Financial Accounting Development and Modernity

Much of the current change has been influenced by the concept of Modernity. Factors such as Capitalism have considered the development of professions such as accounting and auditing to achieve their goals. More than any other phenomenon in new world, modernism has influenced the transformation of human societies. Modernity is the product of social change and has been influenced by social change too. In the present study, the development of accounting has been considered from the standpoint of modernism.The study collected data from a survey of 391 Iranian accounting faculty member and researchers in 2018. The results of our study show that modernism has influenced the development of accounting through the development of theoretical frameworks, structural concepts in financial reporting, and the political process of financial reporting. Also, components such as rationalism, professionalism, progressivism, anti-Semitism, unity, materialism, objectivity are important components of modernity that have influenced the development of accounting.Keywords: Modernity, Accounting Theory, Capitalism, Conceptual Framework, Political Accounting