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History of accounting

A Japanese man writing in a ledger with the help of a soroban (abacus). Meiji period, 1914

The history of accounting or accountancy can be traced to ancient civilizations.[1][2][3]

The early development of accounting dates to ancient Mesopotamia, and is closely related to developments in writing, counting and money[1][4][5] and early auditing systems by the ancient Egyptians and Babylonians.[2] By the time of the Roman Empire, the government had access to detailed financial information.[6]

Indian merchants developed a double-entry bookkeeping system, called bahi-khata, some time in the first millennium.[7] The Italian Luca Pacioli, recognized as The Father of accounting and bookkeeping was the first person to publish a work on double-entry bookkeeping, and introduced the field in Italy.[8][9]

The modern profession of the chartered accountant originated in Scotland in the nineteenth century. Accountants often belonged to the same associations as solicitors, who often offered accounting services to their clients. Early modern accounting had similarities to today's forensic accounting. Accounting began to transition into an organized profession in the nineteenth century,[10] with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.[11]

  1. ^ a b Keith, Robson. 1992. “Accounting Numbers as ‘inscription’: Action at a Distance and the Development of Accounting.” Accounting, Organizations and Society 17 (7): 685–708.
  2. ^ a b A History of ACCOUNTANCY, New York State Society of CPAs, November 2003, retrieved December 28, 2013
  3. ^ The History of Accounting, University of South Australia, April 30, 2013, archived from the original on December 28, 2013, retrieved December 28, 2013
  4. ^ Cite error: The named reference G 1980 was invoked but never defined (see the help page).
  5. ^ Cite error: The named reference OD 2008 was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference O 1995 was invoked but never defined (see the help page).
  7. ^ Jane Gleeson-White (2012). Double Entry: How the Merchants of Venice Created Modern Finance. W. W. Norton. ISBN 978-0-393-08968-4. it is also possible that Indian merchants originally developed the art. In the eighteenth century the British traveller Alexander Hamilton wrote: 'We would remark that the Banias [traders] of India have been, from time immemorial, in possession of the method of bookkeeping by double-entry' and noted that in the Middle Ages Venice was 'the emporium of Indian commerce'—implying that Venice was the gateway through which double entry reached Italy from India. Although there is very little surviving documentary evidence of ancient Indian commercial practice, it seems that this Indian double-entry system—known there as bahi-khata—was used by its merchants for possibly thousands of years.
  8. ^ Heeffer, Albrecht (November 2009). "On the curious historical coincidence of algebra and double-entry bookkeeping" (PDF). Foundations of the Formal Sciences. Ghent University. p. 11.
  9. ^ Cite error: The named reference LW 1994 was invoked but never defined (see the help page).
  10. ^ Timeline of the History of the Accountancy Profession, Institute of Chartered Accountants in England and Wales, 2013, retrieved December 28, 2013
  11. ^ Cite error: The named reference Perks16 was invoked but never defined (see the help page).
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