Evolution of U.S. Regulation and the Standard-Setting Process for Financial Reporting: 1930s to the Present

Abstract

This article is a recounting and explanation of the series of episodes from the 1930s to the present on the evolution of the U.S. regulatory and standard-setting process for financial reporting by companies in the private sector. By gathering together all of these events and developments in a single article, it is hoped that researchers will come to appreciate the historical antecedents that have shaped today’s institutional reality for both the SEC and the FASB. An extensive list of references to books, articles, press reports, and other documents has been provided to enable readers to obtain a fuller story of this evolution. An appendix completes the article, containing the first published list of the SEC Chief Accountants from 1935 to the present.

Keywords: regulation, standard setting, financial reporting, SEC, FASB

JEL Classification: M41