ABSTRACT
By 1913 the profession of public accounting was established. Much of the original impetus had been given by accountants who came to United States from England and Scotland. The period break of 1913 was chosen because of the tremendous effect of the income tax law on public accounting, ushering in as it did a new era for the profession. The date 1928 marks the last full year of an unprecedented prosperity that had built up in the American economy since the beginning of World War I. A feature of the law gratifying to the public accounting profession was its provision that corporations, associations, and insurance companies were at liberty to adopt the fiscal year in preference to the calendar year upon notice of such intention duly filed. It would appear from the wording of the original draft that the American Institute of Accountants would have the power to determine who was eligible to practice public accounting.
