The 2000s saw the growth of the internet, which allowed faster communication among people around the world and impacted the history of accounting. Accounting scandals rocked the early 21st century; most notable being the Enron scandal. With their trustworthiness being greatly challenged, the accounting profession took significant action.
Significant events in accounting history during these years included:
- 2001 – Enron files for protection under Chapter 11 bankruptcy proceedings. This would be the largest bankruptcy reorganization in the US at the time, and was brought on by years of poor accounting practices hiding losses.
- 2002 – The Sarbanes -Oxley Act is passed in the United States in the wake of the Enron scandal.
- 2003 – Sharon L. Allen becomes chairman of Deloitte and the first woman to rise to that level at a large accounting firm.
- 2004 – The AICPA launches 360 Degrees of Financial Literacy, helping American understand their personal finances through every stage of life.
- 2006 – Feed the Pig launches as part of a financial literacy campaign targeting 25 to 34 year olds.
- 2007 – Apple introduces the iPhone®, and completely revolutionizes the mobile phone industry.
- 2011 – The Horizons 2025 Report outlines opportunities and challenges for the accounting profession for the next era of accounting history.