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2500 BCE
first historical records of accounting
Civilizations like Arabia, Egypt, Rome, Greece used accounting for taxes and public works. -
1000 BCE
Phoenicians create an alphabet with accounting
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500 BCE
Egyptians invent the bead and wire abacus
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423 BCE
First auditing profession created
First auditing profession created when someone was needed to double check what was entering and leaving storehouses. -
Period: 1200 to 1493
First requirements for businesses to keep accounting records
This was used to keep track of credit accounts with other businesses and day to day transactions. -
1494
Everything about Arithmetic, Geometry, and Proportion published
written by Luca Pacioli, influenced merchants maintain records to improve efficiency -
Period: 1500 to
Double entry records have innovations added
East India Company invents invested capital, and dividend distribution. -
East India Company Coat of Arms
The East India Company was established on December 31st, 1600. -
Period: to
Accounting takes off
The industrial revolutions causes companies to want to maintain efficiency through operations -
First organization created for accountants
Established in Scotland and known as the Edinburgh Society of Accountants and Glasgow institute of accountants and actuaries. Members of such organizations could call themselves "chartered accountants" -
Period: to
Accounting becomes very important
as fraud increases, accounting becomes more important -
Period: to
standards for business developed
After the stock market crash and Great Depression, all standards created for US GAAP have been centrally located to the "codification". Also, computer programs like quickbooks has allowed some accounting to be automated. -
US GAAP
The US GAAP was established in 1973.
