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History of accounting
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Welcome to a short overview of the history of accounting in Western Civilization, in a “big picture” kind of way. This video takes you through five major eras of development in the history of accounting, and highlights the major breakthroughs, many of which are relevant up to this present day!
What’s the essence of the accounting profession? It hasn’t changed that much over time. Accountants are here to record your transactions. The core part of the word “accounting” is: “count”. We help you count, record, classify, summarize, reconcile and analyze. That role started a long time ago, and has evolved along with developments in society and technology.
⏱️TIMESTAMPS⏱️
00:00 History of accounting
00:21 Definition of accounting
00:47 Origin of accounting
01:27 Pacioli's accounting method
02:18 First publicly traded company
02:52 Accounting in the industrial revolution
03:13 Automated accounting systems
The video walks you through five major eras in the development of accounting:
1. Early accounting records have been found in Mesopotamia, Assyria, Phoenicia, Sumeria and Egypt. The main purpose was to record the growth of crops and herds.
2. The early Renaissance. The birth of the monetary economy, where merchants depended on bookkeeping to oversee multiple simultaneous transactions financed by bank loans. Luca Pacioli was the author of a book on mathematics, which was printed and published in Venice, in 1494, and included a 27-page section on bookkeeping. This is seen as the first known published work on the topic of accounting, and includes a description of double entry bookkeeping and ledger classes, concepts that are in use until this very day.
3. The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, it was officially the first publicly traded company, because it was the first company to be ever actually listed on an official stock exchange. This new ownership structure drove further developments in accounting methods.
4. The industrial revolution started in the late 1700s in Britain. The steam engine is an important symbol for the technical developments around the time. As machines took the central role in manufacturing, and labor was largely seen as expandable, machines became the assets on the balance sheet and people a mere expense in the income statement.
5. The advent of the computer, shaking up and revolutionizing society to this very day. Large parts of transaction processing can now be fully automated, and new ways of building organizations emerge.
Accounting frameworks like US GAAP and IFRS continue to evolve, adapting to the changing world around us.
Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers training in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
What’s the essence of the accounting profession? It hasn’t changed that much over time. Accountants are here to record your transactions. The core part of the word “accounting” is: “count”. We help you count, record, classify, summarize, reconcile and analyze. That role started a long time ago, and has evolved along with developments in society and technology.
⏱️TIMESTAMPS⏱️
00:00 History of accounting
00:21 Definition of accounting
00:47 Origin of accounting
01:27 Pacioli's accounting method
02:18 First publicly traded company
02:52 Accounting in the industrial revolution
03:13 Automated accounting systems
The video walks you through five major eras in the development of accounting:
1. Early accounting records have been found in Mesopotamia, Assyria, Phoenicia, Sumeria and Egypt. The main purpose was to record the growth of crops and herds.
2. The early Renaissance. The birth of the monetary economy, where merchants depended on bookkeeping to oversee multiple simultaneous transactions financed by bank loans. Luca Pacioli was the author of a book on mathematics, which was printed and published in Venice, in 1494, and included a 27-page section on bookkeeping. This is seen as the first known published work on the topic of accounting, and includes a description of double entry bookkeeping and ledger classes, concepts that are in use until this very day.
3. The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, it was officially the first publicly traded company, because it was the first company to be ever actually listed on an official stock exchange. This new ownership structure drove further developments in accounting methods.
4. The industrial revolution started in the late 1700s in Britain. The steam engine is an important symbol for the technical developments around the time. As machines took the central role in manufacturing, and labor was largely seen as expandable, machines became the assets on the balance sheet and people a mere expense in the income statement.
5. The advent of the computer, shaking up and revolutionizing society to this very day. Large parts of transaction processing can now be fully automated, and new ways of building organizations emerge.
Accounting frameworks like US GAAP and IFRS continue to evolve, adapting to the changing world around us.
Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers training in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
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