Abstract :
In this paper, we evaluate the effects of globalization on the perspectives of economies, specifically on the
future of accounting from a contemporary and theoretical point of view. We supplement this discussion by
addressing some of the competing social theories, focusing on the re-emergence of previously forgotten
socio-democratic views by many countries in today’s economic environment. As we try to show these reemergences
have a significant impact on the establishment and maintaining of the current accounting
regulatory order. This is an important discussion as many would argue that reestablishment of such social
order might directly impact the liberty/autonomy of subjects and their respective property rights. To
further the discussion, we concentrate on the most current and pending issues, such as acceptance of the
International Financial Reporting Standards, or IFRS in the United States.
