Monday, 6 February, 2023

Celebrating International Accounting Day – 2022

  • Dr. Md. Shafiqul Islam
  • 10th November, 2022 04:59:56 PM
  • Print news
Celebrating International Accounting Day – 2022

The history of Accounting is identified from ancient civilizations. The early development of accounting dates back to ancient Mesopotamians, Egyptians and Babylonians and 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, ensures statutory compliance, and provides 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 and ensuring accountability.

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 those who 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 accounting system helps 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 accounting field has undeniably developed significantly since its introduction in pre-modern times. It would experience incredibly robust advancements throughout the middle ages and the Renaissance period; International Accounting Day is celebrated on the anniversary of an Italian mathematician's publication of critical work in the 15th century. 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 International Accounting Day on November 10, 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 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, 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. 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 in this field or who 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 2022. People can talk about the importance of this profession on social media by trending their hashtags related to the day and tagging their friends, family members, and colleagues in this field. They can share unknown facts and accountants' contributions to making 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 at Dhaka University Campus and the universities of eight divisional headquarters. It also organizes a Rally on the respective campus involving distinguished faculty members and students of the Departments. BAA also arranges a webinar with prominent experts and professors from India, Japan, and Australia. It gives me immense pleasure to write on this issue as a faculty member of the Accounting and Information Systems Department.

( The writer is an Associate Professor, Dept. of Accounting & Information Systems, Jatiya Kabi Kazi Nazrul Islam University, Mymensingh)

Source: Sun Editorial