The Growth of International Accounting

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The basic process of accounting, known as double entry ­bookkeeping can be traced back for many centuries. The first formal book of ­instruction on the use of this method appeared in 1494 (Pacioli). An explanation of the history can be found in Sangster (2016). Every organization now keeps some form of financial records. Even with the smallest business, the owners, the tax authorities and possibly the bank, will want to know its financial performance and its financial strengths and weaknesses.

When we consider large companies, particularly those with shares publicly traded on a stock exchange, there will be national legislation compelling them to disclose financial information ...

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