Emerging Roles in the Future of Accounting
Accounting has evolved along with human development and because the concept of the subject of accounting was directly created from the most basic principles of conservatism, it is not difficult to see why accounting style at one time had a direct relationship with age.
As humans have progressed from primitive times to modern interdependence, life has evolved from subsistence as hunter-gatherers to the knowledge-driven concept of the global world ‘effectiveness turns to greatness’ and throughout this evolution, self-counting with the abacus has evolved. through accounting. management to financial accounting and now managerial accounting; which focuses on decision making.
The US Financial Accounting Standards Board (FASB) which generally standardizes and strengthens the globally adopted Generally Accepted Accounting Principles (GAAP) took a significant step in 2012 to work closely with the International Accounting Standards Board (IASB) in a manner referred to as ‘ International Convergence’.
This convergence is expected to be able to gradually align GAAP and IFRS to become one and the same in an effort to streamline company/company reporting into a globally uniform process.
1.1 Problem Statement
There is no absolute certainty about what will happen to the Accounting Profession in the future. However, it seems that the future age which will surely be one of scientific progress, will move mankind from greatness to something more valuable for that time. Spiritualism, Environmentalism and Developmentalism could be key factors in the future.
This paper is to find out whether Accounting itself will become more than a reality that provides an accurate solution to financial problems where the human ability to reasonably value natural capital will give rise to significant assets on the balance sheet in contrast to the industrial age when even humans themselves. considered as labor and not considered as important … Read moreAccounting