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# Instrument Description The document discusses the history and evolution of accounting, highlighting key figures and developments. ## Historical Context * Evidence of early accounting practices is found in the *Res Gestae Divi Augusti* (The Deeds of the Divine Augustus), Roman records detailing...

# Instrument Description The document discusses the history and evolution of accounting, highlighting key figures and developments. ## Historical Context * Evidence of early accounting practices is found in the *Res Gestae Divi Augusti* (The Deeds of the Divine Augustus), Roman records detailing public revenue, cash holdings, and tax information. These records included the names of freedmen and slaves involved. * Tacitus's account further demonstrates the closeness of accounting information to imperial authority. ## Luca Pacioli and Double-Entry Bookkeeping * The dissemination of double-entry bookkeeping by Luca Pacioli in 14th-century Italy is considered a pivotal moment in accounting history. * Pacioli is often credited as the "father of modern accounting" because of this innovation. * Double-entry bookkeeping is defined as a system that involves a debit and a credit for each transaction. * Pacioli's *Summa de Arithmetica, Geometria, Proportioni et Proportionalita* (Review of Arithmetic, Geometry, Ratio, and Proportion) is the first printed book devoted to bookkeeping. * This system remains the bedrock of modern accounting practices. ## The Chartered Accountant Profession * The modern chartered accountant profession originated in Scotland during the 19th century. * Queen Victoria granted a royal charter to the Institute of Accountants in Glasgow in this period. ## Modern Accounting Standards * Accounting standards are available for accountants to guide their practices. * Examples include the Philippine Financial Reporting Standards (PFRS) and the Philippine Accounting Standards (PAS).