Historical markers at the University of Illinois Urbana-Champaign are campus’ way of connecting the present with the past. They remind current students, faculty, and staff of the impact that the university has had in the past – even as we continue to make an impact into the future.
The most recent historical marker on campus was unveiled in front of Wohlers Hall on October 23. This marker celebrates the impact of former Gies Business professor Art Wyatt, who chaired the International Accounting Standards Committee from 1990-1993. This committee brought together an international team to develop international accounting standards. The work of this committee, led by Wyatt, paved the way for harmonizing international and US accounting standards. The marker recognizes Wyatt’s influence in shaping the national and international accounting profession.
“Art Wyatt was a forceful academic, practitioner, and standard-setter fiercely committed to accounting professionalism,” said Mark Peecher, Executive Associate Dean of Faculty and Research and Arthur R. Wyatt Chair in Accountancy. “His background and experience made him uniquely qualified to provide important leadership in the area of international accounting standards. Harmonizing standards reduces the cost of capital across different countries, fueling economic productivity. For his work in this area – and in so many other areas – our profession owes him a great debt of gratitude.”
Born on October 8, 1927, Wyatt came to the University of Illinois Urbana-Champaign in 1945. He earned three degrees at Illinois, all in the field of accounting: bachelor’s in 1949 (Bronze Tablet), master’s in 1950, and PhD in 1953. He joined the faculty of the Department of Accountancy after completing his PhD.
Other than two years of service in the US Army, he remained at the university until 1966, when he left to begin a second career at Arthur Andersen & Co. He became a partner there two years later.
At Arthur Andersen & Co., he held numerous roles where he helped develop and implement accounting standards nationwide and internationally. He was a member of numerous accounting boards and oversight organizations throughout his career.
In 1985, he left Arthur Andersen to become a member of the Financial Accounting Standards Board. He served there until 1987, when he returned to Arthur Andersen. He was appointed as the US representative on the International Accounting Standards Committee. After retiring from Arthur Andersen & Co. in 1992, Wyatt rejoined the Department of Accountancy, where he taught for an additional 10 years until his final retirement from the University of Illinois. In 1998, his impact on the field of accounting was recognized by his induction into Accounting Hall of Fame. Art Wyatt passed away on November 17, 2017 at age 90.