International Accounting Day Date in the current year: November 10, 2024

The term “accounting” refers to the measurement, processing, and communication of financial and non-financial information about economic entities; bookkeeping is part of the process of accounting that involves the recording of financial transactions (purchases, sales, receipts, and payments).

The history of bookkeeping and accounting can be traced to ancient civilizations; their development is closely linked with the development of writing, counting, money and trade. Ancient Mesopotamians and Iranians used early forms of bookkeeping, and ancient Babylonians and Egyptians had early auditing systems.

Of course, accounting has developed significantly since then, but its main principles and procedures have largely remained the same since the Middle Ages. Modern accounting has several subject areas (subfields), including financial accounting, management accounting, taxation, auditing, and accounting information systems.

The origin of International Accounting Day is unclear, but at least we know why it is celebrated on November 10. On this day in 1494, Luca Pacioli’s first book titled Summa de arithmetica, geometria, proportioni et proportionalita (Summary of arithmetic, geometry, proportions and proportionality) was published in Venice. But what does a book on mathematics have to do with accounting?

The thing is, one of its sections, entitled Particularis de computis et scripturis (Details of calculation and recording), described the bookkeeping method used by Venetian merchants at the time, known as double-entry bookkeeping, which is actually used to this day, with some modifications. Although double-entry bookkeeping had been invented long before Pacioli published his book, he is credited with being the first person to codify the system.

Pacioli’s description of double-entry bookkeeping revolutionized the practice of accounting and helped businesses improve their efficiency and profitability. The section of his book dedicated to accounting was used as the primary accounting textbook in many countries for several decades after its publication. This is why Pacioli is widely known as the “Father of Accounting of Bookkeeping”, and the date of International Accounting Day was chosen to highlight his role in the development of modern accounting.

Accounting is arguably one of the most important professions, since nearly all organizations and businesses (and in some countries, like the United States with its complicated income tax system, even private citizens) need an accountant. So International Accounting Day was created to raise awareness of the importance of accounting and to celebrate people who keep finances in order all over the world. Although it’s not official, many organizations and businesses congratulate their accountants and give them gifts on the occasion.