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THE HISTORY AND DEVELOPMENT OF ACCOUNTING - Coggle Diagram
THE HISTORY AND DEVELOPMENT OF ACCOUNTING
International accounting issues
Definitions of international accounting
Comparative or international accounting
It includes all varieties of principles, methods, and standards of accounting of all countries.
Universal or world accounting
It directs international accounting to the formulation and study of a universally accepted set of accounting.
Parent-foreign subsidiary accounting or accounting for subsidiaries
It reduces international accounting to the process of consolidating the accounts of the parent company and its subsidiaries and the translating foreign currency inti local currency.
Harmonization of accounting standards
The partners, members, persons responsible for management, administration, direction or supervision of such professional companies or associations who do not personally fulfill the Directive shall exercise no influence over the statutory audits carried out under the auspices of such approved professional companies or associations
the confidentiality of audit reports produced by the auditors and all documents relating thereto are protected and that these are withheld from the knowledge of the above-mention persons.
Accounting and Capitalism
.Double-entry contributed to a new attitude toward
economic life
.This new spirit of acquisition was aided and propelled by the
refinement of economic calculations This new rationalism was further enhanced by systematic organization.
Both have been linked by some economic historians with the general claim that double-entry bookkeeping has been vital to the development and evolution of capitalism
Double-entry bookkeeping permits a separation of ownership and management and thereby promotes
the growth of the large stock of company
Evolution of double-entry bookkeeping
Luca Pacioli's contribution
Development of double-entry bookkeeping
Early history of accounting