Accounting: Continuity and Transition
Posted: 30 Jul 2001
Date Written: 2000
This study considers accounting in the new information economy. The basic framework of accounting for firms reflects a set of contracts and it helps define, implement and enforce these contracts. This framework is stable, and unlikely to change soon. However, the new information technology has been transforming the markets in which firms operate, and opening up new markets. We use a taxonomy identified with Hatfield (1924) and based on markets for managerial talent, investment capital and products. It helps develop a perspective on the changes in organizations and accounting systems. Five aspects of accounting in the new economy are considered. Technology; Information and Efficiency; New Organization design for web commerce; New cost structures and management; and Experimentation with the market for standards.
JEL Classification: M41, G34
Suggested Citation: Suggested Citation