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Accounting History and Development

Accounting is as old as money itself. In India, Chanakya, in his book ‘Arthashastra’ has emphasised the existence and need of proper accounting and auditing. However, the presently followed system of double entry book-keeping has been developed only in the 15th Century. Its development goes to the genius Luca Pacioli, a multi-talented mathematician and philosopher who lived in Italy in the 15th century. A book written by him on Mathematics, popularly known as “Summa” was published in 1494 which contains the essential elements of the double entry accounting system that is still in use today.

Earlier, accounting was considered simply as a process of recording business transactions and the role of an accountant was that of a record-keeper. But today’s rapid changing business environment has forced the accountants to reassess the roles and functions both within the organisation and the society. Accounting is considered to be a tool of management providing vital information concerning the organisation’s future. Accounting today is thus, more of an information system rather than a mere recording system.

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