International Accounting Day is celebrated in memory of Luca Pacioli (the father of accounting). Every business and non-business firm need accounting.
Every commerce faculty students should know about accounting and International Accounting Day.
Every business firm requires at least one accountant to manage and record financial transactions.
Non-profit organizations are service oriented organizations like Red Cross Society, Government Hospitals, Government Schools, Government College/Campus, Labour Unions, Museums, Libraries, Cultural Institutions, Sports Clubs, Political Parties, Religious Organizations, Social Clubs, NGO (non-government organization), INGO (international non-government organization), Professional Associations, religious institution and so on needs an accountant to record financial transaction.
These organizations would not survive without dedicated accountants.
That is why we should celebrate this International Accounting Day.
The history of accounting as an established practice dates back several eras.
Records and documents originating from the Mesopotamian region traced back as far as 5,000 B.C.
It reveals 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.
International Accounting Day is celebrated on the anniversary of the publication of a critical work in the 15th century by an Italian mathematician Luca Pacioli.
Luca Pacioli (Fra Luca Bartolomeo de Pacioli) is known as father of accounting.
He was born between 1446 and 1448 in Tuscany (Italy) where he received an abacus education. His father was Bartolomeo Pacioli.
This was education in the vernacular (the local tongue) rather than Latin and focused on the knowledge required of merchants.
Luca Pecioli, father of accounting. Photo credit: Wikipedia
He moved to Venice (city of Italy) around 1464, where he continued his own education while working as a tutor to the three sons of a merchant.
During this period, he wrote his first article on arithmetic for the boys he was tutoring.
In 1475, he started teaching in Perugia as a private teacher.
He wrote a comprehensive textbook in the vernacular (mother language) for his students.
He worked continue as a private tutor of mathematics.
He was Italian mathematician.
In 1494, first book ‘Summa de Arithmetica, Geometria et Properntione’ (Everything about Arithmetic, Geometry and Portion) was printed in Venice.
He died about the age of 70 in 1517.
Accounting changes life
Wish you on International Accounting Day