As I study the history of accounting, I see the mid-19th century as a pivotal moment. In Scotland and across the UK, professional bodies like the Institute of Accountants in Glasgow were established, receiving a Royal Charter in 1854 and introducing the ‘chartered accountant’ designation. This formal recognition transformed accounting from a trade into a respected profession.
I am struck by the significance of this professionalisation. It created standards, ethics, and accountability. Suddenly, accountants were more than bookkeepers; they became trusted advisors responsible for maintaining financial integrity in business and society.
Looking back, I can see how this model influenced other countries, including the United States, helping to elevate accounting into a global profession with recognised standards and qualifications.
Industrialisation only increased the importance of accurate financial records. Reflecting on this, I understand that the mid-1800s were not just a milestone in accounting - they were a moment when the role of the accountant became essential for economic stability, trust, and transparency.
