FABM2
Enron Scandal
Considered to be the greatest corporate fraud case recorded in American history which caused Arthur Andersen, one of the top audit firms in the United States to close business
tomb of king Scorpion I
Old stone labels, believed to date back to 3300 BCE, or around 5300 years ago were discovered in the tomb of this Egyptian King
Rome
This is the Greek city where the use of an annual budget which coordinated estimated revenues and taxes paid by the citizens in relation to the nation's expenditures was introduced
Securities and Exchange Commission (SEC)
This is where periodic reports vouched by certified public accountants were filed by all publicly-traded companies who had to register before selling their securities to the public
Sarbanes-Oxley Act
This was passed by the U.S Congress in 2002 which imposed tougher restrictions on accountants conducting consultancy services to their client
Dodd-Frank Act
This was signed into federal law on July 21,2010 in response to the Great Recession. It contains sixteen major areas of reform
Pipe roll
To date, this is considered to be the most ancient surviving accounting record in the English language which contains the yearly accounting of rents, fines, and taxes due to the king of England from 1130 to 1830
Information Age
also known as the Computer Age, Digital Age, or New Media Age where manual, tedious and time consuming tasks were replaced by faster and more accurate computer methods
scribe
the equivalent of present-day accountants during the Mesopotamian times
AICPA (American Institute of Certified Public Accountants)
Formed in the United States, this is the first national professional association for Certified Public Accountants (CPA)
Queen Victoria
Granted a royal charter to the Institute of Accountants in Glasgow on July 6, 1854, thereby creating the profession of chartered accountant (CA), making accounting a formal profession
Luca Pacioli
He is considered the Father of Accounting
abacus
A calculating instrument developed by the ancient Sumerians in 5000 BCE using rows of beads
William the Conqueror
He took possession of all properties in the name of the king upon his invasion
Beredetto cotrugli
He is the writer of Della Mercatura et del Mercante Perfetto (Of Trading and the Perfect Trader) where the original idea of the double-entry bookkeeping was introduced
Papyrus
Developed in 4000 BCE, this not only allowed recording of commercial transactions but also the transcription of religious text, music, literature, and more.
FASB (Financial Accounting Standards Board)
Established in 1973, this was tasked to set the accounting and auditing standards for reports to be filed with the SEC which was previously done by AICPA
Dr.Gunter Dreyer
The archaeologist who unearthed clay tablets considered to be among the oldest written tax accounting records
Industrial Revolution
The era that replaced hand tools with machine or power tools, otherwise known as the factory system, and transformed accounting into an actual profession
Greek
They introduced the use of coins in around 600 BCE which contributed to the development of accounting
Domesday Book
This book contained all the real estate surveyed by William the Conqueror and the taxes due to them