Accounting home page has changed with human evolution. The fundamental principle of conservatism in accounting has been reformulated. It is easy for people to see how the accounting style has changed over time. As mankind evolved from a primitive age to interdependence, from being subsistence hunter-gatherers to a knowledge driven globalised notion of effectiveness, turning into greatness,’ self-accounting has evolved with the help of financial accounting and stewardship. Now, managerial accounting focuses more on decision-making.
The Financial Accounting Standards Board was an American body that generally standardised and strengthened globally accepted Generally Accepted Accounting Principles. In 2012, it joined the International Accounting Standards Board. It is now known simply as “International Convergence.” Such convergence will harmonise both IFRSs, as well as GAAPs in order to unify corporate/company reporting worldwide.
Accounting Profession cannot predict what the future will bring. It appears, however, that scientific advances will dominate the future age. This would elevate man from his current greatness and make him more worth his time. Spiritualism and other future options include Spiritualism. Environmentalism. Developmentalism. This paper explores how Accounting might become a more tangible reality and provide solutions to financial issues. Accounting’s ability accurately value natural capital could be a significant asset for the balance sheet. This contrasts with the industrial age when man wasn’t considered an employee but a laborer.
This paper was approached using a content-analysis approach – both relational and conceptual. Content analysis “is a research technique that describes the objective and systematic content in communications.” – (Berelson, 52). The concept analysis was done to identify the problem. The conceptual analysis focused on whether or not there were more positive and less negative words within the particular argument. The relational analyse looked at the relationships within concepts and complemented the conceptual analysis. As with all types inquiry, the paper’s potential will depend on how you start to think about the topic.