Accounting has changed as humans have evolved. As accounting’s fundamental principle of conservatism has been reformulated, it is easy see how the style of accounting has changed with the times. As man has evolved from a primitive to modern interdependence age and from being subsistence hunters-gatherers to a knowledge driven globalised idea of ‘effectiveness, turning to greatness’, self accounting with an abacus has evolved through stewardship and Accountants Glasgow, and now managerial accounting which focuses on decision-making.

The Financial Accounting Standards Board, which in the US generally standardised & strengthened the globally accepted Generally Accepted Accounting Principles, (GAAP), took significant steps in 2012 to unite with the International Accounting Standards Board. It is now known as ‘International Convergence. In an attempt to unify corporate/company reporting globally, such convergence will harmonise both the IFRSs as well as the GAAPs.

Accounting Profession cannot be certain of what the future holds. It seems, however, that the future age will definitely be one of scientific advances. This would elevate man from greatness and make him more valuable for his time. Potential future factors include Spiritualism. Environmentalism. Developmentalism. This paper explores the possibility that Accounting might become more of a reality and provide accurate solutions to financial issues. Accounting’s ability to properly value natural capital would result in a significant asset to the balance sheet. This contrasts to the industrial period when man was not considered as an employee but as labor.

This paper was approached from a content-analysis perspective – both relational as well as conceptual. A content analysis “is a research technique used to describe the objective and systematic content of communications.” – (Berelson, 52). The purpose of the conceptual analysis was to identify the problem. The conceptual analysis examined whether there were more positive or less negative words in the particular argument. The relational analyse complemented the conceptual by looking at the relationships within concepts. As with all types of inquiry the potential of this paper will depend on your initial choices regarding what you are studying.