Accounting – Changing Face in Modern Period

Change has been quoted by Heraclitus to be the only constant. and natural selection as elaborated by Darwin shows how organisms adept in adapting to the changing environment thrive at the expense of those that are not. Accounting, which formally started from 15th century with Luca Pacioli is no exception to it. no more does it mean bookkeeping anymore. In fact, other aspects of management like internal controls, financial reporting, taxation, coordination with auditors, has been incorporated into it.