International Accounting Day is celebrated on November 10 every year and serves as an opportunity to acknowledge the work accountants do to make businesses thrive, support the economy and help people navigate the complexities of finance.
Accounting is an established practice that dates back several millennia. Records and documents found from the Mesopotamian region can be traced back as far as 5,000 BC. These records reveal the employment of accounting systems in the service of tracking the exchange of goods between temples.
Evidence of the prevalence of most comprehensive accounting can be traced back to the period of Roman empire . Discoveries of findings in ancient Egypt and Babylonia also suggest prevalence of accounting. It experienced robust advancements throughout the Middle Ages and the Renaissance period. Study of innumerable archives of this era indicate that detailed quantifications were kept across areas, spanning public revenues, private expenditures, the distribution of commodities and in many more areas.
Since its introduction, the field of accounting has developed significantly in pre-modern times. International Accounting Day marks the anniversary of the publication of Italian mathematician’s work in the 15th century.
The Industrial Revolution increased the number and size of companies across the world to an unprecedented degree, following which it became essential for corporations to maintain strong accounting departments. In order to maintain a track of all aspects of business’ operations, the discipline of accounting underwent a sharp rise in necessity and demand in the fields of business and finance beginning from the mid-19th century.
International Accounting Day first took place in the year 1972 by the San Diego chapter of the California Society of CPA’s.
The scope of accounting ranges from small businesses to international corporations and is is one of the highest paying business majors.
International Accounting Day provides networking opportunities that gives people a chance to have educational opportunities in the fields of accounting and finance. On this day, organisations are encouraged to participate in accounting day to help their members provide education opportunities to potential future accountants and connect with each other.
Excerpt from livemint (Fareha Naaz)