Luca Pacioli is known as the 'Father of Accounting'. However, he did not invent the accounting system, but he codified it in the way accounts are done today. According to the American Institute of Certified Accountants (AICPA), accounting has been defined as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."