History of the FATF (1990-2010)

In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989.

Recognizing the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission and eight other countries.

The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.

In 2001, the development of standards in the fight against terrorist financing was added to the mission of the FATF. In October 2001, the FATF issued the Eight Special Recommendations to deal with the issue of terrorist financing. The continued evolution of money laundering techniques led the FATF to revise the FATF standards comprehensively in June 2003. In October 2004, the FATF published a Ninth Special Recommendation, further strengthening the agreed international standards for combating money laundering and terrorist financing - the 40+9 Recommendations.

To learn more, read the publication 20 Years of the FATF Recommendations 1990-2010.

CCAF-FCVI – 25th Anniversary Journal 2005

The CCAF was originally called the Canadian Comprehensive Auditing Foundation but, in recent years, the name was contracted to CCAF-FCVI. The CCAF is a national non-profit foundation, established in 1980. Its primary activities are research and education. Established as a public-private sector partnership, the CCAF is funded by the federal and provincial governments and the private sector. Its vision is the achievement of excellence in public sector governance, management and accountability.


The CCAF focus is on public sector organizations that operate in an environment of complex accountability relationships. These include governments, institutions and organizations that create, deliver or regulate activities that support the health, educational, social and economic well-being of Canadians.

To mark its 25^th anniversary in 2005, the CCAF published CCAF-FCVI – 25th Anniversary Journal. The Journal includes articles from various senior officials focusing on their own experiences and activities in the areas of public sector accountability, audit, management and governance. It also includes a brief history of the CCAF's research program over the last 25 years (pages 95-106).

Historical Notes on the Accounting Hall of Fame

Election to the Accounting Hall of Fame is perhaps the only longstanding national award for accountants -- and probably the only international one as well -- in which both academic and practicing accountants vie for the same award. The Accounting Hall of Fame was established at The Ohio State University in 1950 for the purpose of honoring accountants who have made or are making significant contributions to the advancement of accounting since the beginning of the twentieth century. Through 2008, 85 leading accountants from the United States and other countries have been elected to the Hall of Fame.

While selection to the Hall of Fame is intended to honor the people so chosen, it is also intended to be a recognition of distinguished service contributions to the progress of accounting in any of its various fields. Evidence of such service includes contributions to accounting research and literature, significant service to professional accounting organizations, wide recognition as an authority in some field of accounting, advancement of accounting education, and public service. A member must have reached a position of eminence from which the nature of his or her contributions may be judged.

Evolution of US Generally Accepted Accounting Principles - 1930 to 2004

The accounting history paper Evolution of US Generally Accepted Accounting Principles (GAAP) was prepared by Stephen A. Zeff, Rice University. The paper outlines noteworthy developments in US GAAP from 1930 to 2004. The focus is deliberately on those incidents that represented important changes in practice or in the way that accounting principles or standards were set. These incidents are typically ones for which interesting ‘stories’ can be told about the underlying factors that led to the developments. Many of these stories involve efforts by the preparers of financial statements, or by a branch of government, to engage in ‘political’ lobbying in order to promote their narrow interests; for example, to present a more favourable earnings picture or to promote the effectiveness of government fiscal policy. Yet many US accounting standards have been issued that truly reflect the application of sound concepts, undiluted by ‘political’ lobbying. Because these principled standards have emerged in a natural progression from the underlying concepts, their stories are not as ‘interesting’ as those that were driven by ‘political’ lobbying. (Stephen A. Zeff was inducted into the Accounting Hall of Fame in 2002.)