Reviewed by Richard A. Scott University of Virginia

The original edition of A History of Accounting Thought was published in 1974.* A Revised Edition has now been issued. Each of the twenty chapters has an extensive bibliography, the updating and expansion of which represents the “revision.” Only minor revisions have been made to the book’s contents. Chatfield’s work draws from many important pieces in the literature and consequently is heavily footnoted, although not to the point of distraction. The original edition was criticized for having reprinting and typographical errors. A new publisher seems to have satisfactorily corrected these.

Despite its title this book is a select exposition of the ideas, literature and events which have been most important in the development of accountancy. It does not merely present the views and thoughts of prominent individuals as the title might suggest. From the chronology of events and tide of forces that constitute history the author has discriminately chosen certain elements to write about which have been most influential in bringing about the here and now in accounting. Furthermore, these elements have been skillfully woven together so that the reader is offered more than a descriptive account of the times. As various sections unfold they are forged into a link work that joins the present with the past and produces a sense of understanding. The book’s predominant purpose is to consider why we are in our present place and condition; in so doing the relevance of history to contemporary accounting problems becomes a matter of paramount importance. Because the author has been selective and discriminating in this work it necessarily ought to be viewed as interpretive. However, his interpretation of history is excellent and the outcome is not parochial.

The first seven chapters that make up Part 1 of the book are a history of bookkeeping from the earliest times of man. Part 2 focuses upon the rationalization of accounting that came about with the Industrial Revolution. In the eight chapters of this middle section the development of budgeting, cost accounting, income taxes, and auditing are related. The final section, Part 3, is a five-chapter

*See reviews in: The Accounting Historian, July 1974, p. 5, and The Accounting Review, April, 1975, pp. 418-19.

90 The Accounting Historians Journal, Fall, 1978

segment that examines the development of principles and formulation of accounting theory such as it is. A history of accounting perforce ranges over a wide variety of subjects. The author has written of them in a way that is scholarly in construction and content, and with a style that is easy to read.

In the hardcover version the quality of paper, binding and printing is good. A softcover version is also available. Chapter layout and length—each is quite short—facilitate reading. This text could be employed to advantage in an accounting theory class where an early portion of the semester is set aside for a review of accounting history. Used as a text for a course in accounting history it would require a substantial amount of supplementary material, much of which could be selected from Chatfield’s bibliography. Any member of the world of accounting, be they academic or practicing, should have this book in their library.