Development of Accounting

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Development of Accounting by Mind Map: Development of Accounting

1. Before Luca Pacioli

1.1. Simple Transactions

1.1.1. Crude Recording

1.2. Crude Recording

2. Why Change?

2.1. Business Expanded

2.2. More transactions to record

3. Verbs to describe recording process.

3.1. Analyzing

3.2. Recording

3.3. Summerizing

4. Branches of Accounting

4.1. Financial Accounting

4.1.1. Recording

4.1.2. Classifying

4.1.3. Preparing and presenting financial statements

4.2. Cost and Management Accounting

4.2.1. Indentifying

4.2.2. Measuring

4.2.3. Preparing and Interpreting information

4.2.4. Used by management

4.2.5. Used for

4.2.5.1. Planning

4.2.5.2. Evaluating

4.2.5.3. Controlling the organization

4.2.5.4. Efficient use of resources

4.2.5.5. Unit 2

4.3. Tax Accounting

4.3.1. Tax laws

4.3.2. Regulatory bodies

5. Difference between accountants and today's accountants

5.1. More rules and regulations to be followed

6. Why did rule making authorities develop

6.1. To ensure compliance

6.2. Consistent adherence to accounting procedure

7. Rule making authorities

7.1. FASB

7.1.1. Financial Accounting Standard Board

7.1.2. Governs US Accounting

7.1.3. Creates FAS

7.2. IASB

7.2.1. International Accounting Board

7.2.2. Governs Worldwide

7.2.3. International Financial Reporting Standards . It creates the IFRS

8. Role and Function of rule making authorities

8.1. Consider public opinion on accounting matters

8.2. Deals with all issues in accounting

9. GAAP

9.1. Generally Accepted Accounting Principle

9.2. Accounting Principles

9.3. Standards

9.4. Procedures

9.5. Examples

9.5.1. IFRS

9.5.2. FAS

10. Professional Accounting organizations in the Caribbean

10.1. ICAAB

10.2. ICAB

10.3. ICAG

10.4. ICAJ

10.5. ICAAT

11. Why accounting requires accreditation and certification

11.1. Complex

11.2. Sophisricated

12. Examination bodies for accounting

12.1. ACCA

12.2. CPA

12.3. ICAEW

12.4. CMA

12.5. CA