which established the Certified Public Accountant, parallel laws followed in other states. In the early years the regulating of accounting practises lied in the hands of the individual accounting firms, these were not often disclosed to outside interests, however in 1957 the American Institute of Certified Public Accountants (AICPA) emerged and this brought together the public auditing of accounts. The Stock Market crash of 1929 left the finance industry severely damaged, this lead to fundamental changes in ...

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