1971 – 1981 Our humble beginnings

June 25, 2021

In the 1970s accountancy industry, firms were seeking to expand their activities beyond national borders. Indeed, Kreston was borne out of this idea – to serve clients internationally. The network was brought into being during a decade defined by political and economic turbulence, including events such as the Watergate Scandal in the US and the OPEC oil crisis. Within the industry itself, the effects of initial efforts focused on harmonisation—reducing the differences in accounting principles used in major capital markets worldwide—were felt, as demonstrated by the establishment of the International Accounting Standards Committee. By the late 1970s, active solicitation of clients from other accounting firms was permitted. Kreston was, therefore, born into a competitive international market.