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Lively and elegantly written account of the history of double-entry bookkeeping This dynamic examination of the impact and legacy of double-entry bookkeeping is sure to appeal to those in the accounting profession, business leaders, and history buffs, and will likely become required reading in business school curricula. Gleeson-White has degrees in economics and literature from the University of Sydney. The author does a good job in writing a lively and accessible book about what many might consider to be a somewhat dry subject.
I particularly liked the historical background. Some of it was truly fascinating. I hadn't realised that Pacioli was such a distinguished mathematician.
It was fascinating to read the influence that double entry book keeping has had and how without it some have speculated that there might have been no "capitalism". There were some great details about Marx and Engels. There are chapters on National Income accounts, scandals and criticism of accountancy and in particular audits. The final chapter on environmental accounting was very informative. I am a qualified accountant and I think that I would have liked to have read more about the history of the profession. Other people might well like more explanations of accounting terms.
In a way I think that this book might attempt to do too much and the treatment of some subjects is a little shallow. However despite these reservations I felt that I did learn a few things from this book and it was generally pretty interesting and it all seemed to be accurate. Dusty old "double entry accounting" is threaded together with stories of Renaissance Venice, its merchants and scholarly discoveries, development of capitalism, national GDP, and accounting for environmental damage.
There the Franciscan monk Luca Pacioli, mathematician, chess-player, and encylopedist inadvertently immortalized himself as the "father" of double-entry bookkeeping. Luca Pacioli made significant mathematical discoveries, taught Leonardo da Vinci, and in particular wrote a mathematical encyclopedia in allocating 27 pages to a bookkeeping treatise that bestowed him glory to this day.
A brilliant intertwined history of merchants and mathematics is presented from Mesopotamian tablets and ancient Greek mathematics through to the Hindu-Arabic numerals and the new style bookkeeping. The dark arts of Egyptian priests and the commercial activities of early merchants triggered Augustine's warning that "The good Christian should beware of mathematics The author successfully combines "the calculations used by merchants The focus then turns to bookkeeping, bills of exchange, limited liability, cost accounting, National Accounts, GDP, etc.
Pacioli tells us that "If you are in business and do not know all about it, your money will go like flies - That is, you will lose it"; " Just like modern continuous disclosure Pacioli advises "Frequent accounting makes for long friendship" warning that "if you are not a good bookkeeper The book ends by considering environmental concerns excluded from company accounts longing for a sort of Accounting of Everything. Accounting can "make or break the planet There are limits, if it is that bad, let us all just "drink and be merry Malcolm Cameron 13 May A book of two halves - debit and credit.
By ReynolA1 This is a fine, well researched if short history of double-entry bookkeeping. I was aware of some of the history of the practice before I read it, but this filled the history out to the early s nicely. It seems well-aimed at the students of the profession and is the most readable history of this subject I have yet read. There were two disappointments, though. Firstly I would have liked the author to stick to the actual subject, and write a lot more on the development of bookkeeping from Pacioli through to the improvements, refinements and the development of modern accounting over the last century.
Covering the modern innovation of legally enforceable standards would have helped more. Pointing out the errors that accountants sometimes make should not be the sole focus of this entire time period. Instead, and secondly, what was there in the middle to end chapters was a discussion of how economists have obtained some of the data that the bookkeepers and accountants produce and added those to other numbers to create figures for politicians and economists to use to try to manage economies. Quite rightly, the author points out that this process is not necessarily likely to be useful, and can be harmful.
How exactly this fits in with double-entry bookkeeping I am not sure. The author seems to be trying to justify some of the hype on the front cover, rather than providing a history of the practice and profession. Developing the first section on would have been much, much better.