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Jan 1, 1000
Mesopotamia 3500 BCE
The earliest accounting records were found amongst the ruins of ancient Babylon, Assyria and Sumeria, which date back more than 7,000 years. The people of that time relied on primitive accounting methods to record the growth of crops and herds. This form of bookkeeping used clay tokens. -
Jan 1, 1023
Roman Rationarium 23 BCE
Romans use Rationarium (accounts) listing Public Revenues, Cash, Tax Officials, Public Contractors -
Jan 1, 1299
Double-Entry Bookkeeping Begins
Luca Pacioli's "Summa de Arithmetica, Geometria, Proportioni et Proportionalità" (Latin: "Review of Arithmetic, Geometry, Ratio and Proportion") was first printed and published in Venice in 1494. It included a 27-page treatise on bookkeeping, "Particularis de Computis et Scripturis" (Latin: "Details of Calculation and Recording"). It was written primarily for, and sold mainly to, merchants who used the book as a reference text, as a source of pleasure from the mathematical puzzles it contained, -
Creation of SEC
US Securities and Exchange Commission (SEC) is created through the Securities Exchange Act of 1934 -
Creation of Committee on Accounting Procedure
American Institute of Certified Public Accounting (AICPA) creates the Committee on Accounting Procedure -
Creation Accounting Principles Board
AICPA replaces Committee on Accounting Procedure with Accounting Principles Board -
Creation Financial Accounting Standards Board
AICPA replaces Accounting Principles Board with Financial Accounting Standards Board (FASB) -
Creation of GAAP
Governmental Accounting Standards Board (GASB) issues statements defining Generally Accepted Accounting Principles (GAAP) -
Enron Files for Chapter 11 - Bankruptcy
Enron Files for Chapter 11 - Bankruptcy -
Creation of SOX & PCAOB
Sarbanes-Oxley Act: Created Public Company Accounting Oversight Board (PCAOB) -
PCAOB adopts AICPA standards as Interim Auditing Standards
PCAOB adopts AICPA standards as Interim Auditing Standards -
PCAOB adopts audit firm registration rules
PCAOB adopts audit firm registration rules -
PCAOB adopts rules related to auditing and related professional practice standards as well as advisory groups
PCAOB adopts rules related to auditing and related professional practice standards as well as advisory groups -
PCAOB adopts rules on investigations and adjunctions
PCAOB adopts rules on investigations and adjunctions -
PCAOB adopts inspection rules
PCAOB adopts inspection rules -
PCAOB adopts Audit Standard 1
PCAOB adopts Audit Standard 1: References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board -
PCAOB adopts Audit Standard 2
PCAOB adopts Audit Standard 2: An Audit of Internal Controls over Financial Reporting Performed in Conjunction with an Audit of Financial Statements -
PCAOB adopts Audit Standard 3
PCAOB adopts Audit Standard 3: Audit Documentation -
PCAOB adopts Audit Standard 3
PCAOB adopts Audit Standard 3: Audit Documentation
PCAOB adopts rules relating to the oversight of non-US audit firms -
PCAOB issues Policy Statement Regarding Implementation of Audit Standard 2
PCAOB issues Policy Statement Regarding Implementation of Audit Standard 2 -
PCAOB adopts Audit Standard 4
PCAOB adopts Audit Standard 4: Reporting on Whether a Previously Reported Material Weakness Continues to Exist -
PCAOB issues Staff Audit Practice Alert 1
PCAOB issues Staff Audit Practice Alert 1: Matters Relating to Timing and Accounting for Option Grants -
PCAOB adopts Audit Standard 5, superseding Audit Standard 2
PCAOB adopts Audit Standard 5, superseding Audit Standard 2: An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements -
PCAOB adopts Audit Standard 6
PCAOB adopts Audit Standard 6: Evaluating Consistency of Financial Statements -
PCAOB adopts new ethics and independence rules
PCAOB adopts new ethics and independence rules concerning communications with audit committees, and amends its existing tax services rule -
PCAOB adopts rules for annual and special reporting by firms
PCAOB adopts rules for annual and special reporting by firms -
PCAOB adopts rules for succeeding to registration status of a predecessor firm
PCAOB adopts rules for succeeding to registration status of a predecessor firm -
PCAOB adopts rule amendments on the timing of certain non-US inspections
PCAOB adopts rule amendments on the timing of certain non-US inspections -
PCAOB adopts Audit Standard 7
PCAOB adopts Audit Standard 7: Engagement Quality Review -
Dodd-Frank Wall Street Reform and Consumer Protection Act
Dodd-Frank Wall Street Reform and Consumer Protection Act is signed, expanding the PCAOB’s oversight of the audits of brokers and dealers to include inspections, enforcement and standard setting authority -
PCAOB issues Staff Audit Practice Alert 7
PCAOB issues Staff Audit Practice Alert 7 -
PCAOB issues Staff Audit Practice Alert 9
PCAOB issues Staff Audit Practice Alert 9 -
SEC plans to adopt IFRS
SEC plans to adopt International Financial Reporting Standards (IFRS) oversight by International Accounting Standards Board (IASB)
