Page 38 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 1, 2016, pp. 38-44

THE HISTORY OF THE DEVELOPMENT OF THE GLOBAL
ACCOUNTING SYSTEM AND INTERNATIONAL STANDARTS

Natalia Koval Ivanovna
Economics and Analysis Department
Vinnytsia National Agrarian University
Vinnitsa, Ukraine
Mob. +380977513350
email: [email protected]

Received 27 January 2016; accepted 10 June 2016; published online 30 June 2016

Abstract
The story of the origins of monetary systems and commerce help provide a historical
account of the origins and progression of accountancy, as commerce and accounting
have run parallel to each other since their respective beginnings. For this reason, the
history of accounting is often seen as indistinguishable from the history of finance
and business. Since the second half of the 20th century, however, the guidance
issued by national accounting standards setting bodies has formed the primary basis
for the practice and teaching of accounting. At present, the role of accounting theory
and of national accounting standards setting bodies is beginning to diminish in the
wake of the movement toward uniform international accounting standards.

Key worlds: International system of accounting, international accounting standards,
history, evolution, monetary systems.

JEL classification: M41

Introduction. It is believed that the very origins of writing itself may have
developed out of early marks used to keep account of goods at ancient warehouses
more than 5,300 years ago. The notion that pre-numerical counting systems pre-
dated even written language, didn‘t come as a surprise to many historians and
archeologists who have long since recognized that the history of human civilization
is largely indistinguishable from the history of commerce.
The name that looms largest in early accounting history is Luca Pacioli, who
in 1494 first described the system of double-entry bookkeeping used by Venetian
merchants in his Summa de Arithmetica, Geometria, Proportioni et Proportionalita.
Of course, businesses and governments had been recording business information
long before the Venetians. But it was Pacioli who was the first to describe the
system of debits and credits in journals and ledgers that is still the basis of today's

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