Having gone through a series of early names, after an official association of six European firms, from the UK, Netherlands, West Germany, Denmark, France and Sweden.
While working as an information technology engineer at CERN in Switzerland, Tim Berners-Lee implements a successful communication between a hypertext transfer protocol (http) client and server via the internet.
“One event that was really important for me was when Germany reunited and the opening to the east. And I would say almost every medium-sized German firm went to East Germany and further on to eastern European countries.”
Five days after half a million people gather in East Berlin in a mass protest, the Berlin Wall crumbles and thousands flock over the border. In subsequent months revolutions sweep through the last of the Iron Curtain countries.
A sudden stock market crash hits 23 major world markets, with worldwide losses estimated at US$1.71 trillion. Investors surveyed afterwards report a mindset of fear linked to “too much indebtedness”.
The deregulation of the London Stock Exchange allows a range of measures including the abolition of fixed commission charges and computerised share dealing. The sudden changeover led to a dramatic increase in market activity and significant changes within the London financial markets.
The Schengen I Agreement, limiting border checks within the European Community, comes into force. Schengen II continued the process in 1990 with the complete abolition of systematic border controls and a common visa policy.
Developed by Charles Simonyi and Richard Brodie for Microsoft, it remains the world’s most popular word processing programme to this day.
Kreston’s founding firms continue to discuss the international brand name and opportunities to grow the association. In a letter to Rene Chenieux [of Groupe Fiduciaire Kreston], Mike Ross compares UK and international names and indicates Kreston’s position in the table of next 15 UK firms outside of the ‘big eight’.
In Europe, directives in 1978, 1983 and 1984 lead to wide harmonisation of accounting practices within the European Community.
The American Institute of Certified Public Accountants (AICPA) amends the rules to permit advertising and soliciting clients, leading to intensified market competition.
A series of major mergers lead to the formation of KMG in 1979, AMSA (later Arthur Young Europe) in 1980 and KPMG in 1986. Further mergers over the course of the 1980s mean the ‘Big Eight’ become the ‘Big Six’.
“When expanding further, the most important thing was to find quality and trusted firms. These have always been crucial values – introducing your client to another country, you want them to experience the same trusted and high quality services.”
“For me it was always important to have members in all the places where our clients were. And this was when we saw a lot of expansion and the need to grow further globally.”
During the 1980s, huge economic growth brought immense prosperity to the accountancy profession. During this time, the social upheaval of previous decades had paved the way for a less male-dominated accounting industry. Technology at this time was also progressing, with PCs a part of everyday working life. In line with…