It was in May, 1921, that the Nippon Kwaikeishi Kwai or Japanese Society of Public Accountants was first formed with a very limited number of members. The first professional accounting organization in Japan, it was merely a private body at the time of its formation. However, the society was incorporated in November, 1922, in accordance with Mimpo, the civil law covering incorporation of such organizations. Although a few other societies of accountants did exist in the country at that time they were rather small and inconsequential. Many years before the Japanese Society of Public Accountants was formed, a bill to regulate the profession and to register accountants had been placed before the House of Representatives. The bill was introduced eight times in the Japanese Diet from 1914 to 1927, when a law, named "Keirishi-ho," was passed and put into force in September of that year. By the terms of the law all registered accountants are called "Keirishi." It should be remembered, however, that under the law registration is optional; but nonregistered accountants are not influential and their number is very small. At the end of June, 1939, there were 8,994 registrations, although most of them are not practising accountants.