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1494
The Beginning
Italian Luca Pacioli is the father of modern accounting. It was used by Venetian merchants in his Summa de Arithmetica, Geometria, Proportioni et Proportionalita. Pacioli was the first to describe the system of debits and credits in journals. Ledgers that is still the basis of today's accounting systems. https://yourfuture.accaglobal.com/global/en/blog/how-humans-invented-accounting.html#:~:text=But%20the%20father%20of%20modern,%2C%20Geometria%2C%20Proportioni%20et%20Proportionalita -
Certified Public Accountant
Accounting was first recognized in 1896. A law stating that the title of certified public accountant would only be given to people who had passed state examinations and had three years of experience in the field. The creation of professional accountants came at an opportune time.
https://www.investopedia.com/articles/08/accounting-history.asp -
Accounting in the United States
By the time of 1913 accounting was established in the United States. Most of the original impetus having been imparted by accountants who came to this country from England and Scotland. English and Scottish accountants still influenced the development of accountancy. By 1928 most of the members were Native Americans. https://www.jstor.org/stable/3111900 -
The Growth of Accounting
In the 1950’s the public accounting profession had to face some of the problems of a profession coming of age. Independent certified public accountant’s role in the business community was becoming recognized. A significant development was public accounting profession, it reached full bloom in the 1950's. https://www.taylorfrancis.com/chapters/mono/10.4324/9781003082323-8/public-accounting-united-states-1950-james-edwards -
The Roaring Nineties
The paper outlines were development in accounting history literature in the 90's. Chronicles and publication opportunities characterized the decade. The paper concludes the discussions of accounting history as the decade is closed. https://www.jstor.org/stable/40698310 -
Significant Events in Accounting
Enron files for protection would be one of the largest bankruptcy reorganization in the US at this time. Oxley Act is passed in the United States in the wake of the Enron scandal. The first woman to rise to that level at a large accounting firm is Sharon L. Allen. Helping American understand their personal finances through every stage of life. https://circulus.io/2017/05/history-accounting-2000-present/ -
Accounting Improving
In April 2005, SEC Chief Accountant Don Nicholiasen provided his views on a proposed “Roadmap” to eliminate by 2009. In 2006, the FASB and the IASB issued a Memorandum of Understanding that described the progress they hoped to achieve toward convergence by 2008. On March 11, 2009, the FAF and FASB responded to the SEC’s request for comments on its proposed Roadmap. https://www.fasb.org/page/PageContent?pageId=/international/briefhistory.html&bcpath=ff&isStaticPage=true -
Accounting Standards
The Boards were giving priority to three remaining projects on their MoU as well as their joint project on insurance. The International Financial Reporting Standards Foundation in early 2013 established the Accounting Standards Advisory Forum. Improving cooperation among worldwide standard setters and advise the IASB as it develops International Financial Reporting Standards. https://www.fasb.org/page/PageContent?pageId=/international/briefhistory.html&bcpath=ff&isStaticPage=true -
A Busy Year
In 2015 the most appalling euphemisms of the recent past was introduced. The IRS delivered the meagerest taxpayer service in what was already going to be a difficult season. They spent the rest of the year reminding Congress how bad it was. It explains why it got $290 million in extra funding to help with taxpayer service. https://www.accountingtoday.com/slideshow/top-stories-in-accounting-in-2015 -
The Present
The technological world has started the beginning of a new futuristic world. The accounting world has functioned/adapt as per these new advancements. We are rapidly moving in the accounting industry with advancements and technical fixes. Areas like cloud-based subscriptions, on-premise solutions, Software-as-a-service. https://www.thesagenext.com/blog/predicting-future-accounting-trends/