In order to understand the Maryland Society of Accountants, it is first necessary to gain an understanding of the accounting profession. The practice of accountancy has not enjoyed a uniform evolution in the United States, and it can be somewhat confusing for those unfamiliar with a few basic but important distinctions in how the profession is organized and in the types of services accountants provide.

As long as humans have been involved in commerce, they have recognized the need to accurately and adequately maintain records of their financial dealings. It was not until the 1500’s of the Common Era; however, that an Italian monk named Fra Luca Pacioli revealed to the world the secret of the so-called “double-entry” system of keeping books that forms the basis of modern accounting. The basic premise behind double entry accounting is that for each item recorded in an entity’s books as a debit; there must be a corresponding offset in the credit column, and vice-versa. This basic rule provided the internal consistency and verifiability necessary for people to maintain proper track of complex financial dealings, and, perhaps more importantly, to entrust others to do so for them.

From these humble beginnings, the practice of accountancy has grown in response to the demands of an increasingly complex economic and business environment. There are now many types of accountants in the business marketplace, providing a variety of different services and meeting a variety of different needs. The growth of the income tax since it was established permanently in 1913, for example, has necessitated the assistance of accounting and other professionals for vast numbers of Americans, both individuals and businesses.

In response to this growth in the accounting profession, state governments have enacted laws and regulations to protect the public and to ensure the competence and integrity of those entrusted with this vital function. However, not all regulations proposed meet these criteria. Therefore battles are fought and new leaders are born. So the history begins…………..