Over the centuries, the development processes related to accounting could be characterized as prudent and evolutionary. However, the changes in accounting in recent years could be described more as revolutionary. The harmonization processes in accounting have been replaced to a great degree with standardization processes. This raises questions with respect to the beneficiaries of such a speedy change as well as the potential consequences of those changes. The evidence as to the consequences of standardization processes are not really consistent, despite of the generally favorable opinions coming from business, consultants and academia. The article presents arguments of both sides: the proponents as well as the opponents of such radical changes in accounting.