Bookkeeping has existed in different structures and levels of complexity all through mankind's set of experiences. The twofold passage bookkeeping framework being used today was created in middle age Europe, especially in Venice, and is generally ascribed to the Italian mathematician and Franciscan minister Luca Pacioli.[9] Today, bookkeeping is worked with by bookkeeping associations like standard-setters, bookkeeping firms and expert bodies. Fiscal summaries are normally evaluated by bookkeeping firms, [10] and are ready as per proper accounting rules (GAAP). [7] GAAP is set by different standard-setting associations, for example, the Financial Accounting Standards Board (FASB) in the United States[1] and the Financial Reporting Council in the United Kingdom. Starting around 2012, "every single significant economy" have plans to join towards or embrace the International Financial Reporting Standards (IFRS).[11]