History of Accounting

Luca Pacioli Luca Pacioli is the father of accounting. Luca did not invent the system. Instead, he simply described a method used by merchants in Venice.

Other individuals involved in accounting Arthur Andersen- Help establish the firm that was one of the Big Five in accounting until its demise in 2002. George Anderson- He served as chairman of the AICPA’s Special Committee on Standards of Professional Conduct in the 1980s. Thomas Coleman Andrews- He became the first CPA to hold the position of commissioner of Internal Revenue beginning in 1953. Robert Anthony- He was president of the American Accounting Association (AAA) in 1973–74.

One event considered to be the basis for accounting history 1812: Accounting historians place the origin of management accounting.

How did the accounting profession develop? It is believed that the very origins of writing itself may have developed out of early marks used to keep account of goods at ancient warehouses more than 5,300 years ago.

Ingredients that led to double entry accounting Private property Capital Commerce Credit Writing Money Arithmetic

GAAP Stands for generally accepted accounting principles. It is a collection of commonly-followed accounting rules and standards for financial reporting. Developed in 1973.

Countries that influenced accounting The United Arab Emirates and Albania have influenced the accounting system by their cultures. Also in Albania, there have been made two large transitions in terms of accounting school model and therefore the accounting system

Famous accountants Bob Newhart- stand up comedian and actor Nikki Haley- governor of South Carolina Vito Fossella- Republican politician Julia Sweeney- actress Krystal Ball- co-host on the MSNBC's afternoon news/talk show The Cycle.

Interesting Fact The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money by the ancient Egyptians and Babylonians.