1.

First recorded name in history belonged to an accountant

In his bestseller, Sapiens: A Brief History of Humankind, Dr

Yuval Noah Harari revealed that the first ever recorded name
belonged to an accountant. As human beings began to settle
down into larger kingdoms, they needed to record
mathematical data, including taxes and income. As a result, it
became essential that bookkeepers and accountants took on a
prominent role.

The first written text in history, more than 5,000 years ago, is
believed to belong to an accountant who was making a records
of supplies. It read, “A total of 29,086 measures of barley were
received over the course of 37 months. Signed, Kushim.”

2.The word ‘accounting’ comes from the French ‘computer’

meaning to count or score

3. Income tax was originally introduced as a temporary

measure to finance the war against France

On 9 January 1799, British Prime Minister William Pitt the

Younger introduced income tax to help cover the cost of his
country’s wars with France.
4. The words ‘debits’ and ‘credits’ come from the Latin words
‘debitum’ and ‘creditum’

 Source: https://www.crowther.accountants/10-fun-facts-about-
accounting-that-you-didnt-know/

Other known facts about Philippine accounting

 Philippine accounting firms eventually offered services outside the country,
establishing connections with the Big Five of the industry. These firms include
Isla Lipana & Co., Navarro Amper & Co., R. G. Manabat & Co., and Sycip
Gorres Velayo & Co.
 Although international practices became a subsequent influence, some
features in Philippine’s accounting system still take after that of the US. For
instance, the accounting processes are controlled by both government and
institutional laws.
 Accounting practice in the Philippines abide by four major legislation; namely,
the Revised Accountancy Law 1975, the Corporation Code, the Revised
Securities Act 2000, and the National Internal Revenue Code 1999.
The  Revised Accountancy Law 1975 dictates everything you need to do to
become a CPA and as a CPA.
 While the Corporation Code provides the rules for limited liability corporations,
the Revised Securities Act 2000 dictates requirements regarding financial
reporting for companies. Both legislations come from the Securities and
Exchange Commission or SEC. Meanwhile, groups and individuals who prepare
and submit financial statements should conform to the National Internal
Revenue Code 1999.
 Most of the accounting policies in the Philippines are adopted from
the International Accounting Standards and the US Financial Accounting
Standards Board.  Financial reporting and disclosure requirements should also
conform with the National Internal Revenue Code, Statements of Financial
Accounting Standards (SFAS),  and the Securities and Exchange
Commission.  For instance, the SFAS requires businesses to use the accrual
accounting basis when preparing financial statements.
 CPAs are required to audit and sign financial statements of companies that
have quarterly sales of more than P100,000. Financial statements required by
law are the balance sheet, income statement and cash flow statement. Also,
companies that are listed with the SEC should prepare their financial
statements in conformity with standards set by the Accounting Standards
Council or ASC.

Source: https://oojeema.com/resources/history-of-accounting-timeline/