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The History of Modern Accounting

Although the systems that may have been the forerunners of basic modern accounting probably existed since the beginning of commerce, accounting as we know it began with the Italian Renaissance and developed significantly during the Industrial Revolution. In fact, although scholars theorize that accounting may have been the primary cause of the development of written language, little is known about the history of accounting before the Renaissance, although archeology and related sciences reveal evidence of systems that predate this period.

The religious and secular possessions of the city-states had to be recorded in order to authorize any organization, hence the theory of writing developed for accounting purposes. However, when we turn to modern accounting history, we begin with the double-entry bookkeeping procedures that characterized the accounting procedures of Italian Renaissance merchants and gave them the organization and clarity needed to rise to the top of the commercial world at that time. . By 1494, accounting procedures were codified by the priest Luca Bartolomeo de Pacioli (Paciolo), who is considered the father of modern accounting.

Accounting was further strengthened during the Industrial Revolution, and the accounting history of this period is truly fascinating, as the pioneer of accounting during the Industrial Revolution was the potter Josiah Wedgwood, whose family company still dominates the luxury fine china market. and crystal. As befits the quality of his wares, Wedgwood required proper record keeping so that he could easily detect and eliminate minor inefficiencies and cost overruns, as well as deal quickly with such potential disasters. embezzlement he discovered while reviewing the meticulous financial records for which his enterprise once became famous. Wedgwood is as much a part of accounting history as he is of manufacturing history because of the efficiency of the cost accounting methods adopted by other successful industrialists of his time.

Railroads also depended on proper accounting methods so that they could fulfill their role as a vehicle for the Industrial Revolution. Given the greed of some of the railroad barons in the United States during the expansion of the railroads there, it is probably safe to assume that the history of accounting scandals began with the methods these robber barons used to capture investors and customers. the regulatory pressures are the same.

In the early 19th century, “comptants,” the forerunners of today’s skilled and trained foreign accountants, began to appear in London, and a similar profession emerged in the Americas in response to industrial growth there. Bankruptcy was often the reason firms turned to these pioneers of independent accounting history.

And when William Deloitte opened the London accountancy firm in 1845, the modern external accounting and auditing profession was clearly part of British business procedure, leading the world in progress and transparency at the time. His firm, like Wedgwood’s, lives on and today Deloitte is a trademark of the international giant Deloitte (Deloitte Touche Tohmatsu), which developed from the first major firm in the history of accounting.

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