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.)

Remembering Ross Skinner (1923-2003)

Saskatoon-born Ross MacGregor Skinner, FCA, had a significant impact on Canadian accounting standards. His 31-year Clarkson Gordon career began in 1945. A partner by 1954, he became national accounting standards director in 1962.

Among his numerous committee posts at the Canadian Institute of Chartered Accountants (CICA) were 5 years of service on its Committee on Accounting and Auditing Research (1959-64), including a term as its chair, and 5 years on its Standards Advisory Board (1990-95). He chaired the Auditor General­’s Independent Committee on Government Accounting and Auditing (1975-78) and, in the same period, was influential in the CICA’s decision to form its Public Sector Accounting Board.

He served two five-year terms on the Financial Disclosure Advisory Board of the Ontario Securities Commission (1974-79 and 1990-95) including three years as its chair. He was a consultant to the Commission to Study the Public's Expectations of Audits (the Macdonald Commission, 1987-88) and, working closely with the Commission, was the principal author of its report. He also served as a vice-president of the American Accounting Association, on the Board of Governors of Havergal College (Toronto), and on the editorial boards of Contemporary Accounting Research, Accounting Horizons, and the Accounting Historians Journal.

In 1962, he was elected a Fellow of the Institute of Chartered Accountants of Ontario (FCA) and, in 1984, he was one of the first five recipients of the Institute’s Award of Outstanding Merit. His many honours and awards also include an honourary doctorate of laws from Brock University, the Canadian Institute of Chartered Accountants’ Distinguished Service Award, and the Canadian Academic Accounting Association’s Haim Falk Award for Distinguished Contribution to Accounting Thought.

Apart from his work on committees of professional bodies and institutes, he wrote several influential books. His first, Analytical Auditing, co-authored with R.J. Anderson, was translated into four languages. His most well-known work, Accounting Principles: A Canadian Viewpoint is highly regarded in the accounting world, as is the book Accounting Standards in Evolution, co-authored with J. Alex Milburn.

Ross Skinner retired in 1983. In 1987 he joined the University of Toronto as adjunct professor and director of its Centre for Accounting Studies, positions he held until 1990. In 1999, he received an honourary Doctor of Laws from Brock University. In 2000, he was inducted to the Accounting Hall of Fame (refer to the article “A Rare Induction to Fame” in CAmagazine online). He passed away in 2003.