From Craft to Institution: Accounting in Italy from the Middle Ages to the Early Modern Period

The article describes the evolution of accounting from the simple registration­ technique to economic and social institution in medieval Italy. We used methods of institutional analysis and historical research. It is shown that the institutionalization­ of accounting had been completed by the XIV century, when it became a system of codified technical standards, scholar discipline and a professional field. We examine the interrelations of this process with business environment, political, social, economic and cultural factors of Italy by the XII—XVI centuries. Stages of institutionalization are outlined.