Accounting Profession in Bangladesh

Topics: Balance sheet, Financial statements, Revenue Pages: 2 (599 words) Published: June 14, 2011
What Is the History of the Accounting Profession?
By an eHow Contributor

Accounting has been around for centuries. The Romans had a modern tax system complete with sales tax, land tax and a flat rate citizen tax. The Roman Empire employed tax collectors that kept track of collections through a rudimentary accounting system. Today, accounting is a career. Most U.S. colleges and universities offer tax or accounting degrees at the bachelor's, masters and doctorate levels.

Double-Entry Accounting

Modern accounting, or the double-entry accounting method, was first documented in the early 1300s. Double-entry accounting was first documented by a company named Giovanni Farolfi & Co about 1300. The double entry system is still in use some 700 years later. Luca Pacioli, the father of accounting, wrote the first book on double-entry accounting in 1494. U.S. Federal Accounting System

Accounting changed little during the next several centuries. From 1769 to 1772, during the depression that gripped the European continent, cost accounting was developed to help companies streamline their operation and stay open. The U.S. Revolution ended in 1789 and brought about the first U.S. governing administration. Alexander Hamilton, the first Treasury Secretary, established the U.S. Treasury Department and the federal accounting system. Although there was not a national income tax yet, the government collected revenue from trade and export taxes. Accounting Profession Recognized by United Kingdom

The accounting profession was recognized as a legitimate profession 1831 by the United Kingdom's Bankruptcy Court. The court ordered that certain accountants be appointed as assignees to assist the court with financial records. The U.S. Civil War broke out in the year 1861, and a new national income tax was introduced. Tax accounting has never been the same. It has continued to grow in complexity, requiring an army of tax planners, tax...
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