Accountability lost: the rise and fall of double entry

This paper discusses the need for modern accounting systems to meet the criteria of both ‘accountability’ and ‘usefulness’ and argues that the traditional double entry book keeping system serves as a constraint on the achievement of system usefulness. We look at the problems associated with the double entry book keeping system and argue for its replacement with an events accounting system (EAS) model which is more appropriate to current business requirements. We also consider the need to extend the EAS model to more adequately meet the criterion of system usefulness. It is suggested that the integration of an EAS approach with that of a strategic information systems planning approach, facilitates the meeting of this objective.