The Emerging Role (Future) Of Accounting


In the year 2012 the Financial Accounting Standards Board (FASB) of the United States (US) took significant strides to come together with the International Accounting Standards Board (IASB) in a manner termed as ‘International Convergence’ in expectation of gradually harmonising the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) until they become one and the same in a bid to stream line corporate/company reports into a uniform process globally. Part of the reason for this was because there is no absolute certainty as to what the future holds for the Accounting Profession. This paper purports to find out if Accounting itself would be more of a reality providing accurate solutions to financial problems where man’s ability to value natural capital fairly would give rise to a significant asset on the balance sheet in contrast to the industrial age when even man himself was regarded as labour and lesser in importance to the machines he operated. This paper is a content analysis – both conceptual and relational and uses two illustrations; illustration.1- traces the Evolution of Accounting and illustration.2- relates Accounting evolution with Human evolution.

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