This study seeks to further advance increasing knowledge of the history of harmonization of accounting advancement in periods earlier than the modern era. The need to identify credible explanations of the principles fundamental to double entry book keeping over time determined by numerous exhibitions of thought have provoked this study. Accounting, as it is practice today evolved gradually over the years, therefore, its development cannot be undermined. Since the inception of trade and other economic activities, ancient civilizations recognized the needs for proper record keeping, members of old civilization employed some rudimentary systems of keeping track of their trading activities between tribes or regions. However, the industrial and technology evolution promoted the needs for accountant to provide advanced financial information for informed economic decision. Then, the double-entry book keeping system (DEBS) was formulated in response to challenges of early century’s commercial activities. Thereafter, conflicts resulting from differences in accounting thought and practice globally have given rise to clamoring for harmonization of accounting practice on the basis of comparability of financial statement. In spite of established world-wide accounting standards by various accounting standard setters, harmonization still remain unsolved, complex, and full of controversy. The study focuses on history of accounting thought starting from when accounting were first discovered as a method of trading and recording to the recent time when it is recognized and treated as a full fledge profession, including the long time diversity that hindered harmonization of financial statement as well as universal accounting practice. Therefore, accounting as a problem-oriented discipline need to develop globally accepted accounting standards capable of promoting comparability of financial statements and universal accounting practice.
Keywords: Accounting Concept, Accounting Harmonization, Accounting History, Accounting Thought, Double entry Book keeping
