Life has become busy for a lot of us especially if you are the type who works long hours a day or if you work on different shifts. There are certain things unavailable at night and may even prove more dangerous (even if day time proves to be equally the same these days). Many businesses have opted to create a way for people to be able to make purchases more conveniently by providing different online businesses that deliver the same items and services. However, for such things to become a reality, one also needs to have an online wallet.

Having an online wallet can prove relatively vital especially for persons who want to shop online due to their restrictions or even to do much of financial transactions online. Although the system has proven itself over the years, and many have opted to use it, one still needs to be aware of the pros and cons it imposes.

If you are still thinking of obtaining an online wallet, the following things can make your decision pretty fast:

Convenience. Carrying around a lot of money makes you a potential target for theft. Many will notice you and you may even feel paranoid-always looking around you-wondering if people nearby can potentially detect the amount of cash you bring. When you have an online wallet, you can do the same transaction from the convenience of any mobile connection that will allow you to transfer the amount necessary to purchase items or pay for services (like the EPS system).
Time. Since you can transact as long as you have a connection to your wallet and the entity holding up your balances, you will have the ability to transact at any time from the convenience of your own home. You are in control of your availability and when you will do your purchases so even if your schedule is hectic, you can still do what you want to do.
Traceability. Your transactions are connected to an entity who is able to provide you with a ledger of all the transactions that you have made and how much have been debited or credited into your account that is why every single centavo you sent is traceable and you can verify them or dispute should there be any existing inconsistencies.
However, having an online wallet can also prove to have its own inconvenience especially if your financial network does not provide services for such connections. The following are the major concerns for having an online wallet:

Limitations. Not all services are tied up with all banks. There are payment networks that although they honor online transactions, do not honor certain financial institutions or are not yet coordinated with them-coordination may usually take a long time that is why there are still some items that you need to purchase by yourself.
Security. Although all programmers and developer of online wallet providers do the best that they can every day to make their services better, the security of networks can still be vulnerable that is why there are still problems concerning online fraud and money laundering. One has to make sure that they are always doing their purchases and access on secured and trusted servers alone-although sometimes this can be unsecured too.
Additional Charges. There are some banking or financial institution that will charge up extra-or businesses to-for online transactions as they will be charging it to the amount they also need in keeping their online businesses. So, what you normally pay for two dollars can now cause you two and a quarter.

Financial literacy is the knowledge necessary for managing your personal finances. This is indeed a necessity for financial health. It will create a perspective that will allow you to avoid financial pitfalls. Most importantly, this will help you come up with wise decisions involving your hard-earned money. Experts highly emphasized that if you understand financial literacy, you’ll be able to make excellent choices and come up with a very strong financial management habits.

Financial Facts

When children leave their homes for college, they will certainly face a lot of new responsibilities, experiences, and environments. In order to help your student in this transition, they must be aware of the financial facts of life. These include how to open the first checking account or perhaps how to make the first purchase using a credit card. They must be ready to enter the world of becoming independent. Most people today view managing money as a symbol of independence and maturity.

Make sure that they fully understand the fundamentals of personal finance as this will guarantee that they know how begin their financial future. As a parent, be aware that you are the most important source of financial education for your young ones. Though it is not easy to talk about money, discussing personal finance with your children will show that you see them as responsible young adults.

Great Tips For Interacting With Your Kids About Money

Approach the conversation with an optimistic attitude.
Since laughter can help, consider lightening the mood with a joke.
You must set a tone of openness, trust, and confidence.
Ask several questions, and be sure to listen to the answers carefully.
Do not make it look like a lecture but an equal exchange.
Do not bring up an old financial disagreement.
Ensure that your kids know that they can always turn to you in case they will need financial help, information, and advice.
A great way of teaching your children about the fundamentals of finance is to develop a budget for college.
How To Develop A College Budget

List your regular monthly expenses.
Know your total income – these may include part-time job, financial aid refunds, and allowance.
Subtract your expenses from your income to determine if the budget is reasonable.
When the expenses are more than your income, you must work together in order to reduce your expenses until the numbers agree.
Being aware of the basic principles of personal finance is very important for you to achieve financial freedom in the future. It would also be a smart idea for you to work with a reliable financial planner today.

The cliché that money is the root of all evil has strong support in evidence. It is part of the World Order of Constantine, who is identified as 666. Many know that wealth and greed are anti-god but they don’t understand why? Few if any are interested enough to look back to the beginning of trade and how it was changed in the Roman Empire for imperial power and control. This Emperor stole his way to sole rule and among the murdered along the way were family members and their armies.

Romans were not interested in emotional stuff or spirituality. They had one goal in mind and that was to make everyone conform to their ways. Religion was a gift because through it people would do as they believed the god of their worship commanded them. Constantine knew this and from the start it is reported by contemporary authors, such as Zosoman, that he knew from the first what he had to do.

His background was as an Amorite and Islamic from Babylon. That city was home to the Amors who built Roma (reverse Amor). Their chief god was Mary, the sun-star, and the name means ‘mother’s powerful eye’. ‘Eye-star’ is the origin of Easter and it was here that the first crucifixions are recorded because men wanted to ‘marry’ Mary by dying on crosses and rising with her at dawn.

Following my reincarnation and with a strong link to the Spirit of the Universe, the only God, it commissioned me to tear down the wall of deceit to bring in the harvest as we are at the end of the day. It meant a learning curve to unearth the answers and discover the roots of religion. The harvest includes all who are spiritual and have remained loyal to God.

Constantine established the Catholic Church in 325 AD and put up the image of Jesus Christ and this is the trap that most have fallen into. He also put Mary in it as the Mother of God and built the Vatican as a parliament of bishops to secure the religion and increase his power and control. Money is the key to power and he used it for that purpose.

He is the mastermind of the financial and legal systems and the laws of inheritance by which Monarchs are selected to this day. The cheats maintain power by their dedication to their greed and following in the footsteps of 666.

Now that we are at the end of the day and his identity is known the Spirit promised that his systems and all that he did will be taken away. That must start with religion and finance, both of which are under a cloud of dishonesty at this time. God’s retribution will see their assets destroyed and the wicked go to the sword (Jeremiah 25:31,33).

1. INTRODUCTION

Accounting has evolved as human beings have evolved and as the concepts of the accounting subject are directly coined out from its most fundamental principle of conservatism, it is not difficult to see why the style of accounting at every point in time has a direct link with the age. As man has developed from a primitive age to a modern interdependence age, living has advanced from being subsistent as a hunter-gatherer to a knowledge driven globalised world concept of ‘effectiveness turning to greatness’ and all along with this evolution, self accounting with the abacus has developed through stewardship accounting to financial accounting and now managerial accounting; which has a focus on decision making.

The Financial Accounting Standards Board (FASB) of the US which generally standardised and strengthened the globally adopted Generally Accepted Accounting Principles (GAAP) took significant strides in the year 2012 to come together with the International Accounting Standards Board (IASB) in a manner termed as ‘International Convergence’. Such a convergence is expected to gradually harmonise the GAAPs and the IFRS until they become one and the same in a bid to stream line corporate/company reports into a uniform process globally.

1.1 Statement of the Problem

There is no absolute certainty as to what the future holds for the Accounting Profession. It thus seems however, that the future age which definitely would be one of scientific advancement, would move man from greatness to something worthier for the time. Spiritualism, Environmentalism and Developmentalism could be key factors in the future age. This paper is to find out if Accounting itself would be more of a reality providing accurate solutions to financial problems where man’s ability to value natural capital fairly would give rise to a significant asset on the balance sheet in contrast to the industrial age when even man himself was regarded as labour and not being considered as important as the machines he operated.

2. LITERATURE REVIEW

This paper was approached from a content analysis view point – both conceptual and relational. A content analysis is “a research technique for the objective, systematic, and quantitative description of manifest content of communications” – (Berelson, 52). The conceptual analysis was simply to examine the presence of the problem, i.e. whether there is a stronger presence of positive or negative words used with respect to the specific argument while the relational analysis built on the conceptual analysis by examining the relationships among concepts. As with other sorts of inquiry, initial choices with regard to what is being studied determined the possibility of this particular paper.

2.1 Evolution of Accounting Theory

According to investopedia.com, Accounting Theory in the light of its evolution can be defined as the review of both historical foundations of accounting practice as well as the way in which accounting practices are verified and added to the study and application of financial principles. Accounting as a discipline is believed to have existed since the 15th Century. From that time to now businesses and economies have continued to evolve greatly. Accounting theory must adapt to new ways of doing business, new technological standards and gaps that are discovered in reporting mechanisms hence, it is a continuously evolving subject. As professional accounting organisations help companies interpret and use accounting standards, so do the Accounting Standards Board help continually create more efficient practical applications of accounting theory. Accounting is the foundation of efficient and effective business management and intelligent managerial decision making, without which businesses and trade world-wide would operate blindly and fatally. It is therefore necessary to link how it has evolved to its future role.

2.2 The Origin of Accounting

Luca Pacioli wrote a Maths book in 1494 (ehow) that consisted of a chapter on the mathematics of business. As this book is thought to be first official book on accounting, Luca Pacioli has severally been regarded as ‘the father of accounting’. In his Maths book, Pacioli explained that the successful merchant needed 3 things: sufficient cash or credit; an accounting system that can tell him how he is doing; and a good book keeper to operate it. Pacioli’s theory still holds today, it included both journals and ledgers and it is believed to have popularised the use of the double entry accounting that had been in place since the late 1300s.

2.2.1 The First Change in Accounting

During the depression of 1772, the Accounting profession went beyond book keeping to cost accounting. The theory and the idea were transformed into a method determining whether a business is operating efficiently or using an excess of labour and resources. The new theory of cost accounting allowed a trained book-keeper or an accountant to use the book kept to extract financial reports to show the efficiency represented by such data. This new idea led to the survival of businesses during the depression; business that would otherwise have failed without an intelligent management decision making informed by a cost accounting breakthrough.

2.2.2 The American Revolution/ British Courts Influence

The end of the American Revolution saw the first United States (US) governmental accounting system being created in 1789 and it was established to account for and manage the treasury of the US. The double entry practice and theory were adopted. The British courts ruled that they needed professional accountants to make financial information in relation to court cases. Chartered accounting bodies/ concepts were introduced in Britain (and in the US in particular, the Certified Public Accountant – CPA). In 1887, the first standardised exam emerged with Frank Broaker becoming US’s first CPA.

2.3 Modern Cost Accounting

This was first established by General Motors (GM) Company in 1923 and it developed methods that helped cut its costs and streamlined operations and this remained relevant for over 50 years. The new accounting techniques developed included return on investment, return on equity and GM’s flexible/adjustable budget concept.

2.4 Accounting Concepts and Conventions

This was established in US between 1936 and 1938 by the Committee on Accounting Procedure (CAP) thereby standardising Accounting practices for all companies throughout the US. In 1953, the Generally Accepted Accounting Principles (GAAP) was updated to new standards, CAP became Accounting Principles Board (APB) in 1959 and later in 1973, APB (having suffered from poor management) was replaced by Financial Accounting Standards Board (FASB) with greater powers and opinion for its professional stance.

2.5 International Financial Reporting Standards

FASB issued almost 200 pronouncements between 1973 and 2009 thereby establishing the foundation of Accounting Standards in use presently and is now making current moves to harmonise all accounting principles of GAAP with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB). It is widely believed that development of accounting profession in any nation and around the globe is a mixed effort of both accounting theoreticians and practicing accountants. Thus, the framework of accounting is a harmony of efforts whereby professional accounting bodies are usually in the lead of a path to regulation and standardisation of issues relating to accounting.

2.6 The Nigerian Scenario

In Nigeria, the case is not different from what has already been discussed. Most of the country’s accounting standards (concepts and conventions) were inherited from the British colonial masters. And because the world has indeed become a large global village with globalised accounting bodies supervising and making sure that all member countries are abreast with current Generally Accepted Accounting Principles, Nigeria has also tagged along making several public sector and private sector reforms the most recent and famous of which include the approval by the Federal Government in July 2010 to adopt International Public Sector Accounting Standards (IPSAS) for the public sector and the International Financial Reporting Standards (IFRS) for the private sector as a conscious effort to ensure a uniform chart of reporting system throughout the country by both the public sector and private sector.

2.7 International Convergence of Accounting Standards

This concept is both a goal and a path taken to reach such a goal. The FASB believed that the ultimate goal of convergence is a single set of high-quality, international accounting standards that, companies world-wide would use for both domestic and cross-border financial reporting. To this end, conscious efforts are being made by the FASB and the IASB to jointly eliminate the differences between the ‘GAAP’ and the ‘IFRS’. One such conscious effort was made on the April 5th 2012 when an update report was submitted to the Financial Stability Board Plenary on Accounting Convergence. The ever increasing demand by global capital markets driven by investors’ desire for high-quality internationally comparable financial information is as a result of the usefulness it is expected to immediately provide for decision making and thereafter accurate solutions to problem solving. The IASB was established 1st April 2001 as successor to International Accounting Standards Committee (IASC) and on March 1st 2001 the IASB, which is an independent accounting standard-setter based in London, England assumed the responsibilities for Accounting Standardisation. The IASB is responsible for issuing many accounting standards and pronouncements known as the International Financial Reporting Standards (IFRS).

3. PRESENTATION OF FINDINGS

To give a pictorial view to this paper, two (2) illustrations are used to make presentations (interpretations) of the findings. Illustration.1 traces the Evolution of Accounting; its principles, roles, concepts, professionalism, standardisation and internationalisation. Illustration.2 on the one hand relates Accounting evolution with Human evolution and on the other hand it broadens the understanding of the reader with regards to the subject matter. The reader (user) of this paper easily discovers a past-present-future view of the Role of Accounting and it purports to postulate finally what the future of Accounting could (or should) be. Self Accounting is not a terminology found in the literature of Accounting but is used here to depict any primitive Accounting system which was maintained by traders long before double-entry. Self Accounting, thus, was the past of Accounting when the role of Accounting was merely to have records of Incomes and Expenses, show Liabilities and not necessarily showing Assets and profits as distinguished from the personal or private earnings/estates of a trader. Assets at times might have been recorded as expenses. These are assumable because most businesses operated (and still operate) as sole-ownerships. The Present role of Accounting encompasses; stewardship, financial reporting and managerial decision making. These three provide the nexus of what Accounting is today. The stewardship aspect is so referred to because rich merchants in Europe and the Americas at that time trained their slaves to render book-keeping services. So the merchants themselves did not have to do the tasks. Financial Accounting was developed to give standard to financial reporting especially for the users of such reports who are largely to the businesses concerned. Managerial Accounting evolved to provide records that would aid the decision making process of the managers and owners of businesses. Generally all three roles of accounting as at present assist stakeholders to make good judgments regarding their dealings with businesses. These stakeholders may or ‘may not’ have rights to receive the reports so discussed. The stakeholders include; creditors and government (having rights to receive only financial reports); the shareholders, investors and management (who make use of both the financial reports and the managerial reports); the employee and the management team (who are the users of all the reports: book-keeping, financial reports and managerial reports); and the competitors, resident community and customers – who do not have rights to receive such reports but are able to retrieve financial reports (annual reports) to aid their decisions with regards any business of interest to them.

Having accurate records (reports) support good decision making but sometimes bad interpretation and judgment of the reports and their recorded results may lead to bad decisions taken. The three roles of accounting presently have been the bed-rock with which accounting standardisation of principles and procedures have evolved to date. The Emerging Role (Future) of Accounting then must be anticipated with keen readiness with regards to what should be probable. Illustration.2 would do justice to this concept.