The first professional accounting bodies were established in Australia in the late 1880s. The geographical spread of the Australian colonies led to the establishment of a number of bodies purportedly serving different groups of accountants. Subsequently there were a number of attempts to unify the profession, but these did not meet with success. Despite the continued existence of two major bodies, the accounting profession in Australia is very active and it enjoys a strong international reputation. It is unique in the very close relationship that exists between the professional bodies and the universities. Although it has not always been the case, following a series of major corporate collapses, the profession now enjoys a close relationship with government agencies. Australian accounting standards are recognized as part of the corporations law.