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History of Accounting

This document provides a timeline of key events and developments in accounting history from 4000 BC to the present: - Accounting began with income recording in temples in Mesopotamia in 4000 BC and the Phoenicians created the first alphabet with accounting symbols around 1000 BC. Major developments include double-entry bookkeeping in 1400 and Luca Pacioli being considered the "Father of Accounting" in 1494. - The 20th century saw the establishment of accounting laws and standards bodies along with a shift to market-based valuation and the development of international standards like IFRS. The Philippines fully adopted IFRS in 2005.

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Rica Meryl Ocsin
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872 views1 page

History of Accounting

This document provides a timeline of key events and developments in accounting history from 4000 BC to the present: - Accounting began with income recording in temples in Mesopotamia in 4000 BC and the Phoenicians created the first alphabet with accounting symbols around 1000 BC. Major developments include double-entry bookkeeping in 1400 and Luca Pacioli being considered the "Father of Accounting" in 1494. - The 20th century saw the establishment of accounting laws and standards bodies along with a shift to market-based valuation and the development of international standards like IFRS. The Philippines fully adopted IFRS in 2005.

Uploaded by

Rica Meryl Ocsin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Jester Rave Lumapak ABM 11-Responsibility

Year Description
4,000 BC - Income from temples were recorded in Mesopotamia
2,500 BC - Historical accounting had been found in ancient civilization.
1,000 BC - Phoenicians created an alphabet with Accounting.
500 BC - Egyptians carried accounting record and invented the first bead and
wire abacus.
423 BC - Auditing profession was born. (“auditor”)
10 - Emperor Wang Mang of China instituted the first known income tax rate
of 10% of profits.
- 1300: Accountants were mentioned in the Statute of Weminester.
1,200 to - 1327: “Massari (Treasury Officials) Ledgers of Commune of Genoa
1493 written in 1340 was the oldest double-entry book.
- 1400: Double-entry bookkeeping was discovered.
1494 - Luca Pacioli is considered to be the Father of Accounting, who wrote
“Suma de Arithmetica, Geometria, Proportioni, el Proportionalita”.
1500 – 1700 - Large and small innovations were added to the double-entry records.
- Jacques Savary, in his Commercial Code of Finance (1673), used
historical cost (original price) as the basis of valuation.
- The first accounting organization was developed in New York in the
year 1887.
- Napoleon Bonaparte, in his Commercial Code (1804) and its
1700 – 1900 supplement Code of Commerce of France (1807), asserted that assets
must be carried at their market value and not based on historical cost.
- Eugen Schmalenbach utilized price level accounting as the basis of
valuation.
1913 - First income tax law in the Philippines was enacted.
- 1920: Accounting became important to reduce the amount of fraud and
1920 – 1940 scandal.
- 1923: First Accountancy Law (RA No. 3105) was passed.
- Globalization of business resulted diverse accounting practice around
1940 – 1970 the world.
- 1967: Accountancy Law was revised and passed. (RA No. 5166)
1973 - International Accounting Standard Committee was created through an
agreement.
1975 - Accountancy Law was revised and passed under Presidential Decree
no. 692
- 1981: The Philippine Institute of Certified Public Accountants created
1981 – 1996 Accounting Standards Council to establish and improve accounting
standards.
1997 - Philippines started transitioning from applying American accounting.
2001 - The International Accounting Standards Board succeeded the IASC.
2002 - The European Union listed companies to adopt IFRS staring 2005.
2004 - Professional Regulation Commission created Financial Reporting
Standard Council which replaced ASC to assist Board of Accountancy
under RA No. 9298
- RA No. 9298 is known to be the revised Accountancy Law.
2005 – - The Philippines became fully compliant with IFRS.
present

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