SCHOLASTIC VIEWS ON INTERNATIONAL ACCOUNTING WITHIN THE LENSES OF THE GLOBAL MEDIUM

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.