The history of Accounting is traced to the 14th century. In not more than 2 pages write on the history of accounting and trace is to the history of Accounting in Nigeria. 2023
There might not any accurate record on when exactly bookkeeping started. However, relating to money, writing and counting, with the Egyptians’ and Babylonians’ auditing system accounting or accountancy evolved from the early civilization in ancient Mesopotamia, the present day Iraq by the Roman empire they already had detailed financial information. Nevertheless, an Italian, Luca Pacioli, a mathematician and a religious man who was known as “the father of accounting and bookkeeping,” introduced double-entry bookkeeping in the 14th century. This, however, changed the way business chronicle their financial records. This continued to transform into a professional career in the 19th century with mergers that form into Institute of Chartered Accountant in England and Wales. Ever since, this has remained the bed rock of modern accounting.
In Nigeria, prior to independence and colonial era, people were using the barter trade system where goods were only physically accounted for until the British arrived and with The Royal Niger Company, which was a mercantile company charted by the British Government in the 19th century. With their formal record of business transactions that came with their arrival, we can state that it was Nigeria’s first modern and formal accounting practice arriving in 1886.
However, the Institute of Chartered Accountants of Nigeria (ICAN), the country's first professional accounting organization, was founded in 1965. ICAN is the regulatory organization in charge of professional accountants' education, training, and certification in Nigeria. The Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN) are two additional accounting organizations that exist in Nigeria today.
With the adoption of new technologies and the implementation of new regulations and standards, accounting in Nigeria has significantly changed over time. With the adoption of International Financial Reporting Standards (IFRS) in Nigeria, there has been a change in the financial reporting landscape in recent years toward greater transparency and accountability.
OjiChukwudimma Page1 ojichukwudimma@gmail.com
The history of Accounting is traced to the 14th century. In not more than 2 pages write on the history of accounting and trace is to the history of Accounting in Nigeria. 2023
As a result, the history of accounting can be traced back to the 14th century, when the double-entry bookkeeping system was developed in Italy. From there, it developed further and became a profession in England through the establishment of professional bodies. Following the introduction of modern accounting practices, this made its way into Nigeria through British colonial rule, and the nation now has a number of professional accounting bodies. Since the adoption of new technologies and the implementation of new regulations and standards, accounting in Nigeria has undergone significant changes.
References:
“History of Accounting; Worldwide and Nigeria - ClassNotes.ng.” ClassNotes.ng, classnotes.ng/lesson/history-of-accounting-worldwideand-nigeria.
Institute of Chartered Accountants of Nigeria (ICAN). (2022). About ICAN. Retrieved from https://www.icanig.org/about-ican/
Okafor, R. G. (2005). History of Accounting in Nigeria. Nigerian Journal of Accounting Research, 1(1), 31-42.
Pacioli, L., & Geijsbeek, J. (1994). The Summa de Arithmetica, Geometria, Proportioni et Proportionalita of Luca Pacioli. New York: Springer.
“Royal Niger Company - Wikipedia.” Royal Niger CompanyWikipedia, 27 July 2019, en.wikipedia.org/wiki/Royal_Niger_Company.
OjiChukwudimma Page2 ojichukwudimma@gmail.com