GLOBALLY

Accountants of today are masters of many trades, with expertise in finance, law, and other fields. But
where did it all start? Accounting history is divided into stages, each with its own advancements and
procedures. From prehistoric times until the 15th century, the most recent stage began in 1951 and is still
ongoing now.

Accounting was first introduced by the Mesopotamian cultures between 8000 and 5000 BC. They
taught human populations how to engage with one another and obtain resources through trade. They
utilized clay figures representing particular quantities of goods, signifying resource exchange, to track
resources.

Before 2000 BC, bookkeepers evolved to document barter systems and transactions over commodities or
services. Individual ledgers were used to record transactions. Bookkeeping arose as currencies became
available and traders and merchants amassed wealth. Math-phobic merchants hired bookkeepers to track
debts. Until the late 1400s, data was presented in a narrative format, known as "single-entry" accounting,
with all figures in a single column.

In the 15th century, Italian monk Luca Pacioli revolutionized bookkeeping by introducing a double-
entry system. This system separated an entity's resources from claims made by other entities, requiring a
balance sheet with discrete debits and credits. This innovation improved bookkeeping efficiency and
provided a clearer picture of a company's overall strength, making it the foundation for modern
accounting. Pacioli, known as "the father of accounting," published "Summa de Arithmetica, Geometria,
Proportioni et Proportionalita" in 1494.

Accounting became widely used in the 1400s, particularly in Italy, where it aided the development of
shipping, trade, construction, and other forms of commerce. The decreasing country caused by railroads
and uniformity stimulated investment, which increased the emphasis on accounting.

The American Association of Public Accountants (AAPA) was established in 1887, and the first
certified public accountants passed the standardized test in 1896. The need for CPAs increased after the
US government imposed income tax in 1913. The AICPA became the body that gives CPA designation in
1957. Accounting has evolved since 1951, adapting to universal standards and meeting the demand for
long-term financial forecasting. Procedures accurately describe current financial conditions while
projecting future ones.
PHILIPPINES
In the Philippines, bookkeeping was
introduced by the Spaniards and the
bookkeeper was called
Tenedor de Libro.
Trade flourished even before the
Spaniards came to our shores as traders
from the nearby Asian shores,
Chinese traders in particular, exchanged
goods and wares with the Filipino
merchants.
In the Philippines, bookkeeping was
introduced by the Spaniards and the
bookkeeper was called
Tenedor de Libro.
Trade flourished even before the
Spaniards came to our shores as traders
from the nearby Asian shores,
Chinese traders in particular, exchanged
goods and wares with the Filipino
merchants.
In the Philippines, bookkeeping was
introduced by the Spaniards and the
bookkeeper was called
Tenedor de Libro.
Trade flourished even before the
Spaniards came to our shores as traders
from the nearby Asian shores,
Chinese traders in particular, exchanged
goods and wares with the Filipino
merchants.
In the Philippines, bookkeeping was
introduced by the Spaniards and the
bookkeeper was called
Tenedor de Libro.
Trade flourished even before the
Spaniards came to our shores as traders
from the nearby Asian shores,
Chinese traders in particular, exchanged
goods and wares with the Filipino
merchants.
the first bookkeeping was introduced to the Philippines by the Spaniards and it was called the Tenedor De
libro. In AD 980s accounting with with our trading partners, the malays,Chinese and Indians were as simple as
exchanging cash and goods. Eventually, this straightforward way of buying and selling evolved into a more
polished state when travelers from the West started coming over. The British colonizer established the first
accounting firm here in 1700s. the Americans arrived in 1890s and established businesses in the country,
which greatly influenced the accounting practice in the Philippines and eventually gives an idea to the the
different universities to generate an accounting program such as University of the Philippines, Jose Rizal
College, Far Eastern University and De La Salle College. The accountancy act 1923 was passed and the first
CPA certificates were issued and recognized through the Board of Accountancy(BOA). In 1929 The
Philippine Institute of Certified Public Accountants (PICPA) was established and Eventually, the Board of
Accountancy (BOA) was established and the Accountancy Act 1967 was passed. Under the legislation, only
Filipinos and foreigners from countries that extend the same privileges to Philippine accountants can become
CPAs or Certified Public Accountants and work in the Philippines. During 1975 the revised accountancy law
was passed which indicates that only registered Philippine CPAs are allowed to be partners in accountancy
firms in the country. From the Revised Accountancy Law 1975 it was transitioned into The Philippine
Accountancy Act of 2004. The entire accounting timeline tells us that the ins and outs of accounting in the
Philippines are not for the faint-hearted. This explains the need for accountancy graduates to have certificate-
worthy number-crunching skills. This could also be the same reason it remains one of the top choices of
students starting their college journey.

There is a lot of guidelines to comply with, both local and international, in the preparation and reporting of
financial statements because a single mistake can result in not only millions but billions of losses.

 The Accountancy Act of 1975 was revised in 1975, allowing only registered Philippine CPAs to be
partners in accountancy firms. The Philippine Accountancy Act of 2004 transitioned the Revised
Accountancy Law into the Philippine Accountancy Act of 2004. Accountancy graduates need
certificate-worthy number-crunching skills, making it a top choice for students starting their
college journey.
The history of accounting incorporates four stages with distinct developments and processes. From the primitive times and
ended in the 15th century, and the most recent stage began in 1951 and has lasted to the present.

Accounting language has its roots in Mesopotamian civilizations from 8000-5000 BC, where human
communities used clay objects to represent the exchange of resources. Before 2000 BC, bookkeepers
emerged when societies used the barter system to record agreements regarding goods or service
transactions. As currencies became available and tradesmen and merchants began to build material wealth,
bookkeeping evolved.

Until the late 1400s, information was arranged in a narrative style with all numbers in a single column, known
as "single-entry" bookkeeping. However, this was time-consuming and inefficient. In the 15th century, Italian
monk Luca Pacioli revamped the common bookkeeping structure and laid the groundwork for modern
accounting. He published a textbook called "Summa de Arithmetica, Geometria, Proportioni et
Proportionalita" in 1494, which showed the benefits of a double-entry system for bookkeeping. This
innovation made bookkeeping more efficient and provided a clearer picture of a company's overall strength.

Accounting gained widespread use in the 1400s, especially in Italy, where it was instrumental in the
development of shipping, trade, construction, and other forms of commerce. The shrinking country due to
railroads and uniformity encouraged investment, which put more focus on accounting. The American
Association of Public Accountants (AAPA) followed in 1887, and the demand for CPAs skyrocketed as the U.S.
government began charging income tax in 1913. In 1957, the organization that awarded the CPA designation
became the American Institute of Certified Public Accountants (AICPA).

From 1951 to the present day, accounting has been in its modern period, with methods continuing to shift to
meet uniform standards. The growing demand for long-term financial forecasting led to calls for accurate
reporting of current finances and projections of future conditions.
Accountants of today are masters of many trades, with expertise in finance, law, and other fields. But where did it all
start? Accounting history is divided into stages, each with its own advancements and procedures. From prehistoric times
until the 15th century, the most recent stage began in 1951 and is still ongoing now.

Accounting was first introduced by the Mesopotamian cultures between 8000 and 5000 BC. They taught human
populations how to engage with one another and obtain resources through trade. They utilized clay figures representing
particular quantities of goods, signifying resource exchange, to track resources. Before 2000 BC, bookkeepers evolved to
document barter systems and transactions over commodities or services. Individual ledgers were used to record
transactions. Bookkeeping arose as currencies became available and traders and merchants amassed wealth. Math-phobic
merchants hired bookkeepers to track debts.

Until the late 1400s, data was presented in a narrative format, known as "single-entry" accounting, with all figures
in a single column. In the 15th century, Italian monk Luca Pacioli revolutionized bookkeeping by introducing a double-
entry system. This system separated an entity's resources from claims made by other entities, requiring a balance sheet
with discrete debits and credits. This innovation improved bookkeeping efficiency and provided a clearer picture of a
company's overall strength, making it the foundation for modern accounting. Pacioli, known as "the father of accounting,"
published "Summa de Arithmetica, Geometria, Proportioni et Proportionalita" in 1494.

Accounting became widely used in the 1400s, particularly in Italy, where it aided the development of shipping,
trade, construction, and other forms of commerce. The decreasing country caused by railroads and uniformity stimulated
investment, which increased the emphasis on accounting. The American Association of Public Accountants ( AAPA) was
established in 1887, and the first certified public accountants passed the standardized test in 1896. The need for CPAs
increased after the US government imposed income tax in 1913. The AICPA became the body that gives CPA designation
in 1957. Accounting has evolved since 1951, adapting to universal standards and meeting the demand for long-term
financial forecasting. Procedures accurately describe current financial conditions while projecting future ones.