The history of accounting or accountancy is thousands of years
old and can be traced to ancient civilizations.
The early
development of accounting dates back to ancient Mesopotamia,
and is closely related to developments in writing, counting and money; there is also evidence for early forms
of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Emperor Augustus,
the Roman
government had access
to detailed financial information.
Double-entry bookkeeping developed during in medieval
Europe, and accounting
split into financial accounting and management accounting with the development of joint-stock companies. Accounting began to transition into an
organized profession in the nineteenth century, with local professional bodies in England merging to form the Institute of Chartered
Accountants in England and Wales in
1880.
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