Importance of new ways of accounting for business

Accounting has progressed as man has progressed in time and notions of accounting subject has been coined out from its very basic idea of conservatism, it is easy to understand that why the idea of accounting has so much evolved with the time. From the start man has changed very much. He has become modern interdependent man from a prehistoric man. Ways of living has also been altered from a time when man was a hunter to a man with knowledge of globalized world, things has changed from efficiency to vastness, with all this advancements self accounting which had being done by abacus has progressed to financial accounting and managerial accounting, which has a aim of resolution.

The financial accounting standards board (FSBC) of the US which in general reinforce the internationally accepted generally accepted accounting principles (GAAP) took important step in year 2012 to take part with the association of international accounting standards board (IASB) in a manner which was named as international convergence. This convergence is expected to steadily agree the GAAPs and IFRS until they come together in a proposition to flow company reports into consistent process internationally.

There is no utter assurance about the future of accounting profession. But one thing is certain that the coming age will bring one systematic advancement which would change world from greatness to something more development for that time.

The conceptual analysis was to find out the presence of the issue.

Accounting theory can be defined in both ways historical foundation of accounting practice and the method in which its practices are verified and added to the courses and submitted for financial ethics.  The rule of accounting is existed since 15th century. That is the reason why economies and businesses have been developed so well in years. It is important for accounting theories to keep changing and progressing time to time for the sake of businesses progression.  It should adopt new ways and techniques according to the present era. Accounting organizations help other companies and industries to perform with advanced technologies and standards for their business. The accounting standard board also makes sure to come up with something new and improved which help in practical application of this theory. It is the base of well-organized and well-established business and its management and intellectual ideas.  Without it the world-wide trade would be just like a blind person crossing road with no to show the way. That is the reason it has been linked with time and its progress.