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Professionalization Of Accounting In The 19th Century

824 Words4 Pages

The United Kingdom was the center stage where the process of professionalization started in the mid to late 1800s. The commonwealth nations at large were responsible for the professionalization of the accounting profession. The establishment of the meaning of profession is important before assessing the question addressed by this essay. Profession is an occupation requiring mastery of a complex set of knowledge and skills through formal education that is governed by a body. The legal and economic conditions of the time have to be understood to understand the background of the professionalization process as a whole. During the early nineteenth century, technological innovations grew exponentially and as a result, limited liability was introduced in the commerce system. The increase in complexity in the commerce and industry resulted in new bankruptcy laws being promulgated; financing for the developments required an improved banking sector. High degree of conceptual work was required because of the failures caused by joint-stock companies which were under control by a large number of partners before limited liability was introduced. These factors jointly make up the context of the process as a whole. The certain mechanisms that were put in place to …show more content…

During the mid-1800s the proposed bankruptcy law changes became a threat to the community of accountants who had to react to protect their economic self-interest. They then petitioned Queen Victoria to form The Society of Accountants in Edinburgh which they highlighted that it would work in the interest of the public at large. They sought legitimacy in royal charters. This enabled the formation of institutions which had royal permission to self-regulate professional accounting and to describe their members as chartered accountants. From thenceforth Chartered Accountants were regarded as elite

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