History of Accounting Essay

754 Words Apr 5th, 2014 4 Pages
14th Century
The history of accounting dates back to ancient civilisations, however the birth of double-entry bookkeeping in the 14th century is seen as being the beginning of the modern accounting period.

The Renaissance period in Italy (14th to 16th century) saw many major developments in accounting practice. At this time, Arabic numerals were first used to keep records of business transactions in place of Roman numerals, and record keeping developed on a large scale. Bookkeeping had to develop to keep track of the assets and profits of many distinct trading ventures at different stages of completion.

In 1657, the company ruled that stock was to be valued, and four years later the governor of the company stated that “future
…show more content…
At this time, the first Bank of New South Wales opened, and John Croaker helped to establish their bookkeeping practices, instigating double-entry bookkeeping for the first time in Australia.
1854 - On the 6th of July 1854, a petition was signed by forty-nine accountants in Glasgow asking Queen Victoria for the grant of a Royal Charter. Thus the formal accounting profession emerged in Scotland with the formation of Edinburgh Society and Glasgow Institute of Accountants. The title ‘Chartered Accountant’ was decided upon and adopted for members of the Society, and was soon adopted by the Glasgow Institute and the later formed Aberdeen Society. However the Institute of Chartered Accountants of Scotland was not formed until the three societies merged in 1951.
1880 - In 1880, the Institute of Chartered Accountants in England and Wales was formed, bringing together members from a number of individual accounting organisations. The newly formed institute developed standards of conduct and examinations for admission.
Books such as Book-keeping exercise for accountant students, The student’s business methods and commercial correspondence and Australian elementary bookkeeping represent examples of the shift towards professional education and accreditation in the accountancy profession.Double Entry Bookkeeping for technical classes and schools gives examples of civil service examination

Related Documents