| One hundred years ago, a group of
visionary leaders of the nascent CPA profession
launched the Journal of Accountancy, a
publication dedicated then as now to the
advancement of the profession. The JofA
is now celebrating its centennial, which is a
testament to the fact that many
people—editors, writers, designers,
advisers—must have been doing many things
right along the way. Their success serves as a
reminder to us that doing the right thing is the
key to thriving into the future. In the JofA’s
case, doing the right thing has meant offering
real substance to its readership and continuing
to change along with the profession so that it
has remained relevant and valuable. And the profession certainly has changed
a great deal during the past 100 years. In 1905,
financial reporting was largely unregulated and
often haphazard, the CPA credential was just
beginning to gain recognition and the most
popular workplace tools were a pencil and
columnar pad. In the ensuing years, the corporate
and individual income tax laws were passed, the
securities acts made the audit mandatory for
public companies and professional standards were
introduced and greatly expanded. Enhanced
education and increasingly sophisticated
technology allowed CPAs to supplement the
bookkeeping tasks many performed in 1905 with
management advice using instantly available data.
The CPA credential was transformed from a
visionary idea into a symbol of integrity,
competence and objectivity. The profession itself
changed, too, from overwhelmingly white and male
to one in which women equal or outnumber men in
university accounting programs. Minorities also
are making up an increasing percentage of our
profession in part due to outreach and
scholarship programs. At the same time, the
number of AICPA members in business and industry
has grown from a small percentage to a majority.
Both the profession and the JofA
had to change in order to accommodate this
evolving landscape, and they both have done so
admirably. The burgeoning complexity of the
business world has meant not only a greater
appreciation of CPAs’ skills but also
increasing expectations of them. Every time there
is an advancement in business or technology, CPAs
have been called on to offer new and more
critical services. And the JofA has
moved along with the profession on the leading
edge of change, providing news and practical
insights to help CPAs understand and take
advantage of new opportunities.
The JofA’s
greatest contributions during its first century
have been to illuminate these new developments
and to document CPAs’ commitment to
professionalism and public service. It has
provided a record of our predecessors’
contributions to the profession and the business
world. That legacy is something to be proud of,
and a foundation we can use to build a better
future for ourselves and our successors. And as
we do so, the JofA will be there to
advise us and record our steps.
Our congratulations to the JofA
on its first hundred years.
— Robert
L. Bunting and Leslie Murphy
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