Accounting has evolved as human beings have evolved and as the concepts of the accounting subject are directly coined from its most fundamental principle of conservatism, it is not difficult to understand why the design of accounting at every time includes a direct link with this. As man has developed from a primitive age to a modern interdependence age, living has advanced from being subsistent as a hunter-gatherer to an understanding driven globalised world concept of 'effectiveness turning to greatness' and all additionally evolution, self accounting with the abacus has developed through stewardship accounting to financial accounting and today managerial accounting; that includes a focus on decision making.
The Financial Accounting Standards Board (FASB) of the US which generally standardised and strengthened the globally adopted Generally Accepted Accounting Principles (GAAP) took significant strides in the year 2012 to come alongside the International Accounting Standards Board (IASB) in a manner termed as 'International Convergence'. This type of convergence is likely to gradually harmonise the GAAPs and the IFRS until they become one and the same in a bid to stream line corporate/company reports into a uniform process globally.
1.1 Statement of the Problem
There is no absolute certainty as to what the future holds for the Accounting Profession. It thus seems however, that the near future age which definitely will be among scientific advancement, would move man from greatness to something worthier for enough time. Spiritualism, Environmentalism and Developmentalism could possibly be key factors in the future age. This paper is to learn if Accounting itself will be more of possible 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 thought to be labour CPA firm and not being regarded as important as the machines he operated.
2. LITERATURE REVIEW
This paper was approached from the content analysis view point - both conceptual and relational. A content analysis is "a study technique for the objective, systematic, and quantitative description of manifest content of communications" - (Berelson, 52). The conceptual analysis was only to examine the presence of the issue, i.e. whether there is a stronger presence of positive or negative words used in combination with respect to the specific argument as the relational analysis built on the conceptual analysis by examining the relationships among concepts. Much like other sorts of inquiry, initial choices pertaining to what's being studied determined the chance of this particular paper.
2.1 Evolution of Accounting Theory
According to investopedia.com, Accounting Theory in the light of its evolution can be explained as the review of both historical foundations of accounting practice as well as the way in which accounting practices are verified and put into the study and application of financial principles. Accounting as a discipline is thought to have existed since the 15th Century. From that point to now businesses and economies have continued to evolve greatly. Accounting theory must adjust to new ways of doing business, new technological standards and gaps that are discovered in reporting mechanisms hence, this can be a continuously evolving subject. As professional accounting organisations help companies interpret and use accounting standards, so do the Accounting Standards Board help continually create better practical applications of accounting theory. Accounting is the foundation of efficient and effective business management and intelligent managerial decision making, without which businesses and trade world-wide would operate blindly and fatally. Hence, it is necessary to link how it has evolved to its future role
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