Although the system may have preceded the foundation of modern accounting may have been from the beginning of commerce, accounting, as we know it began with the Italian Renaissance and developed in earnest about the Industrial Revolution. In fact, while researchers theorize that the accounts have been the original reason for the development of written language, little is known about the history of accounting before the Renaissance, although archeology and related science has uncovered evidence of a system that will have been made at the time.

The religious and secular possessions city states had to be registered in order to allow for any organization, which is why the theory of writing have been developed in the books up. But when we talk about modern accounting history, we start with a double entry bookkeeping procedure that characterized the accounting procedures of Italian Renaissance merchants, and gave them structure and clarity they needed to rise to the top of the world of business at the time. By 1494, accounting procedures had been codified by Friar Luca Bartolomeo de Pacioli (Paciolo), who is considered the father of modern accounting.

Accounting established itself further in the Industrial Revolution, and accounting history of this period is fascinating indeed as initiator accounting of the industrial revolution was none other than the potter Josiah Wedgwood, the family company still dominates the market for luxury fine china and crystal . Wedgwood, who attuned to the bottom line that it was the quality of his wares, demanded that appropriate records are kept so that he was able to easily analyze and improve minor inefficiencies and cost over quantity and to quickly deal with such potential calamities taking it discovered when we review the exact accounts of his company became famous. Wedgwood is as much a part of accounting history as it is the history of production due to the effectiveness of cost accounting strategies, which were adopted by other successful industrialists of his time.

railways rely also on proper technique accounts so that they could fulfill its role as a transport lifeline of the industrial revolution. Give avaricious nature of some of the railroad barons in the United States on the expansion of the railway there, it can probably assume that the history of accounting scandals began with the methods that these robber barons to outwit the investors, customers and the beginning of the rules as load.

In the early 19th century, “accomptants” predecessor today is skilled and trained outside auditors, began to appear in London, and a similar profession would be in America as well as for industrial development there. Often, bankruptcy was the reason why the company turned to these pioneers of independent accounting history.

And in 1845, when William Deloite opened its London accounting firm, modern outside accounting and auditing profession were clearly part of the British company procedures, which at the time led the world in terms of progress and transparency. His company, like Wedgwood, lives on, and today Deloitte is the brand global giant Deloitte (Deloitte Touche Tohmatsu) that evolved from the first major company in the accounting history.