International Accounting Day
2019-11-10 - 12:33
History of International Accounting Day
The history of accounting as an established practice dates back several millennia. Records and documents originating from the Mesopotamian region traced back as far as 5,000 B.C. reveal the employment of accounting systems in the service of tracking the exchange of goods between temples. Further evidence of the prevalence of accounting would appear from discoveries in ancient Egypt and Babylonia, but the most comprehensive findings would first originate from materials belonging to the period of the Roman empire. Information notated across innumerable archives during this era show detailed quantifications kept across areas, spanning public revenues, private expenditures, the distribution of commodities, and more.
The field of accounting has undeniably developed significantly since its introduction in pre-modern times. It would experience especially robust advancements throughout the Middle Ages and the Renaissance period; International Accounting Day is celebrated on the anniversary of the publication of a critical work in the 15th century by an Italian mathematician.
The discipline would go on to see a sharp rise in necessity and demand in the fields of business and finance starting in the mid-19th century. The Industrial Revolution would prove to increase the number and size of companies across the world to an unprecedented degree, and it became imperative for corporations to maintain strong accounting departments to have a part in all aspects of business’ operations. Today, there is an indisputably great number of people working in the profession all over the world – the Bureau of Labor reported in 2018 that there were nearly 1.5 million accountants and auditors working in the United States alone!
5 Wild Things Accountants Accomplished
1. Accountants brought down Al Capone
After escaping so many other charges, Big Al finally went to jail for tax evasion, thanks to tireless FBI accountants.
2. An accountant wrote history's first words
The oldest surviving example of written language anywhere dates from around 5,000 years ago. It is written in Sumerian cuneiform and reads: "A total of 29,086 measures of barley were received over the course of 37 months. Signed, Kushim."
3. Accountants helped write the Bible
Before writing the Gospel that bears his name, St. Matthew worked as a tax collector. Another tax collector was Saul, who took the name Paul after his conversion and wrote several books of the New Testament.
4. An accountant invented bubble gum
Accountant Walter Diemer worked for the Fleer chewing gum factory and experimented with gum recipes in his spare time. He invented the modern formula for bubble gum in 1926 and was the first to market it commercially. The gum was pink because that was the only food coloring the factory had available.
5. Accountants handle the annual Oscar vote
The Academy of Motion Picture Arts and Sciences employs certified public accountants to tabulate all the Oscar ballots and declare winners. The Academy says that accountants are ideally suited for this task because of their reputation for objectivity and attention to detail.
