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History and development of accounting standards. Accounting has been around
since the beginning of civilization. §Accountants ...
... on both sides concerning the further development towards fully harmonized accounting
standards. ... Process – A Situation Analysis I. The History of US ...
... that paved the way for accounting history from the ... clay tablets, to the development
of abstract ... This helped authorities establish accounting standards to the ...
... many positive and negative phases throughout the history of accounting. ... economic
factors played a role in the development of China’s accounting standards. ...
Role and evolution of IASB. “The role and history of the ... The main objective of the
IASC was the development of International Accounting Standards, in an ...
Submitted by thelmstetter on September 25, 2005
Category: Business
Words: 2590 | Pages: 11
Views: 569
Popularity Rank: 13,967
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Accounting has been around since the beginning of civilization. ¡§Accountants participated in the development of cities, trade, and the concepts of wealth and numbers.¡¨ (Giroux) The importance of accounting cannot be overemphasized. Equally important are the standards used to guild the application of accounting practice. Without principles and standards, financial reporting would not fairly present the financial position of a company. Accounting has changed and evolved vastly over time and continues to change. I will discuss the evolution and history of accounting, the Conceptual frame work of accounting, and the governing bodies which shape the standards and principles of accounting practice.
The beginning of civilization occurred during the transition from hunter-gatherer to farmer. Farming led to crop surplus and therefore the need to trade and barter. Jericho, the oldest city known to historians was the first known trading center for surplus goods. Personal wealth created the need to keep track of inventories. Ancient bookkeepers used small clay balls called tokens to count and keep track of existing wealth. These tokens were used as evidence of transactions. Over time, the tokens were used to make impressions in clay along with pictures which represented the first attempts at accounting. These events took place around 5000 B.C. (Giroux)
Evidence suggests that double entry bookkeeping developed in Italy around 1200 B.C. The first book written on double entry bookkeeping was written by Luca Pacioli in 1494. (Smith) Pacioli was referred to as the father of accounting, but he did not actually invent the system he described. He simply wrote about the business practices used by merchants in Venice at the time. Many of his writings were used for several centuries. With the development of technology, wealth, and trade came the need to adequately account for the complexity involved. Scribes became accountants and in the process invented numbers and...
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