Ancient and Contemporary Events in Development of Accounting: Historical Impacts in Accounting, Yesterday and Today
Journal Title: Saudi Journal of Humanities and Social Sciences - Year 2018, Vol 3, Issue 3
Abstract
Abstract:This study explored antediluvian and contemporary developments in human history and critically scrutinized their impacts in chronological developments of accounting. Considering the fact that the study is theoretically designed, it is therefore considered as literature based .The research design adopt is an explanatory research design. Secondary data is used and sources of information include text books, journals and other related materials in existence taken on in explaining the research variables. The study revealed some prehistoric phenomenal events that have influenced accounting techniques and horizon over the decades or centuries. Equally demystified are some contemporary happenings around the globe such as technology advancement (among others) that have orchestrated globalization with its attendant accounting responses such as the emergence of International Financial Reporting Standards (IFRS).How such developments have shaped accounting as a field of study is highlighted. It equally brought to limelight the import of each of the significant prehistoric and contemporary happenings in relation to how such developments have shaped accounting. It was discovered that accounting as a field of study has antediluvian origin and it has kept evolving even till date. The study concluded accounting cannot be alienated from the wide range of prehistorical developments (both ancient and modern) in our environment because they have a way of forcing accounting as field of study to metamorphose and this has made accounting sciences highly dynamic. The paper established that accounting developed purely in response to the needs of the time orchestrated by changes in the environment and societal demands. At some other points, the development of the science of accounting has itself driven the evolution and development of commerce since it was only through the use of more precise and clear-cut accounting techniques that modern business was able to grow, thrive and respond to the needs of its owners and the public. It is therefore recommended that academics and professional accountants should be well informed of the dynamic nature of accounting with a view to being on the alert in order to respond timely and appropriate to up-and-coming challenges technologically, economically, politically and otherwise that may confront accounting. Keywords: Luca Pacioli’s Double Entry System, Antediluvian and Contemporary Events, Civilization and Human Activities, Globalization and IT, Industrial Revolution.
Authors and Affiliations
Joseph Fineboy, Nwaigburu Kingsley Obinna, Omeonu Obioma
Keywords
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