ABSTRACT
In the USA consolidated accounts have been established since the turn of the century. In the UK the first examples are not found before the 1920s and they did not become a legal requirement until 1948. British accounting skills, for example, were transferred to the USA at the end of the nineteenth century by representatives of British firms sent across the Atlantic. 'Historically', writes Bedford, 'the process by which accounting procedures and thought have been transmitted from one country to another has been by the physical transfer of accountants'. Accounting practice at any one time may be imbedded in the laws and business customs of a country to such an extent that immediate change is not within the realms of possibility. A change in accounting practice was less compatible with the cultural values of the British social system. During the twentieth century the international accounting firm has developed as the most effective change agent.
