Critically consider whether the study of the history and development Essay

Critically consider whether the study of the history and development of accounting promotes an understanding of present accounting practices - Essay Example ibution over time, historical skills of documentation to avoid loss or fragmentation of recognition, works and references of the past investigation of incomplete work and claims. Accounting history is a better instrument from policy perspective and the considerable assessor of exiting practices with the past. (Belkaoui, 13) To understand the future required development and guiding the future decision-making; history and interrelation between accounting is always helpful. Accounting often focuses on the records of large firms but that does not mean that it neglects the small firms. Small family business accounts depict the picture of the daily life and culture with respect to historical, economical and philosophical sphere. Financial data and documents highlight the differences in gender, class and the distribution of power and control. For the last fifteen years, there is a visible increase of discussion among the researcher to study the influence of accounting history in modern and postmodern history. (Fleischman, Radcliffe and shoemaker, 5-21) In the modern age, there had been steady development in the fields of business and economy. As trade and commerce increased, the world became smaller and the boundaries between the countries became thinner which helped the concept of Company to establish. The subject of accounting also assumed great significance with the development of business. The concept of taxation became more systematic and that resulted in maintaining proper accounting practices for all types of businesses and examining their level of taxes and profit. The field of accounting has gone through a vast change from the early days. Scholars have realized that this is a vast area of study and has promptly diversified it into Management and Financial Accounting. Financial Accounting deals in examining historical records and maintaining the fact file of the company. Both the external and internal parties in the business use the record generated by