Question

draw a bicolumnar line listing major world events on one side and developments in accounting on the other

Answer 1

Solution: Here below mentioned events and development in the field of accounting-

Major Events	Development in Accounting
14th Century	Lucas Pacioli published a book introduction of double entry book keeping in 14th century that marked the beginning of development of accounting. He was an Italian Accountant and mathematician known as "Father of Accounting". He was the man resposible for introducing the use of journals and ledgers in accounting.
1500-1700	As the time progressed, double entry system had large and small innovations. The East India Company develops invested capital and dividend distribution during the 17th century. This also created the need for a change in financial accounting and managerial accounting. They used the first presentation to gain investors, while they used the next presentation for business efficiencies.
1700-1900	The modern foundation of accounting emerged in 1854 when the Profession of accounting came in existence. The first accounting organization was developed in New York in the year 1887. The title and professional license of the Certified Public Accountant followed shortly in the year 1896.
1900-1940	In 20s accounting really became important to reduce the amount of fraud and scandals that were performed in businesses around the country. U.S. GAAP was developed shortly after by the American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Standards Board (FASB) in the year 1939.
1940-2000	The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. In 1949 The Institute od Chartered Accountants of India(ICAI) established .
2000-Present	In 2001 the International Accounting Standards Board (IASB) replaced the IASC with a remit to bring about convergence between national accounting standards through the development of global accounting standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards" (IFRS).