Enron's bankruptcy proved to be both the audit failure in American history, bringing new scrutiny and regulations to the accounting profession.
The Financial Accounting Standards Board (FASB) is established in the United States. This organization is responsible for the creation and improvement of the Generally Accepted Accounting Principles (GAAP), which help to standardize accounting information shared between and by public entities.
The Institution of Accountants in Glasgow petitioned Queen Victoria for a royal charter, making them the first official organization representing and regulating the accounting profession.
Charles Xavier Thomas de Colmar invents the arithmometer, which would help pave the pathway in the shift toward computations completed by machines rather than humans. It would also help make the jobs of 19th century accountants much, much easier!
Luca Pacioli, lovingly known as “The Father of Accounting,” publishes Summa de arithmetica, geometria, proportioni et proportionalita, introducing the double-entry bookkeeping system to Europe and the world.
