Accounting: A new role for the future

Accounting evolved alongside humans. The fundamental principle of conservatism underpins all accounting concepts. It is therefore easy to see that accounting styles are directly tied to their age. As humanity has advanced from primitive times to modern interdependence eras, our lives have changed from subsistence as hunter/gatherer to a globalized knowledge-driven concept of “effectiveness becoming greatness.” Self-accounting homepage with an abacus evolved from stewardship to financial accounting. Now, managerial accounting is focused on decision-making.

The Financial Accounting Standards Board, a US body that generally standardized and reinforced internationally recognized Generally Accepted Accounting Principles, was established in 2012. (GAAP) has made significant progress towards joining the International Accounting Standards Board. To make company/corporate reports more consistent worldwide, this convergence is expected to gradually harmonise IFRSs as well as GAAPs.

The future of the Accounting Profession cannot be predicted. The future age would see scientific advancement move man away form greatness and towards something more valuable for his time. Spiritualism and Environmentalism could be key factors in the future age. This paper will examine whether Accounting could be made more real by providing financial solutions that accurately assess natural capital. Contrary to the industrial age where even man was considered labor and not as valued as the machines that he built, this paper will explore whether Accounting can become a reality.

This paper was viewed using a content analysis view – both relational as well as conceptual. A content analysis is a “research technique for objective systematic quantitative description manifest content of communications.” (Berelson at 52). Conceptual analysis was done to identify the problem’s extent. Concept analysis was used to determine the extent of the problem. If any positive or negative words are used to describe this argument. Relational analysis was used to complement the conceptual analysis, by looking at the relationships among concepts. This paper is possible because of the choices made in the beginning about what was to be examined.

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