The Stock Market Crash of 1929 followed by the Great Depression are two events that have been linked to the start of accounting standards. In an article titled The History of Accounting it proclaims that “these two events served as the catalyst for the formation of many of the accounting regulations and standards that are in place, 1 today (Errico, Christine, 1).” The Securities and Exchange act established in 1933 by the United States Government formed the basis for regulation of financial markets in the United States. Shortly after the Securities and Exchange Act was established the United States Government created the Security and Exchange Commission more commonly known as the SEC. The SEC is a federal agency charged with the responsibility of enforcing and regulating the Securities and Exchange Act as well as other acts and responsibilities assigned to it by the United States Government, one of the more common known acts is Sarbanes-Oxley of 2002. Following the years of its establishment The History of Accounting describes the first adaptions of Stands in the U.S. when stating “the SEC debated over where accounting standards should be developed – in the private or public sector. At the time, the American Institute of Accountants (AIA) published a study titled A Statement of Accounting Principles that many accountants referred to as the authoritative source justifying current accounting practices. This was the start of published standards that was used within the accounting profession” (Errico, Christine, 1). The AIA and the American Society for Certified Public Accountants merged together in 1937 officially creating the AICPA.