Daily Current Affairs on International Accounting Day 2023 for Combined Bank PO and Clerical Exams Preparation

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Indian Economy - Understanding the basics of Indian economic system

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International Accounting Day 2023

International Accounting Day is celebrated on November 10 every year and serves as an opportunity to acknowledge the work accountants do to make businesses thrive, support the economy and help people navigate the complexities of finance.

  • Accounting is an established practice that dates back several millennia. Records and documents found from the Mesopotamian region can be traced back as far as 5,000 BC.
  • These records reveal the employment of accounting systems in the service of tracking the exchange of goods between temples. 
  • Evidence of the prevalence of most comprehensive accounting can be traced back to the period of Roman empire . Discoveries of findings in ancient Egypt and Babylonia also suggest prevalence of accounting.
  • It experienced robust advancements throughout the Middle Ages and the Renaissance period. Study of innumerable archives of this era indicate that detailed quantifications were kept across areas, spanning public revenues, private expenditures, the distribution of commodities and in many more areas.

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