New Perspectives on the History of Accounting

Abstract

The article presents a new perspective on the history of accounting. In Italy, there has always been a lively interest in the history of accounting undoubtedly because the Italians pride themselves on the fact that their country was the birthplace of double entry. One of the most outstanding treatises on accounting published early in this century contains several historical chapters on the development of double and of single entry, the inception of the balance sheet, the first use of reserve accounts and accruals, the origin of the expressions 'debit' and 'credit,' and the beginnings of budgeting. Although the author, Fabio Besta's work first appeared in 1909, it is still considered by many Italians as the Bible for the history of accounting as well as for contemporary problems of theory and practice. Under the stimulus of Besta, some of his students began thorough examinations of medieval account books, but the results of these studies confirmed rather than challenged the findings of Besta.