Accounting

Facts & History

A journey through the emerging of Accounting

Presented by Shakil Hossain

 Introduction of Accounting
Accounting is the system of recording financial
transactions with both numbers and text in the form
of financial statements. It provides an essential tool for
keeping track of assets and liabilities (debts),
determining profitability, and tracking the flow of cash.
 Oldest Evidence
The world's oldest known
accounting records date back
over 7,000 years to ancient
Mesopotamia, where people
used clay tablets to record
transactions.
Ancient Designation
In ancient Rome,
accountants were called
"computers," as they
calculated financial
information by hand.
Father of Accounting
Luca Pacioli, an Italian
mathematician and
Franciscan friar, is often
referred to as the "Father
of Accounting." He wrote a
book in 1494 that included
the first published
description of double-entry
bookkeeping.
 First Reference
In ancient Rome,
accountants were called
"computers," as they
calculated financial
information by hand.
Origin of Accountant
The word "accountant"
comes from the French word
"compter," which means to
count or score.
Oldest Accounting Body
Institute of Chartered Accountants
in England and Wales (ICAEW):
Established in 1880, the ICAEW is
one of the oldest professional
accounting bodies globally and
played a crucial role in shaping
accounting standards.
 American Institute of
Accountants (AIA),
Accounting in USA founded in 1887, was
one of the earliest
accounting
organizations in the
United States. It later
evolved into the
American Institute of
Certified Public
Accountants (AICPA).7
Creation of GAAP
The Great Depression led to
the establishment of the
U.S. Generally Accepted
Accounting Principles
(GAAP) in the 1930s,
providing standardized
guidelines for financial
reporting.
Thank you very much!
Presented by Shakil Hossain