AN EARLY ATTEMPT AT BALANCE SHEET CLASSIFICATION AND FINANCIAL REPORTING

Abstract

A recent investigation into the archives of the English East India Company has produced the earliest known classified balance of accounts. Dated May 1, 1782, this statement predates the model balance sheet prescribed by the Companies Act of 1856 by some seventy-five years. This classified balance of accounts, together with extensive supplementary notes accompanying it, may be said to represent the earliest manifestation of financial reporting.