“Why society needs accountants” – Trust, the key of our economy

Nowadays we live in a society which is more complex than ever. The improved information systems of the last decades made the world more integrated, intertwined and interdependent than before. Due to the high speed of information sharing, the perspective of the world can literally change in a day. Perhaps most illustrative for this is the financial capital market. Millions of profits are being made by traders, taking advantage of a split second of arbitrage. Bad news from China can affect the stock markets in the world for weeks. Misunderstood US mortgages could initiate of a global economic crisis of which is affecting our society still nowadays. But the question is: why are accountants needed in this complex society? What is the role of an accountant in our society ? First I will discuss the role of accounting in the current accounting and subsequently I will elaborate why an accountant is hardly needed in the future.

Because our society nowadays is so fast and interdependent, ‘trustworthiness’ is a vital assets mar-ket participants require to function. For instance, when you buy your study book online, you pay an amount up front and you trust the bookstore to deliver the book in time. You probably pay with your bank account. A place where you, trust a large proportion of your wealth to. The bookstore accepts your electronic payment, relying on the fact that they can use it to make other payments or convert is in cash. And even cash is an interesting phenomenon. We all know that the real value of the paper is not a fraction of the perceived value which is noted on top of the paper. We all agreed on the fact that a €50 note has a value of €50. We all trust in the fact is resembles the value of €50. But what if this trust disappears? What if nobody wants to accept your cash? If the bank will not