ABSTRACT
This chapter examines how accountancy may be reformed so as to better serve all stakeholders and not solely a limited group of capitalists. Accountancy is an institution created by mankind to serve its needs. In drawing up accounts, the accountant inevitably exercises his judgement. In doing so, he accepts a great responsibility, for accounts are an important factor in the distribution of power, wealth and income in society. Accounts cannot be neutral. Mankind has created accountancy and, if it does not adequately meet its needs, mankind should change it. What mankind has created, mankind can change. The necessary change can be determined by an analysis of mankind's needs. The chapter contends that, at present, capitalism (in the form of Neo-Liberalism) and its handmaiden, accountancy, concentrates almost exclusively on the production problem and neglect the distribution problem. Proper solution of the distribution problem is the more important for the welfare of mankind for reasons related to both production and distribution.
