Flashback on the History of Financial Report Writing
Posted on February 19, 2007
Financial statements and records have been produced for as far back as there has been human writing. The people in the old Mesopotamian societies operated both insurance and credit corporations, and had the obvious need of record keeping.
The inhabitants of Rhodes were the first ones to introduce the meaning of the “general average”. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm.
As to more recent history, one of the most prominent figures of finances and financial report writing was Jean- Baptiste Colbert. He was the financial minister to the court of an even more prominent king – Louis XIV the Sun King.
Colbert is famous for saving France from bankruptcy, into which it got due to the exhaustive war of Fronde. When he obtained access to finances and power, he punished guilty officials, and managed to destroy the deceitful creditors of the government.
Colbert had a simple method of operation. He repudiated some of the public loans, and cut off from others a percentage, which varied, at first according to his own decision, and afterwards according to that of the council which he established to examine all claims against the state.
The French minister also had a big and positive influence on culture, religion, and trade. His famous saying was: “It is simply, and solely, the abundance of money within a state, which makes the difference in its grandeur and power.”
Times passed, and modern financial reports are much more informative and accurate, but it is history , in which the roots of today’s business writing reports are found.
Custom-Writing.org is a custom writing service that provides timely and quality writing help to students all across the globe. Whenever you need assistance, you are certainly welcome to fill out the essay order form, pay for the paper (PayPal option is available and the purchasing process is easy and flexible), and have a writer specialized in your field of study assigned to your project in a matter of a few minutes!
Custom written papers come with an absolutely FREE plagiarism report – you do not have to pay a cent! Buying papers is easy! When buying an essay from Custom-Writing.org, you can be certain - we are fully dedicated to your academic success!