Wednesday, 29 June 2011

History of Accounting and Accounting Standards

There are evidences to conclude that art practice of accounting existed even in Vedic times. There are references to Kraya (sale), Vanij (merchant), Sulka (price) in Rigveda. Kautilya's Arthashastra contains details on business of keeping up accounts in the office of accountants. It provides details of matters which should be recorded, registers to be maintained, system of examination of accounts and details of punishments for default.

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