International Day of Accountancy: Know the history, significance and importance of contribution of accountants to business, economy

International Accountancy Day is celebrated on 10 November each year and serves as an opportunity to recognize the work accountants do to make businesses thrive, support the economy and help people navigate the complexities of finance.

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Accounting is an established practice that dates back thousands of years. Records and documents found in the Mesopotamian region can be traced back to 5000 BC. These records reveal the use of accounting systems in the service of tracking the exchange of goods between temples.

Evidence of the prevalence of the most comprehensive accounting can be traced back to the period of the Roman Empire. Discoveries of finds in ancient Egypt and Babylonia also indicate the prevalence of accounting. During the Middle Ages and the Renaissance, it experienced strong progress. Studies of countless archives of the period show that detailed quantifications were kept in all areas covering public revenue, private expenditure, distribution of goods and many other areas.

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Since its inception, the field of accounting has evolved greatly in pre-modern times. International Accounting Day marks the anniversary of the publication of the work of the Italian mathematician in the 15th century.

The industrial revolution

The Industrial Revolution increased the number and size of businesses worldwide to an unprecedented degree, making it imperative for corporations to maintain strong accounting departments. In order to be able to monitor all aspects of a company’s operations, since the middle of the 19th century, the need and demand for the discipline of accounting in the fields of business and finance has greatly increased.

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Modern times

International Accountancy Day was first celebrated in 1972 by the California Chapter of the California Association of CPAs in San Diego.

The scope of accounting ranges from small businesses to international corporations and is one of the highest paying businesses.

International Day of Accountancy provides networking opportunities that give people the opportunity to educate themselves in accounting and finance. On this day, organizations are encouraged to attend Accounting Day to help their members educate potential future accountants and network with each other.

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Elvira Parkinson

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