Globalization has had a tremendous impact on our planet since the new millennium. The Financial Accounting Requirements Board (FASB) of the US which usually standardised and strengthened the globally adopted Normally Accepted Accounting Principles (GAAP) took considerable strides in the year 2012 to come collectively with the International Accounting Requirements Board (IASB) in a manner termed as ‘International Convergence’.

This paper is to uncover out if Accounting itself would be more of a reality providing accurate solutions to economic difficulties exactly where man’s capacity to value organic capital fairly would give rise to a considerable asset on the balance sheet in contrast to the industrial age when even man himself was regarded as labour and not becoming deemed as crucial as the machines he operated.

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