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Accounting has evolved as human beings have evolved and it is not tough to see the fashion of accounting at each point in time has a direct connection with the era, since the concepts of the accounting subject are coined from its principle of conservatism. As man has evolved from a primitive era to a modern interdependence era, living has progressed from being subsistent as a hunter-gatherer into a knowledge driven globalised world notion of ‘effectiveness turning into greatness’ and all combined with this development itself accounting with the abacus has evolved through stewardship bookkeeping to financial accounting and today managerial accounting; that has a focus on decision making.

There is no certainty about what the future holds for the accounting profession. It seems that the era which would be one of advancement, would move something more worthy for the moment guy. Developmentalism, Environmentalism and spiritualism could be elements in the era. This paper is to learn if Accounting itself could be more of a fact providing accurate Business Accountants Melbourne to fiscal problems where man’s capacity to appreciate natural capital fairly would contribute to a substantial asset on the balance sheet compared to the industrial era when even man himself was considered labour rather than being considered as important as the machinery he functioned.

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This paper was approached by a content analysis view point – both relational and conceptual. A content evaluation Isa research technique for the objective, systematic, and quantitative description of manifest content of communications – Berenson, 52. The conceptual analysis was only to analyze the presence of the issue, i.e. whether there’s a stronger presence of negative or positive words used concerning the particular debate while the relational analysis built on the conceptual analysis by analyzing the connections among concepts. Much like other sorts of inquiry, with regard to what’s being studied initial choices determined the chance of this paper. According Into investopedia.com, Accounting Theory in the light of its development can be described as the review of both historical foundations of accounting practice in addition to the manner in which accounting practices are confirmed and added to the analysis and application of financial principles.