In this study, the author aims to show the role of accounting in the management of the contemporary entity, which develops the business in competitive economy by constantly modernizing and implementing new policies and technologies, and last but not least improving the expected results. At the same time, the author aims to mention the need for a revolutionary change in the accounting system, as a tool that allows the communication of economic information and a common economic language for business, which is the basis of daily management decisions and directly or indirectly influences these decisions information provided. So, it is these landmarks that signify the need to transform the accounting profession into the current economic reality, because non-compliance, irrelevance of economic information can generate non-performing managerial decisions. Solving these paradigms is the current concern of the accounting profession both nationally and globally.