The History of Accounting

The History of Accounting

Saket Modi

20 years: Chartered accountant & educator

In the first video on this series, Saket describes the evolution of accounting, tracing back 7000 years, noting key developments which have shaped accounting into the process we know today.

In the first video on this series, Saket describes the evolution of accounting, tracing back 7000 years, noting key developments which have shaped accounting into the process we know today.

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The History of Accounting

3 mins 34 secs

Overview

Accounting is a process of identifying, measuring, recording and communicating financial transactions and information about an organisation. The history of accounting can be traced back to over 7,000 years ago among the ruins of ancient Mesopotamia. The father of modern accounting is Luca Pacioli, an Italian mathematician who in the 15th century first described the system of double-entry bookkeeping involving debits and credits.

Key learning objectives:

  • Explain the origins of accounting.

  • How has accounting evolved in the modern era?

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Summary
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Expert
Saket Modi

Saket Modi

Saket is a financial trainer and consultant based out of London. He specialises in advanced accounting, financial reporting and financial analysis, particularly with regards to International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS) and Financial instruments.

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