In 1948, the Board of Trade established two committees to advise it on administrative and accounting issues arising from the Companies Act. This study considers rivalries involved in establishing the committees. It then illustrates some of the issues put to the committees, beginning with matters relating to the recognition of auditors and showing inter alia how for 10 years the Board used unauthorized means to limit the recognition of unqualified accountants as company auditors. Other matters highlighted include shipping companies' exemptions, some aspects of “true and fair”, the valuation of films, football pools as exempt private companies and non-voting equity shares. It shows the Board's tendency to follow the committees' advice when it agreed with it, but to ignore it when it disagreed. It concludes by evaluating the success of the committees, showing also how many of the committees' discussions and recommendations anticipated issues subsequently considered by the Jenkins Committee.
Advising on the Act: the UK Companies Act Consultative Committee and Accountancy Advisory Committee 1948—72
Abstract
In 1948, the Board of Trade established two committees to advise it on administrative and accounting issues arising from the Companies Act. This study considers rivalries involved in establishing the committees. It then illustrates some of the issues put to the committees, beginning with matters relating to the recognition of auditors and showing inter alia how for 10 years the Board used unauthorized means to limit the recognition of unqualified accountants as company auditors. Other matters highlighted include shipping companies' exemptions, some aspects of “true and fair”, the valuation of films, football pools as exempt private companies and non-voting equity shares. It shows the Board's tendency to follow the committees' advice when it agreed with it, but to ignore it when it disagreed. It concludes by evaluating the success of the committees, showing also how many of the committees' discussions and recommendations anticipated issues subsequently considered by the Jenkins Committee.Preview Only. This article cannot be rented because we do not currently have permission from the publisher.
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Advising on the Act: the UK Companies Act Consultative Committee and Accountancy Advisory Committee 1948—72
Noke,Christopher
Follow Accounting History
, Volume 12 (2): 165
SAGE – May 1, 2007
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