Accounting Science's Historical Development and Its Role in Social Science

Abstract

Post-modern society is marked by the global highly-competitive business conduct with consequences going above and beyond mere economy as conveniently perceived. More than ever before, relevant and transparent information about business conduct is needed, and accounting needs to measure, process, and communicate complex financial and non-financial information about businesses worldwide in an understandable manner. These interdisciplinary and multidisciplinary challenges need to be appreciated based on the understanding of accounting in the historical context while reflecting the current impact of globalization. Since accounting needs to deal with the real economy holistically, standardization, sustainability, and legitimacy have to be appreciated. During the last decades, international accounting institutions have played a pivotal role in this aspect. However, there is still a long journey towards convergence and world standardization.