By 1930, however, more than 300 schools would award degrees in accountancy at the graduate or undergraduate level. Congress calls for audit reports. However, there are no formally accepted U.S. accounting principles and companies continue to publish information as they see fit. 1905 Accountancy gains professional stature. The Journal of Accountancy is born.
Accountants continue to gain recognition, which brings problems as well as benefits.
In the same year the Illinois society's publication, The Auditor, is taken over by the national association and renamed the Journal of Accountancy. 1913 First federal income taxes. The Sixteenth Amendment is ratified, permitting federal tax on incomes. Overall, tax reform must be regarded as having had a salutary effect on a nascent profession, and it had a dramatic impact on acceptance of accrual accounting by business. The 1913 income tax law also changes Americans' perceptions about money.