Historical Of Accounting #1

The history of accounting is an international history. yhe following historical summary demonstrates that accounting has beeb remarkable successfull in its ability to be transplanted from one national setting to another while allowing for continued development in theory and practice worldwide. 

To begin, double entry bookeepng, generally thought of as the genesis of accounting as we know it today, emanated from the Italian city-states of the 14th and 15th centuries. Its development was spurred by the growth of international commerce in northern Italy during the late Middle Ages and the desire of government to find ways to tax commercial transactions. Then migratedd to Germany to assist the merchants of the Fugger era and the Hanseatic League. At about the same time, business philosophers in the Netherlands sharpened ways of calculating periodic income, and governments officials in French found it avantageous to apply the whole system to govenmental planning and accountability. 

In due to course, double entry accounting ideas reached the British Isles. the development of the British Empire created unprecedented needs for British commercial interest to manage and control enterprices to be reviewed and verified. These needs led to the emergence of accounting societies in the 1850s and an organized public accounting profession in Scotland and England in the 1870s. British accounting practiced spread not only to North America but throughout the British Commonwealth as it then existed.