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Celebrate International Accounting Day on Nov. 10 with us! This day, created in 2000 by the International Federation of Accountants (IFAC), is a great opportunity to recognize and appreciate the contributions that accounting professionals make to society. Accounting helps individuals, businesses and governments make informed decisions about their finances. So get ready to celebrate all the hard work that goes into keeping our books balanced!
<div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1494</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>Modern Accounting Origin</div><div class='timeline-text'>Luca Pacioli, known as the father of accounting, published "Summa de Arithmetica", describing double-entry bookkeeping, forming the basis for modern accounting.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1854</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>First Professional Body</div><div class='timeline-text'>The Institute of Chartered Accountants in England and Wales (ICAEW) is formed, becoming the world's first professional accountancy body.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1887</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>American Institute Established</div><div class='timeline-text'>The American Association of Public Accountants, now known as the American Institute of Certified Public Accountants (AICPA) is established.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>1973</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>Formation of FASB</div><div class='timeline-text'>The Financial Accounting Standards Board (FASB) is established to develop and promote standards for financial accounting and reporting in the United States.</div></div></div><div class='timeline-item'><div class='timeline-left'><div class='timeline-date-text'>2000</div></div><div class='timeline-center'></div><div class='timeline-right'><div class='timeline-text timeline-text-title'>International Accounting Day</div><div class='timeline-text'>The International Federation of Accountants (IFAC) establishes November 10 as International Accounting Day to honor accountants worldwide.</div></div></div>
<div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>1</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Read up on accounting</h3><p id='' class='facts-text'>Take some time to read up on the history of accounting and the latest trends in the industry. Not only will this help you stay current, but it can also be a great way to celebrate International Accounting Day.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>2</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Attend an accounting conference</h3><p id='' class='facts-text'>Look for events that are being held near you or online where you can learn more about the profession and network with other professionals. You'll be able to pick up new skills and make valuable connections while celebrating the importance of the accounting profession.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>3</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Treat yourself to a new accounting app</h3><p id='' class='facts-text'>There are plenty of apps out there designed to simplify your work life and keep your finances organized. Invest in one of these apps and get ready to reap the rewards!</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>4</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Take a course in accounting fundamentals</h3><p id='' class='facts-text'>Whether you're a seasoned professional or just starting out, honing your skills is always beneficial. Look into taking an online course or attending a local seminar that covers some of the basics of accounting.</p></div></div><div id='' class='facts-item'><div id='' class='facts-header'><h3 id='' class='facts-number'>5</h3></div><div id='' class='facts-text-wrapper'><h3 id='' class='facts-title'>Connect with other accountants</h3><p id='' class='facts-text'>Reach out to other accountants in your area or on social media platforms like LinkedIn and Twitter and start building relationships. Sharing best practices, discussing challenges, and learning from each other is invaluable.</p></div></div>
<div id='' class='whywelove-item'><div id='' class='whywelove-letter-cont'><div class='whywelove-letter'>A</div></div><div id='why-we-love-main-cont'><h3 id='' class='whywelove-title'>Accounting is necessary for businesses</h3><p id='' class='whywelove-text'>Businesses need accurate financial statements in order to effectively manage and grow. Without proper accounting, it’s nearly impossible to determine whether a business is actually making or losing money. Inaccurate records can lead to costly mistakes, so it’s important that all businesses have an effective way of tracking their finances.</p></div></div><div id='' class='whywelove-item'><div id='' class='whywelove-letter-cont'><div class='whywelove-letter'>B</div></div><div id='why-we-love-main-cont'><h3 id='' class='whywelove-title'>Accounting increases transparency & accountability</h3><p id='' class='whywelove-text'>Well-maintained financial records allow businesses to track spending more accurately and easily. This increased transparency helps ensure that all stakeholders are held accountable for their decisions and actions, which encourages responsible policies and practices that benefit everyone.</p></div></div><div id='' class='whywelove-item'><div id='' class='whywelove-letter-cont'><div class='whywelove-letter'>C</div></div><div id='why-we-love-main-cont'><h3 id='' class='whywelove-title'>Accounting provides important insights into business performance</h3><p id='' class='whywelove-text'>Financial data serves as a valuable tool for assessing a business’s overall performance, as well as potential areas for improvement or growth. By analyzing key metrics like sales, profits, expenses, cash flow and return on investment (ROI), businesses are able to make informed decisions that help maximize long-term success.</p></div></div>
<div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>1</p></div><div class='facts-core-content'><h3 class='facts-title'>Accountants Play a Crucial Role in Tax Preparation and Compliance</h3><p class='facts-content'>Accountants use their expertise to ensure individuals and businesses comply with tax laws. Proper tax filing and documentation can save a significant amount of money and prevent legal complications.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>2</p></div><div class='facts-core-content'><h3 class='facts-title'>Accountants Often Have Specializations</h3><p class='facts-content'>Many accountants specialize in areas like auditing, forensic accounting, international accounting, and environmental accounting, showcasing the broad scope and versatility of the profession.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>3</p></div><div class='facts-core-content'><h3 class='facts-title'>Accounting has its Own Language</h3><p class='facts-content'>Accounting terminology, often referred to as the "language of business," is universally recognized. This uniform method of communication makes it easier for businesses to understand their financial health and make international operations smoother.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>4</p></div><div class='facts-core-content'><h3 class='facts-title'>Accountants Contribute to Business Strategy</h3><p class='facts-content'>Accountants not only keep track of financial transactions but also provide strategic advice based on financial data. This insight can help businesses make crucial decisions regarding cost-cutting, expansion, and investment.</p></div></div><div class='facts-item'><div class='facts-number-wrapper'><p class='facts-number'>5</p></div><div class='facts-core-content'><h3 class='facts-title'>The Accounting Industry is Expected to Grow</h3><p class='facts-content'>According to the U.S. Bureau of Labor Statistics, the employment of accountants is projected to grow 4 percent from 2019 to 2029, as the need for these professionals in tax preparation and auditing services continues to increase.</p></div></div>
International Accounting Day is celebrated on November 10 every year. In 2024 International Accounting Day will occur on a Sunday.
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