1980s, internal power and compensation formulas continued to favor partners in the traditional accounting eve business. After several internal battles the consulting partners forced the firm to split into two units "each with its own strategy, mission statement, and almost complete financial autonomy." One surprising result of the split was a resurgence of accounting revenue growth in the face of heavy recessional forces. The article suggests that "removing the camouflage of consulting's good performance" created an incentive for the accounting partners to "improve their own performance." Does Andersen consulting still need the marketing synergy of the accounting division? The article states "the answer may well be `no'. Andersen's consulting business would lose little clout in its market by cutting its ties to the accounting business."
(n401) Examples of such a practice can be found in the advertising and public relations industries. While a client would rarely hire an advertising firm for advertising services if the firm were representing a competitor, it might hire the firm's public relations division if it were confident of that division's independence.
(n402) In 1976, the FASB set out to develop a conceptual framework for accounting, with one of its purposes being "[t]o prescribe future practice." Paul W. B. Miller, The Conceptual Framework: Myths and Realities, J. ACCT., March 1985, at 62. Specifically, the conceptual framework would function as a guide to the FASB by "narrow[ing] the range of alternatives to be considered by the board" which should lead to greater consistency within the set of emerging accounting principles and standards. David Solomons, The FASB's Conceptual Framework: An Evaluation, J. ACCT. June 1986, at 114. The French embarked on a similar process, by statute, in 1947. See supra notes 100-108 and accompanying text.
(n403) In an unprecedented initiative, the "big six" CPA firms have bonded together with other professional organizations to lobby "in favor of federal legislation to curb abusive lawsuits alleging securities fraud." High on the list of targeted reforms is abrogation of joint and several liability under the federal securities laws. If successful, this effort would certainly have considerable influence on state legislatures to enact similar laws. See Big Six Accounting ... WALL ST. J., Sept. 1, 1992, at B2.