Celebrating International Accounting Day – 2023
Dr. Md. Shafiqul Islam :
The history of accounting is identified from ancient civilizations.
The early development of accounting dates to Ancient Mesopotamia and Ancient Egyptians and Babylonians is closely related to writing, counting money, and early auditing systems developments.
By the time of the Roman Empire, the government had access to detailed financial information.
The Italian Luca Pacioli, recognized as the Father of Accounting, was the first to publish double-entry bookkeeping and introduced the field in Italy.
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information to make business decisions.
Accounting is an old profession. Business transactions have been recorded and analyzed for centuries.
However, only in the last 50 years has accounting been given importance and respect accorded to other professions.
Today accounting is the language of business: anyone who aspires to a business career must, to some degree, speak that language.
The company runs on its employees, and accounting plays an increasingly important role in business decisions.
Moreover, with the economic unification of Europe in 1992 and increasing global business, international accounting will also gain importance. Accounting is significant for internal users of the organization.
Internal users may include the people that plan, organize, and run companies. The management team needs accounting in making important decisions.
Business decisions may range from deciding to pursue geographical expansion to, instead, improving operational efficiency.
Proper accounting assists organizations in ensuring accurate reporting of financial assets and liabilities. Tax authorities use standardized accounting financial statements to assess a company’s financial position.
The system of accounting helps to ensure that a company’s financial statements are reported legally and accurately.
The role of an accountant is to report and interpret financial records responsibly. Small businesses may hire only one accountant. Large companies may employ an entire accounting department.
The broad range of the accounting profession can vary widely and may include roles from tax planning to audit accounting. Accountants may become certified with the CPA (Certified Public Accountant) designation.
The field of accounting has undeniably developed significantly since its introduction in pre-modern times.
It experienced incredibly robust advancements throughout the middle ages and the Renaissance period; International Accounting Day is celebrated on the anniversary of the publication of critical work in the 15th century by an Italian mathematician.
The monetary economy flourished during the 12-13th century in Europe, which prompted the importance of accounting and its exposition.
Luca Pacioli, the great Italian mathematician, brought this under bookkeeping cover in his excellent treatise Suma-de-Arithmetica, published on November 10, 1494.
In remembrance of this very auspicious occasion, the California Society of CPA’s San Diego Chapter first observed the event of the International Accounting Day on November 10 in 1972.
It is now being marked as an important day in the accounting world across the globe.
The discipline would see a sharp rise in necessity and demand in business and finance starting in the mid-19th century.
The Industrial Revolution would prove to increase the number and size of companies worldwide to an unprecedented degree, and it became imperative for corporations to maintain strong accounting departments to have a part in all aspects of business operations.
International Accountants Day, which is celebrated on November 10 each year, is an opportunity to acknowledge the great work accountants do to make businesses thrive, support the economy, and help people navigate the complexities of finance.
It’s an opportunity to recognize the great work accountants do to make businesses thrive, support the economy, and help navigate people through the complexities of finance. Accounting is vital to business success, so taking the time to mark the occasion is an important signal to our team and the broader business community.
Just like every other profession, accounting has positive issues to consider. On International Accounting Day, people recognize the importance of accountants and their contributions to the smooth running of any business.
It has numerous opportunities to attract candidates to this profession. People who are in this field or intend to pursue their careers will celebrate happy International Accounting Day every year on November 10.
Many things can happen for the celebration of Happy International Accounting Day 2023. People can talk about the importance of this profession on social media by trending their hashtag related to the day and tagging their friends, family members, and colleagues in this field.
They can share unknown facts and the contribution of accountants to make professionals feel appreciated. People and organizations can also express gratitude to them and acknowledge their work. Moreover, people can give customized surprises, including gift cards and bonuses, take them out for lunch or dinner, or provide benefits such as vacations and other perks.
Bangladesh Accounting Association (BAA) celebrates International Accounting Day today on the Dhaka University campus and other 12 universities or colleges in different districts. It will organize a rlly in the respective campus involving distinguished faculty members and students of the Departments.
BAA also arranges a webinar by distinguished experts and professors of different countries like India, Japan, and Australia. It gives immense pleasure to write on this issue as a faculty member of the Accounting and Information Systems Department.
(The writer is Associate Professor, Dept. of Accounting & Information Systems, Jatiya Kabi Kazi Nazrul Islam University, Bangladesh.)
