Accounting has evolved alongside the evolution of humans. Accounting evolved with humans. The basic principle of conservatism is at the heart of all accounting concepts. This makes it easy to see how accounting style changes over time. As humans have evolved from primitive age to modern interdependence, their lives have moved from subsistence as hunters/gatherers into a globalized, knowledge-driven concept that “effectiveness turns to greatness”. As a result, self-accounting has evolved with the abacus to include financial accounting and managerial accounting, check that.
The Financial Accounting Standards Board was established in 2012 as a US organization that generally standardised the internationally recognized Generally Accepted Accounting Principles. (GAAP), made significant advancements to join the International Accounting Standards Board. This will allow corporate/company reporting to be more consistent around the world and harmonise IFRSs to GAAPs.
It is impossible to predict what the future holds for the Accounting Profession. The future age in scientific advancement will, therefore, shift man from greatness toward something more worth his time. Spiritualism or Environmentalism might be key factors for the future. This paper explores the possibility that Accounting can be made more realistic through financial solutions that accurately price natural capital. Contrary to the Industrial Age, where man was considered labor but not as valuable than the machines he used, Accounting will be examined in this paper to determine if it is more likely that Accounting becomes a reality.
This paper was viewed as a content analysis viewpoint, both conceptually and relationally. “A content analysis is a research technique that aims to objectively, systematically, and quantitatively describe the contents of communications.” (Berelson 52). Conceptual analysis was performed to determine the problem’s scope. The concept analysis assessed the presence of the issue, i.e. The concept analysis examined the presence of the problem, i.e. what positive and negative words are used in relation that argument. The relational analysis compliments the conceptual analysis by looking into the relationships between concepts. The initial decisions made about the topic were key to the paper’s potential.